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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


Form 20-F

[  ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF
THE SECURITIES EXCHANGE ACT OF 1934

OR

[ X ] ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2002


OR

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

for the transition period from                      to


Commission File Number: 1-13032

Grupo Industrial Maseca, S.A. de C.V.

(Exact name of Registrant as specified in its charter)


|                                                    |  |                                                                      
|--------------------------------------------------- |  | ---------------------------------------------------------------------
|N/A
(Translation of Registrants name into English) |  | United Mexican States
(Jurisdiction of incorporation or organization)

Avenida La Clínica 2520
Edificio Delta, Primer Piso
Col. Sertoma
Monterrey, Nuevo León
64710 México
(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

|                                                                                                                                   |  |                                                 
|---------------------------------------------------------------------------------------------------------------------------------- |  | ------------------------------------------------
|Title of each class:                                                                                                               |  | Name of each exchange on which registered:      
|                                                                                                                                   |  |                                                 
|Class B Common Shares, without par value
American Depositary Shares, each representing
15 Class B Common Shares, without par
value |  | New York Stock Exchange*
New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

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Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

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Indicate the number of outstanding shares of each of the issuers classes of
capital or common stock as of the close of the period covered by the annual
report:

504,150,300 Class A Common Shares, without par value
414,254,700 Class B Common Shares, without par value

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports) and (2) has been subject to such
filing requirements for the past 90 days.

|    |  |   |  |    |  | 
|--- |  | - |  | -- |  | 
|Yes |  | X |  | No |  | 

Indicate by check mark which financial
statement item the registrant has elected to follow:

|        |  |  |  |  |  |  |  |         |  
|------- |  |  |  |  |  |  |  | ------- | -
|Item 17 |  |  |  |  |  |  |  | Item 18 | X



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|* |  | Not for trading, but only in connection with the registration of American
Depositary Shares, pursuant to the requirements of the Securities and
Exchange Commission.
|- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------





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TABLE OF CONTENTS



|                                              |                                                                                        |  |  |  |  |  |  | 
|--------------------------------------------- | -------------------------------------------------------------------------------------- |  |  |  |  |  |  | 
|PART I.                                      
|                                              | Item 1. Identity of Directors, Senior Management and Advisors.                        
|                                              | Item 2. Offer Statistics and Expected Timetable.                                      
|                                              | Item 3. Key Information.                                                              
|                                              | Item 4. Information on the Company.                                                   
|                                              | Item 5. Operating and Financial Review and Prospects.                                 
|                                              | Item 6. Directors, Senior Management and Employees.                                   
|                                              | Item 7. Major Shareholders and Related Party Transactions.                            
|                                              | Item 8. Financial Information.                                                        
|                                              | Item 9. The Offer And Listing.                                                        
|                                              | Item 10. Additional Information.                                                      
|                                              | Item 11. Quantitative And Qualitative Disclosures About Market Risk.                  
|                                              | Item 12. Description of Securities other than Equity Securities.                      
|PART II.                                     
|                                              | Item 13. Defaults, Dividend Arrearages and Delinquencies.                             
|                                              | Item 14. Material Modifications to the Rights of Security Holders and Use Of Proceeds.
|                                              | Item 15. Controls and Procedures.                                                     
|                                              | Item 16. [Reserved].                                                                  
|PART III.                                    
|                                              | Item 17. Financial Statements.                                                        
|                                              | Item 18. Financial Statements.                                                        
|                                              | Item 19. Exhibits.                                                                    
|SIGNATURE                                    
|EXHIBIT INDEX                                
|STATEMENT OF COMPUTATION OF RATIO OF EARNINGS
|LIST OF PRINCIPAL SUBSIDIARIES               
|CERTIFICATION OF CHIEF EXECUTIVE OFFICER     
|CERTIFICATION OF SENIOR CORPORATE CONTROLLER 



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TABLE OF CONTENTS

|          |  |                                                                              |  |  |    | 
|--------- |  | ---------------------------------------------------------------------------- |  |  | -- | 
|PART I.   |  |                                                                              |  |  | 2  | 
|ITEM 1.   |  | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS                        |  |  | 2  | 
|ITEM 2.   |  | OFFER STATISTICS AND EXPECTED TIMETABLE                                      |  |  | 2  | 
|ITEM 3.   |  | KEY INFORMATION                                                              |  |  | 2  | 
|ITEM 4.   |  | INFORMATION ON THE COMPANY                                                   |  |  | 11 | 
|ITEM 5.   |  | OPERATING AND FINANCIAL REVIEW AND PROSPECTS                                 |  |  | 16 | 
|ITEM 6.   |  | DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES                                   |  |  | 27 | 
|ITEM 7.   |  | MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS                            |  |  | 34 | 
|ITEM 8.   |  | FINANCIAL INFORMATION                                                        |  |  | 35 | 
|ITEM 9.   |  | THE OFFER AND LISTING                                                        |  |  | 35 | 
|ITEM 10.  |  | ADDITIONAL INFORMATION                                                       |  |  | 37 | 
|ITEM 11.  |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                   |  |  | 49 | 
|ITEM 12.  |  | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES                       |  |  | 50 | 
|PART II.  |  |                                                                              |  |  | 50 | 
|ITEM 13.  |  | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES                              |  |  | 50 | 
|ITEM 14.  |  | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS |  |  | 51 | 
|ITEM 15.  |  | CONTROLS AND PROCEDURES                                                      |  |  | 51 | 
|ITEM 16.  |  | [RESERVED]                                                                   |  |  | 51 | 
|PART III. |  |                                                                              |  |  | 51 | 
|ITEM 17.  |  | FINANCIAL STATEMENTS                                                         |  |  | 51 | 
|ITEM 18.  |  | FINANCIAL STATEMENTS                                                         |  |  | 51 | 
|ITEM 19.  |  | EXHIBITS                                                                     |  |  | 51 | 





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PRESENTATION OF FINANCIAL INFORMATION

Grupo Industrial Maseca, S.A. de C.V., or GIMSA, is a corporation
(sociedad anónima de capital variable) organized under the laws of the United
Mexican States, or Mexico.

In this Annual Report on Form 20-F, references to pesos or Ps. are to
Mexican pesos, and references to U.S. dollars, U.S.$, dollars or $ are
to United States dollars. We, our, us, our company, GIMSA and
similar expressions refer to Grupo Industrial Maseca, S.A. de C.V. and its
consolidated subsidiaries, except when the reference is specifically to Grupo
Industrial Maseca, S.A. de C.V. (parent company only) or the context otherwise
requires.

This Annual Report contains our audited consolidated financial statements
as of December 31, 2001 and 2002 and for the years ended December 31, 2000,
2001 and 2002. The financial statements have been audited by
PricewaterhouseCoopers, independent accountants.

We publish our financial statements in pesos and prepare our consolidated
financial statements in accordance with accounting principles generally
accepted in Mexico, commonly referred to as Mexican GAAP. Mexican GAAP
differs in certain significant respects from accounting principles generally
accepted in the United States, commonly referred to as U.S. GAAP. See Note
15 to our audited consolidated financial statements for a description of the
principal differences between Mexican GAAP and U.S. GAAP applicable to these
financial statements and for a quantitative reconciliation of our consolidated
net income and stockholders equity to U.S. GAAP.

As the Mexican economy has experienced significant levels of inflation in
recent years, we are required under Mexican GAAP to recognize the effects of
inflation in our financial statements. Under Bulletin B-10, issued by the
Mexican Institute of Public Accountants, we are required to present our
financial information in inflation-adjusted monetary units to allow for more
accurate comparisons of financial line items over time and to mitigate the
distortive effects of inflation on our financial statements. Unless otherwise
indicated, all financial information in this Annual Report has been restated in
pesos of constant purchasing power as of December 31, 2002.

We are required to determine our monetary position gain/loss to reflect
the effect of inflation on our monetary assets and liabilities. We determine
our net monetary position by subtracting our monetary liabilities from our
monetary assets and then adjusting our net monetary position by the appropriate
inflation rate for the period with the resulting monetary gain or loss
reflected in earnings. In so doing, we can reflect the effect inflation is
having on our monetary items.

MARKET SHARE AND OTHER INFORMATION

The information contained in this Annual Report regarding market share and
market position of corn flour in Mexico is based on our own estimates and is
presented for the twelve month period ended December 31, 2002. While we
believe our internal research and estimates are reliable, they have not been
verified by any independent source and we cannot assure you as to their
accuracy.

All references to tons in this Annual Report refer to metric tons. One
metric ton equals 2,204 pounds. Estimates of production capacity contained
herein assume operation of the relevant facilities on the basis of 24 hours a
day, 360 days a year on three shifts and assume only regular intervals for
required maintenance.

FORWARD LOOKING STATEMENTS

This Annual Report includes forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and
Section 21E of the U.S. Securities Exchange Act, as amended, including the
statements about our plans, strategies and prospects under Item 4. Information
on the Company and Item 5. Operating and Financial Review and Prospects.
Some of these statements contain words such as believe, expect, intend,
anticipate, estimate, strategy, plans and other similar words. These
statements are not guarantees of our future performance and are subject to
risks, uncertainties and other important factors that could

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cause our actual results to be materially different from those projected.
These risks, uncertainties and factors include: general economic and business
conditions, including changes in the Mexican peso/U.S. dollar exchange rate and
conditions that affect the price of corn; potential changes in demand for corn
flour or tortillas; price and product competition; and other factors discussed
herein.




PART I.




Item 1. Identity of Directors, Senior Management and Advisors.

Not applicable.




Item 2. Offer Statistics and Expected Timetable.

Not Applicable.




Item 3. Key Information.

SELECTED FINANCIAL DATA

The selected consolidated balance sheet data as of December 31, 2001 and
2002 and the selected consolidated statements of income data for the three
years ended December 31, 2000, 2001 and 2002 and notes thereto set forth below
have been derived from our consolidated financial statements. Such data should
be read in conjunction with, and is qualified in its entirety by reference to,
our consolidated financial statements, including the notes thereto, included
elsewhere in this Form 20-F.

Our consolidated financial statements are prepared in accordance with
Mexican GAAP, which differs from U.S. GAAP in certain significant respects.
Note 15 to our consolidated financial statements provides a description of
differences between Mexican GAAP and U.S. GAAP, as they relate to us, and
provides a reconciliation to U.S. GAAP of net income and total stockholders
equity.

Pursuant to Mexican GAAP, the consolidated financial statements and the
selected consolidated financial data set forth below restate the components of
stockholders equity using the Mexican National Consumer Price Index, or NCPI,
and record gains and losses in purchasing power from holding monetary assets or
liabilities. Under Mexican GAAP, non-monetary assets, with the exception of
inventories and fixed assets of non-Mexican origin, are restated using the NCPI
factors. Inventories are restated at current replacement costs while fixed
assets of foreign origin are restated by the inflation rate of the country of
origin prior to translation to pesos at the period-end exchange rate. Mexican
GAAP also requires restatement of all financial statements to pesos of constant
purchasing power as of the date of the most recent balance sheet presented, and
accordingly all data in the consolidated financial statements and in the
selected consolidated financial data set forth below have been restated in
pesos of constant purchasing power as of December 31, 2002. The effects of
inflation accounting under Mexican GAAP, other than for the use of a specific
index for the restatement of fixed assets of foreign origin, have not been
reversed in the reconciliation to U.S. GAAP. See Note 15 to our consolidated
financial statements.

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|                                                     |                                   |     |                                                                           |           |      |     |                                     |           |      |     |            |           |   |     |            |           |   |     |            |           |  
|---------------------------------------------------- | --------------------------------- | --- | ------------------------------------------------------------------------- | --------- | ---- | --- | ----------------------------------- | --------- | ---- | --- | ---------- | --------- | - | --- | ---------- | --------- | - | --- | ---------- | --------- | -
|                                                     |                                   |     | Year ended December 31,                                                  
|                                                     |                                   |     |                                                                          
|                                                     |                                   |     | 1998                                                                      |           | 1999 |     | 2000                                |           | 2001 |     | 2002      
|                                                     |                                   |     |                                                                           |           |      |     |                                     |           |      |     |           
|                                                     |                                   |     | (Thousands of pesos of constant purchasing power as of December 31, 2002,
|                                                     |                                   |     |                                                                           |           |      |     | except share and per share amounts) |           |      |     |           
|Income Statement Data                                |                                   |     |                                                                           |           |      |     |                                     |           |      |     |            |           |   |     |            |           |   |     |            |          
|Mexican GAAP:                                        |                                   |     |                                                                           |           |      |     |                                     |           |      |     |            |           |   |     |            |           |   |     |            |          
|Net sales(1)                                         |                                   | Ps. | 6,838,808                                                                 |           |      | Ps. | 5,896,831                           |           |      | Ps. | 5,271,149  |           |   | Ps. | 4,946,784  |           |   | Ps. | 4,762,719  |          
|Cost of sales                                        |                                   |     | (4,850,775                                                                | )         |      |     | (4,458,046                          | )         |      |     | (3,754,166 | )         |   |     | (3,457,251 | )         |   |     | (3,351,812 | )        
|                                                     | Gross profit                      |     |                                                                           | 1,988,034 |      |     |                                     | 1,438,784 |      |     |            | 1,516,983 |   |     |            | 1,489,533 |   |     |            | 1,410,907 |  
|Selling, general and administrative expenses         |                                   |     | (916,058                                                                  | )         |      |     | (997,185                            | )         |      |     | (937,607   | )         |   |     | (931,240   | )         |   |     | (903,491   | )        
|                                                     | Operating income                  |     |                                                                           | 1,071,976 |      |     |                                     | 441,599   |      |     |            | 579,376   |   |     |            | 558,293   |   |     |            | 507,416   |  
|Comprehensive financing (cost) income, net:          |                                   |     |                                                                           |           |      |     |                                     |           |      |     |            |           |   |     |            |           |   |     |            |          
|                                                     | Interest expense                  |     |                                                                           | (32,118   | )    |     |                                     | (52,084   | )    |     |            | (26,546   | ) |     |            | (23,303   | ) |     |            | (12,521   | )
|                                                     | Interest income                   |     |                                                                           | 168,185   |      |     |                                     | 112,143   |      |     |            | 121,741   |   |     |            | 104,713   |   |     |            | 73,916    |  
|                                                     | Monetary position loss, net       |     |                                                                           | (71,241   | )    |     |                                     | (11,999   | )    |     |            | (72,679   | ) |     |            | (57,968   | ) |     |            | (83,412   | )
|                                                     | Foreign exchange (loss) gain, net |     |                                                                           | (128,145  | )    |     |                                     | 63,523    |      |     |            | 3,445     |   |     |            | (691      | ) |     |            | (4,733    | )
|Total comprehensive financing (cost) income, net     |                                   |     | (63,320                                                                   | )         |      |     | 111,583                             |           |      |     | 25,961     |           |   |     | 22,751     |           |   |     | (26,750    | )        
|Other expense, net:                                  |                                   |     | (14,443                                                                   | )         |      |     | (33,909                             | )         |      |     | (4,874     | )         |   |     | (20,054    | )         |   |     | (6,586     | )        
|Income tax (current and deferred)                    |                                   |     | (236,619                                                                  | )         |      |     | (81,202                             | )         |      |     | (179,306   | )         |   |     | (164,596   | )         |   |     | (68,750    | )        
|Net income                                           |                                   |     | 717,863                                                                   |           |      |     | 432,165                             |           |      |     | 405,772    |           |   |     | 372,777    |           |   |     | 363,065    |          
|Earnings per share(2)                                |                                   |     | 0.78                                                                      |           |      |     | 0.47                                |           |      |     | 0.44       |           |   |     | 0.41       |           |   |     | 0.40       |          
|Dividends per share(3)                               |                                   |     | 0.25                                                                      |           |      |     | 0.22                                |           |      |     | 0.14       |           |   |     | 0.87       |           |   |     | 0.13       |          
|Weighted average number of shares outstanding
(000s) |                                   |     | 912,482                                                                   |           |      |     | 909,242                             |           |      |     | 918,405    |           |   |     | 918,405    |           |   |     | 918,405    |          
|U.S. GAAP(4):                                        |                                   |     |                                                                           |           |      |     |                                     |           |      |     |            |           |   |     |            |           |   |     |            |          
|Net sales(1)                                         |                                   |     | 6,838,808                                                                 |           |      |     | 5,896,831                           |           |      |     | 5,271,162  |           |   |     | 4,946,785  |           |   |     | 4,762,719  |          
|Cost of sales                                        |                                   |     | (4,849,967                                                                | )         |      |     | (4,481,514                          | )         |      |     | (3,793,390 | )         |   |     | (3,494,743 | )         |   |     | (3,388,687 | )        
|                                                     | Gross profit                      |     |                                                                           | 1,988,841 |      |     |                                     | 1,415,317 |      |     |            | 1,477,772 |   |     |            | 1,452,041 |   |     |            | 1,374,032 |  
|Selling, general and administrative expenses         |                                   |     | (938,269                                                                  | )         |      |     | (1,035,205                          | )         |      |     | (935,414   | )         |   |     | (946,957   | )         |   |     | (923,081   | )        
|                                                     | Operating income                  |     |                                                                           | 1,050,573 |      |     |                                     | 380,112   |      |     |            | 542,359   |   |     |            | 505,084   |   |     |            | 450,951   |  
|Comprehensive financing (cost) income, net:          |                                   |     |                                                                           |           |      |     |                                     |           |      |     |            |           |   |     |            |           |   |     |            |          
|                                                     | Interest expense                  |     |                                                                           | (32,118   | )    |     |                                     | (52,084   | )    |     |            | (26,546   | ) |     |            | (23,304   | ) |     |            | (12,521   | )
|                                                     | Interest income                   |     |                                                                           | 168,185   |      |     |                                     | 112,143   |      |     |            | 121,741   |   |     |            | 104,713   |   |     |            | 73,916    |  
|                                                     | Monetary position loss, net       |     |                                                                           | (44,632   | )    |     |                                     | (11,007   | )    |     |            | (72,894   | ) |     |            | (58,052   | ) |     |            | (83,497   | )
|                                                     | Foreign exchange (loss) gain, net |     |                                                                           | (157,356  | )    |     |                                     | 63,523    |      |     |            | 3,445     |   |     |            | (691      | ) |     |            | (4,733    | )
|Total comprehensive financing (cost) income, net     |                                   |     | (65,921                                                                   | )         |      |     | 112,576                             |           |      |     | 25,746     |           |   |     | 22,665     |           |   |     | (26,835    | )        
|Other income (expense), net:                         |                                   |     | 9,819                                                                     |           |      |     | 2,730                               |           |      |     | (1,979     | )         |   |     | (14,799    | )         |   |     | (2,461     | )        
|Income tax (current and deferred)                    |                                   |     | (351,288                                                                  | )         |      |     | (178,880                            | )         |      |     | (152,916   | )         |   |     | (168,027   | )         |   |     | (55,084    | )        
|Net income                                           |                                   |     | 600,075                                                                   |           |      |     | 310,721                             |           |      |     | 405,109    |           |   |     | 341,636    |           |   |     | 355,005    |          
|Earnings per share(2)                                |                                   |     | 0.65                                                                      |           |      |     | 0.34                                |           |      |     | 0.44       |           |   |     | 0.37       |           |   |     | 0.39       |          
|Dividends per share(3)                               |                                   |     | 0.25                                                                      |           |      |     | 0.22                                |           |      |     | 0.14       |           |   |     | 0.87       |           |   |     | 0.13       |          
|Weighted average number of shares outstanding
(000s) |                                   |     | 912,482                                                                   |           |      |     | 909,242                             |           |      |     | 918,405    |           |   |     | 918,405    |           |   |     | 918,405    |          

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|                                   |  |                         |           |      |  |                                                                           |           |      |  |      |           |  |  |     |           |  |  |     |           | 
|---------------------------------- |  | ----------------------- | --------- | ---- |  | ------------------------------------------------------------------------- | --------- | ---- |  | ---- | --------- |  |  | --- | --------- |  |  | --- | --------- | 
|                                   |  | Year ended December 31,
|                                   |  |                        
|                                   |  | 1998                    |           | 1999 |  | 2000                                                                      |           | 2001 |  | 2002
|                                   |  |                         |           |      |  |                                                                           |           |      |  |     
|                                   |  |                         |           |      |  | (Thousands of pesos of constant purchasing power as of December 31, 2002) |           |      |  |     
|Balance Sheet Data (Mexican GAAP): |  |                         |           |      |  |                                                                           |           |      |  |      |           |  |  |     |           |  |  |     |           | 
|Inventories                        |  | Ps.                     | 1,610,675 |      |  | Ps.                                                                       | 1,170,772 |      |  | Ps.  | 922,534   |  |  | Ps. | 894,697   |  |  | Ps. | 1,004,616 | 
|Property, plant and equipment, net |  |                         | 4,976,267 |      |  |                                                                           | 4,689,422 |      |  |      | 4,395,822 |  |  |     | 4,144,850 |  |  |     | 3,937,466 | 
|Total assets                       |  |                         | 8,323,342 |      |  |                                                                           | 7,408,532 |      |  |      | 7,460,553 |  |  |     | 6,747,041 |  |  |     | 7,023,989 | 
|Short-term debt (5)                |  |                         | 1,984     |      |  |                                                                           | 2,938     |      |  |      | 0         |  |  |     | 0         |  |  |     | 0         | 
|Long-term debt                     |  |                         | 832,273   |      |  |                                                                           | 0         |      |  |      | 0         |  |  |     | 0         |  |  |     | 0         | 
|Deferred income taxes (6)          |  |                         | 507,097   |      |  |                                                                           | 331,510   |      |  |      | 1,032,339 |  |  |     | 1,021,337 |  |  |     | 993,076   | 
|Capital stock                      |  |                         | 3,167,126 |      |  |                                                                           | 3,207,284 |      |  |      | 3,207,284 |  |  |     | 3,207,284 |  |  |     | 3,207,284 | 
|Total stockholders equity         |  |                         | 6,591,412 |      |  |                                                                           | 6,498,054 |      |  |      | 5,843,146 |  |  |     | 5,349,006 |  |  |     | 5,543,188 | 
|Balance Sheet Data (U.S. GAAP)(4): |  |                         |           |      |  |                                                                           |           |      |  |      |           |  |  |     |           |  |  |     |           | 
|Inventories                        |  | Ps.                     | 1,610,675 |      |  | Ps.                                                                       | 1,170,772 |      |  | Ps.  | 922,534   |  |  | Ps. | 894,698   |  |  | Ps. | 1,004,616 | 
|Property, plant and equipment, net |  |                         | 5,023,285 |      |  |                                                                           | 4,886,101 |      |  |      | 4,619,115 |  |  |     | 4,379,596 |  |  |     | 4,146,229 | 
|Total assets                       |  |                         | 8,328,878 |      |  |                                                                           | 7,569,879 |      |  |      | 7,662,972 |  |  |     | 6,964,608 |  |  |     | 7,223,374 | 
|Short-term debt (5)                |  |                         | 1,984     |      |  |                                                                           | 2,938     |      |  |      | 0         |  |  |     | 0         |  |  |     | 0         | 
|Long-term debt                     |  |                         | 832,273   |      |  |                                                                           | 0         |      |  |      | 0         |  |  |     | 0         |  |  |     | 0         | 
|Deferred income taxes (6)          |  |                         | 1,267,070 |      |  |                                                                           | 1,189,162 |      |  |      | 1,103,184 |  |  |     | 1,097,486 |  |  |     | 1,055,559 | 
|Capital stock                      |  |                         | 3,167,126 |      |  |                                                                           | 3,207,284 |      |  |      | 3,207,284 |  |  |     | 3,207,284 |  |  |     | 3,207,284 | 
|Total stockholders equity         |  |                         | 5,410,972 |      |  |                                                                           | 5,489,067 |      |  |      | 5,670,411 |  |  |     | 5,185,723 |  |  |     | 5,374,347 | 



---

|(1) |  | Prior to 1999, net sales include complementary revenues received from the
Mexican government in connection with a government program that subsidized
the cost of corn flour and tortillas. For a description of this program,
see Item 5. Operating and Financial Review and Prospects. Complementary
revenues for the year ended December 31, 1998 expressed in thousands of
pesos of constant purchasing power as of December 31, 2002 was Ps.837,011.
The complementary revenue program was terminated on December 31, 1998.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|(2) |  | Calculated based on the weighted average number of shares outstanding.
See Note 2M to the consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                     
|   
|(3) |  | Dividend amounts are stated in pesos of constant purchasing power. Based
on the noon buying rate on each of May 6, 1998, April 21, 1999, May 11,
2000, April 30, 2001 and May 7, 2002 and the respective dates on or about
which the dividends were paid in each year, the Companys dividends per
share was the equivalent of approximately U.S.$0.02, U.S.$0.01, U.S.$0.02,
U.S.$0.09 and U.S.$0.01 for each of 1998, 1999, 2000, 2001 and 2002,
respectively.                                                                 
|   
|(4) |  | See Note 15 to the consolidated financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|   
|(5) |  | Short-term debt consists of bank loans and the current portion of
long-term debt excluding affiliate payables.                                                                                                                                                                                                                                                                                                                                                                                                                   
|   
|(6) |  | Includes the current and non-current portion thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

DIVIDENDS

Our ability to pay dividends is limited by Mexican law and our bylaws
(estatutos sociales). Because we are a holding company with no significant
operations of our own, we have distributable profits to pay dividends to the
extent that we receive dividends from our subsidiaries. The ability of our
subsidiaries to make distributions to us is also limited by their bylaws and
Mexican law. Accordingly, there can be no assurance that we will pay
dividends, and should we pay dividends, we cannot guarantee that they will be
comparable to prior years.

Pursuant to Mexican law and our bylaws the declaration, amount and payment
of dividends are determined by a majority vote of the holders of the
outstanding shares represented at a duly convened annual shareholders meeting,
generally, but not necessarily, based on the recommendation of the board of
directors. The amount of any future dividend would depend on, among other
things, operating results, financial condition, cash requirements, losses for
prior fiscal years, future prospects and other factors deemed relevant by the
board of directors and the shareholders.

4



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##### Table of Contents



In addition, under Mexican law, companies may only pay dividends:



| |  |  | from earnings included in year-end financial statements that
are approved by shareholders at a duly convened meeting;                                                                    
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | after any existing losses applicable to prior years have been
made up or absorbed into capital;                                                                                          
|
| |  |  | after at least 5% of net profits for the relevant fiscal year
have been allocated to a legal reserve until the amount of the
reserve equals 20% of a companys paid-in capital stock; and
|
| |  |  | after shareholders have approved the payment of the relevant
dividends at a duly convened meeting.                                                                                       

Holders of our American Depositary Receipts, or ADRs, on the applicable
record date are entitled to receive dividends declared on the shares contained
in the units represented by American Depositary Shares, or ADSs, evidenced by
such ADRs. The depositary will fix a record date for the holders of ADRs in
respect of each dividend distribution. We pay dividends in pesos and holders
of ADSs will receive dividends in U.S. dollars (after conversion by the
depositary from pesos, if not then restricted under applicable law) net of the
fees, expenses, taxes and governmental charges payable by holders under the
laws of Mexico and the terms of the deposit agreement.

During 2003, 2002, 2001 and 2000, GIMSA paid dividends to its
shareholders, in nominal terms, of Ps.202 million, Ps.110.2 million, Ps.734.7
million, and Ps.110.2 million, respectively. In pesos of constant purchasing
power as of December 31, 2002, the dividends paid to shareholders in 2002, 2001
and 2000 amounted to Ps.114.1 million, Ps.797.8 million and Ps.127.7 million.

EXCHANGE RATE INFORMATION

Mexico has had a free market for foreign exchange since 1991. Prior to
December 1994, the Mexican central bank (Banco de México) kept the peso-U.S.
dollar exchange rate within a range prescribed by the government through
intervention in the foreign exchange market. In December 1994, the government
suspended intervention by Banco de Méxicoand allowed the peso to float freely
against the U.S. dollar. The peso declined sharply in December 1994 and
continued to fall under conditions of high volatility in 1995. In 1996 and
most of 1997, the peso fell more slowly and was less volatile. In the last
quarter of 1997 and for much of 1998, the foreign exchange markets were
volatile as a result of financial crises in Asia and Russia and financial
turmoil in countries including Brazil and Venezuela. The peso declined during
this period, but was relatively stable in 1999, 2000 and 2001. However,
economic and financial crises in Argentina and civil and political unrest in
Venezuela resulted in volatility in the foreign exchange markets in 2002,
including a decline in the value of the peso against the U.S. dollar. To date
in 2003, the foreign exchange markets have remained volatile due to
international developments, including events in Argentina and Venezuela as well
as the war in Iraq. There can be no assurance that the government will
maintain its current policies with regard to the peso or that the peso will not
depreciate or appreciate in the future.

The following table sets forth, for the periods indicated, the high, low,
average and period-end noon buying rate in New York City for cable transfers in
pesos published by the Federal Reserve Bank of New York, expressed in pesos per
U.S. dollar. The rates have not been restated in constant currency units.

5



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##### Table of Contents



|                       |               |         |                                  |         |  |            |         |            |  |  |         |         |  |  |         |         | 
|---------------------- | ------------- | ------- | -------------------------------- | ------- |  | ---------- | ------- | ---------- |  |  | ------- | ------- |  |  | ------- | ------- | 
|                       |               |         | Noon Buying Rate (Ps. Per U.S.$)
|                       |               |         |                                 
|Year                   |               | High(1) |                                  | Low(1)  |  | Average(2) |         | Period End
|                       |               |         |                                  |         |  |            |         |           
|1998                   |               |         | 10.6300                          |         |  |            | 8.0400  |            |  |  | 9.2425  |         |  |  | 9.9010  |        
|1999                   |               |         | 10.6000                          |         |  |            | 9.2430  |            |  |  | 9.5630  |         |  |  | 9.4800  |        
|2000                   |               |         | 10.0870                          |         |  |            | 9.1825  |            |  |  | 9.4716  |         |  |  | 9.6180  |        
|2001                   |               |         | 9.9720                           |         |  |            | 8.9460  |            |  |  | 9.3255  |         |  |  | 9.1560  |        
|2002                   |               |         | 10.4250                          |         |  |            | 9.0005  |            |  |  | 9.7458  |         |  |  | 10.4250 |        
|2003 (through June 18) |               |         | 11.2350                          |         |  |            | 10.1130 |            |  |  | 10.6720 |         |  |  | 10.5980 |        
|                       | December 2002 |         |                                  | 10.4250 |  |            |         | 10.1025    |  |  |         | 10.2250 |  |  |         | 10.4250 | 
|                       | January 2003  |         |                                  | 10.9780 |  |            |         | 10.3210    |  |  |         | 10.6220 |  |  |         | 10.9020 | 
|                       | February 2003 |         |                                  | 11.0640 |  |            |         | 10.7740    |  |  |         | 10.9450 |  |  |         | 11.0285 | 
|                       | March 2003    |         |                                  | 11.2350 |  |            |         | 10.6610    |  |  |         | 10.9050 |  |  |         | 10.7820 | 
|                       | April 2003    |         |                                  | 10.7700 |  |            |         | 10.3080    |  |  |         | 10.5890 |  |  |         | 10.3080 | 
|                       | May 2003      |         |                                  | 10.4240 |  |            |         | 10.1130    |  |  |         | 10.2530 |  |  |         | 10.3400 | 
|                       | June 2003(3)  |         |                                  | 10.7390 |  |            |         | 10.2440    |  |  |         | 10.5220 |  |  |         | 10.5980 | 



---

|(1) |  | Rates shown are the actual low and high, on a day-by-day basis for each
period.
|--- |  | -------------------------------------------------------------------------------
|(2) |  | Average of month-end rates.                                                    
|(3) |  | Through June 18, 2003.                                                         

On June 18, 2003, the noon buying rate for pesos was Ps.10.5980 to
U.S.$1.00.

RISK FACTORS

Risks Relating to Mexico

Our Business Operations Could Be Affected by Economic Conditions in Mexico

We are a Mexican company with all our consolidated assets located in
Mexico and all our consolidated net sales derived from Mexico. In December
1994, Mexico experienced an economic crisis characterized by exchange rate
instability and significant devaluation of the peso, increased inflation, high
domestic interest rates, a substantial outflow of capital, negative economic
growth, reduced consumer purchasing power and high unemployment. In addition,
the financial crises in 1998 and early 1999 in Asia, Russia and Latin America
resulted in instability in the foreign exchange markets and international
financial markets. These events resulted in limited liquidity for the Mexican
government and for local corporations as well as an increase in interest rates
in Mexico. The recent economic and financial crises in Argentina and recent
civil and political unrest in Venezuela could produce similar results. See
Adverse Developments in Other Emerging Market Countries May Affect Mexico or
the Price of Our Securities. Although the Mexican economy declined by 0.3% in
2001, the Mexican economy grew by 0.9% in 2002 and by 2.3% in the first quarter
of 2003. In April 2003, Banco de Méxicodecreased the official growth forecast
for 2003 to 2.4% from its initial prediction of 3.0%.

Our Business Operations Could Be Affected by Government Policies in Mexico

The Mexican government has exercised, and continues to exercise,
significant influence over the Mexican economy. Mexican governmental actions
concerning the economy could have a significant effect on Mexican private
sector entities, as well as on market conditions, prices and returns on
securities of Mexican issuers, including our securities.

On December 1, 2000, Vicente Fox of the Partido Acción Nacional(National
Action Party, or PAN) was inaugurated as president of Mexico, ending more than
70 years of presidential rule by the Partido Revolucionario Institucional
(Institutional Revolutionary Party, or PRI). Neither the PRI nor the PAN
succeeded in securing a majority in the Congress or Senate. Congressional
elections will be held in July 2003 and may result in the PRI or the PAN
securing a majority in the Congress. The acquisition of control of the
Congress by the PRI or PAN could result in changes in Mexicos economic and
other policies that may adversely affect our business and results of
operations.

6



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##### Table of Contents



In the case of our sales of corn flour, governmental policies have
affected us negatively and may continue to do so. The elimination of the
tortilla subsidy for consumers, coupled with the governments decision to close
Compañía Nacional de Subsistencias Populares, or CONASUPO, which resulted in
the sale of its corn reserves at below market prices, reduced sales and hurt
profits in 1999. In the months leading up to the July 2000 presidential
election, the government took other steps that further reduced corn prices,
such as increasing the number of corn import permits issued to corn traders.
These actions drove down the domestic price of corn, which further reduced
sales of corn flour. During 2001, 2002 and 2003, the Mexican government issued
import permits based upon the availability of domestic corn, which contributed
to the stability of domestic corn prices during this period. In 2003, however,
the number of import permits issued by the Mexican government has decreased due
to sufficient availability of domestic corn. See Item 5. Operating and
Financial Review and Prospects Managements Discussion and Analysis of
Financial Condition and Results of OperationsEffects of Deregulation of the
Mexican Tortilla and Corn Flour Industry.

The level of environmental regulation and enforcement in Mexico has
increased in recent years. The Comision Nacional del Agua, or CNA, has brought
enforcement proceedings against us for water discharges from two of our
facilities. While we are vigorously defending this action, we cannot assure
you that we will succeed or that further actions of this type will not be
brought against us. We expect the trend toward greater environmental
regulation and enforcement to continue and to be accelerated by international
agreements between Mexico and the United States. The promulgation of new
environmental regulations or higher levels of enforcement may adversely affect
us.

High Levels of Inflation and High Interest Rates in Mexico Could Adversely
Affect the Business Climate in Mexico and our Financial Condition and Results
of Operations

Mexico has experienced high levels of inflation in recent years. The
annual rate of inflation, as measured by changes in the National Consumer Price
Index, was 8.96% for 2000, 4.40% for 2001 and 5.70% for 2002. From January
through May 2003, the inflation rate was 1.16%. On June 18, 2003, the 28-day
CETES rate was 5.31%. While we have no outstanding debt at this time, high
interest rates in Mexico may adversely affect the business climate in Mexico
generally and our financing costs in the future and thus our financial
condition and results of operations.

Adverse Developments in Other Emerging Market Countries May Affect Mexico or
the Price of Our Securities

We are a Mexican company with all of our consolidated assets located in
Mexico and all our consolidated net sales derived from Mexico. The prices of
securities issued or guaranteed by Mexican companies have been, to varying
degrees, and the Mexican economy has been, influenced by economic and market
conditions in other emerging market countries, particularly in Latin America.
Although economic, political and other conditions are different in each
country, investors reactions to developments in one country may affect the
securities of issuers or guarantors in other countries, including Mexico.

In late October 1997, prices of Mexican equity securities dropped
substantially, precipitated by a sharp drop in value of Asian markets.
Similarly, in the second half of 1998, prices of Mexican securities were
adversely affected by the economic crises in Russia and in Brazil.

Argentinas insolvency and default on its public debt, which deepened the
existing financial, economic, and political crises in that country, may
adversely affect Mexico or securities of issuers or guarantors in other
countries, including Mexico. To the extent that the Argentine government is
unsuccessful in preventing further economic decline, the crisis in Argentina
may adversely affect issuers or guarantors in other countries, including
Mexico.

Events in Venezuela may adversely affect securities of issuers or
guarantors in other countries, including Mexico. In recent years, Venezuela
has experienced considerable volatility and depreciation of its currency, high
interest rates, political instability and civil unrest. In February 2002, the
government abandoned its policy of locking the Venezuelan bolivar within an
exchange rate band in favor of a free floating exchange rate system, resulting
in an immediate 35% depreciation of the Venezuelan bolivar. The April 2002
coup, which ousted President Hugo Chávez from office for two days, marked the
climax of the political instability that continued throughout the

7



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##### Table of Contents



remainder of 2002. In addition, a nation-wide general strike that began
in early December 2002 and lasted for approximately two months caused a
significant reduction in oil production in Venezuela, and had a material
adverse effect on Venezuelas oil-dependent economy. In 2002, inflation in
Venezuela reached 31.2%, the Venezuelan bolivar depreciated 85.1% against the
U.S. dollar and Venezuelas gross domestic product decreased 8.9%. More
recently, in February 2003, in response to the general strike and in an effort
to shore up the economy and control inflation, Venezuelan authorities imposed
foreign exchange and price controls on specified products. Further economic
stagnation in the private sector is expected to result as a consequence of
these market distortions. There is a risk that a continuation or worsening of
these conditions could adversely affect Mexico or issuers or guarantors in
other countries, including Mexico.

The market value of our shares and ADSs may be adversely affected by the
events in Argentina and Venezuela as well as other events in other countries.

Terrorist Attacks and Certain Actions Taken by the United States or Others
Could Adversely Affect Economic Conditions Globally, Which May Have a Negative
Affect on Our Business

The terrorist attacks of September 11, 2001 depressed economic activity in
the United States and globally, including in Mexico. It is not certain how
long these economic conditions will continue. If additional terrorist attacks
occur, the post-war situation in Iraq worsens or other wars are declared by the
United States or others, economic conditions in the United States and
internationally are likely to deteriorate. Our business, financial condition
and results of operations may be materially and adversely affected as a result
of any such actions. These events could also adversely affect the market value
of our shares and ADSs.

