date:Feb 25, 2013
e relating to pension funds in the U.S. and Mexico. The 513 million pesos reclassified from operating expenses to financial expenses compares to the 265 million pesos similarly reclassified in the fourth quarter of 2011.
Overall operating expenses at Grupo Bimbo represented 44.6% of net sales in 2012, compared to 43.5% in the 2011.
Bimbos effective tax rate for 2012 was 47.3%, up from 35.6% in 2011. The higher rate reflected a fourth-quarter tax charge that raised the companys effective rate i