You May Be Unable to Enforce Judgments Against Us in Mexican Courts

We are a Mexican corporation (sociedad anónima de capital variable). Our
directors and executive officers are residents of Mexico, and a significant
portion of the assets of our directors and executive officers, and our assets,
are located in Mexico. You may experience difficulty in effecting service of
process upon our company or our directors and executive officers in the United
States, or, more generally, outside of Mexico, and in enforcing civil judgments
of non-Mexican courts in Mexico, including judgments predicated on civil
liability under U.S. federal securities laws, against us, or our directors and
executive officers. We have been advised by Salvador Vargas Guajardo, Esq.,
our General Counsel, that there is doubt as to the enforceability in original
actions in Mexican courts of liabilities predicated solely on the U.S. federal
securities laws.

Differences Between Mexican GAAP and U.S. GAAP May Have an Impact on the
Presentation of Our Financial Information

Our annual audited consolidated financial statements are prepared in
accordance with Mexican GAAP, which differ in some significant respects from
U.S. GAAP. Financial results reported using Mexican GAAP may differ
substantially from those results that would have been obtained using U.S. GAAP.
We are required, however, to file an annual report on Form 20-F containing
financial statements reconciled to U.S. GAAP, although this filing only
contains year-end financial statements reconciled to U.S. GAAP for our three
most recent fiscal years. See Note 15 to our audited consolidated statements.

Risks Relating to Our Company

Fluctuations in the Cost and Availability of Corn May Affect Our Financial
Performance

Our financial performance depends upon the price and availability of corn
as it represented 66% of our cost of sales for 2002. Mexican and world markets
have experienced periods of over-supply and shortage of corn, some of which
have caused adverse effects on our results of operations. We cannot always
predict whether or when shortages or over-supply of corn will occur. In
addition, future Mexican or other governmental actions could affect the price
and availability of corn. Any adverse developments in domestic and
international corn markets could have a material adverse effect upon our
business, financial condition, results of operations and prospects.

8



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Further Downgrades of Our Parent Company GRUMA May Increase Our Financing Costs

In November 1999, Standard & Poors lowered the rating on U.S.$250 million
unsecured notes due 2007 of Gruma, S.A. de C.V., or GRUMA, our parent company,
from triple-B-minus to double-B-plus. In September 2000, Moodys downgraded
GRUMAs debt from Ba1 to Ba2. Additionally, in May 2001, Standard & Poors
lowered the corporate credit rating of GRUMA to double-B from double-B-plus.
Although Standard & Poors and Moodys changed GRUMAs outlook from negative to
stable in April 2002 and June 2002, respectively, Standard & Poors changed
GRUMAs outlook from stable to positive in December 2002 and Standard & Poors
raised GRUMAs corporate credit rating to double-B-plus in June 2003, future
downgrades or changes in outlook could cause GRUMAs or our costs with respect
to new debt to increase which could ultimately affect GRUMAs stock price as
well as ours.

Risks Relating to Our Controlling Shareholders and Capital Structure

Holders of ADSs May Not Be Able to Vote at our Shareholders Meetings

Our shares are traded on the New York Stock Exchange in the form of ADSs.
There can be no assurance that holders of our shares through ADSs will receive
notices of shareholder meetings from our ADS depositary with sufficient time to
enable such holders to return voting instructions to our ADS depositary in a
timely manner.

Holders of ADSs Are Not Entitled to Attend Shareholder Meetings, and They May
Only Vote Through the Depositary

Under Mexican law, a shareholder is required to deposit its shares with a
Mexican custodian in order to attend a shareholders meeting. A holder of ADSs
will not be able to meet this requirement, and accordingly is not entitled to
attend shareholders meetings. A holder of ADSs is entitled to instruct the
depositary as to how to vote the shares represented by ADSs, in accordance with
procedures provided for in the deposit agreement, but a holder of ADSs will not
be able to vote its shares directly at a shareholders meeting or to appoint a
proxy to do so. In addition, such voting instructions may be limited to
matters enumerated in the agenda contained in the notice to shareholders and
with respect to which information is available prior to the shareholders
meeting.

Holders of ADSs May Not Be Able to Participate in Any Future Preemptive Rights
Offering and as a Result May Be Subject to a Dilution of Equity Interest

Under Mexican law, if we issue new shares for cash as a part of a capital
increase, we must generally grant our shareholders the right to purchase a
sufficient number of shares to maintain their existing ownership percentage.
Rights to purchase shares in these circumstances are known as preemptive
rights. We are not legally permitted to allow holders of our shares through
ADSs in the United States to exercise any preemptive rights in any future
capital increases unless (i) we file a registration statement with the U.S.
Securities and Exchange Commission, or SEC, with respect to that future
issuance of shares or (ii) the offering qualifies for an exemption from the
registration requirements of the Securities Act. At the time of any future
capital increase, we will evaluate the costs and potential liabilities
associated with filing a registration statement with the SEC, as well as the
benefits of preemptive rights to holders of our shares through ADSs in the
United States and any other factors that we consider important in determining
whether to file a registration statement.

We are under no obligation to, and there can be no assurance that we will,
file a registration statement with the SEC to allow holders of our shares
through ADSs in the United States to participate in a preemptive rights
offering. In addition, under current Mexican law, sales by the ADS depositary
of preemptive rights and distribution of the proceeds from such sales to the
holders of our shares through ADSs is not possible. As a result, the equity
interest of holders of our shares through ADSs would be diluted proportionately
and such holders may not receive any economic compensation. See Item 10.
Additional InformationBylawsPreemptive Rights.

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##### Table of Contents



The Protections Afforded to Minority Shareholders in Mexico Are Different From
Those in the United States

Under Mexican law, the protections afforded to minority shareholders are
different from those in the United States. In particular, the law concerning
fiduciary duties of directors and controlling shareholders is not well
developed and there are different procedural requirements for bringing
shareholder lawsuits. As a result, in practice it maybe more difficult for our
minority shareholders to enforce their rights against us or our directors or
controlling shareholders than it would be for shareholders of a U.S. company.

We Have Significant Transactions With Our Parent Company GRUMA and Other
Affiliates That Could Create Potential Conflicts of Interest

In the ordinary course of business, we and certain of our subsidiaries
enter into agreements with GRUMA, our parent company, and other affiliates,
including agreements pertaining to the sharing of intellectual property, and
providing technical and advisory support services. We also periodically
provide loans to GRUMA, which owed us Ps.265.4 million as of June 18, 2003.
Transactions with affiliates may create the potential for conflicts of
interest. See Item 7. Major Shareholders and Related Party
TransactionsRelated Party Transactions.

Exchange Rate Fluctuations May Affect the Value of Our Shares

Fluctuations in the exchange rate between the Peso and the U.S. Dollar
will affect the U.S. Dollar value of an investment in our shares and of
dividend and other distribution payments on those shares. See Item 3. Key
InformationExchange Rate Information.

Our Bylaws Restrict the Ability of Non-Mexican Shareholders to Invoke the
Protection of Their Governments With Respect to Their Rights as Shareholders

As required by Mexican law, our bylaws provide that non-Mexican
shareholders shall be considered as Mexican in respect of their ownership
interests in us and shall be deemed to have agreed not to invoke the protection
of their governments in certain circumstances. Under this provision, a
non-Mexican shareholder is deemed to have agreed not to invoke the protection
of its own government by asking such government to interpose a diplomatic claim
against the Mexican government with respect to the shareholders rights as a
shareholder, but is not deemed to have waived any other rights it may have,
including any rights under the U.S. securities laws, with respect to its
investment in us. If you invoke such governmental protection in violation of
this agreement, your shares could be forfeited to the Mexican government.

Our Controlling Shareholder Can Exert Substantial Control Over Our Company

As of April 30, 2003, Mr. Roberto González Barrera controlled, directly
and indirectly, approximately 53.5% of the outstanding shares of GRUMA, our
parent company. GRUMA owns 83.18% of our outstanding shares. Consequently,
Mr. González Barrera has the power to elect the majority of our directors and
to determine the outcome of most actions requiring approval of our
stockholders.

Mr. González Barrera has pledged part of his shares in GRUMA to secure
some of his borrowings. If the lenders enforce their rights against any or all
of these shares, Mr. González Barrera could lose control over GRUMA and a
change of control could result. In addition, this could trigger a default in
one of GRUMAs credit agreements and have a material adverse effect upon our
business, financial condition, results of operations and prospects.

We Are a Holding Company and Depend Upon Dividends and Other Funds From
Subsidiaries to Service Our Debt

We are a holding company with no significant assets other than the shares
of our subsidiaries. As a result, our ability to meet any debt service
obligations depends primarily upon our receiving sufficient funds from our
subsidiaries. Under Mexican law, companies may only pay dividends:

10



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##### Table of Contents





| |  |  | from earnings included in year-end financial statements that
are approved by shareholders at a duly convened meeting;                                                                    
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | after any existing losses applicable to prior years have been
made up or absorbed into capital;                                                                                          
|
| |  |  | after at least 5% of net profits for the relevant fiscal year
have been allocated to a legal reserve until the amount of the
reserve equals 20% of a companys paid-in capital stock; and
|
| |  |  | after shareholders have approved the payment of the relevant dividends at a duly convened meeting.                                                                                       




Item 4. Information on the Company.

THE BUSINESS

Principal Products

We produce, distribute and sell corn flour in Mexico, which is then used
in the preparation of tortillas and other related products. In 2002, we had
net sales of Ps.4,763 million. We are the largest corn flour producer in
Mexico, with a corn flour market share of approximately 73% in 2002. We
estimate that our corn flour is used in 36% of the corn tortillas consumed in
Mexico. We sell corn flour in Mexico under the brand name MASECA®. MASECA®
flour is a ready-mixed corn flour that becomes a dough when water is added.
This corn dough can then be pressed to an appropriate thickness, cut to shape
and cooked to produce tortillas and similar food products.

We produce over 40 varieties of corn flour for the manufacture of
different food products. We sell corn flour to tortilla and tortilla chip
manufacturers as well as in the retail market. Our principal corn flour product
is a standard fine-textured, white flour used to manufacture tortillas.

Sales and Marketing

We sell packaged corn flour in bulk 20-kilogram sacks in the wholesale
market, principally to thousands of tortilla manufacturers, and one-kilogram
packages in the retail market.

The following table sets forth our bulk and retail sales volumes of corn
flour in Mexico for the periods indicated.

|       |  |                         |           |      |  |      |     |   |  |      |           |   |  |  |     |  |  |  |           |  |  |  |     | 
|------ |  | ----------------------- | --------- | ---- |  | ---- | --- | - |  | ---- | --------- | - |  |  | --- |  |  |  | --------- |  |  |  | --- | 
|       |  | Year Ended December 31,
|       |  |                        
|       |  | 2000                    |           | 2001 |  | 2002
|       |  |                         |           |      |  |     
|       |  | Tons                    |           | %    |  | Tons |     | % |  | Tons |           | %
|       |  |                         |           |      |  |      |     |   |  |      |           |  
|Bulk   |  |                         | 1,265,489 |      |  |      | 84  |   |  |      | 1,217,197 |   |  |  | 85  |  |  |  | 1,179,186 |  |  |  | 85  | 
|Retail |  |                         | 241,565   |      |  |      | 16  |   |  |      | 219,033   |   |  |  | 15  |  |  |  | 206,344   |  |  |  | 15  | 
|       |  |                         |           |      |  |      |     |   |  |      |           |   |  |  |     |  |  |  |           |  |  |  |     | 
|       |  |                         | 1,507,054 |      |  |      | 100 |   |  |      | 1,436,230 |   |  |  | 100 |  |  |  | 1,385,530 |  |  |  | 100 | 
|       |  |                         |           |      |  |      |     |   |  |      |           |   |  |  |     |  |  |  |           |  |  |  |     | 

Our customer base is comprised primarily of small tortilla producers, or
tortillerías, which purchase corn flour in bulk and produce tortillas on their
premises, which are then sold locally. Retail sales are channeled to two
distinct markets: urban centers and rural areas. Sales to urban consumers are
made mostly through supermarket chains that use their own distribution networks
to distribute MASECA® flour or through wholesalers who sell the product to
smaller grocery stores throughout Mexico. Sales to rural consumers are made
principally through the Mexican governments social and distribution program
Distribuidora Conasupo, S.A., or DICONSA, which consists of a network of small
government-owned stores and which supplies rural areas with basic food
products. Our sales representatives are mainly concerned with promoting the
dry corn flour method to tortilla producers. Mexicos tortilla industry is
highly fragmented, consisting mostly of tortillerías, of which approximately
51% continue to utilize, in our opinion, the relatively inefficient wet corn
dough method of tortilla production. We estimate that the traditional wet corn
dough method accounts for approximately one-half of all tortillas produced in
Mexico. Tortilla

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producers that do not utilize corn flour buy the wet dough from dough
producers or buy and mill their own corn and produce tortillas themselves.

This traditional method is a rudimentary practice requiring more energy,
time and labor since it involves cooking the corn in water and with lime,
milling the cooked corn, creating and shaping the dough, and then making
tortillas from that dough. We pioneered the dry corn flour method in which we
mill the raw corn in our facilities into corn flour. Tortilla producers and
consumers may then simply add water to transform the flour into tortilla dough.
We believe the preparation of tortillas using the dry corn flour method
possesses several advantages over the traditional method. Our internal studies
show that the dry corn flour method consumes less water, electricity, fuel and
labor. We estimate that one kilogram of corn processed through the corn flour
method yields more tortillas on average than a similar amount of corn processed
using the traditional method. Corn flour is also transported more easily than
wet corn dough and has a shelf life of approximately three months, compared
with one or two days for wet corn dough. The market for wet corn dough is
limited due to the perishable nature of the product, restricting sales of most
wet corn dough producers to their immediate geographic areas. Additionally,
the corn flours longer shelf life makes it easier for consumers in rural areas
to produce their own tortillas, as tortilleríasare relatively scarce.

We strongly believe in the superiority of our dry corn flour method and,
thus also, believe that we have substantial opportunities for growth by
encouraging a transition to our method. Corn flour is primarily used to
produce corn tortillas, a principal staple of the Mexican diet. In fact, in
2002, corn flour for tortilla manufacturing accounted for approximately 95% of
our total corn flour sales volume in Mexico, with the balance being used for
the manufacture of tortilla chips. The tortilla industry is one of the largest
industries in Mexico as tortillas constitute the single largest component of
Mexicos food industry. Reluctance to abandon traditional practice,
particularly in central and southern Mexico, and decreases in corn prices and
increases in tortilla prices, which have allowed tortilla makers to improve
margins, are major factors in preventing the widespread conversion of
tortilleríasto the corn flour method.

We have embarked on several programs to promote corn flour sales to
tortilla producers and consumers. We offer incentives to potential customers,
such as small independent tortillerías, to convert to the corn flour method
from the traditional wet corn dough method. The incentives we offer include
new, easy to use equipment designed specifically for small-volume users,
financing, and individualized training. For example, in order to assist
traditional tortilla producers in making the transition to corn flour, we sell
specially designed mixers made by Tecnomaíz, S.A. de C.V., or Tecnomaíz, one of
GRUMAs research and development subsidiaries. These incentives are helping us
tap into a significant potential market. We also help our tortillería
customers to improve sales by directing consumer promotions to heighten the
desirability of their products and increase consumption, which, in turn, should
increase corn flour sales. These efforts to improve sales include prime time
advertising on television as well as radio, magazine and billboard advertising.
In 2003, we intend to have our specialized sales teams continue their efforts
to provide better and more individualized service to different types of
customers.

We have also developed the in-store tortillería concept, which involves
the on-site manufacture and sale of tortillas in supermarkets using MASECA®
brand corn flour and machinery supplied by our technology and equipment
operations. Through this promotion, we seek to increase consumer exposure to,
and acceptance of, tortillas made with corn flour. As of December 31, 2002,
78% of supermarkets throughout Mexico hosted our in-store tortillerías.

The demand for corn flour varies slightly with the seasons. After the
May/June and December harvests, when corn is more abundant and thus less
expensive, tortilla producers are more inclined to purchase corn and use the
traditional method. In the months immediately preceding such harvests, corn is
more costly and in shorter supply and more tortilla producers then employ the
dry corn flour method of production.

Competition and Market Share

We face competition on three levelsfrom other corn flour producers, from
sellers of wet corn dough and from the many tortilleríasthat produce their own
wet corn dough on their premises. Our estimates indicate that 51% of tortilla
producers continue to use the traditional wet corn dough method.

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Our principal competitors in the corn flour production market are Grupo
Minsa, S.A. de C.V., previously known as Maíz Industrializado Conasupo, S.A. de
C.V., or MICONSA, and regional corn flour producers. We estimate that our
market share of corn flour sales in Mexico during 2002 was approximately 73%,
and that Grupo Minsa, S.A. de C.V. and regional corn flour producers accounted
for 20% and 7% of the market, respectively. We compete against other corn
flour manufacturers on the basis of quality, brand recognition, technology,
customer service and nationwide coverage. We believe that we have certain
competitive advantages resulting from our proprietary technology, greater
economies of scale and broad geographic coverage, which may afford us
opportunities to more effectively source raw materials and reduce
transportation costs.

Operations and Capital Expenditures

We currently own 18 corn flour mills, two of which are temporarily closed.
The Chalco plant has been inactive since October 1999 while the Zamora plant
has been inactive since July 2000. We have temporarily shifted production to
other plants to achieve savings in overhead costs. All our plants are located
throughout Mexico, typically within corn growing regions and those of large
tortilla consumption.

As a result of construction and expansion of our plants, we increased our
installed corn flour manufacturing capacity from approximately 1.0 million tons
per year as of January 1, 1990 to 2.3 million tons per year as of December 31,
2002. Most of this construction and expansion took place between 1992 and
1995. In 2000, we spent U.S.$4.5 million, primarily to upgrade our corn flour
production processes and acquire computer and transportation equipment. In
2001, we spent U.S.$0.4 million, primarily to upgrade our corn flour production
processes. In 2002, we spent U.S.$2.9 million, primarily to upgrade our corn
flour production processes. We expect capital expenditures for 2003 of
approximately U.S.$11 million for technology upgrades.

We believe we have the most extensive nationwide corn purchasing and corn
flour distribution capabilities of any corn flour producer in Mexico, providing
us with a significant competitive advantage. To enhance our presence in
particular geographic areas, we have transferred a minority interest in certain
subsidiaries to local investors, unions and development agencies. Pursuant to
an agreement between us and Investigación de Tecnología Avanzada, S.A. de C.V.,
or INTASA, a wholly-owned subsidiary of GRUMA, our controlling shareholder,
INTASA provides technical assistance to each of our operating subsidiaries for
which each pays to INTASA a fee equal to 0.5% of its consolidated net sales.
Each of our corn flour facilities use proprietary technology developed by
GRUMAs technology and equipment operations.

Raw Materials

Corn is the principal raw material required for the production of corn
flour, and constituted approximately 66% of our cost of sales for 2002. We
purchase corn primarily from Mexican growers and grain elevators, or if
domestic supply proves insufficient, from world markets at international prices
under import permits granted by the Mexican government. Our purchases are made
on a spot basis pursuant to short-term contractual arrangements, which are
generally in the form of oral agreements entered into at the beginning of the
harvest. Compañía Nacional Almacenadora, S.A. de C.V., our subsidiary,
contracts for and purchases the corn, and also monitors, selects, handles and
ships the corn.

We believe that the diverse geographic locations of our production
facilities in Mexico enables us to achieve savings in raw material
transportation and handling. In addition, by sourcing corn locally for our
plants, we are better able to communicate with local growers concerning the
size and quality of the corn crop and are better able to maintain quality
control. In Mexico, we purchase corn for cash in order to strengthen our
ability to obtain the highest quality corn on the best terms.

Traditionally, domestic corn prices in Mexico tend to be higher than those
abroad, but do follow trends in the international market. During most periods,
the price at which we purchase corn depends on the international corn market.
As a result, corn prices are sometimes unstable and volatile. In certain
periods in the past, however, these fluctuations have been significantly
affected by government regulations and policies. The Mexican governments
decision to discontinue the subsidy program for tortilla consumers in 1999 and
to increase corn imports and support for corn growers in 1999 and 2000,
resulted in drastic decreases in corn prices at that time. In

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1998, the average prices for our corn purchases in Mexico and abroad were
approximately Ps.1,974 per ton. In 1999, however, corn prices fell to an
average of Ps.1,631 per ton. In 2000, the price of corn decreased dramatically
to an average of Ps.1,296 per ton. In 2001, corn prices remained stable at
about an average of Ps.1,289 per ton. In 2002, corn prices generally remained
stable through October but increased to approximately Ps.1,550 per ton
beginning in November, reflecting an international trend. For more information
regarding the governments effect on corn prices, see Item 5. Operating and
Financial Review and ProspectsManagements Discussion and Analysis of
Financial Condition and Results of OperationsEffects of Deregulation of the
Mexican Tortilla and Corn Flour Industry.

In addition to corn, the other principal materials and resources used in
the production of corn flour are packaging materials, water, lime and energy.
We believe that our sources of supply for these materials and resources are
adequate, although energy and packaging costs tend to be volatile.

Distribution

Our products are distributed through independent transport firms
contracted by us. Most of our sales are made free-on-board at our plants, in
particular those to tortilla manufacturers. With respect to other sales, in
particular retail sales (one-kilogram packages) to the Mexican government and
large supermarket chains, we pay the freight cost.

History and Development

Grupo Industrial Maseca, S.A. de C.V. is a corporation (sociedad anónima
de capital variable) registered in Monterrey, Mexico under the Mexican
Companies Law (Ley General de Sociedades Mercantiles) on March 12, 1981 with a
corporate life of 99 years. Our full legal name is Grupo Industrial Maseca,
S.A. de C.V., but we are also known as GIMSA and Maseca. The address of our
principal executive office and legal domicile is Avenida La Clínica 2520,
Edificio Delta, Primer Piso, Col. Sertoma, Monterrey, Nuevo León, 64710 México
and our telephone number is (52) 818-3-99-33-00.

We were founded in 1949, when Roberto González Barrera, the Chairman of
our board of directors and Chief Executive Officer, started producing and
selling corn flour in Northeastern Mexico as an alternative ingredient in
producing tortillas. Prior to our founding, all corn tortillas were made using
a wet corn dough method. We believe that the preparation of tortillas using
the corn flour method presents major advantages including greater efficiency
and higher quality.

We believe the gradual transition to the dry corn flour method offers
significant opportunities for our growth. Today, we are the largest corn flour
producer in Mexico with a 73% share of the corn flour market.

Organizational Structure

We are a subsidiary of GRUMA, a Mexican holding company with other
subsidiaries in Mexico, the United States, Venezuela, and Central America. Our
sister companies produce corn flour in other countries as well as packaged
tortillas, other tortilla-related products and wheat products. In 2002 our
sales comprised 25% of GRUMAs total sales.

We are also currently the parent of the following wholly-owned and
majority-owned subsidiaries, all incorporated in Mexico. They all engage in
the production of corn flour and related activities including arranging for the
purchase of corn and other raw materials.

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|                                                            |  |               |        |  
|----------------------------------------------------------- |  | ------------- | ------ | -
|                                                            |  | Percentage of
|                                                            |  | ownership    
|                                                            |  |              
|Corn flour manufacturing subsidiaries:                      |  |               |        |  
|Molinos Azteca, S.A. de C.V.                                |  |               | 100.00 | %
|Industrias de Río Bravo, S.A. de C.V.                       |  |               | 98.34  |  
|Harinera de Veracruz, S.A. de C.V.                          |  |               | 100.00 |  
|Molinos Azteca de Jalisco, S.A. de C.V.                     |  |               | 100.00 |  
|Molinos Azteca de Chalco, S.A. de C.V.                      |  |               | 56.33  |  
|Harinera de Maíz de Jalisco, S.A. de C.V.                   |  |               | 100.00 |  
|Harinera de Yucatán, S.A. de C.V.                           |  |               | 88.57  |  
|Harinera de Maíz de Mexicali, S.A. de C.V.                  |  |               | 85.00  |  
|Molinos Azteca de Chiapas, S.A. de C.V.                     |  |               | 90.00  |  
|Molinos Azteca de Veracruz, S.A. de C.V.                    |  |               | 100.00 |  
|                                                           
|Service and other subsidiaries:                             |  |               |        |  
|Compañía Nacional Almacenadora, S.A. de C.V.                |  |               | 100.00 | %
|Servicios Administrativos y Financieros Gimsa, S.A. de C.V. |  |               | 100.00 |  
|Industria Tortilladora Azteca, S.A. de C.V.                 |  |               | 100.00 |  
|Arrendadora de Maquinaria de Chihuahua, S.A. de C.V.        |  |               | 100.00 |  

On April 30, 2002, five of our corn flour manufacturing subsidiaries at
that time merged with our subsidiary Molinos Azteca, S.A. de C.V. (previously
known as Molinos Azteca de Culiacán, S.A. de C.V.). These five corn flour
manufacturing subsidiaries were: Derivados de Maíz Alimenticio, S.A. de C.V.;
Molinos Azteca, S.A. de C.V.; Molinos Azteca del Bajío, S.A. de C.V.; Harinera
de Tamualipas, S.A. de C.V.; and Molinos Azteca de Chihuahua, S.A. de C.V. On
December 31, 2002, our subsidiary Harinera de Maíz, S.A. de C.V. also merged
with Molinos Azteca, S.A. de C.V. These mergers resulted from our efforts to
consolidate administrative and management functions of our subsidiaries in
order to achieve greater efficiencies.

REGULATIONS

Corn and Tortilla Subsidies and Import Policies

Due in part to the importance of tortillas in the Mexican diet, the
Mexican government has enacted various policies that have distorted the corn
and tortilla markets. Prior to January 1, 1999, the government subsidized corn
purchases made by tortilla producers and set retail tortilla prices. Although
the subsidies and price controls were dismantled at that time, the government
took other measures that affected the price of corn and tortillas. These
included the closing of CONASUPO, which resulted in the sale of its significant
corn reserves, the increased distribution of corn import permits and increased
funding for support programs for corn growers. For more information on these
policies and their effect on our costs and sales, see Item 5. Operating and
Financial Review and ProspectsManagements Discussion and Analysis of
Financial Condition and Results of OperationsEffects of Deregulation of the
Mexican Tortilla and Corn Flour Industry.

Environmental Regulations

Our Mexican operations are subject to Mexican federal, state and municipal
laws and regulations relating to the protection of the environment. The
principal federal environmental laws are the Ley General de Equilibrio
Ecológico y Protección al Ambiente(the General Law of Ecological Equilibrium
and Protection of the Environment, or the Mexican Environmental Law), which is
enforced by the Secretaría de Medio Ambiente y Recursos Naturales(the Ministry
of the Environment and Natural Resources, or SEMARNAT) and the Ley Federal de
Derechos(the Mexican Federal Law of Governmental Fees). Under the Mexican
Environmental Law, each of our facilities engaged in the production of corn
flour is required to obtain an operating license from SEMARNAT upon initiating
operations, and then annually submit a certificate of operation to maintain the
operating license. Furthermore, the Mexican Federal Law of Governmental Fees
requires that Mexican manufacturing plants pay a fee for the discharge of
residual waste water to drainage. Rules have been promulgated concerning
hazardous substances and water, air and noise pollution. In particular, Mexican
environmental laws and regulations require that Mexican companies file

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periodic reports with respect to air and water emissions and hazardous
wastes. They establish standards for waste water discharge. We must also
comply with zoning regulations as well and rules regarding health, working
conditions and commercial matters. SEMARNAT and the Federal Bureau of
Environmental Protection can bring administrative and criminal proceedings
against companies that violate environmental laws, as well as close
non-complying facilities.

We believe we are currently in compliance in all material respects with
all applicable Mexican environmental regulations. The level of environmental
regulation and enforcement in Mexico has increased in recent years. We expect
this trend to continue and to be accelerated by international agreements
between Mexico and the United States. To the extent that new environmental
regulations are promulgated in Mexico, we may be required to incur additional
remedial capital expenditures to comply. Management is not aware of any
pending regulatory changes that would require additional remedial capital
expenditures in a significant amount.

Competition Regulations

The Ley Federal de Competencia Económica(the Federal Economic Competition
Law, or the Mexican Competition Law), was approved by the Mexican Congress and
published in the Diario Oficial de la Federaciónon December 24, 1992 and
became effective on June 22, 1993. The Mexican Competition Law and the
Reglamento de la Ley Federal de Competencia Económica(the Regulations of the
Mexican Competition Law), effective as of March 5, 1998, regulate monopolies
and monopolistic practices and require Mexican government approval of certain
mergers and acquisitions. The Mexican Competition Law grants government the
authority to establish price controls for products and services of national
interest qualified as such by Presidential decree, and established the Comisión
Federal de Competencia, or Federal Competition Commission, to enforce the law.
Mergers and acquisitions and other transactions that may restrain trade or that
may result in monopolistic or anti-competitive practices or combinations must
be approved by the Federal Competition Commission. The Mexican Competition Law
may potentially limit our business combinations, mergers and acquisitions and
may subject us to greater scrutiny in the future in light of our market
presence, although it has had little effect on our operations, and we do not
believe that this legislation will have a material adverse effect on our
existing or developing business operations.




Item 5. Operating and Financial Review and Prospects.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

You should read the following discussion in conjunction with our
consolidated financial statements and the notes thereto included elsewhere
herein. Our consolidated financial statements have been prepared in accordance
with Mexican GAAP, which differ from U.S. GAAP in certain significant respects.
See Note 15 to the consolidated financial statements for a description of the
principal differences between Mexican GAAP and U.S. GAAP as they relate to us
and a quantitative reconciliation to U.S. GAAP of our consolidated net income
and stockholders equity.

Inflation Accounting

Mexican GAAP requires that financial statements recognize the effect of
inflation in accordance with Bulletin B-10 of the Mexican Institute of Public
Accountants, as amended. The intended effect of such recognition is to present
all information in comparable monetary units and thereby eliminate the
distorting effect of inflation in the financial statements. Unless otherwise
stated herein, financial information in the financial statements and throughout
this Form 20-F has been restated in pesos of constant purchasing power as of
December 31, 2002.

Mexican inflation accounting requires, among other considerations, the
determination of comprehensive financing cost, which is composed of interest
expense, interest income, foreign exchange gains or losses and an item called
monetary position gain or loss. The monetary position gain or loss account is
used to reflect the effect of inflation on a companys monetary assets and
liabilities. By determining a companys net monetary position (monetary assets
minus monetary liabilities) and applying inflation indices for the period under
consideration, the impact of inflation on a companys monetary items may be
quantified and reflected in earnings. Thus, if monetary liabilities are larger
than monetary assets, the company will recognize a gain from inflation as its
liabilities will be

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worth less upon repayment due to the reduced value of the currency from
inflation. If monetary assets exceed monetary liabilities, on the other hand,
the company will recognize a loss as its monetary assets will be worth less in
terms of purchasing power.

Critical Accounting Policies

Managements Discussion and Analysis of Financial Condition and Results of
Operations discusses our consolidated financial statements, which have been
prepared in accordance with Mexican GAAP as promulgated by the Mexican
Institute of Public Accountants. A reconciliation from Mexican GAAP to U.S.
GAAP of net income and total stockholders equity is included in Note 15 to our
consolidated financial statements. The preparation of these financial
statements requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements, as well as the
reported amounts of revenues and expenses during the reporting period.

In response to the SECs Release No. 33-8040, Cautionary Advice Regarding
Disclosure About Critical Accounting Policies, we identified the most critical
accounting principles that involve a higher degree of judgment and complexity
and that management believes are important to a more complete understanding of
our financial position and results of operations. These policies are outlined
below.

Additional accounting policies that are also used in the preparation of
our consolidated financial statements are outlined in the notes to our
consolidated financial statements included in this Annual Report.

Property, Plant and Equipment

We depreciate our property, plant and equipment over their respective
estimated useful lives. Useful lives are based on managements estimates of
the period that the assets will continue to support production requirements or
generate sales of our products and are adjusted when those estimates change.
Estimates are based on the nature of the asset, historical usage with
consideration given to technological changes, our current strategy, as well as
internal engineering studies. To the extent that our estimates are incorrect,
our periodic depreciation expense or carrying value of our assets may be
impacted.

We also evaluate the carrying value of property, plant and equipment to be
held and used, and any assets to be disposed of, when events or circumstances
suggest that the carrying value may not be recoverable, such as temporary shut
downs or permanent closures of plants. Such reviews have been necessary in
recent years. Impairment losses for equipment held and used are recorded when
the undiscounted cash flows estimated to be generated by those assets are less
than their carrying amount. The estimates of undiscounted cash flows take into
consideration expectations of future macroeconomic conditions as well as our
internal strategic plans. Therefore, inherent in the estimated future cash
flows is a certain level of risk which we have considered in our valuation;
nevertheless, actual future results may differ. Should impairment exist, the
amount of the loss is then quantified by comparing the carrying amount of the
assets to the weighted discounted cash flows. For assets to be disposed of, we
assess whether machinery or equipment can be used at other facilities and, if
not, estimate the proceeds to be realized upon sale of the assets. Primarily
as a result of plan rationalization, certain facilities and equipment are not
currently in use in operations. We have recorded impairment losses related to
certain unsued assets and such losses may potentially occur in the future.

Goodwill

Under Mexican GAAP, goodwill is amortized on a straight-line basis over
estimated useful lives. We assess the recoverability of goodwill whenever
events or changes in circumstances indicate that expected future undiscounted
cash flows may not be sufficient to support the carrying amount of an asset.
Estimates of future cash flow involve considerable management judgment. These
estimates are based on historical data, anticipated market conditions and
management plans.

Under U.S. GAAP, effective January 1, 2002, we applied FAS 142. Under FAS
142, goodwill is no longer amortized, but is subject to annual impairment
testing.

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The identification and measure of goodwill impairment involves the
estimation of fair value of the reporting units. Determining the fair value of
a reporting unit under the first step of the goodwill impairment test and
determining the fair value of individual assets and liabilities of a reporting
unit (including unrecognized intangible assets) under the second step of the
goodwill impairment test is judgmental in nature and often involves the use of
significant estimates and assumptions. These estimates and assumptions could
have a significant impact on whether or not an impairment charge is recognized
and also the magnitude of any such charge. We perform internal valuation
analyses and consider relevant internal data as well as other market
information that is publicly available. Estimates of fair value are primarily
determined using discounted cash flows and market comparisons. These
approaches use significant estimates and assumptions including projected future
cash flows (including timing), a discount rate reflecting the risk inherent in
future cash flows, a perpetual growth rate, determination of appropriate market
comparables and the determination of whether a premium or discount should be
applied to comparables. Inherent in these estimates and assumptions is a
certain level of risk which we believe we have considered in our valuation.
Nevertheless, if future actual results differ from estimates, a possible
impairment charge may be recognized in future periods related to the write-down
of the carrying value of goodwill.

Deferred IncomeTaxes

Under both Mexican and U.S. GAAP, we record deferred income tax assets and
liabilities using enacted tax rates for the effect of temporary differences
between the book and tax basis of assets and liabilities. If enacted tax rates
change, we adjust the deferred tax assets and liabilities through the provision
for income taxes in the period of change, to reflect the enacted tax rate
expected to be in effect when the deferred tax items reverse. We also record a
valuation allowance to reduce our deferred tax assets to the amount that is
more likely than not to be realized. While we have considered future taxable
income and ongoing prudent and feasible tax planning strategies in assessing
the need for the valuation allowance, in the event we were to determine that we
would be able to realize our deferred tax assets in the future in excess of the
net recorded amount, an adjustment to the deferred tax asset would increase
income in the period such determination was made. Should we determine that we
would not be able to realize all or part of our net deferred tax asset in the
future, an adjustment to the deferred tax asset would be charged to income in
the period such determination was made.

Effects of Deregulation of the Mexican Tortilla and Corn Flour Industry

Because of the importance of tortillas as a principal staple in the
Mexican diet, the Mexican government has regulated the domestic corn, corn
flour and tortilla industry, in one form or another, for approximately thirty
years. As discussed below, we had expected to benefit greatly from the
significant liberalization of the tortilla and corn flour industry in 1999 and
invested heavily in new plants as a result. Instead the Mexican government has
pursued policies, particularly in 1999 and 2000, that have distorted the corn
flour and tortilla markets and negatively affected our results of operations.

Complementary Revenues for Corn Flour Used to Make Tortillas

Until December 31, 1998, the Mexican government, in recognition of the
importance of tortillas as a principal staple in the Mexican diet, established
below market tortilla prices and consequently regulated corn flour prices and
paid complementary revenues to corn flour producers, subject to specified
volume ceilings. The Mexican government established corn flour prices below
market pricing levels, and at times, below the cost of production, allowing
corn flour producers to sell corn flour to tortilla manufacturers at prices
lower than actual production cost. Under this program, the Mexican government:



| |  |  | paid corn flour producers, including us, complementary
revenues equal to the difference between the market price for corn
and the governments subsidized price, based on an established
formula; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | set monthly ceilings for each corn flour producer on the
volume of corn flour for which it would pay complementary revenues.                                                                         

At times, the Mexican governments prices and/or ceilings were too low to
reflect demand, so that we had to choose whether to sell our corn flour at a
price below our actual production cost or not to sell corn flour at all.

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Complementary revenues accounted for 12.2% of our net sales in 1998.
Effective as of December 31, 1998, the Mexican government deregulated the corn
flour and tortilla industry and, in particular, terminated the complementary
revenue program and allowed the prices of corn flour and tortillas to be
determined by competition and other market conditions. The termination of this
program, combined with the other market-distortive effects described below, has
negatively affected the transition to competitive corn and corn flour markets
and has negatively affected our results of operations.

Commercialization Program

Since December 1996, ASERCA, a Mexican government agency, has maintained a
separate program designed to promote the purchase of corn in certain regions of
Mexico. Under this program, called the commercialization program, the Mexican
government provides payments to corn purchasers based partly on international
corn prices. The net effect is that these purchasers receive corn below the
domestic market price of corn. The reimbursements vary depending upon the size
of the corn harvest in Mexicos various growing regions. With the exception of
the winter harvest of 1999, the amount of corn available under this program has
been small.

Since mid-2001, corn growers have sold corn at market prices. In some
regions, these corn growers receive direct economic support from the Mexican
government. In addition, in order to keep domestic corn prices competitive
with imported corn prices, corn purchasers in some regions are reimbursed for
transportation and warehousing costs by the Mexican government.

During the two years that both the complementary revenue and the
commercialization program were in place, corn flour and corn dough producers
received two distinct payments from the government. Since the end of the
complementary revenues program, corn buyers are only reimbursed under the
commercialization program.

Deregulation of the Corn Flour and Tortilla Markets

With the deregulation of the corn flour and tortilla markets on January 1,
1999, we believed that we were well positioned for growth. As tortilla prices
were no longer to be set by the government, we anticipated a price war among
tortilla producers that would accelerate the switch to the more efficient dry
corn flour method in an effort to reduce costs. In addition, we expected
tortilla producers to look for ways to cut costs as corn flour and corn dough
prices were expected to increase with the closing of CONASUPO. In anticipation
of this closing and a possible shortage of corn, we built large corn
inventories in the end of 1998 and the beginning of 1999. With these large
purchases, we had far in excess of our normal reserves for that time of year.

In connection with the deregulation, the Mexican government accelerated
the sale of its remaining corn inventories during 1999, creating a surplus of
corn in the Mexican market. In addition, in order to ensure adequate corn
supply for tortilla manufacturing during the transition to a competitive
market, the Mexican government issued import permits for over 473,000 tons of
corn for traditional tortilla production mostly in the first half of 1999. Due
to the resulting over-supply of corn, domestic corn prices were depressed in
most of 1999. The large corn inventories that we had at the end of 1998 and the
beginning of 1999 were purchased at prices that turned out to be higher than
those prevailing in the market during most of 1999. During most of 1999, we
were unable to increase our corn flour prices because many of our current and
potential customers substituted raw corn for corn flour in making tortillas due
to the low price of raw corn.

In 2000, the governments decision to increase corn imports and support
for corn growers resulted in drastic decreases in corn prices, which fell
approximately 21% in 2000. This in turn drove down corn flour prices. As a
result of this reduction in the price of raw corn, tortilla producers continued
to switch from corn flour to raw corn. This trend continued in 2001 and 2002,
although to a lesser extent, during which time corn prices fell approximately
0.5% and 0.4%, respectively.

Despite the drop in corn and corn flour prices, tortilla prices
drastically increased after January 1, 1999 and have remained high through June
of 2003. During this period, tortilla prices have increased approximately 87%
while inflation has increased approximately 37%. This caused an estimated
decrease in demand for tortillas and negatively affected our sales volume.

19



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RESULTS OF OPERATIONS

We are the leading Mexican producer of corn flour. We had an estimated
market share of approximately 73% of the Mexican corn flour market in 2002.
Corn flour is used primarily to make tortillas, one of the principal staples of
the Mexican diet. We estimate that our corn flour is used in 36% of the corn
tortillas consumed in Mexico. From 1989 to 1996, the corn flour segment of the
overall tortilla market experienced significant growth, increasing from 22% of
the tortilla market in Mexico in 1988 to approximately 54% in 1996. From 1997
through 2002, due to changes relating to the deregulation of the tortilla
industry, the corn flour segment declined to 49% of the overall tortilla market
(based on our estimates). We believe that the overall increase in corn flour
industry sales since 1989 has resulted primarily from the substitution of the
corn flour method for the traditional method in the production of tortillas.

The following table sets forth certain income statement and operating data
for our company for each of the periods indicated, expressed as a percentage of
total sales and based on data expressed in pesos of constant purchasing power
as of December 31, 2002:

|                                             |  |                         |       |      |  |      |       |   |  |  |       |  
|-------------------------------------------- |  | ----------------------- | ----- | ---- |  | ---- | ----- | - |  |  | ----- | -
|                                             |  | Year Ended December 31,
|                                             |  |                        
|                                             |  | 2000                    |       | 2001 |  | 2002
|                                             |  |                         |       |      |  |     
|Net Sales                                    |  |                         | 100.0 | %    |  |      | 100.0 | % |  |  | 100.0 | %
|Cost of Sales                                |  |                         | 71.2  |      |  |      | 69.9  |   |  |  | 70.4  |  
|Gross Profit                                 |  |                         | 28.8  |      |  |      | 30.1  |   |  |  | 29.6  |  
|Selling, General and Administrative Expenses |  |                         | 17.8  |      |  |      | 18.8  |   |  |  | 19.0  |  
|Operating Income                             |  |                         | 11.0  |      |  |      | 11.3  |   |  |  | 10.7  |  
|Comprehensive Financing Income (Cost), net   |  |                         | 0.5   |      |  |      | 0.5   |   |  |  | (0.6  | )
|Income Taxes                                 |  |                         | 3.4   |      |  |      | 3.3   |   |  |  | 1.4   |  
|Net Income                                   |  |                         | 7.7   |      |  |      | 7.5   |   |  |  | 7.6   |  

Fiscal Year Ended December 31, 2002 Compared to Fiscal Year Ended December 31,
2001

Net Sales

Our net sales decreased by 3.7% to Ps.4,763 million in 2002 compared with
Ps.4,947 million in 2001. The decrease in net sales resulted from lower sales
volume. Sales volume decreased 3.5% in 2002 to 1,386,000 tons from 1,436,000
tons in 2001 due to a combination of factors, including:



| |  |  | a 3.1% decrease in bulk sales volume (which represented 85.1%
of total sales volume in 2002) resulting from our efforts to limit
our customers to those with low-risk credit profiles. We are
continuing to focus on increasing sales to these customers and are
providing such customers with incentives to increase the percentage
of corn flour used in their raw-material mix; and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | a 5.8% decrease in 2002 in sales volume of one-kilogram
consumer retail packages of corn flour (which represented 14.9% of
total sales volume in 2002) reflecting lower sales to DICONSA caused
by DICONSAs restructuring of operations, which resulted in an
increase in the prices of goods DICONSA sells to the public and a
reduction in DICONSA branches and regional coverage. 

Cost of Sales

Our cost of sales as a percentage of net sales increased to 70.4% in 2002
from 69.9% in 2001 due primarily to:



| |  |  | lower absorption of fixed costs as a result of lower sales volume; and
| | - |  | ----------------------------------------------------------------------

20



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##### Table of Contents





| |  |  | an increase in expenses associated with corn procurement, due to:
| | - |  | -----------------------------------------------------------------



| |  |  | insufficient corn supplies in certain regions of Mexico in the fourth quarter of 2002; and                                                                       
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | higher corn transportation and warehousing costs due to
the absence in 2002 of governmental support we received in 2001
to compensate us for using domestic corn.

In peso terms, our cost of sales decreased 3.0%, commensurate with the
3.5% decline in sales volume, to Ps.3,352 million in 2002 from Ps.3,457 million
in 2001.

Gross Profit

Our gross profit decreased 5.3% in 2002 to Ps.1,411 million compared to
Ps.1,490 million in 2001. Our gross profit margin decreased to 29.6% in 2002
compared to 30.1% in 2001.

Selling, General and Administrative Expenses

Selling, general and administrative expenses, or SG&A expenses, as a
percentage of net sales increased to 19.0% in 2002 from 18.8% in 2001 due to
lower sales volume. In absolute terms, SG&A expenses decreased 3.0% to Ps.903
million in 2002 from Ps.931 million in 2001 due to the consolidation of
administrative positions at our plants and lower freight expenses as a result
of decreased sales to DICONSA.

Operating Income

Operating income decreased 9.1% to Ps.507 million in 2002 compared to
Ps.558 million in 2001. Our operating margin declined to 10.7% in 2002
compared to 11.3% in 2001.

Comprehensive Financing Cost (Income), Net

Net comprehensive financing cost increased 217.6% to Ps.27 million in 2002
compared to income of Ps.23 million in 2001. The components of comprehensive
financing cost (income), together with an explanation of the significant
changes, are detailed in the following chart:

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|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  |                               |  | 
|----------------------------- |  | --------------------------------- | --- | ---- |  | ------ | ---- | - |  | --- | --- | -------- |  |  |  | - |  | ----------------------------- |  | 
|Items                         |  | 2002                              |     | 2001 |  | Change |      |   |  |     |     | Comments
|                              |  |                                   |     |      |  |        |      |   |  |    
|                              |  | (in millions of pesos of constant |     |      |  |        |      |   |  |    
|                              |  | purchasing power as of            |     |      |  |        |      |   |  |    
|                              |  | December 31, 2002)                |     |      |  |        |      |   |  |    
|                              |  |                                   |     |      |  |        |      |   |  |    
|Interest expense              |  | Ps.                               | 13  |      |  | Ps.    | 23   |   |  | Ps. | (10 | )        |  |  |  |  |  | Lower weighted-average       
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | interest rates and lower     
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | weighted-average levels of   
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | outstanding debt             
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  |                               |  | 
|Interest income               |  |                                   | (74 | )    |  |        | (105 | ) |  |     | 31  |          |  |  |  |  |  | Lower weighted-average       
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | interest rates and lower     
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | weighted-average outstanding 
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | cash balances primarily      
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | during the first half of 2002
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  |                               |  | 
|Foreign Exchange Loss (Gain)  |  |                                   | 5   |      |  |        | 1    |   |  |     | 4   |          |  |  |  |  |  | 14% peso devaluation
in 2002 
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  |                               |  | 
|Monetary Position Loss (Gain) |  |                                   | 83  |      |  |        | 58   |   |  |     | 25  |          |  |  |  |  |  | Higher weighted-average      
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | net monetary asset position  
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  | and higher inflation         
|Total                         |  | Ps.                               | 27  |      |  | Ps.    | (23  | ) |  | Ps. | 50  |          |  |  |  |   |  |                               |  | 
|                              |  |                                   |     |      |  |        |      |   |  |     |     |          |  |  |  |   |  |                               |  | 

Income Taxes and Employees Statutory Profit Sharing

The provision for income taxes and employees statutory profit sharing
decreased 48.8% to Ps.92 million in 2002 compared to Ps.180 million in 2001 due
to changes to the statutory income tax rate, which will be reduced gradually
from 35% to 32% beginning in 2003 (34%) and continuing through 2005 (32%). To
a lesser extent, the decrease also resulted from lower pre-tax income.

See Note 11 to the consolidated financial statements for more information
regarding this change. Our effective tax rate for 2002 was 15% as compared to
29% in 2001.

Net Income

Our net income decreased 2.6% to Ps.363 million in 2002 compared to Ps.373
million in 2001. However, our net margin improved to 7.6% in 2002 from 7.5% in
2001.

Fiscal Year Ended December 31, 2001 Compared to Fiscal Year Ended December 31,
2000

Net Sales

Our net sales decreased by 6.2% to Ps.4,947 million in 2001 compared with
Ps.5,271 million in 2000. The decrease in net sales resulted from lower sales
volume and, to a lesser extent, from lower corn flour prices (resulting from
lower corn prices). Sales volume decreased 4.7% in 2001 to 1,436,000 tons from
1,507,000 tons due to a combination of factors, including:



| |  |  | a 9.3% decrease in 2001 in sales volume of one-kilogram
consumer retail packages of corn flour (which represented 15.3% of
total sales volume in 2001) reflecting lower sales to DICONSA; and
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | a 3.8% decrease in bulk sales volume (which represented 84.7%
of total sales volume in 2001) resulting from our decision to focus
on achieving higher margins rather than volume growth.     

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##### Table of Contents



Average corn flour prices decreased 1.5% in real terms in 2001 compared to
2000, following the downward trend in corn prices. With high availability of
corn, lower corn costs and higher tortilla prices, tortilla manufacturers
continued to enjoy wide margins and, consequently, were not focused on the
economic advantages of using corn flour.

Cost of Sales

Our cost of sales decreased 7.9% to Ps.3,457 million in 2001 from Ps.3,754 million in 2000 due to:



| |  |  | lower corn costs and greater efficiencies in corn procurement;                                                            
| | - |  | --------------------------------------------------------------------------------------------------------------------------
|
| |  |  | lower transportation and warehousing costs due primarily to
governmental support to compensate us for using domestic corn;
|
| |  |  | decreased costs in 2001 compared to 2000 in connection with
the temporary closing of the Zamora plant in mid-2000; and    
|
| |  |  | lower energy costs.                                                                                                       

Our cost of sales as a percentage of net sales improved to 69.9% in 2001
from 71.2% in 2000 reflecting lower cost of sales and the fact that corn costs
declined at a higher rate than corn flour prices due to the strength of GIMSAs
brand name.

Gross Profit

Our gross profit decreased 1.8% in 2001 to Ps.1,490 million compared to
Ps.1,517 million in 2000. However, our gross profit margin improved to 30.1%
in 2001 compared to 28.8% in 2000.

Selling, General and Administrative Expenses

SG&A expenses decreased 0.7% to Ps.931 million in 2001 from Ps.938 million
in 2000 due to lower expenses for leasing computer equipment as our information
technology system continued to yield savings and, to a lesser extent, lower
freight expenses due to decreased sales to DICONSA, partially offset by a
significant increase in advertising expenses due to the nationwide advertising
campaign for MASECA® brand corn flour that we launched in July 2001. SG&A
expenses as a percentage of net sales increased to 18.8% in 2001 compared to
17.8% in 2000 reflecting lower net sales.

Operating Income

Operating income decreased 3.6% to Ps.558 million in 2001 compared to
Ps.579 million in 2000. However, our operating margin increased to 11.3% in
2001 compared to 11.0% in 2000 due mainly to lower corn prices and efficiencies
in corn procurement.

Comprehensive Financing Income, Net

Net comprehensive financing income decreased 12.4% to Ps.23 million in
2001 compared to Ps.26 million in 2000. The components of comprehensive
financing income, together with an explanation of the significant changes, are
detailed in the following chart:

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|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  |                     |  | 
|----------------------------- |  | --------------------------------- | ---- | -------- |  | ---------------------- | ---- | - | - |  | --- | -------- |  |  | - |  |  | ------------------- |  | 
|Items                         |  | 2001                              |      | 2000     |  | Change                 |      |   |   |  |     | Comments |  | 
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  | 
|                              |  | (in millions of pesos of constant |      |          |  |                        |      |   |   | 
|                              |  |                                   |      |          |  | purchasing power as of |      |   |   |  |     |          |  |  |   |  |  |                    
|                              |  |                                   |      |          |  | December 31, 2002)     |      |   |   |  |     |          |  |  |   |  |  |                    
|                              |  |                                   |      |          |  |                        |     
|Interest expense              |  | Ps. 23                            |      | Ps. 27   |  | Ps. (3)                |      |   |  |  |     | Lower   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | weighted-average   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | interest rates and 
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | lower              
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | weighted-average   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | levels of          
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | outstanding debt   
|Interest income               |  |                                   | (105 | )        |  |                        | (122 | ) |   |  | 17  |          |  |  |  |  |  | Lower              
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | weighted-average   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | interest rates and 
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | lower              
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | weighted-average   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | outstanding cash   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | balances because of
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | higher dividends   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | paid               
|Foreign Exchange Loss (Gain)  |  |                                   | 1    |          |  |                        | (3   | ) |   |  | 4   |          |  |  |  |  |  | Higher net dollar  
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | - denominated      
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | liability position 
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | throughout the year
|Monetary Position Loss (Gain) |  |                                   | 58   |          |  |                        | 73   |   |   |  | (15 | )        |  |  |  |  |  | Lower inflation    
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | and lower          
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | weighted-average   
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | net monetary asset 
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  |  |   |  |  | position           
|Total                         |  | Ps. (23)                          |      | Ps. (26) |  | Ps. 3                  |      |   |   |  |     |          |  | 
|                              |  |                                   |      |          |  |                        |      |   |   |  |     |          |  | 

Income Taxes and Employees Statutory Profit Sharing

The provision for income taxes and employees statutory profit sharing
decreased 3.2% to Ps.180 million in 2001 compared to Ps.186 million in 2000.
Our effective tax rate for 2001 was 29% as compared to 30% in 2000.

Net Income

Our net income decreased 8.1% to Ps.373 million in 2001 compared to Ps.406
million in 2000. Net margin decreased to 7.5% in 2001 from 7.7% in 2000.

CONTRACTUAL OBLIGATIONS

At December 31, 2002, material contractual obligations were as follows:

|                |  |           |      |             |             |                               |      |       |  |       |      |  |  |  |   |  |  |  |      | 
|--------------- |  | --------- | ---- | ----------- | ----------- | ----------------------------- | ---- | ----- |  | ----- | ---- |  |  |  | - |  |  |  | ---- | 
|Contractual     |  | Less than |      | From 1 to 3 | From 3 to 5 | Over 5                        |      |       |  |       |     
|Obligations     |  | 1 Year    |      | Years       |             | Years                         |      | Years |  | Total
|                |  |           |      |             |             |                               |      |       |  |      
|                |  |           |      |             |             | (in millions of U.S. dollars) |      |       |  |       |      |  |  | 
|Operating lease |  |           | 0.40 |             |             |                               | 0.30 |       |  |       | 0.05 |  |  |  |  |  |  |  | 0.75 | 
|Total           |  |           | 0.40 |             |             |                               | 0.30 |       |  |       | 0.05 |  |  |  |  |  |  |  | 0.75 | 
|                |  |           |      |             |             |                               |      |       |  |       |      |  |  |  |   |  |  |  |      | 

OFF-BALANCE SHEET ARRANGEMENTS

We have not entered into material off-balance sheet arrangements as
defined by SEC rules.

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LIQUIDITY AND CAPITAL RESOURCES

Our liquidity and capital resource requirements in recent years reflect
capital expenditures used for upgrades of our equipment, working capital
requirements and the payment of dividends. Although no assurances can be given
as to future levels of capital expenditures, we currently project investments
in fixed assets during 2003 of approximately U.S.$11 million, which will be
used primarily for upgrading equipment.

We fund our liquidity and capital resource requirements through cash
generated from operations. Funds generated from operations were Ps.623.5
million in 2002, Ps.634.5 million in 2001 and Ps.592.7 million in 2000. Our
current general policy is to fund our inventory purchases with either cash or
short-term borrowings through uncommitted lines of credit with various Mexican
financial institutions, the terms and conditions of which we negotiate at the
time of purchase.

We believe that our cash reserves and cash generated from operations will
be sufficient during the next 12 months to meet our liquidity requirements.
Because we rely on cash generated from operations to fund our liquidity and
capital resource requirements, factors that cause our revenues and net income
to increase or decrease could also cause our sources of liquidity to increase
or decrease. These factors include fluctuations in the demand for, or price
of, our products, as well as fluctuations in the price of corn and tortillas.

Our sources of liquidity are similarly affected by transactions that we
enter into in the ordinary course of business with GRUMA and other affiliates,
including agreements pertaining to the sharing of intellectual property, and
providing technical and advisory support services. When we have excess cash,
we also periodically provide loans to GRUMA, which owed us Ps.265.4 million as
of June 18, 2003. For more information regarding these transactions, see Item
7. Major Shareholders and Related Party Transactions  Related Party
Transactions.

We intend to mitigate liquidity risks by increasing revenues through
capitalizing on our existing infrastructure and production capacity, but we
cannot assure you that we will succeed in this regard. We have available
uncommitted lines of credit with various Mexican financial institutions which
we could use in the event of a contingency. Should we elect to utilize the
uncommitted lines of credit, we would have to negotiate the terms and
conditions at that time.

As of December 31, 2002, we had no outstanding debt.

We and our subsidiaries had net working capital defined as current assets
(excluding cash and cash equivalents) minus current liabilities of Ps.2,221
million and Ps.1,731 million as of December 31, 2002 and 2001, respectively.

RESULTS UNDER U.S. GAAP

Our consolidated financial statements are prepared in accordance with
Mexican GAAP, which differ in certain significant respects from U.S. GAAP.
Mexican GAAP financial statements recognize the effects of inflation, whereas
financial statements prepared under U.S. GAAP are presented on a historical
cost basis. We are not required to reverse many of the Mexican inflation
accounting adjustments when reconciling Mexican GAAP to U.S. GAAP, because
these adjustments provide a means of measuring the effects of price-level
changes in the inflationary Mexican economy. Inflation-adjusted figures are
considered a more meaningful presentation than historical cost-based financial
reporting for both Mexican and United States accounting purposes.

Net income under U.S. GAAP amounted to Ps.355.0 million in 2002, Ps.341.6
million in 2001, and Ps.405.1 million in 2000, compared with net income under
Mexican GAAP of Ps.363.1 million in 2002, Ps.372.8 million in 2001 and Ps.405.8
million in 2000.

Stockholders equity under U.S. GAAP amounted to Ps.5,374.3 million in
2002 and Ps.5,185.7 million in 2001, compared with stockholders equity under
Mexican GAAP of Ps.5,543.2 million in 2002 and Ps.5,349.0 million in 2001.

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See Note 15 to the consolidated financial statements for a discussion of
the adjustments under U.S. GAAP.

NEW ACCOUNTING STANDARDS

New Accounting Pronouncements under Mexican GAAP

In November 2001, the Mexican Institute of Public Accountants issued
Bulletin C-9, Liabilities, Provisions, Contingent Assets and Liabilities, and
Commitments, which supersedes Bulletin C-9, Liabilities, and Bulletin C-12,
Contingencies and Commitments. This bulletin is effective as of January 1,
2003. Bulletin C-9 provides guidance for the valuation, recognition and
presentation of liabilities, provisions, contingent assets and liabilities, and
commitments. This bulletin includes detailed rules for provisions, the use of
present value, the consideration of future events for its valuation, the
accounting treatment for possible reimbursements and changes in the estimated
value of provisions. In addition, Bulletin C-9 establishes the accounting
treatment for redemption of obligations when it occurs in an earlier stage or
when it is substituted by a new issuance. Our management believes that the
adoption of Bulletin C-9 will not have a significant impact on our financial
statements.

In December 2001, the Mexican Institute of Public Accountants issued
Bulletin C-8, Intangible Assets. This bulletin defines intangible assets as
those costs incurred or those rights or privileges acquired that will generate
future economic benefits. In addition, it provides guidance for the deferral
of research and development costs and certain preoperating expenses, as well as
the rules for the amortization of intangible assets. This bulletin is
effective as of January 1, 2003. Our management believes that the adoption of
Bulletin C-8 will not have a significant impact on our financial statements.

In December 2002, the Mexican Institute of Public Accountants issued
Bulletin C-15 Impairment and Disposition of Long-Lived Assets, or Bulletin
C-15, which is effective for financial statements initiated in January 1, 2004;
although earlier adoption is encouraged. Bulletin C-15 provides guidance for
the identification of certain events that represent evidence of potential
impairment of long-lived assets, tangible and intangible. Bulletin C-15 also
provides guidance for the calculation and recognition of impairment losses and
their reversal and establishes presentation and disclosure requirements upon
the recognition of impairment losses and their reversal. Additionally,
Bulletin C-15 provides presentation and disclosure requirements for
discontinued operations. Our management is currently evaluating the potential
effects that the adoption of this pronouncement could have on our results of
operations and financial position.

Recently Issued U.S. Accounting Standards

In January 2003, the Financial Accounting Standards Board, or FASB, issued
FASB Interpretation No. 46 Consolidation of Variable Interest Entities, an
interpretation of ARB No. 51, Consolidated Financial Statements, or FIN No.
46. FIN No. 46 provides a new framework for identifying variable interest
entities, or VIEs, and determining when a company should include the assets,
liabilities, non-controlling interests and results of activities of a VIE in
its consolidated financial statements. FIN No. 46 is effective in 2003.
Adoption of this standard is not expected to materially affect our results of
operations or financial position.

Statement of Financial Accounting Standards No. 148, Accounting for
Stock-Based Compensation  Transition and Disclosure  an amendment of FASB
Statement No. 123, or SFAS No. 148, issued in December 2002, provides
alternative methods of transition for a voluntary change to the fair
value-based method of accounting for stock-based employee compensation. SFAS
No. 148 also amends the disclosure requirements of Statement of Financial
Accounting Standards No. 123, Accounting for Stock-Based Compensation, to
require prominent disclosures in both annual and interim financial statements
about the method of accounting for stock-based employee compensation and the
effect of the method used on reported results. Adoption of this standard is
not expected to materially affect our results of operations or financial
position.

FASB Interpretation No. 45, Guarantors Accounting and Disclosure
Requirements for Guarantees, or FIN No. 45, was issued in November 2002. FIN
No. 45 requires that a liability be recognized at the inception of certain
guarantees for the fair value of the obligation, including the ongoing
obligation to stand ready to perform over the term of the guarantee.
Guarantees, as defined in FIN No. 45, include contracts that contingently
require a

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company to make payments to a guaranteed party based on changes in an
underlying that is related to an asset, liability or equity security of the
guaranteed party, performance guarantees, indemnification agreements or
indirect guarantees of indebtedness of others. This new accounting is
effective for certain guarantees issued or modified after December 31, 2002.
Adoption of this standard is not expected to materially affect our results of
operations or financial position.

In July 2002, the FASB issued Statement No. 146, Accounting for Costs
Associated with Exit or Disposal Activities, or SFAS No. 146. The standard
requires companies to recognize costs associated with exit or disposal
activities when they are incurred rather than at the date of a commitment to an
exit or disposal plan. Examples of costs covered by the standard include lease
termination costs and certain employee severance costs that are associated with
a restructuring, discontinued operation, plant closing, or other exit or
disposal activity. Previous accounting guidance was provided by Emerging Issue
Task Force Issue No. 94-3, Liability Recognition for Certain Employee
Termination Benefits and Other Costs to Exit an Activity (including Certain
Costs Incurred in a Restructuring), or Issue No. 94-3. SFAS No. 146 replaces
Issue No. 94-3. SFAS No. 146 is to be applied prospectively to exit or
disposal activities initiated after December 31, 2002. SFAS No. 146 is not
expected to have any material effect on our financial statements.




Item 6. Directors, Senior Management and Employees.

DIRECTORS AND EXECUTIVE OFFICERS

Directors

Our bylaws require that our board of directors be composed of a minimum of
five and maximum of twenty directors as decided by our Shareholders at the
Ordinary General Shareholders Meeting. Pursuant to Mexican law, at least 25%
of the members of the board of directors must be independent.

The board of directors, which was elected at the Ordinary General
Shareholders Meeting held on April 24, 2003, currently consists of 12
directors, each one having its corresponding alternate director. The following
table sets forth the current members of our board of directors, their ages,
their years of service, their principal occupations and directorships, the
terms of expiration of their positions as directors, their directorship
classifications as defined in the Code of Best Corporate Practices promulgated

by a committee formed by the Mexican Entrepreneur Coordinating Board (Consejo
Coordinador Empresarial), and their alternates.

|                           |  |                       |  |  |                                                                                                                                                   | 
|-------------------------- |  | --------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------- | 
|Roberto González Barrera   |  | Age:                  |  |  | 72                                                                                                                                                | 
|                           |  | Years as Director:    |  |  | 22                                                                                                                                                | 
|                           |  | Principal occupation: |  |  | Chief Executive Officer and Chairman of
the Board of GIMSA and GRUMA
Chairman of the Board of Directors of
Grupo Financiero Banorte, S.A. de C.V. | 
|                           |  | Term Expires:         |  |  | 2004                                                                                                                                              | 
|                           |  | Directorship Type:    |  |  | Shareholder, related                                                                                                                              | 
|                           |  | Alternate:            |  |  | Juan A. Quiroga García                                                                                                                            | 
|                           |  |                       |  |  |                                                                                                                                                   | 
|Alejandro Álvarez Guerrero |  | Age:                  |  |  | 77                                                                                                                                                | 
|                           |  | Years as Director:    |  |  | 13                                                                                                                                                | 
|                           |  | Principal occupation: |  |  | Chairman of the Board of Cablemás, S.A.
de C.V. Member of the Board of Korn
Ferry International                                                   | 
|                           |  | Term Expires:         |  |  | 2004                                                                                                                                              | 
|                           |  | Directorship Type:    |  |  | Independent                                                                                                                                       | 
|                           |  | Alternate:            |  |  | Javier A. Álvarez Figueroa                                                                                                                        | 

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|                              |  |                       |  |  |                                                                                                                                                                                                                                                         | 
|----------------------------- |  | --------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|Rodolfo F. Barrera Villarreal |  | Age:                  |  |  | 75                                                                                                                                                                                                                                                      | 
|                              |  | Years as Director:    |  |  | 14                                                                                                                                                                                                                                                      | 
|                              |  | Principal occupation: |  |  | Chairman of the Board of Grupo Quimmco
Member of the Consulting Board of Grupo
Financiero Bancomer, S.A. de C.V.
Vice President of the Board of Directors
and First Vice President of the
Executive Committee of Grupo Financiero
Banorte, S.A. de C.V. | 
|                              |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                    | 
|                              |  | Directorship Type:    |  |  | Independent                                                                                                                                                                                                                                             | 
|                              |  | Alternate:            |  |  | Jésus L. Barrera Lozano                                                                                                                                                                                                                                 | 
|                              |  |                       |  |  |                                                                                                                                                                                                                                                         | 
|José de la Peña Angellini     |  | Age:                  |  |  | 53                                                                                                                                                                                                                                                      | 
|                              |  | Years as Director:    |  |  | Since April 2003                                                                                                                                                                                                                                        | 
|                              |  | Principal occupation: |  |  | Executive Vice President of Sales and
Marketing of GRUMA                                                                                                                                                                                                | 
|                              |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                    | 
|                              |  | Directorship Type:    |  |  | Related                                                                                                                                                                                                                                                 | 
|                              |  | Alternate:            |  |  | Leonel Garza Ramírez                                                                                                                                                                                                                                    | 
|                              |  |                       |  |  |                                                                                                                                                                                                                                                         | 
|Ernesto Enríquez Uso          |  | Age:                  |  |  | 71                                                                                                                                                                                                                                                      | 
|                              |  | Years as Director:    |  |  | 2                                                                                                                                                                                                                                                       | 
|                              |  | Principal occupation: |  |  | Member of the Board of Molinos Azteca de
Chalco, S.A. de C.V.
Chairman of the Board of Directors of
Grupo Enríquez, S.A. de C.V.                                                                                                                        | 
|                              |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                    | 
|                              |  | Directorship Type:    |  |  | Independent                                                                                                                                                                                                                                             | 
|                              |  | Alternate:            |  |  | Alejandro Enríquez Larrondo                                                                                                                                                                                                                             | 
|                              |  |                       |  |  |                                                                                                                                                                                                                                                         | 
|Roberto González Moreno       |  | Age:                  |  |  | 51                                                                                                                                                                                                                                                      | 
|                              |  | Years as Director:    |  |  | 18                                                                                                                                                                                                                                                      | 
|                              |  | Principal occupation: |  |  | President and Chairman of the Board of
Directors of Corporación Noble, S.A. de
C.V., and Noble Marketing International,
Inc.                                                                                                                            | 
|                              |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                    | 
|                              |  | Directorship Type:    |  |  | Related                                                                                                                                                                                                                                                 | 
|                              |  | Alternate:            |  |  | Raúl Cavazos Morales                                                                                                                                                                                                                                    | 
|                              |  |                       |  |  |                                                                                                                                                                                                                                                         | 
|Juan B. Guichard Michel       |  | Age:                  |  |  | 49                                                                                                                                                                                                                                                      | 
|                              |  | Years as Director:    |  |  | 1                                                                                                                                                                                                                                                       | 
|                              |  | Principal occupation: |  |  | Chairman of the Board of Directors of
Invex, Grupo Financiero, S.A. de C.V.                                                                                                                                                                             | 
|                              |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                    | 
|                              |  | Directorship Type:    |  |  | Shareholder, independent                                                                                                                                                                                                                                | 
|                              |  | Alternate:            |  |  | Juan David Michel                                                                                                                                                                                                                                       | 
|                              |  |                       |  |  |                                                                                                                                                                                                                                                         | 

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|                      |  |                       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|--------------------- |  | --------------------- |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|Eduardo Livas Cantú   |  | Age:                  |  |  | 60                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 
|                      |  | Years as Director:    |  |  | 17                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 
|                      |  | Principal occupation: |  |  | Consultant on financial and strategic
issues and mergers and acquisitions
Member of the Audit Committee and Risk
Management Committee of Grupo Financiero
Banorte, S.A. de C.V.
Member of the Board of Directors of GRUMA
Chairman and member of GRUMAs Audit
Committee
Member of the Board of Directors of
Banorte, S.A. de C.V. and Bancentro,
S.A. de C.V.Alternate Member of the Board of
Directors of Grupo Financiero Banorte,
S.A. de C.V. | 
|                      |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|                      |  | Directorship Type:    |  |  | Independent                                                                                                                                                                                                                                                                                                                                                                                                                                        | 
|                      |  | Alternate:            |  |  | Alfredo Livas Cantú                                                                                                                                                                                                                                                                                                                                                                                                                                | 
|                      |  |                       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|Carlos Hank González  |  | Age:                  |  |  | 31                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 
|                      |  | Years as Director:    |  |  | Since April 2003                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
|                      |  | Principal occupation: |  |  | Deputy Chief Executive Officer of Grupo
Financiero Banorte, S.A. de C.V.                                                                                                                                                                                                                                                                                                                                                                           | 
|                      |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|                      |  | Directorship Type:    |  |  | Related                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|                      |  | Alternate:            |  |  | Eduardo Sastré de la Riva                                                                                                                                                                                                                                                                                                                                                                                                                          | 
|                      |  |                       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|Román Martínez Méndez |  | Age:                  |  |  | 65                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 
|                      |  | Years as Director:    |  |  | 1                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 
|                      |  | Principal occupation: |  |  | President of Internal Auditing at Grupo
Financiero Banorte, S.A. de C.V.
Member of GRUMAs Audit Committee                                                                                                                                                                                                                                                                                                                                         | 
|                      |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|                      |  | Directorship Type:    |  |  | Related                                                                                                                                                                                                                                                                                                                                                                                                                                            | 
|                      |  | Alternate:            |  |  | Homero Huerta Moreno                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|                      |  |                       |  |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 
|Héctor Rangel Domene  |  | Age:                  |  |  | 55                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 
|                      |  | Years as Director:    |  |  | 6                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 
|                      |  | Principal occupation: |  |  | Alternate member of the Board of
Directors of Grupo Financiero
BBVA-Bancomer, S.A. de C.V.
Alternate Chief Executive Officer and
member of the Board of Directors of
Bancomer, S.A. de C.V.
Member of the Board of Directors of
CINTRA, S.A.                                                                                                                                                                                                       | 
|                      |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                                                                                                                                                                                                                               | 
|                      |  | Directorship Type:    |  |  | Independent                                                                                                                                                                                                                                                                                                                                                                                                                                        | 
|                      |  | Alternate:            |  |  | Jaime Alatorre Córdoba                                                                                                                                                                                                                                                                                                                                                                                                                             | 

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|                      |  |                       |  |  |                                                                                                                                                                                                                                                 | 
|--------------------- |  | --------------------- |  |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|Javier Vélez Bautista |  | Age:                  |  |  | 46                                                                                                                                                                                                                                              | 
|                      |  | Years as Director:    |  |  | 3                                                                                                                                                                                                                                               | 
|                      |  | Principal occupation: |  |  | Managing Director of Value Link
Strategic Management
Member of the Board of Directors and
Audit Committee of GRUMA and Grupo
Financiero Banorte, S.A. de C.V.
Member of the Risk Management Committee
of Grupo Financiero Banorte, S.A. de
C.V. | 
|                      |  | Term Expires:         |  |  | 2004                                                                                                                                                                                                                                            | 
|                      |  | Directorship Type:    |  |  | Independent                                                                                                                                                                                                                                     | 
|                      |  | Alternate:            |  |  | Sergio García Boulle                                                                                                                                                                                                                            | 

Mr. Roberto González Moreno, a member of our board of directors, is the
son of Mr. Roberto González Barrera, the Chairman of our board of directors.
In addition, Carlos Hank González, a member of our board of directors, is the
grandson of Mr. Roberto González Barrera.

The board of directors has regularly scheduled quarterly meetings. The
directors were elected for a one-year term by our shareholders at the Annual
Meeting held in April 2003.

Secretary

The secretary of the board of directors is Mr. Salvador Vargas Guajardo,
our General Counsel, and his alternate is Mr. Guillermo Elizondo Ríos. Mr.
Vargas Guajardo is not a member of the board of directors.

Statutory Auditor

Under Mexican law, a statutory auditor must be elected by our shareholders
at the annual ordinary general shareholders meeting for a term of one year. At
the subsequent annual ordinary general shareholders meeting, the statutory
auditor is required to review our affairs and report as to the accuracy of the
financial information as presented to shareholders by the board of directors.
The statutory auditor is also authorized (i) to call ordinary general
shareholders meetings, extraordinary general shareholders meetings and board of
directors meetings; (ii) to place items on the agenda for general shareholders
meetings and meetings of the board of directors; and (iii) to attend general
shareholders meetings, meetings of the board of directors, meetings of the
audit committee, and any other meetings of intermediate committees to which the
board of directors delegates any activities (without the right to vote). At the
Ordinary General Shareholders Meeting held on April 24, 2003, Hugo Lara Silva
was elected to serve as our statutory auditor and Carlos Arreola Enríquez was
elected as alternate statutory auditor.

Mr. Hugo Lara Silva is 63 years old. He is a retired co-director of and
partner in PricewaterhouseCoopers and was a member of the board of directors,
the international executive audit committee and the general partner counsel of
that firm. Mr. Hugo Lara Silva has experience with a wide variety of
businesses in the public and private sectors and has been the statutory auditor
for companies such as Grupo Modelo, S.A. de C.V., Ciba-Geigy Mexicana, S.A. de
C.V., El Puerto de Liverpool, S.A. de C.V., Grupo Financiero Bancomer, S.A. de
C.V., Grupo Mexicano Somex, S.N.C. and Aseguradora Cuauhtémoc, S.A., among
others.

Audit Committee

In accordance with amendments to the Mexican Securities Law promulgated on
April 30, 2001, an audit committee was appointed at the Ordinary General
Shareholders Meeting held on April 24, 2003. Members of the audit committee
were selected from members of the board of directors. The current audit
committee is comprised of three members, two of whom are independent directors.
Set forth below are the names of our audit committee members, their positions
within the committee, and their directorship type:

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|                      |  |                    |  |                                
|--------------------- |  | ------------------ |  | -------------------------------
|Eduardo Livas Cantú   |  | Position:          |  | Chairman of the Audit Committee
|                      |  | Directorship Type: |  | Independent                    
|                      |  |                    |  |                                
|Javier Vélez Bautista |  | Position:          |  | Member of the Audit Committee  
|                      |  | Directorship Type: |  | Independent                    
|                      |  |                    |  |                                
|Román Martínez Méndez |  | Position:          |  | Member of the Audit Committee  
|                      |  | Directorship Type: |  | Related                        

Senior Management

Set forth below are the names of our executive officers, their ages, years
of service and current positions as our Executive Officers:

|                            |  |                               |  |  |                                                                                                                                                                          | 
|--------------------------- |  | ----------------------------- |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 
|Roberto González Barrera    |  | Age:                          |  |  | 72                                                                                                                                                                       | 
|                            |  | Years as Executive Officer:   |  |  | 22                                                                                                                                                                       | 
|                            |  | Current Position:             |  |  | Chief Executive Officer                                                                                                                                                  | 
|                            |  | Other Positions:              |  |  | Chief Executive Officer of GRUMA
and Chairman of the board of
directors of GIMSA and GRUMA.
Chairman of the board of
directors of Grupo Financiero
Banorte, S.A. de C.V. | 
|                            |  |                               |  |  |                                                                                                                                                                          | 
|Juan Antonio Quiroga García |  | Age:                          |  |  | 53                                                                                                                                                                       | 
|                            |  | Years as Executive Officer:   |  |  | 5                                                                                                                                                                        | 
|                            |  | Current Position:             |  |  | Senior Corporate Controller                                                                                                                                              | 
|                            |  | Other Positions:              |  |  | Chief Corporate Officer of GRUMA.                                                                                                                                        | 
|                            |  | Previous Business Experience: |  |  | Vice President of Administration
of Gruma Corporation. Chief
Administrative and Internal
Auditing Officer of GRUMA.                                                      | 
|                            |  |                               |  |  |                                                                                                                                                                          | 
|Raúl Cavazos Morales        |  | Age:                          |  |  | 43                                                                                                                                                                       | 
|                            |  | Years as Executive Officer:   |  |  | 2                                                                                                                                                                        | 
|                            |  | Current Position:             |  |  | Chief Financial Officer                                                                                                                                                  | 
|                            |  | Other Positions               |  |  | Chief Financial Officer of GRUMA                                                                                                                                         | 
|                            |  | Previous Business Experience: |  |  | Several positions within the
finance department of GRUMA,
including:Banking
Relationships, Corporate Finance
and Vice President of Treasury.                             | 
|                            |  |                               |  |  |                                                                                                                                                                          | 
|Salvador Vargas Guajardo    |  | Age:                          |  |  | 50                                                                                                                                                                       | 
|                            |  | Years as Executive Officer:   |  |  | 7                                                                                                                                                                        | 
|                            |  | Current Position:             |  |  | General Counsel                                                                                                                                                          | 
|                            |  | Other Positions:              |  |  | General Counsel of GRUMA                                                                                                                                                 | 
|                            |  | Previous Business Experience: |  |  | Positions at Grupo Alfa, Protexa
and Proeza. Senior partner of
two law firms, including
Rojas-González-Vargas-De la
Garza y Asociados.                                   | 

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|                          |  |                               |  |  |                                                                                                                                                                                                                                               | 
|------------------------- |  | ----------------------------- |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 
|Roberto González Alcalá   |  | Age:                          |  |  | 39                                                                                                                                                                                                                                            | 
|                          |  | Years as Executive Officer:   |  |  | 1                                                                                                                                                                                                                                             | 
|                          |  | Current Position:             |  |  | Chief Operating Officer                                                                                                                                                                                                                       | 
|                          |  | Previous Business Experience: |  |  | Several positions within
GRUMAs Central American
Operations, including Chief
Operating Officer, President of
the tortilla division and
President of the corn flour
division. He also worked in
the marketing, sales and
manufacturing areas. | 
|                          |  |                               |  |  |                                                                                                                                                                                                                                               | 
|Ramiro Martínez Guerra    |  | Age:                          |  |  | 59                                                                                                                                                                                                                                            | 
|                          |  | Years as Executive Officer:   |  |  | 14                                                                                                                                                                                                                                            | 
|                          |  | Current Position:             |  |  | Vice President, Administration                                                                                                                                                                                                                | 
|                          |  | Previous Business Experience: |  |  | Administration Manager of
GIMSA. He has been working in
administration at GIMSA for
more than 30 years.                                                                                                                                       | 
|                          |  |                               |  |  |                                                                                                                                                                                                                                               | 
|Guillermo Nicolás Cubas   |  |                               |  |  |                                                                                                                                                                                                                                               | 
|Cordero                   |  | Age:                          |  |  | 48                                                                                                                                                                                                                                            | 
|                          |  | Years as Executive Officer:   |  |  | 1                                                                                                                                                                                                                                             | 
|                          |  | Current Position:             |  |  | Vice President, Marketing                                                                                                                                                                                                                     | 
|                          |  | Previous Business Experience: |  |  | Human Development at GRUMA
corporate services, marketing
at GRUMAs Central American
operations, training at PRODISA
(GRUMAs packaged tortilla
operations in México),
marketing at Industria Lactea
Los Pinos.                               | 
|                          |  |                               |  |  |                                                                                                                                                                                                                                               | 
|Jaime Garza Cabañas       |  | Age:                          |  |  | 37                                                                                                                                                                                                                                            | 
|                          |  | Years as Executive Officer:   |  |  | 4                                                                                                                                                                                                                                             | 
|                          |  | Current Position:             |  |  | Vice President, Commercial
Operations for Tortilla
Producers                                                                                                                                                                                  | 
|                          |  | Previous Business Experience: |  |  | General Manager of the Silao
Plant of GIMSA, Pepsi-Cola.                                                                                                                                                                                      | 
|                          |  |                               |  |  |                                                                                                                                                                                                                                               | 
|Adalberto Becerra Pinedo  |  | Age:                          |  |  | 44                                                                                                                                                                                                                                            | 
|                          |  | Years as Executive Officer:   |  |  | 1                                                                                                                                                                                                                                             | 
|                          |  | Current Position:             |  |  | Vice President Commercial
Operations for Key Accounts                                                                                                                                                                                         | 
|                          |  | Previous Business Experience: |  |  | Sales and Operations Director
at Pepsi-Gemex, General Manager
at Coca-Cola de México.                                                                                                                                                         | 
|                          |  |                               |  |  |                                                                                                                                                                                                                                               | 
|Javier Rivera de la Parra |  | Age:                          |  |  | 43                                                                                                                                                                                                                                            | 
|                          |  | Years as Executive Officer:   |  |  | 4                                                                                                                                                                                                                                             | 
|                          |  | Current Position:             |  |  | Vice President, Customer Service                                                                                                                                                                                                              | 
|                          |  | Previous Business Experience: |  |  | General Manager of the
Teotihuacan Plant of GIMSA,
Planning and Finance Director
of Ingeniería Mexicana
Incorporada.                                                                                                                          | 

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|                            |  |                               |  |  |                                                                                                 | 
|--------------------------- |  | ----------------------------- |  |  | ----------------------------------------------------------------------------------------------- | 
|Antonio Cantú García        |  | Age:                          |  |  | 53                                                                                              | 
|                            |  | Years as Executive Officer:   |  |  | 7                                                                                               | 
|                            |  | Current Position:             |  |  | Vice President, Technology                                                                      | 
|                            |  | Previous Business Experience: |  |  | Manager of Technology operations
of GRUMA, Production Manager of
GIMSA.                         | 
|                            |  |                               |  |  |                                                                                                 | 
|Guillermo Arteaga MacKinney |  | Age:                          |  |  | 41                                                                                              | 
|                            |  | Years as Executive Officer:   |  |  | 4                                                                                               | 
|                            |  | Current Position:             |  |  | Vice President, Quality Assurance                                                               | 
|                            |  | Previous Business Experience: |  |  | Technology Operations Manager of
GIMSA. Banco de México and the
University of British Columbia. | 
|                            |  |                               |  |  |                                                                                                 | 
|Luis Lauro Garza Villezca   |  | Age:                          |  |  | 57                                                                                              | 
|                            |  | Years as Executive Officer:   |  |  | 10                                                                                              | 
|                            |  | Current Position:             |  |  | Vice President, Human Resources                                                                 | 
|                            |  | Previous Business Experience: |  |  | Labor Relations Manager and
Human Resources employee at
GIMSA, Grupo Alfa and Coca-Cola.        | 
|                            |  |                               |  |  |                                                                                                 | 
|Efraín Garza Hinojosa       |  | Age:                          |  |  | 55                                                                                              | 
|                            |  | Years as Executive Officer:   |  |  | 9                                                                                               | 
|                            |  | Current Position:             |  |  | Vice President, Procurement                                                                     | 
|                            |  | Previous Business Experience: |  |  | Several positions within GIMSA
and GRUMA.                                                       | 

Mr. Roberto González Alcalá, our Chief Operating Officer, is the son of
Mr. Roberto González Barrera, the Chairman of our board of directors.

Compensation of Directors and Senior Management

The aggregate amount of compensation paid by our company during the year
ended December 31, 2002 to the executive officers mentioned above was Ps.$38.8
million, in nominal terms, and to the directors, Ps.300,100. The contingent or
deferred compensation reserved as of December 2002 is Ps.$1.7 million, in
nominal terms. Members of our board of directors are paid a fee of Ps.13,750
for each meeting attended as a member.

Eligible employees may participate in our Executive Bonus Plan that is
based on an individuals performance and results of our operations. This
program applies to officers, vice presidents and managers. Variable
compensation can range from 15% to 32% of annual base salary, depending on the
employees position.

We offered an Executive Stock Purchase Plan through a trust that acquired
GRUMAs stock for this purpose. GRUMA had established through an irrevocable
grantor trust an Executive Stock Purchase Plan designating up to 8,039,219
common shares, which represented approximately 1.82% of GRUMAs capital stock
as of December 31, 2001, which were reserved for issuance pursuant to this
plan. As of December 31, 2001, all of these shares had been subscribed to and
paid for and we had granted 1,144,564 of the shares, which represented 0.26% of
GRUMAs capital stock at that time, under this plan. The number of shares
allotted to each eligible employee was determined by the employees position
with us. These employees were eligible for the Executive Stock Purchase Plan
after the first year of service with us. During 2002, we decided to terminate
this plan by paying to each eligible employee the value of the number of shares
corresponding to them at the then current market price.

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Share Ownership

The following directors own shares of GIMSA, with each individuals
ownership representing no more than 1% of our capital stock: Mr. Roberto
González Barrera, Mr. Rodolfo F. Barrera Villarreal, Mr. Román Martínez Méndez
and Mr. Juan David Michel. In addition, Mr. Juan B. Guichard Michel owns
directly and indirectly 49,911,000 shares of GIMSA representing approximately
5.43% of our capital stock.

EMPLOYEES

On December 31, 2002, we had 2,949 employees, of whom 1,125 were members
of labor unions. Workers at each of our 18 plants are covered by a separate
labor contract, although most of the plants belong to the major workers
confederations such as Confederación Revolucionaria de Obreros Mexicanos
(CROM), Confederación Revolucionaria de Obreros y Campesinos (CROC) and
Confederación de Trabajadores Mexicanos (CTM). Most salary revisions take
place annually, usually in January or February. We believe that our relations
with our employees are good. Of our total employees as of December 31, 2002,
approximately 62% were white-collar and 38% were blue-collar. Total employees
for 2001 and 2000 were 3,023 and 3,079, respectively.




Item 7. Major Shareholders and Related Party Transactions.

MAJOR SHAREHOLDERS

As of April 30, 2003, there were 504,150,300 Class A Common Shares, or A
Shares, and 414,254,700 Class B Common Shares, or B Shares, issued and
outstanding. As of April 30, 2003, 890,133,360 of these shares were held in
Mexico by 433 record holders. The remaining 28,271,640 shares were held in the
United States by 29 record holders. See Item 9. The Offer and Listing for
fuller discussion of our capital stock.

The table below sets forth information concerning the percentage of each
class of our capital stock owned by any person known to us to be the owner of
more than 5% of any class of our voting securities, our directors and officers
as a group and our other shareholders as of April 30, 2003. The companys
major shareholders do not have different voting rights with respect to the
shares they own.

|                                  |  |              |             |          |             |           |             |              |             |  |             |  |       |   |       |  
|--------------------------------- |  | ------------ | ----------- | -------- | ----------- | --------- | ----------- | ------------ | ----------- |  | ----------- |  | ----- | - | ----- | -
|                                  |  | Shares Owned
|                                  |  |             
|Owner                             |  | A Shares     |             | B Shares |             | Aggregate |             | Voting Power
|                                  |  |              |             |          |             |           |             |             
|GRUMA(1)                          |  |              | 504,150,300 |          |             |           | 259,811,930 |              |             |  | 763,962,230 |  |       |   | 83.18 | %
|Juan B. Guichard Michel           |  | None         |             |          | 49,911,000  |           |             |              | 49,911,000  |  |             |  | 5.43  | %
|Directors and officers as a group |  | None         |             |          | 2,639,300   |           |             |              | 2,639,300   |  |             |  | 0.29  | %
|Other shareholders                |  | None         |             |          | 101,892,470 |           |             |              | 101,892,470 |  |             |  | 11.10 | %



---

|(1) |  | Roberto González Barrera is the controlling shareholder of GRUMA.
Through his own ownership in GRUMA, Mr. González Barrera indirectly
controls 83.18% of our outstanding capital stock. Consequently, Mr.
González Barrera has the power to elect the majority of our directors and
to control the timing and amount of the payment of any dividends. Mr.
González Barrera is Chairman of our board of directors.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

GRUMA increased its ownership in us 8.07% in 2000. GRUMA currently owns
83.18% of us. GRUMA actively purchased our shares in the open market in the
Bolsa Mexicana de Valores, the Mexican Stock Exchange.

On December 31, 2002, 890,133,360 shares were held in Mexico. The
remaining 28,271,640 shares were held in the United States by 29 record
holders. Because certain of the B Shares and ADSs are held by nominees, the
number of record holders may not be representative of the number of beneficial
owners.

Mr. González Barrera has pledged or has been required to pledge part of
his shares in GRUMA as collateral for loans made to him. In the event of a
default, should the lenders enforce their rights with respect to these shares,
Mr. Gonzalez Barrera could lose his controlling interest in GRUMA, and
consequently, in us. In addition, Mr. González Barrera must give
Archer-Daniels-Midland a right of first refusal on any sale of his GRUMA shares
if at

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the time of the sale, he owns, or as a result of the sale will own, less
than 30% of GRUMAs outstanding shares. Should Archer-Daniels-Midland exercise
its right, then it could control GRUMA, and consequently, us.

RELATED PARTY TRANSACTIONS

In the ordinary course of business, we and certain of our subsidiaries
enter into agreements with GRUMA and other affiliates, including agreements
pertaining to the sharing of intellectual property, and providing technical and
advisory support services. We believe that our transactions with related
parties are generally conducted on terms substantially equivalent to those
offered by us to our trade customers. The following is a summary of the
principal agreements between these parties.

Our operating subsidiaries contract for certain technology and maintenance
services in connection with corn flour production equipment with INTASA, a
wholly-owned subsidiary of GRUMA. Pursuant to these agreements, each operating
subsidiary pays INTASA 0.5% of consolidated net sales (subject to certain
adjustments).

In June 1990, GRUMA entered into a licensing contract with us regarding
our non-exclusive use of the MASECA® brand name in Mexico. We are currently
the only licensee of GRUMA for the MASECA® brand name in Mexico. MASECA®
is a registered trademark in Mexico. The license currently allows for us and
our subsidiaries to use the MASECA® brand name on a royalty-free basis. The
license agreement has been renewed for an indefinite term.

Our operating subsidiaries also contract for services from Asesoría de
Empresas, S.A. de C.V., or AESA, a wholly-owned GRUMA subsidiary. AESA
provides various administrative and operational advisory services in the areas
of finance, planning and design, audit controls, human resources, tax advice
and legal affairs. Pursuant to the terms of such agreements, each operating
subsidiary, on a monthly basis, pays AESA 2.5% of its net sales of corn flour
in addition to related direct expenses.

GRUMA periodically enters into short-term credit arrangements with us,
where we provide GRUMA with funds for working capital at market interest rates.

When we have excess cash, we periodically make loans to GRUMA. At their
peak on January 15, 2001, these loans reached the amount of Ps.862.8 million in
nominal terms. As of June 18, 2003, GRUMA owed us Ps.265.4 million. The
weighted average interest rate for 2003 has been 9.14%.

The foregoing transactions were made in the ordinary course of business
since GRUMA operates as the central treasury for its subsidiaries.




Item 8. Financial Information.

See Item 18. Financial Statements and pages F-1 through F-36.

LEGAL PROCEEDINGS

We are involved in various legal proceedings in the ordinary course of
business. We do not expect that such proceedings, individually or in the
aggregate, will have a material adverse effect on our results of operations or
financial condition.




Item 9. The Offer And Listing.

Our B Shares are listed on the Mexican Stock Exchange, and ADSs, each
representing 15 B Shares, are listed on the New York Stock Exchange. As of
December 31, 2002, approximately 6% of the publicly traded B Shares were held
in the form of ADSs. The ADSs are evidenced by ADRs issued by Citibank, N.A.,
as Depositary under a Deposit Agreement, dated as of May 17, 1994 between us,
Citibank, N.A., and all registered holders from time to time of the ADRs
evidencing the ADSs. As of December 31, 2002, there were outstanding

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414,254,700 B Shares (of which 25,482,480 shares, represented by 1,698,832
ADSs, were held by 30 record holders in the United
States). Because certain of the B Shares and ADSs are held by nominees,
the number of record holders may not be representative of the number of
beneficial owners.

PRICE HISTORY

The following table sets forth, for the periods indicated, the annual high
and low closing sale prices for the B Shares and the ADSs as reported by the
Mexican Stock Exchange and the New York Stock Exchange, respectively.

|                        |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|----------------------- |  | ---------------------- |  | ------ |  |  | ---- | --------------- |  | ---- | ---- |  |  |  |  | --- |  |  | ----- |  |  |  |  |  |  |  | ---- | 
|                        |  | Mexican Stock Exchange |  | NYSE  
|                        |  |                        |  |       
|                        |  | Common Stock           |  | ADS(1)
|                        |  |                        |  |       
|                        |  | High                   |  | Low    |  |  |      |                 |  | High |      |  |  |  |  | Low
|                        |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |    
|                        |  | (Ps. per
share(2))     |  |        |  |  |      | (U.S.$ per ADS)
|Annual Price History    |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|1998                    |  |                        |  |        |  |  | 8.98 |                 |  |      | 4.15 |  |  |  |  |     |  |  | 15.38 |  |  |  |  |  |  |  | 6.06 | 
|1999                    |  |                        |  |        |  |  | 9.42 |                 |  |      | 4.02 |  |  |  |  |     |  |  | 14.56 |  |  |  |  |  |  |  | 6.31 | 
|2000                    |  |                        |  |        |  |  | 6.16 |                 |  |      | 1.85 |  |  |  |  |     |  |  | 9.63  |  |  |  |  |  |  |  | 2.88 | 
|2001                    |  |                        |  |        |  |  | 3.05 |                 |  |      | 1.50 |  |  |  |  |     |  |  | 5.21  |  |  |  |  |  |  |  | 2.55 | 
|2002                    |  |                        |  |        |  |  | 4.83 |                 |  |      | 3.09 |  |  |  |  |     |  |  | 8.05  |  |  |  |  |  |  |  | 4.81 | 
|Quarterly Price History |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|2001                    |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|1st Quarter             |  |                        |  |        |  |  | 2.33 |                 |  |      | 2.00 |  |  |  |  |     |  |  | 3.70  |  |  |  |  |  |  |  | 3.00 | 
|2nd Quarter             |  |                        |  |        |  |  | 2.61 |                 |  |      | 1.50 |  |  |  |  |     |  |  | 4.20  |  |  |  |  |  |  |  | 2.55 | 
|3rd Quarter             |  |                        |  |        |  |  | 2.42 |                 |  |      | 1.59 |  |  |  |  |     |  |  | 3.91  |  |  |  |  |  |  |  | 2.57 | 
|4th Quarter             |  |                        |  |        |  |  | 3.05 |                 |  |      | 1.98 |  |  |  |  |     |  |  | 5.21  |  |  |  |  |  |  |  | 2.81 | 
|2002                    |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|1st Quarter             |  |                        |  |        |  |  | 4.46 |                 |  |      | 3.09 |  |  |  |  |     |  |  | 7.35  |  |  |  |  |  |  |  | 4.85 | 
|2nd Quarter             |  |                        |  |        |  |  | 4.83 |                 |  |      | 3.85 |  |  |  |  |     |  |  | 8.05  |  |  |  |  |  |  |  | 5.55 | 
|3rd Quarter             |  |                        |  |        |  |  | 4.20 |                 |  |      | 3.65 |  |  |  |  |     |  |  | 6.35  |  |  |  |  |  |  |  | 5.60 | 
|4th Quarter             |  |                        |  |        |  |  | 4.00 |                 |  |      | 3.44 |  |  |  |  |     |  |  | 5.95  |  |  |  |  |  |  |  | 4.81 | 
|2003                    |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|1st Quarter             |  |                        |  |        |  |  | 3.60 |                 |  |      | 3.30 |  |  |  |  |     |  |  | 4.95  |  |  |  |  |  |  |  | 4.50 | 
|2nd
Quarter(3)          |  |                        |  |        |  |  | 3.90 |                 |  |      | 3.40 |  |  |  |  |     |  |  | 5.35  |  |  |  |  |  |  |  | 4.80 | 
|Monthly Price History   |  |                        |  |        |  |  |      |                 |  |      |      |  |  |  |  |     |  |  |       |  |  |  |  |  |  |  |      | 
|December 2002           |  |                        |  |        |  |  | 3.61 |                 |  |      | 3.44 |  |  |  |  |     |  |  | 5.23  |  |  |  |  |  |  |  | 4.81 | 
|January 2003            |  |                        |  |        |  |  | 3.60 |                 |  |      | 3.35 |  |  |  |  |     |  |  | 4.95  |  |  |  |  |  |  |  | 4.50 | 
|February 2003           |  |                        |  |        |  |  | 3.56 |                 |  |      | 3.30 |  |  |  |  |     |  |  | 4.75  |  |  |  |  |  |  |  | 4.50 | 
|March 2003              |  |                        |  |        |  |  | 3.60 |                 |  |      | 3.35 |  |  |  |  |     |  |  | 4.95  |  |  |  |  |  |  |  | 4.55 | 
|April 2003              |  |                        |  |        |  |  | 3.62 |                 |  |      | 3.40 |  |  |  |  |     |  |  | 5.10  |  |  |  |  |  |  |  | 4.80 | 
|May 2003                |  |                        |  |        |  |  | 3.73 |                 |  |      | 3.50 |  |  |  |  |     |  |  | 5.30  |  |  |  |  |  |  |  | 5.05 | 
|June
2003(3)            |  |                        |  |        |  |  | 3.90 |                 |  |      | 3.73 |  |  |  |  |     |  |  | 5.35  |  |  |  |  |  |  |  | 5.00 | 



---

|(1) |  | Price per ADS in U.S.$; one ADS represents 15 B Shares.
|--- |  | -------------------------------------------------------
|(2) |  | Pesos per share reflect nominal price at trade date.   
|(3) |  | Through June 18, 2003.                                 

On June 18, 2003, the reported last sale price of the B Shares on the
Mexican Stock Exchange was Ps.3.90 per B Share and the reported last sale price
of the ADSs on the New York Stock Exchange was U.S.$5.35 per ADS.

TRADING ON THE MEXICAN STOCK EXCHANGE

The Mexican Stock Exchange, the Bolsa Mexicana de Valores, S.A. de C. V.,
located in Mexico City, is the only stock exchange in Mexico. Founded in 1907,
it is organized as a corporation whose shares are held by brokerage firms,
which are exclusively authorized to trade on the exchange. Trading on the
Mexican Stock Exchange takes place principally through automated systems and is
open between the hours of 8:30 a.m. and 3:00 p.m., Mexico City time, each
business day. Trades in securities listed on the Mexican Stock Exchange can
also be effected off the exchange. The Mexican Stock Exchange operates a
system of automatic suspension of trading in

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shares of a particular issuer as a
means of controlling excessive price volatility, but under current regulations
this system does not apply to securities such as the B Shares that are directly
or indirectly (for example, through ADSs) quoted on a stock exchange (including
for these purposes the New York Stock Exchange) outside Mexico.

Each day a price band is established for each security with upper and
lower limits usually set at 15% above and below a reference price, which is
initially the days opening price. If during the day a binding bid to purchase
or offer to sell is made at a price outside this band, trading is automatically
suspended. When trading resumes, the high point of the previous band becomes
the new reference price in the event of an increase in the price of a security
and the low point of the previous band becomes the new reference price in the
event of a decrease in the price of a security.

On April 20, 2001, a binding bid was made to purchase B Shares for a price
that exceeded the reference price by 20.51% and trading was suspended on the
Mexican Stock Exchange from 9:02 am through 9:48 am. On April 26, 2001, the
price per B Share increased 38.89%, causing trading to be suspended on the
Mexican Stock Exchange from 7:38 am through 8:04 am. Later that morning, a
binding bid was made to purchase B Shares for a price that was 25.70% below the
reference price, causing trading to be suspended on the Mexican Stock Exchange
from 8:34 am through 8:36 am. On September 17, 2001, the price per B Share
decreased 15.56% and trading was suspended on the Mexican Stock Exchange from
12:32 pm. through 12:34 pm. On September 26, 2001, a binding offer to sell B
Shares was made for a price that was 17.21% below the reference price and
trading was suspended on the Mexican Stock Exchange from 10:03 am through 10:38
am.

Settlement is effected two business days after a share transaction on the
Mexican Stock Exchange. Deferred settlement, even by mutual agreement, is not
permitted without the approval of the Comisión Nacional Bancaria y de Valores
(the Mexican National Banking and Securities Commission, or CNBV). Most
securities traded on the Mexican Stock Exchange, including ours, are on deposit
with S.D. Indeval, S.A. de C.V., or Indeval, a privately owned securities
depositary that acts as a clearinghouse for Mexican Stock Exchange
transactions.




Item 10. Additional Information.

BYLAWS

Set forth below is a brief summary of certain significant provisions of
(1) our bylaws, as amended by our Extraordinary Shareholders Meeting held on
April 16, 2002 to comply with recent changes to the Mexican Securities Law, and
(2) Mexican law. This description does not purport to be complete and is
qualified by reference to our bylaws, which have been filed as an exhibit to
this registration statement.

Organization and Register

We are a sociedad anónima de capital variable(a corporation) organized in
Mexico under the Ley General de Sociedades Mercantiles, or the Mexican
Companies Law. We were incorporated on March 12, 1981 and have a corporate
life of 99 years, starting April 2, 1981. Our corporate purpose, as fully
described in Article 2 of our bylaws, is to act as a holding company. As such,
our bylaws grant us the power to engage in various activities, which allow us
to function as a holding company. These powers include, but are not limited
to, the ability to (1) acquire, sell, import, export, and manufacture all types
of goods and products, (2) issue securities and take all actions with respect
to securities of any kind, (3) create, organize and manage all types of
companies, (4) act as an agent or representative, (5) acquire, sell and
maintain real property, (6) perform or receive professional, technical or
consulting services, (7) establish branches, agencies or representative
offices, (8) acquire, license or use intellectual property, (9) grant and
receive loans, (10) subscribe, issue and negotiate all types of credit
instruments, and (11) perform any acts necessary to accomplish the foregoing.

Directors

Our bylaws provide that our management shall be vested in the board of
directors. Each director is elected by a simple majority of the shares and
there are no provisions for cumulative voting. Under Mexican law and our
bylaws, any holder or group of holders of shares representing 10% or more of
our capital stock may elect one

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director and its corresponding alternate. The
board of directors shall be comprised of a minimum of five and a
maximum of twenty directors, as determined by the shareholders at the
annual ordinary general shareholders meeting. Under Mexican law, at least 25%
of the members of the board of directors must be independent. Currently, our
board of directors consists of 12 members.

The board of directors shall meet at least once every three months. These
meetings can be called by the Chairman of the Board of Directors, by 25% of the
members of the board of directors, or by our statutory auditors. The directors
serve for a one year term, or until their successors have taken office.
Directors receive compensation as determined by the shareholders at the annual
ordinary general shareholders meeting. A majority of directors is needed to
constitute a quorum and board resolutions must be passed by a majority of the
votes present at any validly constituted meeting or by unanimous consent if no
meeting is convened.

Under Mexican law, any member of the board of directors who has a conflict
of interest with the corporation in any transaction must disclose such fact to
the other directors and abstain from voting on that transaction. Any member of
the board of directors who violates this provision may be liable for the
resulting damages incurred by the company. Members of the board of directors
may not represent shareholders at any shareholders meeting.

Our bylaws provide that the board of directors is required to approve: (i)
related party transactions other than those occurring in the ordinary course of
business; (ii) purchases of 10% or more of our corporate assets; (iii)
guarantees for more than 30% of our corporate assets; (iv) any other
transaction, different from the aforementioned, the value of which represents
more than 1% of the corporate asset value of GIMSA. This approval is
non-delegable.

Under Mexican law, shareholders can initiate actions for civil liabilities
against directors through resolutions passed by a majority of the shareholders
at a general ordinary shareholders meeting. In the event the majority of the
shareholders decide to bring such action, the director against whom such action
is brought will immediately cease to be a member of the board of directors.
Additionally, shareholders representing not less than 15% of our outstanding
shares may directly bring such action against directors. Any recovery of
damages with respect to such action will be for the benefit of us and not for
the shareholders bringing the action.

Under our bylaws, we are required to have an audit committee comprised of
directors, the majority of whom must be independent directors, including the
Chairman. Members are appointed at the annual ordinary general shareholders
meeting, hold office for one year and will continue their duties until their
successors take their positions. Members shall receive such compensation set
at the ordinary general shareholders meeting. The audit committee is
empowered to: (i) prepare an annual report of its activities and render it to
the board of directors; (ii) issue opinions with respect to related party
transactions; (iii) make proposals relating to the hiring of independent
experts, if necessary, so that such experts can issue their opinions with
respect to related party transactions; (iv) propose to the board of directors
candidates for the external auditor position and the conditions pursuant to
which they will be hired; (v) revise our financial information and arrange the
issuance process for the same; (vi) contribute to the definition of the general
guidelines of the internal control system, assess its effectiveness, as well as
coordinate and evaluate the annual internal audits and the activities performed
by our internal and external auditors and the statutory auditors; and (vii)
verify that we have the necessary mechanisms to ensure that we are in
compliance with applicable laws and inform the board of directors in this
respect. Our statutory auditors will be called to all meetings held by the
audit committee.

According to our bylaws, the board of directors is empowered to execute
and negotiate any of our credit instruments and agreements. The board of
directors may delegate such power to any individual.

See also Item 6. Directors, Senior Management and Employees for further
information about the board of directors.

Voting Rights and Shareholders Meetings

Each share, regardless of the series held, entitles the holder thereof to
one vote at any general meeting of our shareholders. Shareholders may vote by
proxy. At the ordinary general shareholders meeting, any shareholder

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or group of shareholders representing 10% or more of the outstanding common stock has
the right to appoint one
director and its corresponding alternate, with the remaining directors
being elected by majority vote. Shareholders do not have cumulative voting
rights.

General shareholders meetings may be ordinary meetings or extraordinary
meetings. Extraordinary general shareholders meetings are called to consider
matters specified in Article 182 of the Mexican Companies Law, including,
principally, changes in the authorized fixed share capital and other amendments
to the bylaws, the issuance of preferred stock, liquidation, mergers and
spin-offs, and transformation from one corporate form to another. All other
matters may be considered at ordinary general shareholders meetings. Ordinary
general shareholders meetings must be called to consider and approve matters
specified in Article 181 of the Mexican Companies Law, including, principally,
the appointment of the members of the board of directors and the statutory
auditor, the compensation paid to the directors and statutory auditor, the
distribution of our profits for the previous year, and the annual reports
presented by the board of directors and the statutory auditor.

A general ordinary shareholders meeting must be held during the first
four months after the end of each fiscal year. In order to attend a general
shareholders meeting, the day before the meeting shareholders must deposit the
certificates representing their common stock or other appropriate evidence of
ownership either with the secretary of our board of directors, with a credit
institution, or with Indeval. The secretary, credit institution or Indeval
will hold the certificates until after the general shareholders meeting has
taken place.

Our shareholders establish the number of members that will serve on our
board of directors at the ordinary general shareholders meeting. Under our
bylaws, the board of directors shall be comprised of a minimum of five and a
maximum of twenty directors. Pursuant to Mexican law, at least 25% of the
members of the board of directors must be independent.

Under our bylaws, the quorum for an ordinary general shareholders meeting
is at least 50% of the outstanding common stock, and action may be taken by the
affirmative vote of holders representing a majority of the shares present. If
a quorum is not present, a subsequent meeting may be called at which the
shareholders present, whatever their number, will constitute a quorum and
action may be taken by a majority of the shares present. A quorum for
extraordinary general shareholders meetings is at least 75% of the outstanding
common stock, but if a quorum is not present, a subsequent meeting may be
called. A quorum for the subsequent meeting is at least 50% of the outstanding
shares. Action at an extraordinary general shareholders meeting may only be
taken by a vote of holders representing at least 50% of the outstanding shares.

Shareholders meetings may be called by the board of directors, the
statutory auditor or a court. The board of directors or the statutory auditor
may be required to call a shareholders meeting if holders of at least 10% of
our outstanding share capital request a meeting in writing, at the written
request of any shareholder if no shareholders meeting has been held for two
consecutive years, or if, during a period of two consecutive years, the board
of directors annual report for the previous year and the companys financial
statements were not presented to the shareholders, or if the shareholders did
not elect directors and the statutory auditor.

Notice of shareholders meetings must be published in the Official Gazette
of the Federation or in a newspaper of general circulation in Monterrey at
least 15 days prior to the meeting. Shareholders meetings may be held without
such publication provided that 100% of the outstanding shares are represented.
Shareholders meetings must be held in Monterrey, Mexico.

Under Mexican law, holders of 10% of shares may have any shareholder
action set aside by filing a complaint with a Mexican court of competent
jurisdiction within 15 days after the close of the meeting at which such action
was taken, by showing that the challenged action violates Mexican law or our
bylaws. Relief under these provisions is only available to holders who were
entitled to vote on the challenged shareholder action and whose shares were not
represented when the action was taken or, if represented, were voted against
it.

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Dividend Rights and Distribution

Within the first four months of each year, the board of directors must
submit our companys financial statements for the preceding fiscal year to the
shareholders for their approval at the ordinary general shareholders
meeting. They are required by law to allocate five percent of any new
profits to a legal reserve which is not thereafter available for distribution
until the amount of the legal reserve equals 20% of our historical capital
stock (before adjusting for inflation). Amounts in excess of those allocated
to the legal reserve fund may be allocated to other reserve funds as the
shareholders determine, including a reserve for the repurchase of our shares.
The remaining balance of new profits, if any, is available for distribution as
dividends. Cash dividends on the shares held through Indeval will be
distributed by us through Indeval. Cash dividends on the shares evidenced by
physical certificates will be paid when the relevant dividend coupon registered
in the name of its holder is delivered to us. No dividends may be paid,
however, unless losses for prior fiscal years have been paid up or absorbed.
See Item 3. Key Information  Dividends.

Liquidation

Upon our dissolution, one or more liquidators must be appointed by an
extraordinary shareholders general meeting to wind up its affairs. If the
extraordinary general shareholders meeting does not make said appointment, a
Civil or District Judge of the Federation can do so at the request of any
shareholder. All fully paid and outstanding common stock will be entitled to
participate equally in any distribution upon liquidation after the payment of
the companys debts, taxes and the expenses of the liquidation. Common stock
that has not been paid in full will be entitled to these proceeds in proportion
to the paid-in amount.

If the extraordinary general shareholders meeting does not give express
instructions on liquidation, the bylaws stipulate that the liquidators will (i)
conclude all pending matters in such a way to avoid damage to the interests of
creditors and shareholders, (ii) prepare a general balance and inventory, (iii)
collect all credits and pay all debts by selling assets necessary to accomplish
this task, (iv) sell assets and distribute income, and (v) distribute the
remnant, if any, pro rata among the shareholders.

Changes in Capital Stock

Our outstanding capital stock consists of a fixed and a variable portion.
The fixed portion of our capital stock is divided into Class A and Class B
shares and has no par value. The fixed portion of our capital stock cannot be
redeemed. The variable portion of our capital stock has no par value. The
variable portion cannot be greater than seven times the minimum fixed portion
of our companys capital stock specified in the bylaws. The issuance of
variable capital shares, unlike the issuance of fixed capital shares, does not
require an amendment of the bylaws, although it does require approval at an
ordinary general shareholders meeting. The fixed portion of our capital stock
may only be increased or decreased by resolution of an extraordinary general
shareholders meeting and an amendment to our bylaws, whereas the variable
portion of our capital stock may be increased or decreased by resolution of an
ordinary general shareholders meetings. Currently, our outstanding capital
stock consists only of fixed capital.

An increase of capital stock may generally be effected through the
issuance of new shares for payment in cash or in kind, by capitalization of
indebtedness or by capitalization of certain items of shareholders equity. An
increase of capital stock generally may not be effected until all previously
issued and subscribed shares of capital stock have been fully paid. A
reduction of capital stock may be effected to absorb losses, to redeem shares,
to repurchase shares in the open market or to release shareholders from
payments not made.

Preemptive Rights

Except in certain limited circumstances, in the event of a capital
increase through the issuance of shares for payment in cash or in kind, a
holder of existing shares of a given series at the time of the capital increase
has a preferential right to subscribe for a sufficient number of new shares of
the same series to maintain the holders existing proportionate holdings of
shares of that series. Preemptive rights must be exercised within the period
and under the conditions established for such purpose by the shareholders at
the corresponding shareholders meeting.

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Under Mexican law and the bylaws, the
exercise period may not be less than 15 days following the publication of
notice of the capital increase in the Official Gazette of the Federation or
following the date of the shareholders meeting at which the capital increase
was approved if all shareholders were represented; otherwise such rights will
lapse.

Shareholders will not have preemptive rights to subscribe for common stock
issued in connection with mergers, upon the conversion of convertible
debentures, in a public offering (if the majority of shareholders at a general
extraordinary meeting approve the issuance of shares and waive their preemptive
rights in accordance with the Mexican securities market law and our bylaws) or
in a resale of common stock held in our treasury as a result of repurchases on
the Mexican Stock Exchange.

Under Mexican law, preemptive rights may not be waived in advance by a
shareholder, except under limited circumstances, and cannot be represented by
an instrument that is negotiable separately from the corresponding share.
Holders of ADRs may be restricted in their ability to participate in the
exercise of preemptive rights. See Item 3. Key InformationRisk FactorsRisks Relating to Our Controlling Shareholders and Capital StructureHolders of ADSs May Not Be Able to Participate in Any Future Preemptive Rights
Offering and as a Result May Be Subject to a Dilution of Equity Interest.

Restrictions Affecting Non-Mexican Shareholders

Foreign investment in capital stock of Mexican corporations is regulated
by the 1993 Foreign Investment Law and by the 1998 Foreign Investment
Regulations to the extent they are not inconsistent with the Foreign Investment
Law. The Ministry of Economy and the National Commission on Foreign Investment
are responsible for the administration of the Foreign Investment Law and the
Foreign Investment Regulations.

Our bylaws do not restrict the participation of non-Mexican investors in
our capital stock. However, approval of the National Foreign Investment
Commission must be obtained for foreign investors to acquire a direct or
indirect participation in excess of 49% of the capital stock of a Mexican
company that has an aggregate asset value that exceeds, at the time of filing
the corresponding notice of acquisition, an amount determined annually by the
National Foreign Investment Commission.

As required by Mexican law, our bylaws provide that any non-Mexicans who
acquire an interest or participation in our capital at any time will be treated
as having Mexican nationality for purposes of their interest in us, and with
respect to the property, rights, concessions, participations or interests that
we may own or rights and obligations that are based on contracts to which we
are a party with the Mexican authorities. Such shareholders cannot invoke the
protection of their government under penalty of forfeiting to the Mexican State
the ownership interest that they may have acquired. See Item 3. Key
InformationRisk FactorsRisks Relating to Our Controlling Shareholders
and Capital StructureOur Bylaws Restrict the Ability of Non-Mexican
Shareholders to Invoke the Protection of Their Governments with Respect to
Their Rights as Shareholders.

Under this provision, a non-Mexican shareholder is deemed to have agreed
not to invoke the protection of his own government with respect to his rights
as a shareholder, but is not deemed to have waived any other rights it may have
with respect to its investment in us, including any rights under U.S.
securities laws. If a shareholder should invoke governmental protection in
violation of this provision, its shares could be forfeited to the Mexican
government. Mexican law requires that such a provision be included in the
bylaws of all Mexican companies unless such bylaws prohibit ownership of shares
by non-Mexicans.

Registration and Transfer

Our shares are evidenced by certificates in registered form. We maintain
a stock registry and, in accordance with Mexican law, only those persons whose
names appear on the stock registry are recognized as owners of the shares.

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Other Provisions

Redemption Rights

Outstanding variable capital shares, if any, may be fully or partially
redeemed by the holders thereof. The minimum fixed portion of our capital
stock cannot be redeemed. Currently, we have no outstanding variable capital
shares. A holder of variable capital stock that wishes to effect a total or
partial redemption of such stock is required
to notify us in an authenticated written notice to that effect. If notice
of redemption is received prior to the last quarter of the fiscal year, the
redemption becomes effective at the end of the fiscal year in which the
shareholder gives notice. Otherwise, the redemption becomes effective at the
end of the following fiscal year.

Redemption of our variable capital stock is made at the lower of (i) 95%
of the average share price quoted on the Mexican Stock Exchange during the 30
business days prior to the date on which the redemption is to become effective
or (ii) the book value per variable capital share as calculated from our
financial statements (as approved at an ordinary general shareholders meeting)
for the fiscal year at the end of which the redemption is to become effective.
Any such amount to be paid by us would become due on the day following the
ordinary general shareholders meeting referred to in clause (ii) above.

Appraisal Rights

Under Mexican law, whenever the shareholders approve a change of corporate
purpose, change of our nationality or transformation from one type of corporate
form to another, any shareholder entitled to vote on such change or
transformation who has voted against it has the right to tender its shares and
receive the amount attributable to its shares, provided such shareholder
exercises its right to withdraw within 15 days following the adjournment of the
meeting at which the change or transformation was approved. Under Mexican law,
the amount which a withdrawing shareholder is entitled to receive is equal to
its proportionate interest in our capital stock according to our most recent
balance sheet approved by an ordinary general meeting of shareholders. The
reimbursement may have certain tax consequences.

Share Repurchases

We may repurchase our common stock on the Mexican Stock Exchange at any
time at the then prevailing market price. The repurchase of shares will be
made at the expense of our equity if the repurchased shares remain outstanding;
or at the expense of our capital stock if the repurchased shares are placed in
our treasury. At the ordinary general shareholders meeting, shareholders
shall determine the maximum amount of funds to be allocated to the repurchase
of shares, which amount shall not exceed our total net profits, including
retained earnings.

Repurchased common stock will either be held by us or kept in our
treasury, pending future sales thereof on the Mexican Stock Exchange. If the
repurchased shares are kept in our treasury, we may not exercise the economic
and voting rights corresponding to them, and such shares are not deemed to be
outstanding for purposes of calculating any quorum or vote at any shareholders
meeting. Repurchased shares held by us as outstanding shares may not be
represented at any shareholder meeting. The decrease or increase of the
capital stock as a consequence of the repurchase and sale by the company of its
shares does not require the approval of a shareholders meeting or of the board
of directors.

Under Mexican securities regulation, our directors, officers, statutory
auditors, external auditors and the secretary of the board of directors and
holders of 10% or more of our outstanding common stock may not sell common
stock to us, or purchase repurchased common stock from us, unless the sale or
purchase is made through a tender offer. Mexican securities regulations
require that if we decide to repurchase common stock representing three percent
or more of our outstanding share capital in any 20 trading-day period, these
repurchases must be conducted by means of a public tender offer.

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Repurchase in the Event of Delisting

If the registration of our common shares in the Securities Section of the
Registro Nacional de Valores(National Registry of Securities, or RNV) is
canceled, whether at our request or by the CNBV, under our bylaws and CNBV
regulations, our controlling shareholders must make a public offer to purchase
all of the shares owned by minority shareholders before the cancellation takes
effect. Unless a different price is approved by the CNBV, the common shares
must be purchased by the controlling shareholders at a price equal to or
greater than the higher of the average closing sale price for such shares on
the stock exchange during the 30 days before the offer or the book value of the
same, as reflected in our last quarterly report filed with the CNBV and the
Mexican Stock Exchange before the date of the offer. Once a public offer is
made, and prior to the cancellation of our common shares in the
Securities Section of the RNV, if our controlling shareholders have not
acquired 100% of our outstanding common shares, our controlling shareholders
shall then execute a trust in order to provide sufficient monetary resources,
which should be left in the trust for a minimum of two years, in order to allow
any remaining minority shareholder to sell its shares to the trust at the
public offer price.

Under our bylaws, holders of the majority of the common shares are not
obligated to make a public offer to purchase the common shares owned by
minority holders if the holders of all our outstanding common shares approve
the cancellation of the registration of the common shares with the RNV. This
provision in the bylaws may not be amended without the consent of holders of at
least 95% of the outstanding common shares and the prior approval of the CNBV.
The majority shareholders shall not be required to carry out the public
offering if the totality of the shareholders consent to the registry
cancellation.

Rights of Shareholders

The protections afforded to minority shareholders under Mexican law are
different from those in the United States and many other jurisdictions. The
substantive law concerning duties of directors and controlling shareholders has
not been the subject of extensive judicial interpretation in Mexico, unlike
many states in the United States where duties of care and loyalty elaborated by
judicial decisions help to shape the rights of minority shareholders. Mexican
civil procedure does not contemplate class actions or shareholder derivative
actions, which permit shareholders in U.S. courts to bring actions on behalf of
other shareholders or to enforce rights of the corporation itself.
Shareholders cannot challenge corporate action taken at a shareholders meeting
unless they meet certain procedural requirements.

As a result of these factors, in practice it may be more difficult for our
minority shareholders to enforce rights against us or our directors or
controlling shareholders than it would be for shareholders of a U.S. company.
See Item 3. Key InformationRisk FactorsRisks Relating to Our
Controlling Shareholders and Capital StructureThe Protections Afforded to
Minority Shareholders in Mexico Are Different From Those in the United States.

In addition, under the U.S. securities laws, as a foreign private issuer
we are exempt from certain rules that apply to domestic U.S. issuers with
equity securities registered under the U.S. Securities Exchange Act of 1934,
including the proxy solicitation rules, the rules requiring disclosure of share
ownership by directors, officers and certain shareholders. We are also exempt
from certain of the corporate governance requirements of the New York Stock
Exchange, including the requirements concerning audit committees and
independent directors.

Shareholder Conflicts of Interest

Under Mexican law, any shareholder that has a direct or indirect conflict
of interest with respect to any transaction must abstain from voting thereon at
the relevant shareholders meeting. A shareholder that votes on a business
transaction in which its interest conflicts with ours may be liable for damages
if the transaction would not have been approved without such shareholders
vote.

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EXCHANGE CONTROLS

Mexican law does not restrict our ability to remit dividends and interest
payments, if any, to non-Mexican holders of our securities. Payments of
dividends to equity-holders generally will be subject to Mexican withholding
tax. See Taxation  Mexican Tax ConsiderationsPayment of Dividends.

Mexico has had a free market for foreign exchange since 1991, and the
government has allowed the peso to float freely against the U.S. dollar since
December 1994.

TAXATION

The following summary contains a description of certain Mexican federal
and U.S. federal income tax consequences of the acquisition, ownership and
disposition of B Shares or B Share ADSs (which are evidenced by
ADRs), but it does not purport to be a comprehensive description of all of
the tax considerations that may be relevant to a decision to purchase or hold
shares or ADSs, such as the tax treatment of holders that are dealers or that
own (actually or constructively under rules prescribed in the Internal Revenue
Code of 1986, as amended, or the Code) 10% or more of our voting shares.

The Convention for the Avoidance of Double Taxation and a Protocol
thereto, or the Tax Treaty, between the United States and Mexico entered into
force on January 1, 1994. The United States and Mexico have also entered into
an agreement concerning the exchange of information with respect to tax
matters.

The summary is based upon tax laws of the United States and Mexico as in
effect on the date of this document, which are subject to change, including
changes that may have retroactive effect. Holders of shares or ADSs should
consult their own tax advisers as to the Mexican, U.S. or other tax
consequences of the purchase, ownership and disposition of shares or ADSs,
including, in particular, the effect of any foreign, state or local tax laws.

Mexican Tax Considerations

The following is a general summary of the principal consequences under the
Ley del Impuesto sobre la Renta, or the Mexican Income Tax Law, and rules and
regulations thereunder, as currently in effect, of an investment in Shares or
ADSs by a holder that is not a resident of Mexico and that will not hold shares
or ADSs or a beneficial interest therein in connection with the conduct of a
trade or business through a permanent establishment or fixed base in Mexico.

For purposes of Mexican taxation, a natural person is a resident of Mexico
for tax purposes if he has established his home in Mexico, unless he has
resided in another country for more than 183 days, whether consecutive or not,
in any one calendar year and can demonstrate that he has become a resident of
that country for tax purposes, and a legal entity is a resident of Mexico if it
was incorporated in Mexico or maintains the principal administration of its
business or the effective location of its management in Mexico. A Mexican
citizen is presumed to be a resident of Mexico unless such person can
demonstrate the contrary. If a non-resident of Mexico is deemed to have a
permanent establishment or fixed base in Mexico for tax purposes, all income
attributable to such permanent establishment or fixed base will be subject to
Mexican taxes, in accordance with applicable tax laws.

Tax Treaties

Provisions of the Tax Treaty that may affect the taxation of certain U.S.
holders are summarized below. The United States and Mexico have also entered
into an agreement that covers the exchange of information with respect to tax
matters.

Mexico has also entered into and is negotiating several other tax treaties
that may reduce the amount of Mexican withholding tax to which payment of
dividends on shares or ADSs may be subject. Holders of shares or ADSs should
consult their own tax advisors as to the tax consequences, if any, of such
treaties.

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Under the Mexican Income Tax Law, in order for any benefits from the Tax
Treaty or any other tax treaties to be applicable, residence for tax purposes
must be demonstrated.

Payment of Dividends

Under the Mexican Income Tax Law, dividends, either in cash or in kind,
paid with respect to shares represented by ADSs are not subject to Mexican
withholding tax. A Mexican corporation will not be subject to any tax if the
amount of dividends does not exceed the net tax profit account (cuenta de
utilidad fiscal neta,or CUFIN).

If we pay a dividend in 2003 in an amount greater than our CUFIN balance
(which may occur in a year when net profits exceed the balance in such
accounts), then we are required to pay a 34% income tax on an amount equal to
the product of the portion of the grossed-up amount which exceeds such balance
multiplied by the factor 1.5152. For the next couple of years, the applicable
income tax rate and factor are expected to be as follows:

|     |  |      |    |        |  |  |        | 
|---- |  | ---- | -- | ------ |  |  | ------ | 
|Year |  | Rate |    | Factor
|     |  |      |    |       
|2004 |  |      | 33 | %      |  |  | 1.4925 | 
|2005 |  |      | 32 | %      |  |  | 1.4706 | 

After 2005, the applicable income tax rate and factor are expected to be 32%
and 1.4706, respectively.

Taxation of Dispositions

The sale or other disposition of ADSs by a non-resident holder will not be
subject to Mexican tax. Deposits of shares in exchange for ADSs and
withdrawals of shares in exchange for ADSs will not give rise to Mexican tax or
transfer duties.

The sale of shares by a non-resident holder will not be subject to any
Mexican tax if the transaction is carried out through the Mexican Stock
Exchange or other securities markets approved by the Mexican Ministry of
Finance. Sales or other dispositions of shares made in other circumstances
generally would be subject to Mexican tax, regardless of the nationality or
residence of the transferor.

Under the Mexican Income Tax Law, gains realized by a nonresident holder
of shares on the sale or disposition of shares not conducted through a
recognized stock exchange generally are subject to a Mexican tax at a rate of
20% of the gross sale price. However, if the holder is a resident of a country
which is not considered to be a low tax rate country (by reference to a list of
low rate countries published by the Mexican Ministry of Finance and Public
Credit), the holder may elect to designate a resident of Mexico as its
representative, in which case taxes would be payable at a 34% rate on the gain
on such disposition of shares in 2003 (33% in 2004 and 32% in 2005 and
thereafter).

Pursuant to the Tax Treaty, gains realized by qualifying U.S. holders from
the sale or other disposition of shares, even if the sale is not conducted
through a recognized stock exchange, will not be subject to Mexican income tax
except that Mexican taxes may apply if:



| |  |  | 50% or more of our assets consist of fixed assets situated in
Mexico;                                                                                                              
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | such U.S. holder owned 25% or more of the shares representing
our capital stock (including ADSs), directly or indirectly, during
the 12-month period preceding such disposition; or
|
| |  |  | the gain is attributable to a permanent establishment or
fixed base of the U.S. holder in Mexico.                                                                                  

Other Mexican Taxes

A non-resident holder will not be liable for estate, inheritance or
similar taxes with respect to its holdings of shares or ADSs; provided,
however, that gratuitous transfers of shares may in certain circumstances
result in

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imposition of a Mexican tax upon the recipient. There are no Mexican
stamp, issue registration or similar taxes payable by a non-resident holder
with respect to shares or ADSs.

Reimbursement of capital pursuant to a redemption of shares will be tax
exempt up to an amount equivalent to the adjusted contributed capital
corresponding to the shares that will be redeemed. Any excess distribution
pursuant to a redemption will be considered a dividend for tax purposes and we
may be taxed as described above.

U.S. Federal Income Tax Considerations

The following is a summary of certain U.S. federal income tax consequences
to U.S. holders (as defined below) of the acquisition, ownership and
disposition of B Shares or ADSs. This summary is based upon the federal income
tax laws of the United States as in effect on the date of this Annual Report,
including the provisions of the Tax Treaty, all of which are subject to change,
possibly with retroactive effect in the case of U.S. federal income tax law.

The summary does not purport to be a comprehensive description of all of
the tax consequences of the acquisition, ownership or disposition of B Shares
or ADSs. The summary applies only to U.S. holders that will beneficially own
their shares or ADSs as capital assets and does not apply to special classes of
holders such as dealers in securities or currencies, holders with a functional
currency other than the U.S. dollar, holders of 10% or more of our voting
shares (whether held directly or through ADSs or both), tax-exempt
organizations, financial institutions, holders liable for the alternative
minimum tax, securities traders electing to account for their investment in
their shares or ADSs on a mark-to-market basis, and persons holding their
shares or ADSs in a hedging transaction or as part of a straddle or conversion
transaction.

For purposes of this discussion, a U.S. holder is a beneficial owner of B Shares or ADSs that is:



| |  |  | a citizen or resident of the United States of America;                                                                                                                                                  
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | a corporation or partnership organized in or under the laws
of the United States of America or any state thereof or the District
of Columbia;                                                           
|
| |  |  | an estate the income of which is subject to United States
federal taxation regardless of its source;                                                                                                    
|
| |  |  | a trust if a court within the U.S. is able to exercise
primary supervision over the administration and one or more U.S.
persons have the authority to control all substantial decisions of
the trust; or
|
| |  |  | otherwise subject to U.S. federal income taxation on a net
income basis with respect to the B Shares or ADSs.                                                                                           

A holder of B Shares or ADSs that is a partnership, and partners in such
partnership, should consult their tax advisors about the U.S. federal income
tax consequences of holding and disposing of the B Shares or ADSs, as the case
may be.

Prospective investors in the B Shares or ADSs should consult their own tax
advisors as to the U.S. federal, Mexican or other tax consequences of the
purchase, ownership and disposition of the B Shares or ADSs, including, in
particular, the effect of any foreign, state or local tax laws and their
entitlement to the benefits, if any, afforded by the Tax Treaty.

Treatment of ADSs

In general, a U.S. holder of ADSs will be treated as the beneficial owner
of the B Shares represented by those ADSs for U.S. federal income tax purposes.
Deposits or withdrawals of B Shares by U.S. holders in exchange for the ADSs
they represent will not result in the realization of gain or loss for U.S.
federal income tax purposes.

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U.S. holders that withdraw any B Shares should
consult their own tax advisors regarding the treatment of any foreign currency
gain or loss on any pesos received in respect of such B Shares.

Taxation of Distributions

In this discussion, the term dividends is used to mean distributions
(including any amounts withheld in respect of Mexican withholding tax) paid out
of our current or accumulated earnings and profits (calculated for U.S. federal
income tax purposes) with respect to B Shares or ADSs. In general, the gross
amount of any dividends will be includible in the gross income of a U.S. holder
as ordinary income on the day on which the dividends are received by the U.S.
holder in the case of B Shares, or by the depositary in the case of ADSs.
Dividends paid by us will not be eligible for the dividends-received deduction
allowed to corporations under the Code. To the extent that a distribution
exceeds the amount of our earnings and profits (calculated for U.S. federal
income tax purposes), it will be treated as a non-taxable return of capital to
the extent of the U.S. holders basis in the B Shares or ADSs, and thereafter
as capital gain (provided that the B Shares or ADSs are held as capital
assets). Distributions will be paid in pesos and will be includible in the
income of a U.S. holder in a U.S. dollar amount calculated by reference to the
exchange rate in effect on the day that they are received by the U.S. holder in
the case of B Shares, or by the depositary in the case of ADSs. U.S. holders
should consult their own tax advisors regarding the treatment of
foreign currency gain or loss, if any, on any pesos received by a U.S.
holder or depositary that are converted into U.S. dollars on a date subsequent
to receipt.

Distributions of additional shares or ADSs to U.S. holders with respect to
their shares or ADSs that are made as part of a pro rata distribution to all of
our shareholders generally will not be subject to U.S. federal income tax.

Dividends paid on shares or ADSs generally will be treated for U.S.
foreign tax credit purposes as foreign source passive income, or, in the case
of certain U.S. holders, as foreign source financial services income. The
Mexican withholding tax that is imposed on such dividends will be treated as a
foreign income tax eligible, subject to generally applicable limitations and
conditions under U.S. federal income tax law, for credit against a U.S.
holders U.S. federal income tax liability or, at the U.S. holders election,
for deduction from gross income in computing the U.S. holders taxable income.

The calculation and availability of foreign tax credits and, in the case
of a U.S. holder that elects to deduct foreign taxes, the availability of
deductions, involves the application of rules that depend on a U.S. holders
particular circumstances. U.S. holders should consult their own tax advisors
regarding the availability of foreign tax credits.

Under certain U.S. Treasury Department guidance, foreign tax credits will
not be allowed for withholding taxes imposed in respect of certain short-term
or hedged positions in securities or in respect of arrangements in which a U.S.
holders expected economic profit, after non-U.S. taxes, is insubstantial.
U.S. holders should consult their own advisors concerning the implications of
these rules in light of their particular circumstances.

Qualified Dividend Income

Notwithstanding the foregoing, pursuant to recently enacted legislation,
certain dividends received by individual U.S. holders that constitute
qualified dividend income will be subject to a reduced maximum marginal U.S.
federal income tax rate. Qualified dividend income generally includes, among
other dividends, dividends received during the taxable year from qualified
foreign corporations. In general, the term qualified foreign corporation
includes a foreign corporation that is eligible for the benefits of a
comprehensive income tax treaty with the United States which the U.S. Treasury
Department determines to be satisfactory, and which includes an exchange of
information program. In addition, a foreign corporation is treated as a
qualified foreign corporation with respect to any dividend paid by the
corporation with respect to stock of the corporation that is readily tradable
on an established securities market in the United States. For this purpose, a
share is treated as readily tradable on an established securities market in the
United States if an ADR backed by such share is so traded.

47



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Notwithstanding the previous rule, dividends received from a foreign
corporation that is a foreign investment company (as defined in section 1246(b)
of the Code), a passive foreign investment company (as defined in section 1297
of the Code), or a foreign personal holding company (as defined in section 552
of the Code) in either the taxable year of the corporation in which the
dividend was paid or the preceding taxable year will not constitute qualified
dividend income. In addition, the term qualified dividend income will not
include, among other dividends, any (i) dividends on any share of stock or ADS
which is held by a taxpayer for 60 days or less during the 120-day period
beginning on the date which is 60 days before the date on which such share or
the shares backing the ADS become ex-dividend with respect to such dividends
(as measured under section 246(c) of the Code) or (ii) dividends to the extent
that the taxpayer is under an obligation (whether pursuant to a short sale or
otherwise) to make related payments with respects to positions in substantially
similar or related property. Moreover, special rules apply in determining a
taxpayers foreign tax credit limitation under section 904 of the Code in the
case of qualified dividend income.

Individual U.S. holders should consult their own tax advisors to determine
whether or not amounts received as dividends from us will constitute qualified
dividend income subject to a reduced maximum marginal U.S. federal income tax
rate and, in such case, the effect, if any, on the individual U.S. holders
foreign tax credit.

Taxation of Dispositions

Gain or loss realized by a U.S. holder on the sale, redemption or other
disposition of B Shares or ADSs will be subject to U.S. federal income taxation
as capital gain or loss in an amount equal to the difference between such U.S.
holders adjusted basis in the B Shares or the ADSs and the amount realized on
the disposition (including any amounts withheld in respect of Mexican
withholding tax). Gain (including gain that arises because the U.S. holders
basis in the B Shares or ADSs has been reduced because a distribution is
treated as a return of capital rather than as a dividend) and loss realized by
a U.S. holder on a sale, redemption or other disposition of B Shares or ADSs
generally will be treated as U.S. source income or loss for U.S. foreign tax
credit purposes.

The availability of U.S. foreign tax credits for any Mexican taxes imposed
on the sale, redemption or other disposition is subject to certain limitations
and involves the application of rules that depend on a U.S. holders particular
circumstances. U.S. holders should consult their own tax advisors regarding the
application of the foreign tax credit rules to their investment in, and
disposition of, B Shares or ADSs.

Tax Return Disclosure Regulations

Pursuant to recently enacted U.S. Treasury regulations (the Disclosure
Regulations), any taxpayer that has participated in a reportable transaction
and who is required to file a U.S. Federal income tax return must generally
attach a disclosure statement disclosing such taxpayers participation in the
reportable transaction to the taxpayers tax return for each taxable year for
which the taxpayer participates in the reportable transaction. The Disclosure
Regulations provide that, in addition to certain other transactions, loss
transactions and transactions involving a brief asset holding period
constitute reportable transactions. Loss transactions include transactions
that produce a foreign currency exchange loss in an amount equal to or in
excess of certain threshold amounts. Transactions involving a brief asset
holding period are generally transactions resulting in the taxpayer claiming a
tax credit in excess of $250,000 if the underlying asset giving rise to the
credit is held by the taxpayer for 45 days or less. U.S. holders should consult
their own advisors concerning the implications of the tax return disclosure
requirements in light of their particular circumstances.

Information Reporting and Backup Withholding

Dividends on, and proceeds from the sale or other disposition of, the B
Shares or ADSs paid to a U.S. holder generally may be subject to the
information reporting requirements of the Code and may be subject to backup
withholding at the applicable rate unless the holder:



| |  |  | establishes that it is a corporation or other exempt holder;
or
| | - |  | ---------------------------------------------------------------

48



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| |  |  | provides an accurate taxpayer identification number on a
properly completed Internal Revenue Service Form W-9 and certifies
that no loss of exemption from backup withholding has occurred.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The amount of any backup withholding from a payment to a holder will be
allowed as a credit against the U.S. holders U.S. federal income tax liability
and may entitle such holder to a refund, provided that certain required
information is furnished to the Internal Revenue Service.

U.S. Tax Consequences for Non-U.S. Holders

Distributions. A holder of B Shares or ADSs that is, with respect to the
United States, a foreign corporation or a non-resident alien individual (a
non-U.S. holder) generally will not be subject to U.S. federal income or
withholding tax on dividends received on B Shares or ADSs, unless such income
is effectively connected with the conduct by the holder of a U.S. trade or
business.

Dispositions. A non-U.S. holder of B Shares or ADSs will not be subject
to U.S. federal income or withholding tax on gain realized on the sale of B
Shares or ADSs, unless:



| |  |  | such gain is effectively connected with the conduct by the
holder of a U.S. trade or business; or                                                                                          
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | in the case of gain realized by an individual holder, the
holder is present in the United States for 183 days or more in the
taxable year of the sale and certain other conditions are met.

Information Reporting and Backup Withholding. Although non-U.S. holders
generally are exempt from backup withholding, a non-U.S. holder may be required
to comply with certification and identification procedures in order to
establish its exemption from information reporting and backup withholding.

DOCUMENTS ON DISPLAY

We are subject to the information requirements of the Securities Exchange
Act of 1934, as amended, and, in accordance therewith, we are required to file
reports and other information with the SEC. These materials, including this
Form 20-F and the exhibits thereto, may be inspected and copied at the SECs
Public Reference Room at 450 Fifth Street, NW, Washington, D.C. 20549. The
public may obtain information on the operation of the Public Reference Room by
calling the SEC at 1-800-SEC-0330.




Item 11. Quantitative And Qualitative Disclosures About Market Risk.

The following discussion of the effects on us of changes in interest
rates, foreign exchange rates and commodity prices is not necessarily
indicative of our actual results in the future. Future gains and losses will
be affected by actual changes in interest rates, foreign exchange rates,
commodity prices and other market exposures, as well as changes in any actual
derivative instruments employed during any period. All information below is
presented on a Mexican GAAP basis in pesos of constant purchasing power as of
December 31, 2002.

INTEREST RATE RISKS

Although we had no outstanding debt as of December 31, 2002, we generally
depend upon debt financing, including credit facilities and leases, to finance
our operations. These transactions expose us to interest rate risk, with the
primary interest-rate risk exposure resulting from changes in the relevant base
rates (CETES, TIIE, LIBOR and/or prime rate) which are used to determine the
interest rates that are applicable to borrowings under our credit facilities.

In the case of our cash and short-term investments, declines in interest
rates decrease the interest return on floating rate cash deposits and
short-term investments. A hypothetical 100 basis point (1.0%) decrease in
interest rates would not have a significant effect on our results of
operations.

49



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We have not used any derivative financial instruments to hedge our
interest rate exposures.

FOREIGN EXCHANGE RATE RISKS

Our net sales are denominated in Mexican pesos, while our operations,
including imports of corn, are financed through Mexican peso and U.S.
dollar-denominated debt. As of December 31, 2002, 3.3% of our total monetary
assets was denominated in U.S. dollars and 11.2% of our total liabilities was
denominated in U.S. dollars. See Note 12 to our consolidated financial
statements for a description of our foreign currency exposure.

Fluctuations in exchange rates relative to the Mexican peso expose us to
foreign-currency exchange rate risk. Our primary foreign exchange rate risk
relates to our debt portfolio, but as of December 31, 2002, we had no
outstanding debt.

A hypothetical 10% change in the Peso-Dollar exchange rate would not have
a significant effect on our exchange rate risk with respect to our
dollar-denominated obligations.

COMMODITY PRICE RISKS

We hedge a portion of our production requirements through commodities
future contracts in order to reduce the risk created by the price fluctuations
of corn and gas. The open positions for hedges of purchases do not exceed our
maximum production requirements for a one-year period.

During 2002, we entered into short-term hedge transactions through
commodities futures contracts for a portion of our corn requirements. These
short-term hedge transactions were completed prior to December 31, 2002. At
June 17, 2003, we had no open positions for corn; however, we purchased natural
gas put options for the period from May 2003 to September 2003 through 90
contracts worth in the aggregate approximately U.S.$53,100. Because options
are not open positions, we do not expect any negative impact from our natural
gas put options on our results.

The availability and price of corn and other agricultural commodities are
subject to wide fluctuations due to factors outside our control, such as
weather, plantings, government (domestic and foreign) farm programs and
policies, changes in global demand created by population growth and global
production of similar and competitive crops. In 2002, Ps.2,226 million of our
Ps.3,352 million costs of sales related to the cost of corn. A hypothetical
10% increase in corn prices, relative to corn prices during 2002, implies a
Ps.189 million increase in our costs of sales, and a corresponding decrease in
gross profit assuming that we were unable to increase the price we charge for
our products to offset the hypothetical increase in corn prices.

COUNTERPARTY RISKS

Liquid assets are invested primarily in Mexican government bonds and
short-term debt instruments of Mexican issuers with a minimum A rating.
Substantially all of these financial instruments are unsecured. We face credit
risk from the potential non-performance by the counterparties in respect of the
financial instruments in which we invests. We do not, however, anticipate
non-performance by the counterparties which are primarily the Mexican
government and A rated private issuers.




Item 12. Description of Securities other than Equity Securities.

Not applicable.




PART II.




Item 13. Defaults, Dividend Arrearages and Delinquencies.

None.

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Item 14.  Material Modifications to the Rights of Security Holders and Use Of Proceeds.

None.




Item 15.  Controls and Procedures.

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

The conclusions of our Chief Executive Officer and Senior Corporate
Controller about the effectiveness of our disclosure controls and procedures
based on their evaluation of these controls and procedures as of a date within
90 days of the filing date of this annual report on Form 20-F are as follows:

Our disclosure controls and procedures are designed to ensure that
information required to be disclosed by us is recorded, processed, summarized
and reported within required timeframes. Our disclosure controls and procedures
include controls and procedures designed to ensure that information required to
be disclosed is accumulated and communicated to our management, including our
Chief Executive Officer and Senior Corporate Controller, as appropriate to
allow timely decisions regarding required disclosure. Based on their
assessments of our disclosure controls and procedures, our Chief Executive
Officer and Senior Corporate Controller have concluded that the disclosure
controls and procedures have functioned effectively and that the consolidated
financial statements fairly present our consolidated financial position and the
results of our operations for the periods presented.

CHANGES IN INTERNAL CONTROLS

There were no significant changes in our internal controls or in other
factors that could significantly affect these controls subsequent to the date
of managements most recent evaluation, including any corrective actions with
regard to any significant deficiencies and material weaknesses.




Item 16.  [Reserved].




PART III.




Item 17.  Financial Statements.

Not Applicable.




Item 18.  Financial Statements.

See pages F-1 through F-36, incorporated herein by reference.




Item 19.  Exhibits.

|            |  |                                                                                                                                                                                                                                                                         
|----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  |                                                                                                                                                                                                                                                                         
|            |  |                                                                                                                                                                                                                                                                         
|1           |  | Our bylaws (estatutos sociales) as amended through April 16, 2002,
together with an English translation.*                                                                                                                                                               
|            |  |                                                                                                                                                                                                                                                                         
|2(a)(1)     |  | Deposit Agreement, dated as of May 17, 1994 between us, Citibank, N.A.,
as Depositary, all registered holders from time to time and all owners
from time to time of any beneficial interest in any American Depository
Receipts evidencing American Depository Shares.**
|            |  |                                                                                                                                                                                                                                                                         
|7           |  | Statement of Computation of Ratio of Earnings to Fixed Changes (Mexican
GAAP and U.S. GAAP).                                                                                                                                                                            

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|            |  |                                                                                                                                                                   
|----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  |                                                                                                                                                                   
|            |  |                                                                                                                                                                   
|8           |  | List of Principal Subsidiaries.                                                                                                                                   
|            |  |                                                                                                                                                                   
|12(a)(1)    |  | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section
1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002, dated
June 30, 2003.    
|            |  |                                                                                                                                                                   
|12(a)(2)    |  | Certification of Senior Corporate Controller Pursuant to 18 U.S.C.
Section 1350, as enacted by Section 906 of the Sarbanes-Oxley Act of 2002,
dated June 30, 2003.

* Previously filed in Annual Report on Form 20-F (File No. 1-13032),
originally filed with the SEC on July 1, 2002. Incorporated herein by
reference.
** Previously filed in Annual Report on Form 20-F (File No. 1-13032),
originally filed with the SEC on July 2, 2001. Incorporated herein by
reference.

52



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SIGNATURE

The registrant, Grupo Industrial Maseca, S.A. de C.V., hereby certifies
that it meets all of the requirements for filing on Form 20-F and that it has
duly caused and authorized the undersigned to sign this annual report on its
behalf.



| | GRUPO INDUSTRIAL MASECA, S.A. de C.V.
| | -------------------------------------



| | /s/ Juan Antonio Quiroga García
Name: Juan Antonio Quiroga García
Title: Senior Corporate Controller
| | ----------------------------------------------------------------------------------------------------

Dated: June 30, 2003

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CERTIFICATION

I, Roberto González Barrera, certify that:

1.     I have reviewed this annual report on Form 20-F of Grupo Industrial
Maseca, S.A. de C.V.;

2.     Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
this annual report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.     The registrants other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:



| |  |  | a. designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is
being prepared;
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | b.evaluated the effectiveness of the registrants disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this annual report (the Evaluation Date); and                                                                                                   
|
| |  |  | c.presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;                                                                                                                         

5.     The registrants other certifying officer and I have disclosed, based
on our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):



| |  |  | a. all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrants ability to
record, process, summarize and report financial data and have
identified for the registrants auditors any material weaknesses in
internal controls; and
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | b. any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants
internal controls; and                                                                                                                                        

6.     The registrants other certifying officer and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.



| | /s/ Roberto González Barrera
Name: Roberto González Barrera
Title:Chief Executive Officer
| | -----------------------------------------------------------------------------------------

Date: June 30, 2003

54



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CERTIFICATION

I, Juan Antonio Quiroga García, certify that:

1.     I have reviewed this annual report on Form 20-F of Grupo Industrial
Maseca, S.A. de C.V.;

2.     Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by
this annual report;

3.     Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this annual report;

4.     The registrants other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:



| |  |  | a. designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this annual report is
being prepared;
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | b. evaluated the effectiveness of the registrants disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this annual report (the Evaluation Date); and                                                                                                  
|
| |  |  | c. presented in this annual report our conclusions about the
effectiveness of the disclosure controls and procedures based on our
evaluation as of the Evaluation Date;                                                                                                                        

5.     The registrants other certifying officer and I have disclosed, based
on our most recent evaluation, to the registrants auditors and the audit
committee of registrants board of directors (or persons performing the
equivalent function):



| |  |  | a. all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrants ability to
record, process, summarize and report financial data and have
identified for the registrants auditors any material weaknesses in
internal controls; and
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | b. any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrants
internal controls; and                                                                                                                                        

6.     The registrants other certifying officer and I have indicated in this
annual report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.



| | /s/ Juan Antonio Quiroga García
Name: Juan Antonio Quiroga García
Title: Senior Corporate Controller
| | ----------------------------------------------------------------------------------------------------

Date: June 30, 2003

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GRUPO INDUSTRIAL MASECA, S.A. DE C.V. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

|                                                                                                                |  |      |     | 
|--------------------------------------------------------------------------------------------------------------- |  | ---- | --- | 
|                                                                                                                |  | Page
|                                                                                                                |  |     
|Report of Independent Accountants                                                                               |  |      | F-2 | 
|Consolidated Balance Sheets as of December 31, 2002 and 2001                                                    |  |      | F-3 | 
|Consolidated Statements of Income for the Years Ended December 31,
2002, 2001 and 2000                          |  |      | F-4 | 
|Consolidated Statements of Changes in Stockholders Equity for the Years
Ended December 31, 2002, 2001 and 2000 |  |      | F-5 | 
|Consolidated Statements of Changes in Financial Position for the Years
Ended December 31, 2002, 2001 and 2000   |  |      | F-6 | 
|Notes to Consolidated Financial Statements                                                                      |  |      | F-7 | 

F-1



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##### Table of Contents



REPORT OF INDEPENDENT ACCOUNTANTS

To the Stockholders of Grupo Industrial Maseca, S.A. de C.V.:

In our opinion, the accompanying consolidated balance sheets and the related
consolidated statements of income, changes in stockholders equity and changes
in financial position present fairly, in all material respects, the financial
position of Grupo Industrial Maseca, S.A. de C.V. and subsidiaries
(collectively the Company) at December 31, 2002 and 2001, and the results of
their operations and changes in their financial position for each of the three
years ended December 31, 2002, in conformity with generally accepted accounting
principles in Mexico. These consolidated financial statements are the
responsibility of the management of Grupo Industrial Maseca, S.A. de C.V.; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards in the United States of America and in
Mexico, which require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management,
and evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for the opinion expressed above.

Generally accepted accounting principles in Mexico vary in certain respects
from accounting principles generally accepted in the United States of America.
The application of accounting principles generally accepted in the United
States of America would have affected the determination of the consolidated net
income and comprehensive income for each of the three years in the period ended
December 31, 2002, and the determination of the total consolidated
stockholders equity as of December 31, 2002 and 2001, to the extent summarized
in Note 15 to the consolidated financial statements.

PricewaterhouseCoopers

/s/Carlos Arreola Enríquez

Carlos Arreola Enríquez

Monterrey, N.L., Mexico
January 15, 2003

F-2



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##### Table of Contents



GRUPO INDUSTRIAL MASECA, S.A. DE C.V. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
as of December 31, 2002 and 2001
(Expressed in thousands of Mexican pesos in purchasing power as of December 31, 2002)
(Notes 1 and 2)

|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |           |           |  | 
|------------------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------- | ------------------------------- | ------------------------------------------ | ---------- | --------- | --------- | --------- | ---------- | --------- | --------- |  | 
|                                                       |                                                                                                                            |                                 |                                            |            |           | 2002      |           | 2001      
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |           
|ASSETS                                                 |                                                                                                                            |                                 |                                            |            |           |           |           |           
|Current:                                               |                                                                                                                            |                                 |                                            |            |           |           |           |           
|                                                       | Cash and cash equivalents                                                                                                  |                                 | Ps                                         | 56,684     |           |           | Ps        | 127,871    |          
|                                                       | Notes and accounts receivable, net (Note 3)                                                                                |                                 |                                            | 809,950    |           |           |           | 762,067    |          
|                                                       | Refundable taxes (Note 3)                                                                                                  |                                 |                                            | 249,650    |           |           |           | 185,957    |          
|                                                       | Receivables from affiliated companies (Note 4)                                                                             |                                 |                                            | 606,762    |           |           |           | 224,515    |          
|                                                       | Inventories (Note 5)                                                                                                       |                                 |                                            | 1,004,616  |           |           |           | 894,697    |          
|                                                       | Prepaid expenses                                                                                                           |                                 |                                            | 3,141      |           |           |           | 14,696     |          
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total current assets                       |            |           | 2,730,803 |           |            |           | 2,209,803 | 
|Property, plant and equipment, net (Note 6)            |                                                                                                                            |                                 | 3,937,466                                  |            |           |           | 4,144,850 |           
|Other assets, net (Note 7)                             |                                                                                                                            |                                 | 355,720                                    |            |           |           | 392,388   |           
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total assets                               |            | Ps        | 7,023,989 |           |            | Ps        | 6,747,041 | 
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|LIABILITIES                                            |                                                                                                                            |                                 |                                            |            |           |           |           |           
|Current:                                               |                                                                                                                            |                                 |                                            |            |           |           |           |           
|                                                       | Trade accounts payable                                                                                                     |                                 | Ps                                         | 259,457    |           |           | Ps        | 121,688    |          
|                                                       | Payables to affiliated companies (Note 4)                                                                                  |                                 |                                            | 28,436     |           |           |           | 34,300     |          
|                                                       | Accrued liabilities and other payables                                                                                     |                                 |                                            | 153,153    |           |           |           | 164,094    |          
|                                                       | Income taxes payable                                                                                                       |                                 |                                            |           |           |           |           | 15,786     |          
|                                                       | Employees statutory profit sharing payable                                                                                |                                 |                                            | 11,858     |           |           |           | 15,496     |          
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total current liabilities                  |            |           | 452,904   |           |            |           | 351,364   | 
|Deferred income taxes (Note 11)                        |                                                                                                                            |                                 | 993,076                                    |            |           |           | 1,021,337 |           
|Deferred employees statutory profit sharing (Note 11) |                                                                                                                            |                                 | 34,821                                     |            |           |           | 25,334    |           
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total liabilities                          |            |           | 1,480,801 |           |            |           | 1,398,035 | 
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|Commitments and contingencies (Note 9)                 |                                                                                                                            |                                 |                                            |            |           |           |           |           
|STOCKHOLDERS EQUITY                                   |                                                                                                                            |                                 |                                            |            |           |           |           |           
|Majority interest (Note 10):                           |                                                                                                                            |                                 |                                            |            |           |           |           |           
|                                                       | Common stock                                                                                                               |                                 |                                            | 183,681    |           |           |           | 183,681    |          
|                                                       | Restatement of common stock                                                                                                |                                 |                                            | 1,528,157  |           |           |           | 1,528,157  |          
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | 1,711,838                                  |            |           |           | 1,711,838 |           
|                                                       | Additional paid-in capital                                                                                                 |                                 |                                            | 1,495,446  |           |           |           | 1,495,446  |          
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | 3,207,284                                  |            |           |           | 3,207,284 |           
|                                                       | Deficit from restatement                                                                                                   |                                 |                                            | (2,680,642 | )         |           |           | (2,614,435 | )        
|                                                       | Cumulative effect of a change in an accounting
principle for deferred income taxes and employees
statutory profit sharing |                                 |                                            | (691,204   | )         |           |           | (691,204   | )        
|                                                       | Retained earnings:                                                                                                         |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            | Prior years                     |                                            |            | 5,019,569 |           |           |            | 4,760,851 |          
|                                                       |                                                                                                                            | Net income for the current year |                                            |            | 363,065   |           |           |            | 372,777   |          
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total majority interest                    |            |           | 5,218,072 |           |            |           | 5,035,273 | 
|Minority interest                                      |                                                                                                                            |                                 | 325,116                                    |            |           |           | 313,733   |           
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total stockholders equity                 |            |           | 5,543,188 |           |            |           | 5,349,006 | 
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          
|                                                       |                                                                                                                            |                                 | Total liabilities and stockholders equity |            | Ps        | 7,023,989 |           |            | Ps        | 6,747,041 | 
|                                                       |                                                                                                                            |                                 |                                            |            |           |           |           |            |          

The accompanying notes are an integral part of these consolidated financial statements.

F-3



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##### Table of Contents



GRUPO INDUSTRIAL MASECA, S.A. DE C.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME
For the Years Ended December 31, 2002, 2001 and 2000
(Expressed in thousands of Mexican pesos in purchasing power as of
December 31, 2002, except share and per share amounts)
(Notes 1 and 2)

|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |          |         |           | 
|----------------------------------------------- | --------------------------------- | -------------------------------------------------------------------------------------- | ------------------------------- | ------- | ------- | --------- | ---------- | -------- | ------- | --------- | ---------- | -------- | ------- | --------- | 
|                                                |                                   |                                                                                        |                                 |         | 2002    |           | 2001       |          | 2000   
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |        
|Net sales                                       |                                   | Ps                                                                                     | 4,762,719                       |         |         | Ps        | 4,946,784  |          |         | Ps        | 5,271,149  |         
|Cost of sales                                   |                                   |                                                                                        | (3,351,812                      | )       |         |           | (3,457,251 | )        |         |           | (3,754,166 | )       
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | Gross profit                    |         |         | 1,410,907 |            |          |         | 1,489,533 |            |          |         | 1,516,983 | 
|                                               
|Selling, general and administrative expenses    |                                   |                                                                                        | (903,491                        | )       |         |           | (931,240   | )        |         |           | (937,607   | )       
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | Operating income                |         |         | 507,416   |            |          |         | 558,293   |            |          |         | 579,376   | 
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|Comprehensive financing (cost) income, net:     |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                | Interest expense                  |                                                                                        |                                 | (12,521 | )       |           |            | (23,303  | )       |           |            | (26,546  | )      
|                                                | Interest income                   |                                                                                        |                                 | 73,916  |         |           |            | 104,713  |         |           |            | 121,741  |        
|                                                | Monetary position loss, net       |                                                                                        |                                 | (83,412 | )       |           |            | (57,968  | )       |           |            | (72,679  | )      
|                                                | Foreign exchange (loss) gain, net |                                                                                        |                                 | (4,733  | )       |           |            | (691     | )       |           |            | 3,445    |        
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | (26,750                         | )       |         |           | 22,751     |          |         |           | 25,961     |         
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|Other expense, net                              |                                   |                                                                                        | (6,586                          | )       |         |           | (20,054    | )        |         |           | (4,874     | )       
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   | Income before income taxes,
employees statutory profit sharing,
and minority interest |                                 |         | 474,080 |           |            |          | 560,990 |           |            |          | 600,463 |          
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|Income taxes (Note 11):                         |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                | Current provision                 |                                                                                        |                                 | (97,009 | )       |           |            | (173,726 | )       |           |            | (238,893 | )      
|                                                | Deferred benefit                  |                                                                                        |                                 | 28,259  |         |           |            | 9,130    |         |           |            | 59,587   |        
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | (68,750                         | )       |         |           | (164,596   | )        |         |           | (179,306   | )       
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|Employees statutory profit sharing (Note 11):  |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                | Current provision                 |                                                                                        |                                 | (11,852 | )       |           |            | (14,246  | )       |           |            | (5,451   | )      
|                                                | Deferred provision                |                                                                                        |                                 | (11,287 | )       |           |            | (776     | )       |           |            | (861     | )      
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | (23,139                         | )       |         |           | (15,022    | )        |         |           | (6,312     | )       
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | Income before minority interest |         |         | 382,191   |            |          |         | 381,372   |            |          |         | 414,845   | 
|Minority interest                               |                                   |                                                                                        | (19,126                         | )       |         |           | (8,595     | )        |         |           | (9,073     | )       
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|                                                |                                   |                                                                                        | Net income (Note 10-B)          |         | Ps      | 363,065   |            |          | Ps      | 372,777   |            |          | Ps      | 405,772   | 
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|Earnings per share                              |                                   | Ps                                                                                     | 0.40                            |         |         | Ps        | 0.41       |          |         | Ps        | 0.44       |         
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         
|Weighted average shares outstanding (thousands) |                                   |                                                                                        | 918,405                         |         |         |           | 918,405    |          |         |           | 918,405    |         
|                                                |                                   |                                                                                        |                                 |         |         |           |            |          |         |           |            |         

The accompanying notes are an integral part of these consolidated financial statements.

F-4



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##### Table of Contents



GRUPO INDUSTRIAL MASECA, S.A. DE C.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY
For the Years Ended December 31, 2002, 2001 and 2000
(Expressed in thousands of Mexican pesos in purchasing power as of December 31, 2002, except number of shares)
(Notes 1 and 2)



|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|-------------------------------------------------------------------------------------------------------------------------- |  | ------------ | ------- | ------ |  | --------------- | --------- | ------------ |  | ---------------- | --------- | ----------------- |  | -- | ---------- | ---------- |  | -- | -------- | -
|                                                                                                                           |  | Common stock |         |        |  |                 |           |              |  |                  |           | Cumulative effect
|                                                                                                                           |  | (Note 10-A)  |         |        |  |                 |           |              |  |                  |           | of deferred      
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           | income taxes and 
|                                                                                                                           |  | Number of    |         |        |  |                 |           |              |  |                  |           |                   |  |    |            | employee's
|                                                                                                                           |  | shares       |         |        |  | Additional paid |           | Deficit from |  | statutory profit
|                                                                                                                           |  | (thousands)  |         | Amount |  | in capital      |           | restatement  |  | sharing         
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                 
|Balances at December 31, 1999                                                                                              |  |              | 918,405 |        |  | Ps              | 1,711,838 |              |  | Ps               | 1,495,446 |                   |  | Ps | (2,380,354 | )          |  | Ps |         |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Appropriation of prior year net income                                                                                     |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Dividends paid (Ps 0.14 per share)                                                                                         |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Net sales of Companys common stock
(Note 10-C)                                                                            |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Comprehensive income (loss):                                                                                               |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Cumulative effect of a change in an
accounting principle for deferred income
taxes and employees statutory profit
sharing |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    | (691,204 | )
|Recognition of inflation effects for the year                                                                              |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    | (160,860   | )          |  |    |          |  
|Net income for the current year                                                                                            |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    | (160,860   | )          |  |    | (691,204 | )
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Balances at December 31, 2000                                                                                              |  |              | 918,405 |        |  |                 | 1,711,838 |              |  |                  | 1,495,446 |                   |  |    | (2,541,214 | )          |  |    | (691,204 | )
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Appropriation of prior year net income                                                                                     |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Dividends paid (Ps 0.87 per share)                                                                                         |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Comprehensive income (loss):                                                                                               |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Recognition of inflation effects for the year                                                                              |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    | (73,221    | )          |  |    |          |  
|Net income for the current year                                                                                            |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    | (73,221    | )          |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Balances at December 31, 2001                                                                                              |  |              | 918,405 |        |  |                 | 1,711,838 |              |  |                  | 1,495,446 |                   |  |    | (2,614,435 | )          |  |    | (691,204 | )
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Appropriation of prior year net income                                                                                     |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Dividends paid (Ps 0.13 per share)                                                                                         |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Comprehensive income (loss):                                                                                               |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Recognition of inflation effects for the year                                                                              |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    | (66,207    | )          |  |    |          |  
|Net income for the current year                                                                                            |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    | (66,207    | )          |  |    |          |  
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  
|Balances at December 31, 2002                                                                                              |  |              | 918,405 |        |  | Ps              | 1,711,838 |              |  | Ps               | 1,495,446 |                   |  | Ps | (2,680,642 | )          |  | Ps | (691,204 | )
|                                                                                                                           |  |              |         |        |  |                 |           |              |  |                  |           |                   |  |    |            |            |  |    |          |  

[Additional columns below]

[Continued from above table, first column(s) repeated]

|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|-------------------------------------------------------------------------------------------------------------------------- |  | ----------------- | --------- | ------------ |  | -------- | -------- | -------- |  | ------------- | --------- | - |  | -- | ------- | - |  | -- | --------- | -
|                                                                                                                           |  | Retained earnings |           |              |  |          |          |          |  |               |           |   |  |   
|                                                                                                                           |  | (Note 10-B)       |           |              |  |          |          |          |  |               |           |   |  |   
|                                                                                                                           |  |                   |           | Total        |  |          |          |          |  | Total        
|                                                                                                                           |  | Prior             |           | Net income   |  | majority |          | Minority |  | stockholders'
|                                                                                                                           |  | years             |           | for the year |  | interest |          | interest |  | equity       
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |              
|Balances at December 31, 1999                                                                                              |  | Ps                | 4,838,566 |              |  | Ps       | 432,163  |          |  | Ps            | 6,097,659 |   |  | Ps | 400,392 |   |  | Ps | 6,498,051 |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Appropriation of prior year net income                                                                                     |  |                   | 432,163   |              |  |          | (432,163 | )        |  |               |           |   |  |    |         |   |  |    |           |  
|Dividends paid (Ps 0.14 per share)                                                                                         |  |                   | (127,691  | )            |  |          |          |          |  |               | (127,691  | ) |  |    | (2,256  | ) |  |    | (129,947  | )
|Net sales of Companys common stock
(Note 10-C)                                                                            |  |                   | 9,809     |              |  |          |          |          |  |               | 9,809     |   |  |    |         |   |  |    | 9,809     |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|                                                                                                                           |  |                   | 314,281   |              |  |          | (432,163 | )        |  |               | (117,882  | ) |  |    | (2,256  | ) |  |    | (120,138  | )
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Comprehensive income (loss):                                                                                               |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Cumulative effect of a change in an
accounting principle for deferred income
taxes and employees statutory profit
sharing |  |                   |           |              |  |          |          |          |  |               | (691,204  | ) |  |    | (89,850 | ) |  |    | (781,054  | )
|Recognition of inflation effects for the year                                                                              |  |                   |           |              |  |          |          |          |  |               | (160,860  | ) |  |    | (7,699  | ) |  |    | (168,559  | )
|Net income for the current year                                                                                            |  |                   |           |              |  |          | 405,772  |          |  |               | 405,772   |   |  |    | 9,073   |   |  |    | 414,845   |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|                                                                                                                           |  |                   |           |              |  |          | 405,772  |          |  |               | (446,292  | ) |  |    | (88,476 | ) |  |    | (534,768  | )
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Balances at December 31, 2000                                                                                              |  |                   | 5,152,847 |              |  |          | 405,772  |          |  |               | 5,533,485 |   |  |    | 309,660 |   |  |    | 5,843,145 |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Appropriation of prior year net income                                                                                     |  |                   | 405,772   |              |  |          | (405,772 | )        |  |               |           |   |  |    |         |   |  |    |           |  
|Dividends paid (Ps 0.87 per share)                                                                                         |  |                   | (797,768  | )            |  |          |          |          |  |               | (797,768  | ) |  |    | (1,399  | ) |  |    | (799,167  | )
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|                                                                                                                           |  |                   | (391,996  | )            |  |          | (405,772 | )        |  |               | (797,768  | ) |  |    | (1,399  | ) |  |    | (799,167  | )
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Comprehensive income (loss):                                                                                               |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Recognition of inflation effects for the year                                                                              |  |                   |           |              |  |          |          |          |  |               | (73,221   | ) |  |    | (3,123  | ) |  |    | (76,344   | )
|Net income for the current year                                                                                            |  |                   |           |              |  |          | 372,777  |          |  |               | 372,777   |   |  |    | 8,595   |   |  |    | 381,372   |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|                                                                                                                           |  |                   |           |              |  |          | 372,777  |          |  |               | 299,556   |   |  |    | 5,472   |   |  |    | 305,028   |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Balances at December 31, 2001                                                                                              |  |                   | 4,760,851 |              |  |          | 372,777  |          |  |               | 5,035,273 |   |  |    | 313,733 |   |  |    | 5,349,006 |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Appropriation of prior year net income                                                                                     |  |                   | 372,777   |              |  |          | (372,777 | )        |  |               |           |   |  |    |         |   |  |    |           |  
|Dividends paid (Ps 0.13 per share)                                                                                         |  |                   | (114,059  | )            |  |          |          |          |  |               | (114,059  | ) |  |    | (2,731  | ) |  |    | (116,790  | )
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|                                                                                                                           |  |                   | 258,718   |              |  |          | (372,777 | )        |  |               | (114,059  | ) |  |    | (2,731  | ) |  |    | (116,790  | )
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Comprehensive income (loss):                                                                                               |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Recognition of inflation effects for the year                                                                              |  |                   |           |              |  |          |          |          |  |               | (66,207   | ) |  |    | (5,012  | ) |  |    | (71,219   | )
|Net income for the current year                                                                                            |  |                   |           |              |  |          | 363,065  |          |  |               | 363,065   |   |  |    | 19,126  |   |  |    | 382,191   |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|                                                                                                                           |  |                   |           |              |  |          | 363,065  |          |  |               | 296,858   |   |  |    | 14,114  |   |  |    | 310,972   |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  
|Balances at December 31, 2002                                                                                              |  | Ps                | 5,019,569 |              |  | Ps       | 363,065  |          |  | Ps            | 5,218,072 |   |  | Ps | 325,116 |   |  | Ps | 5,543,188 |  
|                                                                                                                           |  |                   |           |              |  |          |          |          |  |               |           |   |  |    |         |   |  |    |           |  

The accompanying notes are an integral part of these consolidated financial statements.

F-5



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##### Table of Contents



GRUPO INDUSTRIAL MASECA, S.A. DE C.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
For the Years Ended December 31, 2002, 2001 and 2000
(Expressed in thousands of Mexican pesos in purchasing power as of December 31, 2002)
(Notes 1 and 2)

|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |         |          |  
|---------------------------------------------------- | ---------------------------------------------------------------------------------- | --------------------------------------------------------------------------- | -------------------------------------------------------- | -------- | -------- | -------- | -------- | -------- | -------- | -------- | ------- | -------- | ------- | -------- | -
|                                                     |                                                                                    |                                                                             |                                                          |          | 2002     |          | 2001     |          | 2000    
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |         
|Operating activities:                                |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |         
|                                                     | Net income for the current year                                                    |                                                                             | Ps                                                       | 363,065  |          |          | Ps       | 372,777  |          |          | Ps      | 405,772  |        
|                                                     | Minority interest                                                                  |                                                                             |                                                          | 19,126   |          |          |          | 8,595    |          |          |         | 9,073    |        
|                                                     | Adjustments to reconcile net income to resources provided by
operating activities: |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    | Depreciation and amortization                                               |                                                          |          | 258,288  |          |          |          | 261,458  |          |         |          | 277,421 |         
|                                                     |                                                                                    | Deferred income taxes and employees statutory
profit sharing               |                                                          |          | (16,972  | )        |          |          | (8,354   | )        |         |          | (58,726 | )       
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    |                                                                             | 623,507                                                  |          |          |          | 634,476  |          |          |          | 633,540 |         
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     | Changes in working capital:                                                        |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    | (Increase) decrease in notes and accounts receivable, net                   |                                                          |          | (47,883  | )        |          |          | 57,448   |          |         |          | 42,464  |         
|                                                     |                                                                                    | (Increase) decrease in refundable taxes                                     |                                                          |          | (63,693  | )        |          |          | (33,096  | )        |         |          | 28,801  |         
|                                                     |                                                                                    | Receivables from and payables to affiliated companies, net                  |                                                          |          | (7,900   | )        |          |          | 34,935   |          |         |          | (57,182 | )       
|                                                     |                                                                                    | (Increase) decrease in inventories                                          |                                                          |          | (148,818 | )        |          |          | (4,779   | )        |         |          | 171,470 |         
|                                                     |                                                                                    | Decrease (increase) in prepaid expenses                                     |                                                          |          | 11,060   |          |          |          | (3,499   | )        |         |          | (3,713  | )       
|                                                     |                                                                                    | Increase (decrease) in trade accounts payable                               |                                                          |          | 137,769  |          |          |          | (200,193 | )        |         |          | 82,786  |         
|                                                     |                                                                                    | (Decrease) increase in accrued liabilities and other payables               |                                                          |          | (10,941  | )        |          |          | 4,178    |          |         |          | (99,208 | )       
|                                                     |                                                                                    | (Decrease) increase in income taxes and employees statutory
profit sharing |                                                          |          | (68,092  | )        |          |          | (68,534  | )        |         |          | 22,101  |         
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    |                                                                             | (198,498                                                 | )        |          |          | (213,540 | )        |          |          | 187,519 |         
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    |                                                                             | Net resources provided by operating activities           |          |          | 425,009  |          |          |          | 420,936  |         |          |         | 821,059  |  
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|Financing activities:                                |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |         
|                                                     | Proceeds from bank loans and long-term debt                                        |                                                                             |                                                          |         |          |          |          |         |          |          |         | 555,040  |        
|                                                     | Repayment of bank loans and long-term debt                                         |                                                                             |                                                          |         |          |          |          |         |          |          |         | (557,980 | )      
|                                                     | Dividends paid                                                                     |                                                                             |                                                          | (116,790 | )        |          |          | (799,167 | )        |          |         | (129,947 | )      
|                                                     | Net sales of Companys common stock                                                |                                                                             |                                                          |         |          |          |          |         |          |          |         | 9,809    |        
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    |                                                                             | Net resources used in financing activities               |          |          | (116,790 | )        |          |          | (799,167 | )       |          |         | (123,078 | )
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|Investing activities:                                |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |         
|                                                     | Acquisition of property, plant and equipment                                       |                                                                             |                                                          | (30,013  | )        |          |          | (3,738   | )        |          |         | (47,721  | )      
|                                                     | Net decrease (contribution) to technological research and
development fund         |                                                                             |                                                          | 7,726    |          |          |          | (10,699  | )        |          |         | 8,473    |        
|                                                     | (Loan to) repayments from Gruma                                                    |                                                                             |                                                          | (380,211 | )        |          |          | 514,064  |          |          |         | (732,530 | )      
|                                                     | Other assets                                                                       |                                                                             |                                                          | 23,092   |          |          |          | (15,541  | )        |          |         | (2,780   | )      
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|                                                     |                                                                                    |                                                                             | Net resources (used in) provided by investing activities |          |          | (379,406 | )        |          |          | 484,086  |         |          |         | (774,558 | )
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|Net (decrease) increase in cash and cash equivalents |                                                                                    |                                                                             | (71,187                                                  | )        |          |          | 105,855  |          |          |          | (76,577 | )       
|Cash and cash equivalents at beginning of year       |                                                                                    |                                                                             | 127,871                                                  |          |          |          | 22,016   |          |          |          | 98,593  |         
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        
|Cash and cash equivalents at end of year             |                                                                                    | Ps                                                                          | 56,684                                                   |          |          | Ps       | 127,871  |          |          | Ps       | 22,016  |         
|                                                     |                                                                                    |                                                                             |                                                          |          |          |          |          |          |          |          |         |          |        

The accompanying notes are an integral part of these consolidated financial statements.

F-6



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##### Table of Contents





|1. |  | ENTITY AND NATURE OF BUSINESS                                                                                                                                                                                                                                                                                                                                                                                                               
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | Grupo Industrial Maseca, S.A. de C.V. (Gimsa), a Mexican corporation,
is a holding company whose subsidiaries are primarily engaged in
manufacturing and distributing corn flour in Mexico. Gimsas corn flour
is used mainly in the preparation of tortillas and other related
products. Gimsa and its subsidiaries are herein collectively referred to
as the Company. The Company is majority owned by Gruma, S.A. de C.V.
(Gruma).
|  
|2. |  | SIGNIFICANT ACCOUNTING POLICIES                                                                                                                                                                                                                                                                                                                                                                                                             
|  
|   |  | The consolidated financial statements have been prepared in accordance
with generally accepted accounting principles in Mexico (Mexican GAAP) as
promulgated by the Mexican Institute of Public Accountants (MIPA). A
reconciliation from Mexican GAAP to United States generally accepted
accounting principles (US GAAP) is included in Note 15.                                                                                          



| | A) |  | BASIS OF CONSOLIDATION                                                                                                                                                                                                                                
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | The consolidated financial statements include the accounts of Gimsa
and all of its majority-owned and controlled subsidiaries. All
significant intercompany balances and transactions have been
eliminated from the consolidated financial statements.
|
| |    |  | The principal subsidiaries of the Company are:                                                                                                                                                                                                        

|                                                                                            |  |                                   |        |      |  |  |        | 
|------------------------------------------------------------------------------------------- |  | --------------------------------- | ------ | ---- |  |  | ------ | 
|                                                                                            |  | % of ownership as of December 31,
|                                                                                            |  | 2002                              |        | 2001
|                                                                                            |  |                                   |        |     
|Corn
flour manufacturing facilities:                                                        |  |                                   |        |      |  |  |        | 
|Molinos Azteca de Chihuahua, S.A. de C.V.(1)                                                |  |                                   |       |      |  |  | 100.00 | 
|Molinos Azteca, S.A. de C.V. (formerly Molinos
Azteca de Culiacán, S.A. de C.V.)(1) (2) (3) |  |                                   | 100.00 |      |  |  | 100.00 | 
|Industrias de Río Bravo, S.A. de C.V.                                                       |  |                                   | 98.34  |      |  |  | 98.34  | 
|Harinera de Tamaulipas, S.A. de C.V.(1)                                                     |  |                                   |       |      |  |  | 100.00 | 
|Harinera de Veracruz, S.A. de C.V.                                                          |  |                                   | 100.00 |      |  |  | 100.00 | 
|Molinos Azteca, S.A. de C.V.(1)                                                             |  |                                   |       |      |  |  | 100.00 | 
|Derivados de Maíz Alimenticio, S.A. de C.V.(1)                                              |  |                                   |       |      |  |  | 100.00 | 
|Molinos Azteca de Jalisco, S.A. de C.V.                                                     |  |                                   | 100.00 |      |  |  | 100.00 | 
|Harinera de Maíz, S.A. de C.V.(3)                                                           |  |                                   |       |      |  |  | 100.00 | 
|Molinos Azteca del Bajío, S.A. de C.V.(1)                                                   |  |                                   |       |      |  |  | 100.00 | 
|Molinos Azteca de Chalco, S.A. de C.V.                                                      |  |                                   | 56.33  |      |  |  | 56.33  | 
|Harinera de Maíz de Jalisco, S.A. de C.V.                                                   |  |                                   | 100.00 |      |  |  | 100.00 | 
|Harinera de Yucatán, S.A. de C.V.                                                           |  |                                   | 88.57  |      |  |  | 88.57  | 
|Harinera de Maíz de Mexicali, S.A. de C.V.                                                  |  |                                   | 85.00  |      |  |  | 85.00  | 
|Molinos Azteca de Chiapas, S.A. de C.V.                                                     |  |                                   | 90.00  |      |  |  | 90.00  | 
|Molinos Azteca de Veracruz, S.A. de C.V.                                                    |  |                                   | 100.00 |      |  |  | 100.00 | 

F-7



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##### Table of Contents





|2. |  | SIGNIFICANT ACCOUNTING POLICIES (continued)
|-- |  | -------------------------------------------

|                                                            |  |                |        |      |  |  |        | 
|----------------------------------------------------------- |  | -------------- | ------ | ---- |  |  | ------ | 
|                                                            |  | % of ownership
|                                                            |  | 2002           |        | 2001
|                                                            |  |                |        |     
|Service and
other entities:                                 |  |                |        |      |  |  |        | 
|Compañía Nacional Almacenadora, S.A. de C.V.                |  |                | 100.00 |      |  |  | 100.00 | 
|Servicios Administrativos y Financieros
Gimsa, S.A. de C.V. |  |                | 100.00 |      |  |  | 100.00 | 
|Industria Tortilladora Azteca, S.A. de C.V.                 |  |                | 100.00 |      |  |  | 100.00 | 
|Arrendadora de Maquinaria de Chihuahua,
S.A. de C.V.        |  |                | 100.00 |      |  |  | 100.00 | 

|    |  |                                                                                                                                                                                                                                                                                                                                                    
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) |  | On April 30, 2002 the following related
parties merged with Molinos Azteca, S.A. de C.V. (formerly
Molinos Azteca de Culiacán, S.A. de C.V.): Derivados de Maiz
Alimenticio, S.A. de C.V., Molinos Azteca, S.A. de C.V.,
Molinos Azteca del Bajío, S.A. de C.V., Harinera de
Tamaulipas, S.A. de C.V. and Molinos Azteca de Chihuahua,
S.A. de C.V.
|    |  |                                                                                                                                                                                                                                                                                                                                                    
|(2) |  | On July 22, 2002 Molinos Azteca de Culiacán,
S.A. de C.V. changed its name to Molinos Azteca, S.A. de
C.V.                                                                                                                                                                                                                                         
|    |  |                                                                                                                                                                                                                                                                                                                                                    
|(3) |  | On December 31, 2002 Harinera de Maíz, S.A.
de C.V. merged with Molinos Azteca, S.A. de C.V.                                                                                                                                                                                                                                                       



| | B) |  | USE OF ESTIMATES                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | The preparation of the financial statements in conformity with
generally accepted accounting principles requires management to
make certain estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent
assets and liabilities as of the date of the financial statements,
and the reported amounts of revenues and expenses during the
reporting years. Actual results may differ from these estimates.
|
| | C) |  | RECOGNITION OF THE EFFECTS OF INFLATION                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |    |  | The consolidated financial statements of the Company have been
restated to recognize the effects of inflation and are expressed in
Mexican pesos of December 31, 2002 purchasing power, determined as
follows:                                                                                                                                                                                                                                                 

| |  |   |  |                                                                                                                                                                                                                                                            
| |  | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |  |  | For comparability purposes, the consolidated
financial statements as of and for the year ended December 31,
2001 and 2000 have been restated using inflation factors
derived from the National Consumer Price Index (NCPI),
published by Banco de Mexico.
| |  |   |  |                                                                                                                                                                                                                                                            
| |  |  |  | The consolidated statements of income and changes
in stockholders equity were restated by applying NCPI factors
from the periods in which the transactions occurred and
year-end.                                                                         

F-8



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##### Table of Contents





|2. |  | SIGNIFICANT ACCOUNTING POLICIES (continued)
|-- |  | -------------------------------------------



| |  |  | The consolidated statements of changes in
financial position present, in constant Mexican pesos, the
resources provided by or used in operating, financing and
investing activities.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | The annual NCPI factors used to restate the
consolidated financial statements were:                                                                                                 

|     |  |        |      |  
|---- |  | ------ | ---- | -
|Year |  | Factor
|     |  |       
|2002 |  |        | 5.70 | %
|2001 |  |        | 4.46 | %
|2000 |  |        | 8.90 | %

The methodology for the restatement of the financial statements is as follows:



| |  |  | Restatement of non-monetary assets                                                                                                                                                                                                                                                                                                                                                                                                                                              
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |   |  | Inventories and cost of sales are restated using the
estimated replacement cost method. As set forth in Note 2-G,
property, plant and equipment, net is restated using the NCPI
factors, except for machinery and equipment of foreign origin
which is restated by applying factors derived from the
general price index of the country of origin, to the related
foreign currency amount, prior to translating those amounts
to Mexican pesos at the exchange rate at year-end.
|
| |  |  | Restatement of common stock, additional paid-in
capital and retained earnings                                                                                                                                                                                                                                                                                                                                                                                                   
|
| |   |  | This restatement, which reflects the amount necessary to
maintain the stockholders investment at the original
purchasing power amounts, is determined by applying NCPI
factors from the dates on which capital stock and additional
paid-in capital were contributed and earnings were generated,
and is included within the related stockholders equity
captions.                                                                                                            
|
| |  |  | Deficit from restatement                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|
| |   |  | Deficit from restatement primarily represents the difference
between the replacement cost values of non-monetary assets or
specific indexing of machinery and equipment of foreign
origin, as described above, and the historical cost of those
assets restated for inflation, as measured by NCPI factors.                                                                                                                                                                     
|
| |  |  | Monetary position loss                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |   |  | Monetary position loss represents the inflationary effect,
measured by NCPI factors, on the net balance of monetary
assets and liabilities at the beginning of each month.                                                                                                                                                                                                                                                                                                      

F-9



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##### Table of Contents





|2. |  | SIGNIFICANT ACCOUNTING POLICIES (continued)
|-- |  | -------------------------------------------



| | D) |  | FOREIGN CURRENCY TRANSACTIONS                                                                                                                                                                                                                                                                                                                                              
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Foreign currency transactions are recorded at the exchange rate
prevailing on the dates the transactions are entered into and
settled. Assets and liabilities denominated in foreign currencies
are translated into Mexican pesos at the exchange rate in effect at
the balance sheet dates. Currency exchange fluctuations are
credited or charged to income for the year.
|
| | E) |  | CASH EQUIVALENTS                                                                                                                                                                                                                                                                                                                                                           
|
| |    |  | All highly liquid investments with maturities of three months or
less at the date of purchase are considered to be cash equivalents
and are stated at cost, which approximates market value.                                                                                                                                                                               
|
| | F) |  | INVENTORIES AND COST OF SALES                                                                                                                                                                                                                                                                                                                                              
|
| |    |  | Inventories are stated at the lower of replacement cost or market.
Replacement cost is determined by the last purchase price or
production cost. Cost of sales is determined from replacement costs
calculated for the month in which inventories are sold.                                                                                                                
|
| | G) |  | PROPERTY, PLANT AND EQUIPMENT, NET                                                                                                                                                                                                                                                                                                                                         
|
| |    |  | Property, plant and equipment are restated utilizing the NCPI
factors, except for machinery and equipment of foreign origin which
are restated by applying factors derived from the general price
index of the country of origin to the related foreign currency
amount, prior to translating those amounts to Mexican pesos at the
exchange rate at year-end.             
|
| |    |  | Depreciation expense is computed based on the restated values less
salvage value, using the straight-line method over the estimated
useful lives of the assets. Average useful lives of the assets are
as follows:                                                                                                                                                         

|                        |  |       |    | 
|----------------------- |  | ----- | -- | 
|                        |  | Years
|                        |  |      
|Buildings               |  |       | 23 | 
|Machinery and equipment |  |       | 11 | 



| |  |  | Maintenance and repairs are expensed as incurred. Costs of major
replacements and improvements are capitalized. Comprehensive
financing costs, including interest expense, foreign currency
exchange fluctuation, and monetary position of the related debt for
major construction projects, are capitalized as part of the assets
during the construction period. When assets are retired or
otherwise disposed of, the replacement cost and accumulated
depreciation are removed from the appropriate accounts and any gain
or loss is included in Other income (expense), net.
| |  |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-10



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##### Table of Contents





|2. |  | SIGNIFICANT ACCOUNTING POLICIES (continued)
|-- |  | -------------------------------------------



| |    |  | The costs associated with the acquisition, development and
implementation of internal use software are capitalized and
amortized over the estimated useful life beginning when such
software is ready for its intended use.                                                                                                                                                                                                             
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | H) |  | PREOPERATING EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                   
|
| |    |  | Expenses incurred during stages dedicated to the beginning of
industrial and commercial operations are capitalized as
preoperating expenses and included in Other assets, net;
capitalization concludes when the Company begins its commercial
activities. Preoperating expenses are restated using the NCPI
factor and amortized using the straight-line method over a period
of 12 years.                                           
|
| | I) |  | EXCESS OF COST OVER BOOK VALUE OF SUBSIDIARIES ACQUIRED                                                                                                                                                                                                                                                                                                                                                                                 
|
| |    |  | The excess of cost over book value of subsidiaries acquired is
restated using NCPI factors. Amortization expense is computed based
on the restated values using the straight-line method, over a
period not to exceed 20 years.                                                                                                                                                                                                         
|
| | J) |  | SENIORITY PREMIUM PLANS AND INDEMNITIES                                                                                                                                                                                                                                                                                                                                                                                                 
|
| |    |  | Seniority premiums to which the personnel of Mexican companies are
entitled after 15 years of service are charged to income as
determined by annual actuarial valuations. Indemnities to which
Mexican workers may be entitled in the case of dismissal or death,
under certain circumstances established by Mexican Labor Law, are
charged to income when they become payable.                                                         
|
| | K) |  | REVENUE RECOGNITION                                                                                                                                                                                                                                                                                                                                                                                                                     
|
| |    |  | Revenue on product sales is recognized upon shipment to and
acceptance by the Companys customers. Provisions for discounts,
rebates to customers, returns and other adjustments are recorded in
the same period the related sales are recorded and are based upon
either historical estimates or actual terms.                                                                                                                         
|
| | L) |  | INCOME TAXES AND EMPLOYEES STATUTORY PROFIT SHARING                                                                                                                                                                                                                                                                                                                                                                                    
|
| |    |  | The Company uses the full liability method to recognize deferred
income taxes; this method calculates the deferred income tax by
applying the corresponding tax rate to all temporary differences
between financial reporting and tax values of assets and
liabilities as of the date of the financial statements.
Additionally, employees statutory profit sharing is also
determined using the full liability method described above.

F-11



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##### Table of Contents





|2. |  | SIGNIFICANT ACCOUNTING POLICIES (continued)
|-- |  | -------------------------------------------



| | M) |  | EARNINGS PER SHARE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Earnings per share are computed by dividing majority net income for
the year by the weighted average number of common shares
outstanding during the year.                                                                                                                                                                                                                                                                                                                                                                                      
|
| | N) |  | COMPREHENSIVE INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |    |  | The different components that constitute earned capital of the year
are presented in the statement of changes in stockholders equity
as comprehensive income.                                                                                                                                                                                                                                                                                                                                                                                 
|
| | O) |  | FINANCIAL INSTRUMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |    |  | The Company has entered into commodity futures contracts and swap
operations to hedge a portion of its key production requirements
like gas and corn, in order to reduce the risk of price
fluctuations. These contracts do not exceed the maximum production
requirements for a one-year period. Unrealized gains or losses on
open futures contracts are not recognized in the financial
statements until the futures contracts are settled. Realized gains
or losses are recognized as part of production cost as the
inventory is consumed.



|3. |  | NOTES AND ACCOUNTS RECEIVABLE, NET AND REFUNDABLE TAXES                             
|-- |  | ------------------------------------------------------------------------------------
|  
|   |  | Notes and accounts receivable, net are comprised of the following as of
December 31:

|                                                                 |  |      |         |      |  |    |         |  
|---------------------------------------------------------------- |  | ---- | ------- | ---- |  | -- | ------- | -
|                                                                 |  | 2002 |         | 2001
|                                                                 |  |      |         |     
|Trade accounts receivable                                        |  | Ps   | 685,642 |      |  | Ps | 692,013 |  
|Trade notes receivable from sales of tortilla
producing machines |  |      | 78,245  |      |  |    | 72,430  |  
|Allowance for doubtful accounts                                  |  |      | (36,741 | )    |  |    | (35,134 | )
|                                                                 |  |      |         |      |  |    |         |  
|                                                                 |  |      | 727,146 |      |  |    | 729,309 |  
|Employees                                                        |  |      | 10,702  |      |  |    | 7,712   |  
|Other debtors                                                    |  |      | 72,102  |      |  |    | 25,046  |  
|                                                                 |  |      |         |      |  |    |         |  
|                                                                 |  | Ps   | 809,950 |      |  | Ps | 762,067 |  
|                                                                 |  |      |         |      |  |    |         |  

F-12



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##### Table of Contents





|3. |  | NOTES AND ACCOUNTS RECEIVABLE, NET AND REFUNDABLE TAXES (continued)
|-- |  | -------------------------------------------------------------------
|  
|   |  | Refundable taxes are comprised of the following as of December 31: 

|                            |  |      |         |      |  |    |         | 
|--------------------------- |  | ---- | ------- | ---- |  | -- | ------- | 
|                            |  | 2002 |         | 2001
|                            |  |      |         |     
|Value-added tax             |  | Ps   | 58,150  |      |  | Ps | 57,212  | 
|Income tax                  |  |      | 107,318 |      |  |    |        | 
|Production and services tax |  |      | 84,182  |      |  |    | 128,745 | 
|                            |  |      |         |      |  |    |         | 
|                            |  | Ps   | 249,650 |      |  | Ps | 185,957 | 
|                            |  |      |         |      |  |    |         | 



|4. |  | BALANCES AND TRANSACTIONS WITH AFFILIATED COMPANIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | In the normal course of business, the Company has transactions with Gruma
and its subsidiary companies (affiliated companies). As of December 31,
2002 and 2001, the Company has current receivables from affiliated
companies of Ps 606,762 and Ps 224,515 respectively, and current payables
to affiliated companies of Ps 28,436 and Ps 34,300, respectively. The
receivables as of December 31, 2002 and 2001 include mainly a short-term
note with Gruma of Ps 600,862 and Ps 220,651, respectively, which bears
interests at market rates. Accounts payable refer mainly to services and
acquisitions of tortilla producing machines. In addition, at December 31,
2002 and 2001, Other assets, net includes deposits to affiliated
companies to guarantee future payments for administrative services
amounting to Ps 24,468 and Ps 25,863, respectively.
|  
|   |  | The following is a summary of transactions with affiliated companies for
the years ended December 31, 2002, 2001 and 2000:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

|          |                  |    |        |        |      |    |        |        |  |    |        |        | 
|--------- | ---------------- | -- | ------ | ------ | ---- | -- | ------ | ------ |  | -- | ------ | ------ | 
|          |                  |    | 2002   |        | 2001 |    | 2000  
|          |                  |    |        |        |      |    |       
|Revenues: |                  |    |        |        |      |    |        |        |  |    |        |       
|          | Corn flour sales |    | Ps     | 29,112 |      |    | Ps     | 35,428 |  |    | Ps     | 36,873 | 
|          | Interest income  |    |        | 38,132 |      |    |        | 55,233 |  |    |        | 44,172 | 
|          | Other            |    |        | 100    |      |    |        | 1,267  |  |    |        | 2,105  | 
|          |                  |    |        |        |      |    |        |        |  |    |        |       
|          |                  | Ps | 67,344 |        |      | Ps | 91,928 |        |  | Ps | 83,150 |       
|          |                  |    |        |        |      |    |        |        |  |    |        |       

F-13



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##### Table of Contents





|4. |  | BALANCES AND TRANSACTIONS WITH AFFILIATED COMPANIES (continued)
|-- |  | ---------------------------------------------------------------

|                           |                                          |    |         |         |      |    |         |         |  |    |         |         | 
|-------------------------- | ---------------------------------------- | -- | ------- | ------- | ---- | -- | ------- | ------- |  | -- | ------- | ------- | 
|                           |                                          |    | 2002    |         | 2001 |    | 2000   
|                           |                                          |    |         |         |      |    |        
|Costs, expenses and other: |                                          |    |         |         |      |    |         |         |  |    |         |        
|                           | Purchases of plant and equipment         |    | Ps      | 20      |      |    | Ps      | 1,009   |  |    | Ps      | 2,229   | 
|                           | Purchases of tortilla producing
machines |    |         | 100,214 |      |    |         | 99,073  |  |    |         | 95,718  | 
|                           | Software (reimbursement)                 |    |         |        |      |    |         |        |  |    |         | 28,283  | 
|                           | Administrative services                  |    |         | 122,273 |      |    |         | 115,819 |  |    |         | 124,505 | 
|                           | Technical services                       |    |         | 22,237  |      |    |         | 23,163  |  |    |         | 24,901  | 
|                           | Transportation services and other        |    |         | 11,471  |      |    |         | 9,486   |  |    |         | 10,657  | 
|                           |                                          |    |         |         |      |    |         |         |  |    |         |        
|                           |                                          | Ps | 256,215 |         |      | Ps | 248,550 |         |  | Ps | 286,293 |        
|                           |                                          |    |         |         |      |    |         |         |  |    |         |        



|   |  | Pursuant to an agreement between the Company and an affiliated company,
the Company pays a fee equal to 0.5% of its consolidated net sales in
exchange for technical services provided by the affiliated company. In
addition, the Company has a non-exclusive licensing contract with Gruma,
which allows the Company to use for no consideration the MASECA brand
name, a registered trademark in Mexico.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|5. |  | INVENTORIES                                                                                                                                                                                                                                                                                                                                                                                                  
|  
|   |  | Inventories consist of the following as of December 31:                                                                                                                                                                                                                                                                                                                                                      

|                                                             |  |      |           |      |  |    |         | 
|------------------------------------------------------------ |  | ---- | --------- | ---- |  | -- | ------- | 
|                                                             |  | 2002 |           | 2001
|                                                             |  |      |           |     
|Corn                                                         |  | Ps   | 858,795   |      |  | Ps | 752,990 | 
|Finished products                                            |  |      | 27,857    |      |  |    | 28,419  | 
|Tortilla producing machines and related spare parts          |  |      | 47,165    |      |  |    | 48,801  | 
|Spare parts for corn flour machinery and equipment and other |  |      | 70,799    |      |  |    | 64,487  | 
|                                                             |  |      |           |      |  |    |         | 
|                                                             |  | Ps   | 1,004,616 |      |  | Ps | 894,697 | 
|                                                             |  |      |           |      |  |    |         | 



|6. |  | PROPERTY, PLANT AND EQUIPMENT, NET                                             
|-- |  | -------------------------------------------------------------------------------
|  
|   |  | Property, plant and equipment, net consists of the following as of
December 31:

|                         |  |      |            |      |  |    |            |  
|------------------------ |  | ---- | ---------- | ---- |  | -- | ---------- | -
|                         |  | 2002 |            | 2001
|                         |  |      |            |     
|Land                     |  | Ps   | 195,915    |      |  | Ps | 198,770    |  
|Buildings                |  |      | 1,351,920  |      |  |    | 1,360,662  |  
|Machinery and equipment  |  |      | 5,680,461  |      |  |    | 5,672,974  |  
|Projects in progress     |  |      | 38,905     |      |  |    | 20,367     |  
|                         |  |      |            |      |  |    |            |  
|                         |  |      | 7,267,201  |      |  |    | 7,252,773  |  
|Accumulated depreciation |  |      | (3,329,735 | )    |  |    | (3,107,923 | )
|                         |  |      |            |      |  |    |            |  
|                         |  | Ps   | 3,937,466  |      |  | Ps | 4,144,850  |  
|                         |  |      |            |      |  |    |            |  

F-14



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##### Table of Contents





|6. |  | PROPERTY, PLANT AND EQUIPMENT, NET (continued)                                                                                                                                                                                                                                                                                                                                             
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | As of December 31, 2002 and 2001, machinery and equipment includes
acquisition and implementation costs of software for internal use of Ps
143,362 and Ps 134,798, respectively. As of December 31, 2002, property,
plant and equipment includes assets temporarily idled with a carrying
value of approximately Ps 459,294. The Company intends to utilize these
assets in the short term.
|  
|   |  | For the year ended December 31, 2001 the Company recognized an impairment
loss of Ps 14,798 within Other expense, net.                                                                                                                                                                                                                                                                   
|  
|   |  | Depreciation expense for the years ended December 31, 2002, 2001, and
2000 amounted to Ps 252,978, Ps 255,432 and Ps 270,524, respectively.                                                                                                                                                                                                                                                
|  
|7. |  | OTHER ASSETS, NET                                                                                                                                                                                                                                                                                                                                                                          
|  
|   |  | Other assets, net consist of the following as of December 31:                                                                                                                                                                                                                                                                                                                              

|                                                                |  |      |         |      |  |    |         |  
|--------------------------------------------------------------- |  | ---- | ------- | ---- |  | -- | ------- | -
|                                                                |  | 2002 |         | 2001
|                                                                |  |      |         |     
|Pre-operating expenses                                          |  | Ps   | 43,273  |      |  | Ps | 44,547  |  
|Accumulated amortization                                        |  |      | (29,770 | )    |  |    | (27,369 | )
|                                                                |  |      |         |      |  |    |         |  
|                                                                |  |      | 13,503  |      |  |    | 17,178  |  
|Trust funds for research and development of technology          |  |      | 213,714 |      |  |    | 221,439 |  
|Excess of cost over book value of subsidiaries acquired, net    |  |      | 78,187  |      |  |    | 69,270  |  
|Investment in common stock of associated company                |  |      |        |      |  |    | 24,439  |  
|Guaranty deposits                                               |  |      | 25,221  |      |  |    | 26,659  |  
|Long-term receivables from sales of tortilla producing
machines |  |      | 13,690  |      |  |    | 11,118  |  
|Other                                                           |  |      | 11,405  |      |  |    | 22,285  |  
|                                                                |  |      |         |      |  |    |         |  
|                                                                |  | Ps   | 355,720 |      |  | Ps | 392,388 |  
|                                                                |  |      |         |      |  |    |         |  



|   |  | Research and development expense for the years ended December 31, 2002,
2001, and 2000 amounted to Ps 8,521, Ps 12,417 and Ps 23,434,
respectively and are charged to expense as incurred.                                                                                              
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | As of December 31, 2002 and 2001, the excess of cost over book value of
subsidiaries acquired, net includes accumulated amortization of Ps 15,616
and Ps 9,868, respectively.                                                                                                           
|  
|8. |  | SENIORITY PREMIUM                                                                                                                                                                                                                                                                       
|  
|   |  | Seniority premium cost to which employees are entitled after 15 years of
service is charged to income as determined by independent actuaries,
primarily based on the employees years of service, ages, and salaries.
The Company has established trust funds to meet these obligations.

F-15



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##### Table of Contents





|8. |  | SENIORITY PREMIUM (continued)                                                                                                         
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | For the years ended December 31, 2002, 2001 and 2000, the components of
net seniority premium cost (benefit) consist of the following:

|                             |  |      |        |      |  |      |        |   |  |    |        |  
|---------------------------- |  | ---- | ------ | ---- |  | ---- | ------ | - |  | -- | ------ | -
|                             |  | 2002 |        | 2001 |  | 2000
|                             |  |      |        |      |  |     
|Service cost                 |  | Ps   | 1,494  |      |  | Ps   | 1,389  |   |  | Ps | 1,320  |  
|Interest cost                |  |      | 560    |      |  |      | 496    |   |  |    | 434    |  
|Actual return on plan assets |  |      | (1,509 | )    |  |      | (1,751 | ) |  |    | (1,747 | )
|Net amortization             |  |      | 992    |      |  |      | 990    |   |  |    | 489    |  
|                             |  |      |        |      |  |      |        |   |  |    |        |  
|Net cost                     |  | Ps   | 1,537  |      |  | Ps   | 1,124  |   |  | Ps | 496    |  
|                             |  |      |        |      |  |      |        |   |  |    |        |  



| |  | As of December 31, the status of the plan is as follows:
| |  | --------------------------------------------------------

|                                                                           |                               |    |         |        |   |      |         |        |   | 
|-------------------------------------------------------------------------- | ----------------------------- | -- | ------- | ------ | - | ---- | ------- | ------ | - | 
|                                                                           |                               |    |         | 2002   |   | 2001
|                                                                           |                               |    |         |        |   |     
|Actuarial present value of benefit obligations:                            |                               |    |         |        |   |      |         |       
|                                                                           | Vested benefit obligation     |    | Ps      | (6,832 | ) |      | Ps      | (6,094 | )
|                                                                           | Non-vested benefit obligation |    |         | (4,887 | ) |      |         | (4,511 | )
|                                                                           |                               |    |         |        |   |      |         |       
|Accumulated benefit obligation                                             |                               |    | (11,719 | )      |   |      | (10,605 | )     
|Excess of projected benefit obligation over
accumulated benefit obligation |                               |    | (4,741  | )      |   |      | (4,716  | )     
|                                                                           |                               |    |         |        |   |      |         |       
|Projected benefit obligation                                               |                               |    | (16,460 | )      |   |      | (15,321 | )     
|Plan assets at fair value                                                  |                               |    | 16,839  |        |   |      | 17,299  |       
|                                                                           |                               |    |         |        |   |      |         |       
|Plan assets in excess of projected benefit obligations                     |                               |    | 379     |        |   |      | 1,978   |       
|Unrecognized amounts to be amortized over 14 years:                        |                               |    |         |        |   |      |         |       
|                                                                           | Cumulative net gain (loss)    |    |         | 618    |   |      |         | (69    | )
|                                                                           | Net transition liability      |    |         | (1,246 | ) |      |         | (1,206 | )
|                                                                           | Prior service cost            |    |         | (307   | ) |      |         | (365   | )
|                                                                           |                               |    |         |        |   |      |         |       
|Seniority premium (liability) asset                                        |                               | Ps | (556    | )      |   | Ps   | 338     |       
|                                                                           |                               |    |         |        |   |      |         |       



| |  | For the years ended December 31, 2002 and 2001, the changes in benefit
obligation liability and plan assets (trust funds) are as follows:
| |  | -----------------------------------------------------------------------------------------------------------------------------------------

|                                                      |                |    |        |        |      |    |        |       |  
|----------------------------------------------------- | -------------- | -- | ------ | ------ | ---- | -- | ------ | ----- | -
|                                                      |                |    | 2002   |        | 2001
|                                                      |                |    |        |        |     
|Projected benefit obligation at beginning of the year |                | Ps | 15,321 |        |      | Ps | 12,319 |      
|                                                      | Service cost   |    |        | 1,494  |      |    |        | 1,389 |  
|                                                      | Interest cost  |    |        | 560    |      |    |        | 496   |  
|                                                      | Benefits paid  |    |        | (1,969 | )    |    |        | (31   | )
|                                                      | Actuarial loss |    |        | 1,054  |      |    |        | 1,148 |  
|                                                      |                |    |        |        |      |    |        |      
|Projected benefit obligation at end of the year       |                | Ps | 16,460 |        |      | Ps | 15,321 |      
|                                                      |                |    |        |        |      |    |        |      

|                                                   |                              |    |        |        |      |    |        |       |  
|-------------------------------------------------- | ---------------------------- | -- | ------ | ------ | ---- | -- | ------ | ----- | -
|                                                   |                              |    | 2002   |        | 2001
|                                                   |                              |    |        |        |     
|Fair value of plan assets at beginning of the year |                              | Ps | 17,299 |        |      | Ps | 15,579 |      
|                                                   | Actual return on plan assets |    |        | 1,509  |      |    |        | 1,751 |  
|                                                   | Benefits paid                |    |        | (1,969 | )    |    |        | (31   | )
|                                                   |                              |    |        |        |      |    |        |      
|Fair value of plan assets at end of the year       |                              | Ps | 16,839 |        |      | Ps | 17,299 |      
|                                                   |                              |    |        |        |      |    |        |      

F-16



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##### Table of Contents





|8. |  | SENIORITY PREMIUM (continued)                                                                                                          
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | Significant assumptions (weighted average rates, net of expected
inflation) used in determining seniority premium cost were as follows:

|                                                 |  |      |     |      |  |      |     |   |  |  |     |  
|------------------------------------------------ |  | ---- | --- | ---- |  | ---- | --- | - |  |  | --- | -
|                                                 |  | 2002 |     | 2001 |  | 2000
|                                                 |  |      |     |      |  |     
|Discount rate                                    |  |      | 3.5 | %    |  |      | 4.0 | % |  |  | 4.0 | %
|Rate of increase in future compensation levels   |  |      | 1.5 | %    |  |      | 2.0 | % |  |  | 2.0 | %
|Expected long-term rate of return on plan assets |  |      | 4.0 | %    |  |      | 5.0 | % |  |  | 5.0 | %



|9. |  | COMMITMENTS AND CONTINGENCIES                                                                                                                                                                                                       
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|   |  | As of December 31, 2002, the Company is leasing certain of its computer
equipment under operating long-term lease agreements. Future minimum
lease payments under such leases amount to U.S.$720,000 dollars (Ps
7,518), as follows:

|     |  |                 |          |                  |  |    |       | 
|---- |  | --------------- | -------- | ---------------- |  | -- | ----- | 
|     |  | Thousands       |          | Thousands       
|Year |  | of U.S. Dollars |          | of Mexican Pesos
|     |  |                 |          |                 
|2003 |  |                 | U.S.$373 |                  |  | Ps | 3,894 | 
|2004 |  |                 | 296      |                  |  |    | 3,092 | 
|2005 |  |                 | 51       |                  |  |    | 532   | 
|     |  |                 |          |                  |  |    |       | 
|     |  |                 | U.S.$720 |                  |  | Ps | 7,518 | 
|     |  |                 |          |                  |  |    |       | 



|    |  | Rental expense for the years ended December 31, 2002, 2001 and 2000
amounted to Ps 37,403, Ps 31,763 and Ps 54,866, respectively, and
correspond mainly to building and computer equipment leases.                                                                                                                                                                                                              
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | During 2001 the Company entered into commodities futures contracts for a
portion of its key production requirements like gas and corn in order to
reduce the risk created by the price fluctuations. These contracts are
short term and do not exceed the maximum production requirements for a
one-year period. The effects of these contracts were not significant and
were recognized in income when settled.
|   
|10. |  | STOCKHOLDERS EQUITY                                                                                                                                                                                                                                                                                                                                                                                            



| | A) |  | COMMON STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | As of December 31, 2002 the Company has 918,405,000 no-par-value
shares of common stock authorized, issued and outstanding, comprised of 504,150,300 Class A shares and 414,254,700 Class B shares.
Both classes have equal priority in liquidation and payment of dividends. Class A shares, representing 51% of the common stock, must be held by Mexican
nationals; Class B shares are not
subject to this restriction and may be owned by non-Mexican
nationals.

F-17



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##### Table of Contents





|10. |  | STOCKHOLDERS EQUITY (continued)
|--- |  | --------------------------------



| | B) |  | NET INCOME FOR THE YEAR AND EARNINGS DISTRIBUTION                                                                                                                                                                                                                                                                                                                                                           
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Net income for the year is subject to the legal requirement to
appropriate 5% to increase the Companys legal reserve until the
reserve equals 20% of the Companys contributed common stock.                                                                                                                                                                                                               
|
| |    |  | A 53.85% tax is payable by the Company if dividends are paid
from earnings that have not been subject to Mexican income tax. The
applicable tax may be credited against income tax the Company is
subject to in the following three fiscal years. Effective January
1, 2002, dividends paid by the Company are not subject to any tax
if the amount of dividends does not exceed the net tax profit
account.
|
| | C) |  | PURCHASE OF COMMON STOCK                                                                                                                                                                                                                                                                                                                                                                                    
|
| |    |  | The stockholders authorized the Company to establish a Ps 600,000
reserve for the repurchase of the Companys common stock, limited
to 3% of such stock. Repurchases of Class A shares occur from
time to time in the open market at price-levels the Company deems
attractive. At December 31, 2002 the Company does not hold shares
of its own common stock.                                            
|
| | D) |  | INFLATION EFFECTS                                                                                                                                                                                                                                                                                                                                                                                           
|
| |    |  | As of December 31, 2002, the majority stockholders equity is
comprised of the following:                                                                                                                                                                                                                                                                                                                   

|                                                                                                                           |  |         |           |             |  |       |            |   |  |    |            |  
|-------------------------------------------------------------------------------------------------------------------------- |  | ------- | --------- | ----------- |  | ----- | ---------- | - |  | -- | ---------- | -
|                                                                                                                           |  | Nominal |           | Restatement |  | Total
|                                                                                                                           |  |         |           |             |  |      
|Common stock                                                                                                               |  | Ps      | 183,681   |             |  | Ps    | 1,528,157  |   |  | Ps | 1,711,838  |  
|Additional paid-in capital                                                                                                 |  |         | 333,734   |             |  |       | 1,161,712  |   |  |    | 1,495,446  |  
|Deficit from restatement                                                                                                   |  |         |          |             |  |       | (2,680,642 | ) |  |    | (2,680,642 | )
|Cumulative effect of a change
in an accounting principle for
deferred income taxes and
employees statutory profit
sharing |  |         | (582,561  | )           |  |       | (108,643   | ) |  |    | (691,204   | )
|Prior years retained earnings                                                                                             |  |         | 2,114,338 |             |  |       | 2,905,231  |   |  |    | 5,019,569  |  
|Net income for the current year                                                                                            |  |         | 351,838   |             |  |       | 11,227     |   |  |    | 363,065    |  
|                                                                                                                           |  |         |           |             |  |       |            |   |  |    |            |  
|                                                                                                                           |  | Ps      | 2,401,030 |             |  | Ps    | 2,817,042  |   |  | Ps | 5,218,072  |  
|                                                                                                                           |  |         |           |             |  |       |            |   |  |    |            |  



| | E) |  | TAX VALUES OF COMMON STOCK AND RETAINED EARNINGS                                                                                                                     
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | As of December 31, 2002 and 2001, tax amounts of common stock and
retained earnings were Ps 3,928,763 and Ps 3,926,823 and Ps 451,803
and Ps 1,144,261, respectively.

F-18



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##### Table of Contents





|11. |  | INCOME TAXES, ASSET TAX AND EMPLOYEES STATUTORY PROFIT SHARING
|--- |  | ---------------------------------------------------------------



| | A) |  | INCOME TAX AND ASSET TAX                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | The Company determines its income tax provision on an individual
basis for Gimsa and each of its subsidiaries (unconsolidated
basis). In accordance with tax provisions in effect, Mexican
corporations must pay the higher of income tax or asset tax (1.8%).
Asset tax is determined on the average value of substantially all
of a companys assets less certain liabilities. Payments of asset
tax are recoverable against the excess of income tax over asset tax
of the three prior years and the ten subsequent years.
|
| |    |  | For the years ended December 31, 2002, 2001 and 2000, current taxes
are comprised as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                

|                                                                                       |  |      |          |      |  |      |          |   |  |    |          |  
|-------------------------------------------------------------------------------------- |  | ---- | -------- | ---- |  | ---- | -------- | - |  | -- | -------- | -
|                                                                                       |  | 2002 |          | 2001 |  | 2000
|                                                                                       |  |      |          |      |  |     
|Income tax                                                                             |  | Ps   | (97,009  | )    |  | Ps   | (173,726 | ) |  | Ps | (238,893 | )
|Asset tax                                                                              |  |      | (34,461  | )    |  |      | (16,924  | ) |  |    | (7,457   | )
|                                                                                       |  |      |          |      |  |      |          |   |  |    |          |  
|                                                                                       |  |      | (139,582 | )    |  |      | (190,650 | ) |  |    | (246,350 | )
|Income tax benefit for the
recovery of income tax
excess over asset tax of
prior years |  |      | 34,461   |      |  |      | 16,924   |   |  |    | 7,457    |  
|                                                                                       |  |      |          |      |  |      |          |   |  |    |          |  
|                                                                                       |  | Ps   | (97,009  | )    |  | Ps   | (173,726 | ) |  | Ps | (238,893 | )
|                                                                                       |  |      |          |      |  |      |          |   |  |    |          |  



| | B) |  | RECONCILIATION OF FINANCIAL AND TAXABLE INCOME                                                                   
| | -- |  | -----------------------------------------------------------------------------------------------------------------
|
| |    |  | For the years 2002, 2001 and 2000, the reconciliation between the
statutory and effective tax rate is as follows:

|                                                                            |  |      |     |      |  |      |    |    |  |  |    |   
|--------------------------------------------------------------------------- |  | ---- | --- | ---- |  | ---- | -- | -- |  |  | -- | --
|                                                                            |  | 2002 |     | 2001 |  | 2000
|                                                                            |  |      |     |      |  |     
|Statutory income tax rate                                                   |  |      | 35  | %    |  |      | 35 | %  |  |  | 35 | % 
|Differences between tax and financial accounting for:                       |  |      |     |      |  |      |    |    |  |  |    |   
|Financing cost, net and other income statement
effects related to inflation |  |      | (5  | %)   |  |      | (1 | %) |  |  | (3 | %)
|Restatement effects of deferred tax liability items                         |  |      | 5   | %    |  |      | (5 | %) |  |  | (5 | %)
|Effect due to change in statutory tax rate                                  |  |      | (20 | %)   |  |      |   |    |  |  |   |   
|Other permanent differences                                                 |  |      |    |      |  |      |   |    |  |  | 3  | % 
|                                                                            |  |      |     |      |  |      |    |    |  |  |    |   
|Effective income tax rate                                                   |  |      | 15  | %    |  |      | 29 | %  |  |  | 30 | % 
|                                                                            |  |      |     |      |  |      |    |    |  |  |    |   



| |  |  | Under the Mexican Income Tax Law applicable in 2002, statutory tax
rates will gradually decrease from 35% to 32%, beginning in 2003
(34%) to reach 32% in 2005.
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

F-19



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##### Table of Contents





|11. |  | INCOME TAXES, ASSET TAX AND EMPLOYEES STATUTORY PROFIT SHARING
(continued)
|--- |  | ---------------------------------------------------------------------------



| |  |  | According to Bulletin D-4, Accounting Treatment of Income Tax,
Asset Tax and Employees Statutory Profit Sharing, deferred income
taxes should be determined using the statutory tax rate effective
when the deferred tax assets and liabilities will be recovered or
settled.
| |  |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |  |  | The tax effects of temporary differences that give rise to
significant portions of the deferred tax assets and liabilities as
December 31, 2002 and 2001, are as follows:                                                                                                       

|                                   |  |            |           |                |  |             |        |                |  |    |           |             |  |    |        | 
|---------------------------------- |  | ---------- | --------- | -------------- |  | ----------- | ------ | -------------- |  | -- | --------- | ----------- |  | -- | ------ | 
|                                   |  | 2002       |           | 2001          
|                                   |  |            |           |               
|                                   |  |            |           |                |  | Employees  ́ |        |                |  |    |           | Employees  ́
|                                   |  |            |           |                |  | statutory   |        |                |  |    |           | statutory  
|                                   |  | Income tax |           | profit sharing |  | Income tax  |        | profit sharing
|                                   |  |            |           |                |  |             |        |               
|Accrued
liabilities                |  | Ps         | 34,674    |                |  | Ps          | 8,066  |                |  | Ps | 40,325    |             |  | Ps | 9,388  | 
|Tax loss carryforwards             |  |            | 25,355    |                |  |             | 425    |                |  |    | 24,864    |             |  |    |       | 
|                                   |  |            |           |                |  |             |        |                |  |    |           |             |  |    |        | 
|Deferred tax assets                |  |            | 60,029    |                |  |             | 8,491  |                |  |    | 65,189    |             |  |    | 9,388  | 
|                                   |  |            |           |                |  |             |        |                |  |    |           |             |  |    |        | 
|Inventories                        |  |            | 315,509   |                |  |             | 19,832 |                |  |    | 292,584   |             |  |    | 10,403 | 
|Property, plant and
equipment,
net |  |            | 733,166   |                |  |             | 22,096 |                |  |    | 787,793   |             |  |    | 814    | 
|Other
assets                       |  |            | 4,430     |                |  |             | 1,384  |                |  |    | 6,149     |             |  |    | 23,505 | 
|                                   |  |            |           |                |  |             |        |                |  |    |           |             |  |    |        | 
|Deferred tax
liabilities           |  |            | 1,053,105 |                |  |             | 43,312 |                |  |    | 1,086,526 |             |  |    | 34,722 | 
|                                   |  |            |           |                |  |             |        |                |  |    |           |             |  |    |        | 
|Net deferred tax
liability         |  | Ps         | 993,076   |                |  | Ps          | 34,821 |                |  | Ps | 1,021,337 |             |  | Ps | 25,334 | 
|                                   |  |            |           |                |  |             |        |                |  |    |           |             |  |    |        | 



| |    |  | As of December 31, 2002 and 2001, the Company did not recognize a
deferred tax asset totaling Ps 65,905 and Ps 55,636, respectively,
for identified tax loss carryforwards of certain subsidiaries. In
managements opinion, the realization of these tax loss
carryforwards is less likely than not because of the dependency on
the generation of sufficient taxable income at the subsidiary
level.
| | -- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | C) |  | TAX LOSS CARRYFORWARDS                                                                                                                                                                                                                                                                                                                                                                                
|
| |    |  | As of December 31, 2002, certain subsidiaries of the Company have
tax loss carryforwards of approximately Ps 259,377, which can be
restated using NCPI and are available to offset its taxable income
in subsequent years, which expire as follows:                                                                                                                                                   

F-20



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|11. |  | INCOME TAXES, ASSET TAX AND EMPLOYEES STATUTORY PROFIT SHARING
(continued)
|--- |  | ---------------------------------------------------------------------------

|                |  |        |         | 
|--------------- |  | ------ | ------- | 
|Expiration year |  | Amount
|                |  |       
|2003            |  | Ps     | 4,173   | 
|2004            |  |        | 58,435  | 
|2005            |  |        | 39,145  | 
|2006            |  |        | 24,252  | 
|2007            |  |        | 16,718  | 
|2008            |  |        | 11,403  | 
|2009            |  |        | 46,484  | 
|2010            |  |        | 26,455  | 
|2011            |  |        | 32,312  | 
|                |  |        |         | 
|                |  | Ps     | 259,377 | 
|                |  |        |         | 



| | D) |  | EMPLOYEES STATUTORY PROFIT SHARING                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Employees statutory profit sharing (ESPS) in Mexico is computed
for each subsidiary (on an unconsolidated basis) as 10% of taxable
income determined on a basis similar to income tax, except that
employees statutory profit sharing does not consider the inflation
effects (inflationary component), the depreciation expense is based
on the historical cost, and foreign exchange gains or losses are
recognized when a monetary asset or liability is contractually due.



|12. |  | FOREIGN CURRENCY BALANCES AND TRANSACTIONS                                             
|--- |  | ---------------------------------------------------------------------------------------
|   
|    |  | As of December 31, monetary assets and liabilities held or payable in
U.S. dollars are:

|                               |  |                           |         |      |  |        |        |  
|------------------------------ |  | ------------------------- | ------- | ---- |  | ------ | ------ | -
|                               |  | Thousands of U.S. dollars
|                               |  |                          
|                               |  | 2002                      |         | 2001
|                               |  |                           |         |     
|Assets                         |  | U.S. $                    | 5,440   |      |  | U.S. $ | 821    |  
|Liabilities                    |  |                           | (15,938 | )    |  |        | (1,304 | )
|                               |  |                           |         |      |  |        |        |  
|Net asset (liability) position |  | U.S. $                    | (10,498 | )    |  | U.S. $ | (483   | )
|                               |  |                           |         |      |  |        |        |  



| |  | At December 31, 2002 and 2001, the exchange rates between the Mexican
peso and the U.S. dollar were Ps 10.44 and Ps 9.17 pesos, respectively.
On January 15, 2003, the date of issuance of the financial statements,
the exchange rate was 10.53 pesos per U.S. dollar.
| |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-21



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##### Table of Contents





|12. |  | FOREIGN CURRENCY BALANCES AND TRANSACTIONS (continued)                                                        
|--- |  | --------------------------------------------------------------------------------------------------------------
|   
|    |  | For the years ended December 31, 2002, 2001 and 2000, the Company had
transactions in U.S. dollars as follows:

|                           |  |                           |             |      |  |      |             |  |  |  |             | 
|-------------------------- |  | ------------------------- | ----------- | ---- |  | ---- | ----------- |  |  |  | ----------- | 
|                           |  | Thousands of U.S. dollars
|                           |  |                          
|                           |  | 2002                      |             | 2001 |  | 2000
|                           |  |                           |             |      |  |     
|Corn purchases             |  |                           | U.S.$32,270 |      |  |      | U.S.$47,430 |  |  |  | U.S.$52,491 | 
|Computer equipment leasing |  |                           | 321         |      |  |      | 619         |  |  |  | 895         | 
|Interest expense           |  |                           |            |      |  |      |            |  |  |  | 19          | 
|Equipment purchases        |  |                           | 186         |      |  |      | 88          |  |  |  | 69          | 
|                           |  |                           |             |      |  |      |             |  |  |  |             | 
|                           |  |                           | U.S.$32,777 |      |  |      | U.S.$48,137 |  |  |  | U.S.$53,474 | 
|                           |  |                           |             |      |  |      |             |  |  |  |             | 



| |  | As of December 31, assets included in property, plant and equipment of
foreign origin, and the respective foreign currency amounts at
acquisition date are as follows:
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

|               |  |             |        |             |  |               |         |             |  |  |        |               |  |  |        | 
|-------------- |  | ----------- | ------ | ----------- |  | ------------- | ------- | ----------- |  |  | ------ | ------------- |  |  | ------ | 
|               |  | 2002        |        | 2001       
|               |  |             |        |            
|               |  |             |        |             |  | Exchange rate |         |             |  |  |        | Exchange rate
|               |  | Foreign     |        | at year-end |  | Foreign       |         | at year-end
|               |  | currency    |        | (Pesos per  |  | currency      |         | (Pesos per 
|               |  | (thousands) |        | currency)   |  | (thousands)   |         | currency)  
|               |  |             |        |             |  |               |         |            
|U.S. dollars   |  |             | 13,273 |             |  |               | 10.4400 |             |  |  | 16,446 |               |  |  | 9.1700 | 
|Swiss francs   |  |             | 678    |             |  |               | 7.5500  |             |  |  | 919    |               |  |  | 5.5200 | 
|Deutsche marks |  |             | 24,600 |             |  |               | 5.6000  |             |  |  | 32,385 |               |  |  | 4.1800 | 
|Italian liras  |  |             | 35,544 |             |  |               | 0.0057  |             |  |  | 65,269 |               |  |  | 0.0042 | 



|13. |  | FINANCIAL INSTRUMENTS
|--- |  | ---------------------



| | A) |  | FAIR VALUE OF FINANCIAL INSTRUMENTS                                                                                                                                                                                                                                                                                                                                                                                            
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | The carrying amounts of cash and cash equivalents, notes and
accounts receivable, refundable taxes, trade accounts payable,
current accounts due to and from affiliated companies and accrued
liabilities and other payables approximate their fair value,
because of the short-term maturity of these instruments.                                                                                                            
|
| |    |  | The Company has entered into commodity futures contracts and swap
operations to hedge a portion of its key production requirements
like gas and corn, in order to reduce the risk of price
fluctuations. These contracts are short term and do not exceed the
maximum production requirements for a one-year period. The gain or
loss on these futures contracts was recognized in income when
settled and was not significant.

F-22



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##### Table of Contents





|13. |  | FINANCIAL INSTRUMENTS (continued)
|--- |  | ---------------------------------



| | B) |  | CONCENTRATION OF CREDIT RISK                                                                                                                                                                                                                                                                                                                                                                                                                         
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | The financial instruments, which potentially are subject to a
concentration of risk, are principally cash and cash equivalents
and trade accounts receivable.                                                                                                                                                                                                                                                                                        
|
| |    |  | The Company deposits and invests its excess cash in recognized
financial institutions. The concentration of the credit risk with
respect to the accounts receivable is limited, due to a large
number of customers comprising the Companys customer base and
their dispersion across different locations of Mexico. In 2002,
2001 and 2000, approximately 6.93%, 5.94% and 8.24%, respectively,
of the Companys net sales were to a major customer.



|14. |  | RECENT ACCOUNTING PRONOUNCEMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | In November 2001, the Mexican Institute of Public Accountants issued
Bulletin C-9, Liabilities, Provisions, Contingent Assets and
Liabilities, and Commitments, which supersedes Bulletin C-9
Liabilities, and Bulletin C-12, Contingencies and Commitments. This
bulletin is effective as of January 1, 2003. Bulletin C-9 provides
guidance for the valuation, recognition and presentation of liabilities,
provisions, contingent assets and liabilities, and commitments. This
bulletin includes detailed rules for provisions, the use of present
value, the consideration of future events for its valuation, the
accounting treatment for possible reimbursements and changes in the
estimated value of provisions. In addition, Bulletin C-9 establishes the
accounting treatment for redemption of obligations when it occurs in an
earlier stage or when it is substituted by a new issuance. The Companys
management believes that the adoption of Bulletin C-9 will not have a
significant impact on their financial statements.
|   
|    |  | In December 2001, the Mexican Institute of Public Accountants issued
Bulletin C-8, Intangible Assets. This bulletin defines intangible
assets as those costs incurred or those rights or privileges acquired
that will generate future economic benefits. In addition, it provides
guidance for the deferral of research and development costs and certain
preoperating expenses, as well as the rules for the amortization of
intangible assets. This bulletin is effective as of January 1, 2003. The
Company  ́s management believes that the adoption of Bulletin C-8 will not
have a significant impact on their financial statements.                                                                                                                                                                                                                                                                                                                                                                                                       

F-23



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|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|    |  | The Companys consolidated financial statements are prepared in
accordance with Mexican GAAP, which differ in certain significant
respects from US GAAP. The Mexican GAAP consolidated financial statements
include the effects of inflation as provided for under Bulletin B-10 and
its amendments (see Note 2), whereas financial statements prepared under
US GAAP are presented on a historical cost basis. The reconciliation to
US GAAP includes a reconciling item for the effect of applying the option
provided by the Fifth Amendment to Bulletin B-10 for the restatement of
machinery and equipment of foreign origin because, as described below,
this provision of inflation accounting under Mexican GAAP does not meet
the consistent reporting currency requirements of Regulation S-X. The
reconciliation does not include the reversal of the other adjustments to
the financial statements for the effects of inflation required under
Mexican GAAP because the application of Bulletin B-10 represents a
comprehensive measure of the effects of price-level changes in the
inflationary Mexican economy and, as such, is considered a more
meaningful presentation than is historical cost-based financial reporting
for both Mexican and US accounting purposes.
|   
|    |  | The principal differences between Mexican GAAP and US GAAP and the effect
on consolidated net income and consolidated stockholders equity are
presented below, with an explanation of the adjustments.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|   
|    |  | Reconciliation of net income:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |         |        |  
|-------------------------------------------------- | --------------------------------------------------------- | ------------------------- | ------- | ----------------------- | ------- | ---- | ------- | ------- | ------- | -- | ------- | ------- | ------ | -
|                                                   |                                                           |                           |         | Year ended December 31,
|                                                   |                                                           |                           |         |                        
|                                                   |                                                           |                           |         | 2002                    |         | 2001 |         | 2000   
|                                                   |                                                           |                           |         |                         |         |      |         |        
|Net income under Mexican
GAAP                      |                                                           | Ps                        | 363,065 |                         |         | Ps   | 372,777 |         |         | Ps | 405,772 |        
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|US GAAP adjustments:                               |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|                                                   | Depreciation expense (See B)                              |                           |         | (37,173                 | )       |      |         | (37,790 | )       |    |         | (39,513 | )     
|                                                   | Pre-operating expenses (See D)                            |                           |         | 3,831                   |         |      |         | 4,846   |         |    |         | 12,022  |       
|                                                   | Comprehensive financing costs (See E)                     |                           |         | 298                     |         |      |         | 298     |         |    |         | 298     |       
|                                                   | Amortization of excess of cost over
book value (See F)    |                           |         | 4,125                   |         |      |         |        |         |    |         |        |       
|                                                   | Deferred income taxes (See G)                             |                           |         | 13,666                  |         |      |         | (3,432  | )       |    |         | 26,389  |       
|                                                   | Deferred ESPS (See G)                                     |                           |         | (282                    | )       |      |         | (286    | )       |    |         | (618    | )     
|                                                   | Monetary position loss resulting from
US GAAP adjustments |                           |         | (85                     | )       |      |         | (84     | )       |    |         | (216    | )     
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|                                                   |                                                           | Total US GAAP adjustments |         |                         | (15,620 | )    |         |         | (36,448 | )  |         |         | (1,638 | )
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|                                                   |                                                           | Minority interest (See A) |         |                         | 7,560   |      |         |         | 5,307   |    |         |         | 975    |  
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|Net income under US GAAP                           |                                                           | Ps                        | 355,005 |                         |         | Ps   | 341,636 |         |         | Ps | 405,109 |        
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|Basic and diluted earnings per share under
US GAAP |                                                           | Ps                        | 0.39    |                         |         | Ps   | 0.37    |         |         | Ps | 0.44    |        
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        
|Weighted average shares outstanding (000s)        |                                                           |                           | 918,405 |                         |         |      | 918,405 |         |         |    | 918,405 |        
|                                                   |                                                           |                           |         |                         |         |      |         |         |         |    |         |        

F-24



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|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------
|   
|    |  | Reconciliation of stockholders equity:                 

|                                              |                                                       |    |              |          |      |    |           |          |  
|--------------------------------------------- | ----------------------------------------------------- | -- | ------------ | -------- | ---- | -- | --------- | -------- | -
|                                              |                                                       |    | December 31,
|                                              |                                                       |    |             
|                                              |                                                       |    | 2002         |          | 2001
|                                              |                                                       |    |              |          |     
|Total stockholders equity under Mexican GAAP |                                                       | Ps | 5,543,188    |          |      | Ps | 5,349,006 |         
|                                              |                                                       |    |              |          |      |    |           |         
|US GAAP adjustments:                          |                                                       |    |              |          |      |    |           |         
|                                              | Property, plant and equipment (See
B)                 |    |              | 210,553  |      |    |           | 236,833  |  
|                                              | Pre-operating expenses (See
D)                        |    |              | (13,503  | )    |    |           | (17,177  | )
|                                              | Comprehensive financing cost (See E)                  |    |              | (1,790   | )    |    |           | (2,088   | )
|                                              | Excess of cost over book value (See F)                |    |              | 4,125    |      |    |           |         |  
|                                              | Deferred income taxes (See
G)                         |    |              | (62,483  | )    |    |           | (76,149  | )
|                                              | Deferred ESPS (See G)                                 |    |              | 1,350    |      |    |           | 1,718    |  
|                                              | Deferred loss on hedge activity (See
H)               |    |              |         |      |    |           | (4,145   | )
|                                              | US GAAP adjustments attributable to minority interest |    |              | 18,023   |      |    |           | 11,458   |  
|                                              | Minority interest under Mexican GAAP (See A)          |    |              | (325,116 | )    |    |           | (313,733 | )
|                                              |                                                       |    |              |          |      |    |           |         
|                                              | Total US GAAP adjustments                             |    |              | (168,841 | )    |    |           | (163,283 | )
|                                              |                                                       |    |              |          |      |    |           |         
|Total stockholders equity under US GAAP      |                                                       | Ps | 5,374,347    |          |      | Ps | 5,185,723 |         
|                                              |                                                       |    |              |          |      |    |           |         



| |  | A summary of the Companys statement of changes in stockholders equity
with balances determined under US GAAP for the year ended December 31,
2002 is as follows:
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                             |                                                  |    |           |          |  
|---------------------------- | ------------------------------------------------ | -- | --------- | -------- | -
|Balance at December 31, 2001 |                                                  | Ps | 5,185,723 |         
|                             | Dividends paid                                   |    |           | (114,059 | )
|                             | Recognition of inflationary effects for the year |    |           | (56,467  | )
|                             | Deferred loss on hedge activity                  |    |           | 4,145    |  
|                             | Net income for the year                          |    |           | 355,005  |  
|                             |                                                  |    |           |         
|Balance at December 31, 2002 |                                                  | Ps | 5,374,347 |         
|                             |                                                  |    |           |         



| |  | A summary of the Companys stockholders equity under US GAAP, as of
December 31, 2002 and 2001 is as follows:
| |  | --------------------------------------------------------------------------------------------------------------

|                                         |  |      |            |      |  |    |            |  
|---------------------------------------- |  | ---- | ---------- | ---- |  | -- | ---------- | -
|                                         |  | 2002 |            | 2001
|                                         |  |      |            |     
|Capital stock                            |  | Ps   | 1,711,838  |      |  | Ps | 1,711,838  |  
|Additional paid-in capital               |  |      | 1,495,446  |      |  |    | 1,495,446  |  
|Retained earnings                        |  |      | 5,578,413  |      |  |    | 5,337,467  |  
|Accumulated other comprehensive loss     |  |      | (3,411,350 | )    |  |    | (3,359,028 | )
|                                         |  |      |            |      |  |    |            |  
|Total stockholders equity under US GAAP |  | Ps   | 5,374,347  |      |  | Ps | 5,185,723  |  
|                                         |  |      |            |      |  |    |            |  

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##### Table of Contents





|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------



| | A) |  | FINANCIAL STATEMENT PRESENTATION AND CLASSIFICATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Under Mexican GAAP, minority interest in consolidated subsidiaries
is presented as a separate component within the stockholders
equity section of the consolidated balance sheet. For US GAAP
purposes, the minority interest is not included in stockholders
equity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|
| | B) |  | PROPERTY, PLANT AND EQUIPMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|
| |    |  | Under the Fifth Amendment to Bulletin B-10, the Company has elected
to apply the specific index method to fixed assets of foreign
origin for the purposes of determining the restated balances under
Mexican GAAP. For US GAAP purposes, the use of this specific index
is not in accordance with the historical cost concept, nor does it
present financial information in a constant reporting currency.
The impact on the net carrying value of fixed assets of restating
fixed assets of foreign origin utilizing the Mexican NCPI for US
GAAP purposes increases stockholders equity as of December 31,
2002 and 2001 by Ps 296,524 and Ps 300,498, respectively.                                                                
|
| |    |  | In addition, under Mexican GAAP depreciation can cease on
temporarily idled assets if the carrying value is expected to be
recovered and if the remaining useful life is maintained. Under US
GAAP, depreciation does not cease on temporarily idled assets, and
therefore the adjustment to property, plant and equipment decreases
stockholders equity as of December 31, 2002 and 2001 by Ps 85,971
and Ps 63,665, respectively.                                                                                                                                                                                                                                                                                                   
|
| | C) |  | LONG-LIVED ASSETS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| |    |  | The Company evaluates the carrying value of long-lived assets to be
held and used, primarily property, plant and equipment, goodwill,
preoperating expenses and any assets to be disposed of, when events
or circumstances suggest that the carrying value may not be
recoverable. Any impairment of these assets is included in income
of the year, for the difference between the carrying value and the
fair market value of long-lived assets to be held and used, and the
difference between the carrying value and the fair market value
less costs to sell for long-lived assets to be disposed of. As of
December 31, 2002 the Companys management believes there is no
impairment in the carrying value of long-lived assets.

F-26



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##### Table of Contents





|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------



| | D) |  | PRE-OPERATING EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Under Mexican GAAP, pre-operating expenses are permitted to be
capitalized and amortized by the Company over the period of time
estimated to generate the income necessary to recover such
expenses. The Company defined this period as 12 years based on
prior experience. Under US GAAP, such expenses should be treated
as period expenses.                                                                                                                                                                                                                                                                                                                                                                           
|
| |    |  | The adjustment to other assets decreases stockholders equity as of
December 31, 2002 and 2001 by Ps 13,503 and Ps 17,177,
respectively. For the year 2000, the adjustment includes reversal
of Ps 9,883 that have been written off under Mexican GAAP but have
been expensed under US GAAP in previous years.                                                                                                                                                                                                                                                                                                                                                                                                           
|
| | E) |  | COMPREHENSIVE FINANCING COSTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|
| |    |  | Under Mexican GAAP, comprehensive financing costs, including
interest expense, foreign exchange gain or loss and monetary
position gains of the related debt for major construction projects,
are capitalized as part of the assets during the construction
period.                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| |    |  | Under US GAAP, monetary position and foreign exchange gains and
losses on US dollar or other stable currency borrowings should be
excluded from capitalized interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|
| | F) |  | EXCESS OF COST OVER BOOK VALUE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|
| |    |  | Under Mexican GAAP, the excess of cost over book value of
subsidiaries acquired is restated using NCPI factors. Amortization
expense is computed based on the restated values using the
straight-line method, over a period not to exceed 20 years.                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|
| |    |  | Under US GAAP, the excess of cost over book value related to
purchase acquisitions completed prior to June 30, 2001 was
amortized on a straight-line basis over its estimated useful life.
Effective January 1, 2002, amortization ceased on the excess of
cost over book value, according to SFAS No. 142 Goodwill and Other
Intangible Assets (SFAS No. 142). The excess of cost over book
value is subject to annual impairment test whereby it is allocated
to the Companys reporting units and impairment is deemed to exist
if the carrying value of a reporting unit exceeds its estimated
fair value. As of December 31, 2002 the stockholders equity
adjustment of Ps 4,125 increases Other assets, net.
|
| |    |  | Additionally, under Mexican GAAP, the amortization of the excess of
cost over book value of subsidiaries acquired for the years 2001
and 2000 was recognized as a non-operating expense. Under US GAAP,
such item would be included in the determination of operating
income. For the years ended December 31, 2001 and 2000, this item
amounted to Ps 5,255 and Ps 2,897.                                                                                                                                                                                                                                                                                                                                               

F-27



---



##### Table of Contents





|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------



| |  |  | The impact of adopting SFAS No. 142 on net income and earnings per
share adjusted to exclude amortization expense (net of taxes)
related to goodwill is as follows:
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

|                                                                 |                             |    |         |      |      |    |         |      |  |    |         |      | 
|---------------------------------------------------------------- | --------------------------- | -- | ------- | ---- | ---- | -- | ------- | ---- |  | -- | ------- | ---- | 
|                                                                 |                             |    | 2002    |      | 2001 |    | 2000   
|                                                                 |                             |    |         |      |      |    |        
|Net income attributable to common
stockholders
equity           |                             | Ps | 355,005 |      |      | Ps | 341,636 |      |  | Ps | 405,109 |     
|Goodwill
amortization                                            |                             |    |        |      |      |    | 5,255   |      |  |    | 2,897   |     
|                                                                 |                             |    |         |      |      |    |         |      |  |    |         |     
|Pro forma net income attributable to
common stockholders equity |                             | Ps | 355,005 |      |      | Ps | 346,891 |      |  | Ps | 408,006 |     
|                                                                 |                             |    |         |      |      |    |         |      |  |    |         |     
|Basic and diluted earnings per share:                            |                             |    |         |      |      |    |         |      |  |    |         |     
|                                                                 | Reported earnings per
share |    | Ps      | 0.39 |      |    | Ps      | 0.37 |  |    | Ps      | 0.44 | 
|                                                                 | Goodwill
amortization       |    |         |     |      |    |         | 0.01 |  |    |         |     | 
|                                                                 |                             |    |         |      |      |    |         |      |  |    |         |     
|Pro forma basic and diluted earnings
per share                   |                             | Ps | 0.39    |      |      | Ps | 0.38    |      |  | Ps | 0.44    |     
|                                                                 |                             |    |         |      |      |    |         |      |  |    |         |     



| | G) |  | DEFERRED INCOME TAXES AND EMPLOYEES STATUTORY PROFIT SHARING                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | -- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Under the comprehensive asset and liability method of SFAS No. 109,
deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the financial
statement carrying amounts of existing assets and liabilities and
their respective tax bases. Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are
expected to be reversed.
|
| |    |  | For both Mexican and US GAAP purposes, the financial statement
carrying amounts utilized in the determination of the deferred tax
assets and liabilities included the inflation adjustments described
in Note 2-C, and their respective tax bases also included the
effects of inflation based on tax regulations.                                                                                                                                                                                
|
| |    |  | The amounts of deferred income taxes charged or credited to net
income for each year under SFAS No. 109 and as set forth in Issue
93-9 of the US Financial Accounting Standards Boards Emerging
Issues Task Force was determined based on the differences between
the beginning and ending balances of the deferred tax assets or
liabilities for each period, expressed in Mexican pesos of constant
purchasing power.                                                                          
|
| |    |  | The tax effects of temporary differences that give rise to
significant portions of the deferred tax assets and deferred tax
liabilities at December 31, 2002 and 2001 are presented below:                                                                                                                                                                                                                                                                                                        

F-28



---



##### Table of Contents





|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------

|                          |                                    |                                |                                               |                        |           |           |        |         |           |            |        | 
|------------------------- | ---------------------------------- | ------------------------------ | --------------------------------------------- | ---------------------- | --------- | --------- | ------ | ------- | --------- | ---------- | ------ | 
|                          |                                    |                                |                                               |                        |           | 2002      |        | 2001   
|                          |                                    |                                |                                               |                        |           |           |        |        
|Deferred tax assets:      |                                    |                                |                                               |                        |           |           |        |        
|                          | Tax loss carryforwards             |                                | Ps                                            | 25,355                 |           |           | Ps     | 24,864  |          
|                          | Other                              |                                |                                               | 34,674                 |           |           |        | 40,325  |          
|                          |                                    |                                |                                               |                        |           |           |        |         |          
|                          |                                    | Total deferred tax assets      |                                               |                        | 60,029    |           |        |         | 65,189    |           
|                          |                                    |                                |                                               |                        |           |           |        |        
|Deferred tax liabilities: |                                    |                                |                                               |                        |           |           |        |        
|                          | Property, plant and equipment, net |                                |                                               | 799,970                |           |           |        | 869,954 |          
|                          | Inventories                        |                                |                                               | 315,509                |           |           |        | 292,585 |          
|                          | Other assets                       |                                |                                               | 109                    |           |           |        | 136     |          
|                          |                                    |                                |                                               |                        |           |           |        |         |          
|                          |                                    | Total deferred tax liabilities |                                               |                        | 1,115,588 |           |        |         | 1,162,675 |           
|                          |                                    |                                |                                               |                        |           |           |        |         |          
|                          |                                    |                                | Net deferred tax liability under US GAAP      |                        |           | 1,055,559 |        |         |           | 1,097,486  |       
|                          |                                    |                                | Net deferred tax liability under Mexican GAAP |                        |           | (993,076  | )      |         |           | (1,021,337 | )     
|                          |                                    |                                |                                               |                        |           |           |        |         |          
|                          |                                    |                                |                                               | Adjustment for US GAAP |           | Ps        | 62,483 |         |           | Ps         | 76,149 | 
|                          |                                    |                                |                                               |                        |           |           |        |         |          



| |  |  | A summary of the deferred tax liability (asset) balances on a US
GAAP basis are as follows:
| |  |  | -------------------------------------------------------------------------------------------

|             |                        |  |         |           |      |  |         |           |  
|------------ | ---------------------- |  | ------- | --------- | ---- |  | ------- | --------- | -
|             |                        |  | 2002    |           | 2001
|             |                        |  |         |           |     
|Current:     |                        |  |         |           |      |  |         |          
|             | Deferred tax asset     |  | Ps      | (34,674   | )    |  | Ps      | (40,325   | )
|             | Deferred tax liability |  |         | 315,509   |      |  |         | 292,585   |  
|             |                        |  |         |           |      |  |         |           |  
|             |                        |  | 280,835 |           |      |  | 252,260 |          
|             |                        |  |         |           |      |  |         |           |  
|Non-current: |                        |  |         |           |      |  |         |          
|             | Deferred tax asset     |  |         | (25,355   | )    |  |         | (24,864   | )
|             | Deferred tax liability |  |         | 800,079   |      |  |         | 870,090   |  
|             |                        |  |         |           |      |  |         |           |  
|             |                        |  | 774,724 |           |      |  | 845,226 |          
|             |                        |  |         |           |      |  |         |           |  
|             | Total                  |  | Ps      | 1,055,559 |      |  | Ps      | 1,097,486 |  
|             |                        |  |         |           |      |  |         |           |  



| |  |  | The provision for income tax on a US GAAP basis is as follows:
| |  |  | --------------------------------------------------------------

|         |  |      |         |      |  |      |          |   |  |    |          |  
|-------- |  | ---- | ------- | ---- |  | ---- | -------- | - |  | -- | -------- | -
|         |  | 2002 |         | 2001 |  | 2000
|         |  |      |         |      |  |     
|Current  |  | Ps   | (97,009 | )    |  | Ps   | (173,726 | ) |  | Ps | (238,893 | )
|Deferred |  |      | 41,925  |      |  |      | 5,698    |   |  |    | 85,977   |  
|         |  |      |         |      |  |      |          |   |  |    |          |  
|         |  | Ps   | (55,084 | )    |  | Ps   | (168,028 | ) |  | Ps | (152,916 | )
|         |  |      |         |      |  |      |          |   |  |    |          |  



| |  |  | In addition, the Company has established, for US GAAP purposes, a
deferred tax liability of Ps 33,471 and Ps 23,616 at December 31,
2002 and 2001, respectively, related to employees statutory profit
sharing, which is included within operating expenses under US GAAP.
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

F-29



---



##### Table of Contents





|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------



| | H) |  | DEFERRED LOSS ON HEDGE ACTIVITY                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |    |  | Under Mexican GAAP, with the adoption of Bulletin C-2, Financial
Instruments, effective January 1, 2001, when a company is engaged
in hedge activities, the corresponding derivative financial
instruments must be valued utilizing the same criteria used for the
assets or liabilities that are being hedged. Changes in the fair
value of derivatives are recognized in the income statement, net of
costs, expenses or earnings from the assets or liabilities being
hedged and the gain or loss is recognized when the hedged item is
realized.                                                                               
|
| |    |  | Under US GAAP, all derivative instruments must be recorded on the
balance sheet at fair value. On the date the derivatives contracts
are entered into, the Company designates the derivative as either
(a) a fair value hedge or (b) a cash flow hedge. For cash-flow
hedge transactions, changes in the fair value of the derivative
instrument are reported in other comprehensive income. The gains
and losses on cash flow hedge transactions that are reported in
other comprehensive income are reclassified to earnings in the
periods in which earnings are affected by the variability of the
cash flows of the hedged item.
|
| |    |  | As of December 31, 2002 the effects of these contracts were not
significant and were recognized in income when settled. Hence, the
amount previously recognized in other comprehensive income at
December 31, 2001 was realized in earnings in 2002 for both Mexican
and US GAAP purposes.                                                                                                                                                                                                                                                                                                                                           
|
| | I) |  | SUPPLEMENTAL BALANCE SHEET INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               



| |  |  | Other current liabilities:                                                                                                                                                                                                                                                                                                                                           
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |   |  | Included within accrued liabilities and other payables as of
December 31, 2002 and 2001 are customers advances (Ps 9,136
and Ps 10,841 respectively), accrued freight costs (Ps 8,596
and Ps 8,419, respectively), accrued employee compensation
and benefits (Ps 17,790 and Ps 32,279, respectively) and
accrued advertising (Ps 6,329 and Ps 26,695, respectively).
|
| |  |  | Computer software costs:                                                                                                                                                                                                                                                                                                                                             
|
| |   |  | Depreciation expense on capitalized computer software costs
for the years ended December 31, 2002, 2001 and 2000 amounted
to Ps 18,055, Ps 18,010 and Ps 17,550, respectively.                                                                                                                                                                                       

F-30



---



##### Table of Contents





|15. |  | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)
|--- |  | --------------------------------------------------------



| | J) |  | SUPPLEMENTAL INCOME STATEMENT INFORMATION
| | -- |  | -----------------------------------------



| |  |  | Employees statutory profit sharing:                                                                                                                                                                                                                                                                                                                                                 
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| |   |  | Under Mexican GAAP, the Company recognizes ESPS as a
non-operating expense. Under US GAAP, such item would be
included in the determination of operating income. For the
years ended December 31, 2002, 2001 and 2000, these items
amounted to Ps 23,421, Ps 15,308 and Ps 6,930, respectively.                                                                                      
|
| |  |  | Advertising costs:                                                                                                                                                                                                                                                                                                                                                                   
|
| |   |  | Advertising costs, included in selling, general and
administrative expenses, are expensed when the advertising
first takes place. Total advertising expense for the years
ended December 31, 2002, 2001 and 2000 amounted to Ps
101,986, Ps 120,382 and Ps 64,608, respectively.                                                                                                     
|
| |  |  | Shipping and handling costs:                                                                                                                                                                                                                                                                                                                                                         
|
| |   |  | During 2000, the Financial Accounting Standards Boards
Emerging Issues Task Force (EITF) issued EITF 00-10,
Accounting for Shipping and Handling Fees and Costs. The
shipping and handling costs included in selling, general and
administrative expenses amounting to Ps 133,838, Ps 140,406
and Ps 149,712 for the years ended December 31, 2002, 2001
and 2000, respectively.



|K) |  | SUPPLEMENTAL CASH FLOW INFORMATION
|-- |  | ----------------------------------



|                                                     |                                 |                                                                                                                                                                                                                                                                          | Mexican GAAP Bulletin B-12 issued by the Mexican Institute of
Public Accountants specifies the appropriate presentation of the
statements of changes in financial position. Under Bulletin B-12,
the sources and uses of resources are determined based upon the
differences between beginning and ending financial statement
balances in Mexican pesos of constant purchasing power. Under U.S.
GAAP, a statement of cash flow is required, which presents only
cash movements and excludes non-cash items.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|---------------------------------------------------- | ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | The following presents a price-level adjusted statement of cash
flows, after considering the impact of U.S. GAAP adjustments in
conformity with the AICPA SEC Regulations Committees International
Practice Task Force recommendations.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | F-31Table of Contents15.
    
    DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)Year ended December 31,2002
    
    2001
    
    2000Operating activities:Net income for the current year
    
    Ps
    355,005
    
    
    Ps
    341,636
    
    
    Ps
    405,109Minority interest
    
    
    11,566
    
    
    
    3,287
    
    
    
    8,100Adjustments to reconcile net income to net cash
provided by operating activities:Allowance for doubtful accounts
    
    
    3,691
    
    
    
    12,567
    
    
    
    16,590Loss from monetary position
    
    
    83,497
    
    
    
    58,052
    
    
    
    72,894Depreciation and amortization
    
    
    287,207
    
    
    
    294,104
    
    
    
    304,614Deferred income taxes and employees statutory
profit sharing
    
    
    (30,356
    )
    
    
    (4,636
    )
    
    
    (84,497
    )710,610
    
    
    
    705,010
    
    
    
    722,810Changes in working capital:Accounts receivable, net
    
    
    (99,066
    )
    
    
    6,527
    
    
    
    (50,613
    )Refundable taxes
    
    
    (69,705
    )
    
    
    (35,732
    )
    
    
    20,894Receivables from and payable to affiliates, net
    
    
    (7,900
    )
    
    
    18,529
    
    
    
    (78,730
    )Inventories
    
    
    (148,818
    )
    
    
    (4,779
    )
    
    
    171,470Prepaid expenses
    
    
    11,060
    
    
    
    (3,499
    )
    
    
    (3,713
    )Trade accounts payable
    
    
    142,330
    
    
    
    (193,883
    )
    
    
    94,117Accrued liabilities and other payables
    
    
    (1,311
    )
    
    
    11,160
    
    
    
    (81,327
    )Income taxes and employees statutory profit
sharing
    
    
    (66,018
    )
    
    
    (67,545
    )
    
    
    59,534(239,428
    )
    
    
    (269,222
    )
    
    
    131,632Net cash provided by operating activities
    
    
    471,182
    
    
    
    435,788
    
    
    
    854,442Investing activities:Purchases of property, plant and equipment
    
    
    (30,013
    )
    
    
    (3,740
    )
    
    
    (47,722
    )Net contribution to technological research and
development fund
    
    
    (4,376
    )
    
    
    (20,306
    )
    
    
    (10,280
    )(Loan to) repayments from Gruma
    
    
    (404,415
    )
    
    
    512,911
    
    
    
    (734,616
    )Other assets, net
    
    
    22,219
    
    
    
    (15,621
    )
    
    
    (3,225
    )Net cash (used in) provided by investing
activities
    
    
    (416,585
    )
    
    
    473,244
    
    
    
    (795,843
    )
F-32Table of Contents15.
    
    DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)Year ended December 31,2002
    
    2001
    
    2000Financing activities:Proceeds from bank loans and long-term debt
    
    
    
    
    
    
    
    
    
    
    556,048Repayment of bank loans and long-term debt
    
    
    
    
    
    
    
    
    
    
    (557,981
    )Dividends paid
    
    
    (116,790
    )
    
    
    (799,167
    )
    
    
    (129,946
    )Net sales of Companys common stock
    
    
    
    
    
    
    
    
    
    
    9,808Net cash used in financing activities
    
    
    (116,790
    )
    
    
    (799,167
    )
    
    
    (122,071
    )Effect of inflation on cash and cash equivalents
    
    
    (8,994
    )
    
    
    (4,010
    )
    
    
    (13,104
    )Net (decrease) increase in cash and cash equivalents
    
    
    (71,187
    )
    
    
    105,855
    
    
    
    (76,576
    )Cash and cash equivalents at beginning of year
    
    
    127,871
    
    
    
    22,016
    
    
    
    98,592Cash and cash equivalents at end of year
    
    Ps
    56,684
    
    
    Ps
    127,871
    
    
    Ps
    22,016
Supplementary cash flow disclosure:Net cash flow from operating activities reflects cash payments and
receipts for interest, and income taxes, as follows:Year ended December 31,2002
    
    2001
    
    2000Interest incurred
    
    Ps
    12,521
    
    
    Ps
    23,304
    
    
    Ps
    26,546Interest paid
    
    
    4,845
    
    
    
    3,108
    
    
    
    6,932Interest received
    
    
    7,905
    
    
    
    8,619
    
    
    
    24,958Income taxes paid
    
    
    204,327
    
    
    
    157,939
    
    
    
    160,825
L)
    
    COMPREHENSIVE INCOMEA summary of the Companys comprehensive income under US GAAP is as
follows:Year ended December 31,2002
    
    2001
    
    2000Net income under US GAAP
    
    Ps
    355,005
    
    
    Ps
    341,636
    
    
    Ps
    405,109Other comprehensive loss:Deficit from restatement
    
    
    (56,467
    )
    
    
    (24,410
    )
    
    
    (105,885
    )Deferred loss on hedge activity
    
    
    4,145
    
    
    
    (4,145
    )
    
    
    Comprehensive income under US GAAP
    
    Ps
    302,683
    
    
    Ps
    313,081
    
    
    Ps
    299,224
F-33Table of Contents15.
    
    DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)Taxes were not recorded for the deficit from restatement for the
years ended December 31, 2002, 2001, and 2000.The changes in accumulated other comprehensive loss as of December
31, 2002 and 2001 are as follows:Deficit from
    
    Deferred loss on
    
    Accumulated otherrestatement
    
    hedge activity
    
    comprehensive lossBalance at December
31, 2000
    
    Ps
    (3,330,473
    )
    
    Ps
    
    
    
    Ps
    (3,330,473
    )Current year
changes
    
    
    (24,410
    )
    
    
    (4,145
    )
    
    
    (28,555
    )Balance at December
31, 2001
    
    
    (3,354,883
    )
    
    
    (4,145
    )
    
    
    (3,359,028
    )Current year
changes
    
    
    (56,467
    )
    
    
    4,145
    
    
    
    (52,322
    )Balance at December
31, 2002
    
    Ps
    (3,411,350
    )
    
    Ps
    
    
    
    Ps
    (3,411,350
    )
M)
    
    BUSINESS SEGMENT DATAThe Company is principally engaged in only one reportable line of
business, which is the production and sale of corn flour throughout
Mexico.N)
    
    VALUATION AND QUALIFYING ACCOUNTSThe activity in the allowance for doubtful accounts for the years
ended December 31, 2002, 2001 and 2000 is as follows:Balance atbeginning of
    
    
    
    
    
    
    
    
    
    Balance atDescription
    
    year
    
    Additions
    
    Deductions
    
    year-endAllowance for doubtful accounts:Year ended December 31, 2002
    
    Ps
    35,134
    
    
    Ps
    3,691
    
    
    Ps
    2,084
    
    
    Ps
    36,741Year ended December 31, 2001
    
    
    32,467
    
    
    
    12,567
    
    
    
    9,900
    
    
    
    35,134Year ended December 31, 2000
    
    
    18,848
    
    
    
    16,590
    
    
    
    2,971
    
    
    
    32,467
F-34Table of Contents15.
    
    DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)O)
    
    RECENTLY ISSUED ACCOUNTING STANDARDSIn January 2003, the Financial Accounting Standards Board (FASB)
issued FASB Interpretation No. 46 Consolidation of Variable
Interest Entities (FIN No. 46), an interpretation of ARB No. 51,
Consolidated Financial Statements. FIN 46 provides a new framework
for identifying variable interest entities (VIE) and determining
when a company should include the assets, liabilities,
non-controlling interests and results of activities of a VIE in its
consolidated financial statements. FIN No. 46 is effective in 2003.
Adoption of this standard is not expected to materially affect the
results of operations or financial position of the Company.Statement of Financial Accounting Standards No. 148, Accounting
for Stock-Based Compensation  Transition and Disclosure  an
amendment of FASB Statement No. 123, (SFAS No. 148), issued in
December 2002, provides alternative methods of transition for a
voluntary change to the fair value-based method of accounting for
stock-based employee compensation. SFAS No. 148 also amends the
disclosure requirements of Statement of Financial Accounting
Standards No. 123, Accounting for Stock-Based Compensation,
(SFAS No. 123) to require prominent disclosures in both annual
and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used
on reported results Adoption of this standard is not expected to
materially affect the results of operations or financial position
of the Company.FASB Interpretation No. 45, Guarantors Accounting and Disclosure

Requirements for Guarantees, (FIN No. 45) was issued in November
2002. FIN No. 45 requires that a liability be recognized at the
inception of certain guarantees for the fair value of the
obligation, including the ongoing obligation to stand ready to
perform over the term of the guarantee. Guarantees, as defined in
FIN No. 45, include contracts that contingently require the Company
to make payments to a guaranteed party based on changes in an
underlying that is related to an asset, liability or equity
security of the guaranteed party, performance guarantees,
indemnification agreements or indirect guarantees of indebtedness
of others. This new accounting is effective for certain guarantees
issued or modified after December 31, 2002. Adoption of this
standard is not expected to materially affect the results of
operations or financial position of the CompanyF-35Table of Contents15.
    
    DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)In July 2002, the FASB issued Statement No. 146, Accounting for
Costs Associated with Exit or Disposal Activities (SFAS No. 146).
The standard requires companies to recognize costs associated with
exit or disposal activities when they are incurred rather than at
the date of a commitment to an exit or disposal plan. Examples of
costs covered by the standard include lease termination costs and
certain employee severance costs that are associated with a
restructuring, discontinued operation, plant closing, or other exit
or disposal activity. Previous accounting guidance was provided by
Emerging Issue Task Force (EITF) Issue No. 94-3, Liability
Recognition for Certain Employee Termination Benefits and Other
Costs to Exit an Activity (including Certain Costs Incurred in a
Restructuring). SFAS No. 146 replaces Issue No. 94-3. SFAS 146 is
to be applied prospectively to exit or disposal activities
initiated after December 31, 2002. SFAS No. 146 is not expected to
have any material effect on the Companys financial statements.F-36Table of Contents

EXHIBIT INDEXExhibit No.
    
    Document1
    
    Our bylaws (estatutos sociales) as amended through April 16, 2002, together with an English translation.*2(a)(1)
    
    Deposit Agreement, dated as of May 17, 1994 between us, Citibank, N.A., as Depositary, all registered
holders from time to time and all owners from time to time of any beneficial interest in any American
Depository Receipts evidencing American Depository Shares.**7
    
    Statement of Computation of Ratio of Earnings to Fixed Changes (Mexican GAAP and U.S. GAAP).8
    
    List of Principal Subsidiaries.12(a)(1)
    
    Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of the Sarbanes-Oxley Act of 2002, dated June 30, 2003.12(a)(2)
    
    Certification of Senior Corporate Controller Pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of the Sarbanes-Oxley Act of 2002, dated June 30, 2003.
*     Previously filed in Annual Report on Form 20-F (File No. 1-13032),
originally filed with the SEC on July 1, 2002. Incorporated herein by
reference.*     Previously filed in Annual Report on Form 20-F (File No. 1-13032),
originally filed with the SEC on July 2, 2001. Incorporated herein by
reference.
|15.                                                  |                                 | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)                                                                                                                                                                                                                
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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Operating activities:                                |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Net income for the current year                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Minority interest                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Adjustments to reconcile net income to net cash
provided by operating activities:                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               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|                                                     |                                 | Purchases of property, plant and equipment                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Net contribution to technological research and
development fund                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | (Loan to) repayments from Gruma                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Other assets, net                                                                                                                                                                                                                                                        |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     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|15.                                                  |                                 | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)                                                                                                                                                                                                                
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                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Financing activities:                                |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Proceeds from bank loans and long-term debt                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Repayment of bank loans and long-term debt                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Dividends paid                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Net sales of Companys common stock                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          | Net cash used in financing activities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Effect of inflation on cash and cash equivalents     |                                 |                                                                                                                                                                                                                                                                          | (8,994                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Net (decrease) increase in cash and cash equivalents |                                 |                                                                                                                                                                                                                                                                          | (71,187                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Cash and cash equivalents at beginning of year       |                                 |                                                                                                                                                                                                                                                                          | 127,871                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Cash and cash equivalents at end of year             |                                 | Ps                                                                                                                                                                                                                                                                       | 56,684                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          | Supplementary cash flow disclosure:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | Net cash flow from operating activities reflects cash payments and
receipts for interest, and income taxes, as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Year ended December 31,                                                                                                                                                                                                                                                 
|                                                     |                                 | 2002                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Interest incurred                                    |                                 | Ps                                                                                                                                                                                                                                                                       | 12,521                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Interest paid                                        |                                 |                                                                                                                                                                                                                                                                          | 4,845                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Interest received                                    |                                 |                                                                                                                                                                                                                                                                          | 7,905                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|Income taxes paid                                    |                                 |                                                                                                                                                                                                                                                                          | 204,327                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     | L)                              |                                                                                                                                                                                                                                                                          | COMPREHENSIVE INCOME                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | A summary of the Companys comprehensive income under US GAAP is as
follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          | Year ended December 31,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          | 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Net income under US GAAP                             |                                 | Ps                                                                                                                                                                                                                                                                       | 355,005                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Other comprehensive loss:                            |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     | Deficit from restatement        |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     | Deferred loss on hedge activity |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Comprehensive income under US GAAP                   |                                 | Ps                                                                                                                                                                                                                                                                       | 302,683                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|15.                                                  |                                 | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)                                                                                                                                                                                                                
|                                                     |                                 |                                                                                                                                                                                                                                                                          | Taxes were not recorded for the deficit from restatement for the
years ended December 31, 2002, 2001, and 2000.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | The changes in accumulated other comprehensive loss as of December
31, 2002 and 2001 are as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Deficit from                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | restatement                                                                                                                                                                                                                                                              |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Balance at December
31, 2000                         |                                 | Ps                                                                                                                                                                                                                                                                       | (3,330,473                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Current year
changes                                 |                                 |                                                                                                                                                                                                                                                                          | (24,410                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|Balance at December
31, 2001                         |                                 |                                                                                                                                                                                                                                                                          | (3,354,883                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|Current year
changes                                 |                                 |                                                                                                                                                                                                                                                                          | (56,467                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Balance at December
31, 2002                         |                                 | Ps                                                                                                                                                                                                                                                                       | (3,411,350                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     | M)                              |                                                                                                                                                                                                                                                                          | BUSINESS SEGMENT DATA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | The Company is principally engaged in only one reportable line of
business, which is the production and sale of corn flour throughout
Mexico.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|                                                    
|                                                     | N)                              |                                                                                                                                                                                                                                                                          | VALUATION AND QUALIFYING ACCOUNTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | The activity in the allowance for doubtful accounts for the years
ended December 31, 2002, 2001 and 2000 is as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | Balance at                                                                                                                                                                                                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 | beginning of                                                                                                                                                                                                                                                             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Description                                          |                                 | year                                                                                                                                                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Allowance for doubtful accounts:                     |                                 |                                                                                                                                                                                                                                                                          |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|Year ended December 31, 2002                         |                                 | Ps                                                                                                                                                                                                                                                                       | 35,134                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Year ended December 31, 2001                         |                                 |                                                                                                                                                                                                                                                                          | 32,467                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|Year ended December 31, 2000                         |                                 |                                                                                                                                                                                                                                                                          | 18,848                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|15.                                                  |                                 | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)                                                                                                                                                                                                                
|                                                     | O)                              |                                                                                                                                                                                                                                                                          | RECENTLY ISSUED ACCOUNTING STANDARDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | In January 2003, the Financial Accounting Standards Board (FASB)
issued FASB Interpretation No. 46 Consolidation of Variable
Interest Entities (FIN No. 46), an interpretation of ARB No. 51,
Consolidated Financial Statements. FIN 46 provides a new framework
for identifying variable interest entities (VIE) and determining
when a company should include the assets, liabilities,
non-controlling interests and results of activities of a VIE in its
consolidated financial statements. FIN No. 46 is effective in 2003.
Adoption of this standard is not expected to materially affect the
results of operations or financial position of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | Statement of Financial Accounting Standards No. 148, Accounting
for Stock-Based Compensation  Transition and Disclosure  an
amendment of FASB Statement No. 123, (SFAS No. 148), issued in
December 2002, provides alternative methods of transition for a
voluntary change to the fair value-based method of accounting for
stock-based employee compensation. SFAS No. 148 also amends the
disclosure requirements of Statement of Financial Accounting
Standards No. 123, Accounting for Stock-Based Compensation,
(SFAS No. 123) to require prominent disclosures in both annual
and interim financial statements about the method of accounting for
stock-based employee compensation and the effect of the method used
on reported results Adoption of this standard is not expected to
materially affect the results of operations or financial position
of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|                                                    
|                                                     |                                 |                                                                                                                                                                                                                                                                          | FASB Interpretation No. 45, Guarantors Accounting and Disclosure

Requirements for Guarantees, (FIN No. 45) was issued in November
2002. FIN No. 45 requires that a liability be recognized at the
inception of certain guarantees for the fair value of the
obligation, including the ongoing obligation to stand ready to
perform over the term of the guarantee. Guarantees, as defined in
FIN No. 45, include contracts that contingently require the Company
to make payments to a guaranteed party based on changes in an
underlying that is related to an asset, liability or equity
security of the guaranteed party, performance guarantees,
indemnification agreements or indirect guarantees of indebtedness
of others. This new accounting is effective for certain guarantees
issued or modified after December 31, 2002. Adoption of this
standard is not expected to materially affect the results of
operations or financial position of the Company                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|15.                                                  |                                 | DIFFERENCES BETWEEN MEXICAN GAAP AND US GAAP (continued)                                                                                                                                                                                                                
|                                                     |                                 |                                                                                                                                                                                                                                                                          | In July 2002, the FASB issued Statement No. 146, Accounting for
Costs Associated with Exit or Disposal Activities (SFAS No. 146).
The standard requires companies to recognize costs associated with
exit or disposal activities when they are incurred rather than at
the date of a commitment to an exit or disposal plan. Examples of
costs covered by the standard include lease termination costs and
certain employee severance costs that are associated with a
restructuring, discontinued operation, plant closing, or other exit
or disposal activity. Previous accounting guidance was provided by
Emerging Issue Task Force (EITF) Issue No. 94-3, Liability
Recognition for Certain Employee Termination Benefits and Other
Costs to Exit an Activity (including Certain Costs Incurred in a
Restructuring). SFAS No. 146 replaces Issue No. 94-3. SFAS 146 is
to be applied prospectively to exit or disposal activities
initiated after December 31, 2002. SFAS No. 146 is not expected to
have any material effect on the Companys financial statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|Exhibit No.                                          |                                 | Document                                                                                                                                                                                                                                                                
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|1                                                    |                                 | Our bylaws (estatutos sociales) as amended through April 16, 2002, together with an English translation.*                                                                                                                                                               
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|2(a)(1)                                              |                                 | Deposit Agreement, dated as of May 17, 1994 between us, Citibank, N.A., as Depositary, all registered
holders from time to time and all owners from time to time of any beneficial interest in any American
Depository Receipts evidencing American Depository Shares.**
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|7                                                    |                                 | Statement of Computation of Ratio of Earnings to Fixed Changes (Mexican GAAP and U.S. GAAP).                                                                                                                                                                            
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|8                                                    |                                 | List of Principal Subsidiaries.                                                                                                                                                                                                                                         
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|12(a)(1)                                             |                                 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of the Sarbanes-Oxley Act of 2002, dated June 30, 2003.                                                                                                          
|                                                     |                                 |                                                                                                                                                                                                                                                                         
|12(a)(2)                                             |                                 | Certification of Senior Corporate Controller Pursuant to 18 U.S.C. Section 1350, as enacted by
Section 906 of the Sarbanes-Oxley Act of 2002, dated June 30, 2003.