signature=f2fd61184b3328e471644f6fd3617f29,Form 6K

4Q02

%

3Q02

%

4Q01

%

ROA

2.8

2.1

2.3

ROE

5.0

3.8

4.4

ROIC

6.4

5.0

3.8

CONFERENCE CALL

The company will hold a conference call to discuss 4Q02 results on February 26, 2003, at 11:30 a.m. Eastern Time (10:30 a.m. Mexico and CT / 9:30 a.m. MT / 8:30 a.m. PT). From the U.S. or Canada please call (800) 915-4836; international or local callers dial (973) 317-5319. The conference call will also be web-cast live via the GRUMA corporate web site, www.gruma.com. For the conference call replay, please call (800) 428-6051 or (973) 709-2089 and enter passcode 286225. Please go to the Investor Relations page of the web site for further details. The audio web-cast will be archived on the site.

Founded in 1949, GRUMA is the world's largest corn flour and tortilla producer. GRUMA is primarily engaged in the production, marketing, distribution, and sale of corn flour, packaged tortillas, and wheat flour. With leading brands in most of its markets, GRUMA operates principally through the following subsidiaries: Gruma Corporation, GRUMA's wholly owned corn flour and tortilla subsidiary in the United States and Europe; Grupo Industrial Maseca, S.A. de C.V. (''GIMSA''), the company's 83%-owned corn flour subsidiary in Mexico; Molinera de Mexico, GRUMA's 60%-owned wheat flour subsidiary in Mexico; Gruma Centro America, GRUMA's wholly owned corn flour subsidiary based in Costa Rica; and Productos y Distribuidora Azteca, S.A. de C.V. (PRODISA), GRUMA's wholly owned packaged tortilla subsidiary in Northern Mexico. GRUMA also produces corn flour and wheat flour in Venezuela through MONACA, a 95%-owned subsidiary, and DEMASECA, a 50%-owned subsidiary. Headquartered in Monterrey, Mexico, GRUMA has 14,500 employe

es and 74 plants and, in 2002, had net sales of US$1.8 billion. For more information, visit www.gruma.com.

ACCOUNTING PROCEDURES

The consolidated figures have been restated in pesos of constant purchasing power as of December 31, 2002, and were prepared in accordance with Accounting Principles Generally Accepted in Mexico, commonly referred to as ''Mexican GAAP.''

The restatement was determined as follows:

The consolidated figures are restated to period-end constant local currencies following the provisions of Bulletin B-10, applying the General Consumer Price Index from the country in which the subsidiary operates.

Once consolidated figures are restated, they are translated to Mexican pesos, applying the exchange rate in effect at the end of each period.

For comparability purposes, the 2001 consolidated figures have been restated in Mexican pesos by utilizing a weighted-average restatement factor, which considers the relative total sales contribution by country for the year ended December 31, 2001, and the corresponding inflation and exchange-rate fluctuations during that period.

FOR ANALYSIS PURPOSES OF THIS REPORT

The results of foreign operations were determined as follows:

Figures for Gruma Corporation were converted from dollars to pesos using convenience translation with the exchange rate of Ps 10.44/dollar as of December 31, 2002. The differences between Mexican GAAP and U.S. GAAP, applied to Gruma Corporation, are reflected in the column entitled ''Others and Eliminations.''

Figures for foreign subsidiaries in Central America and Venezuela were converted from the currency of the country in which the subsidiary operates (in constant terms) into dollars, and then from dollars to pesos using convenience translation with the exchange rate of Ps 10.44/dollar as of December 31, 2002.

This report may contain certain forward-looking statements and information relating to GRUMA, S.A. de C.V., and its subsidiaries (collectively, ''GRUMA'') that are based on the beliefs of its management as well as assumptions made by and information then available to GRUMA. Such statements reflect views of GRUMA with respect to future events and are subject to certain risks, uncertainties, and assumptions. Many factors could cause the actual results, performance, or achievements of GRUMA to be materially different from historical results or any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. Such factors include, among others, changes in economic, political, social, governmental, business, or other factors globally or in Mexico, the United States, Latin America, or any other countries in which GRUMA does business, and world corn and wheat prices. If one or more of these risks or uncertainties material

izes, or if underlying assumptions are proven incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or targeted. GRUMA does not intend, and undertakes no obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

GRAPHIC

3

logo.gif

LOGO

begin 644 logo.gif

M1TE&.#EAAP!Y`'&AH"(B(B9F9FHJ*JNKJJYN;N_O[O,S,S?W]W@X.;HZ.[N[N[___\!`@,!

M`@,!`@,!`@,!`@,!`@,%_V`FCF1IGFBJKBQZ7975SG1MWWA+1MJK%Y($W`K@CP7`P`J.61D@L3'CAXD*T!."2KMOQC^(5`'QNKP"4`IV;"QA48

M;/^U^`CP@3=%RZIH!`UL<

M"JR-9=CO!JYFR4Q@!.$%H`(+L&&SVF

M)/**F$C#J:09`$CG&2`+U`5S)PY8?A!\AE:]+"1EQD,@\J?>*(0I8,;BVRGA

MDDQK\8CJYHH?Q"%+.K3"%.@,X"DA7QL8)*1"(C8X95[_"HAQ-((A4L`D`Q\N?25P02YI!;7/8.0J$10T$F3C$6Y

M1&A#@]7E(0!_;`!PVPH*@-,@ATF8DM\=!(S'1@/2K8`A6C*>D$N/:T`P`1*_

MR4B`B#40X*(*4SZEXQ;%+-F$`@3\($`"L36P`F)5FN"D"@X(56%`ZJ2$)LD`RAP`)),

M4(#=60#`0RL+!CS5!F8HBN2%_T,ZZ.72#,[-=$>4_7F[ADM9K(0+=L18-

M>4IS9A,-%#!%"A3`J68)E$IS;Q*UT/!7+B?>$58"!C`PD0,^&8#`OB6X*DV?

M7H"K`C'2#-A$!0\T,%$$@5:;BZ6;E,N"P\6`Z=D(B2(@$R=8>B$)R"5X"-7)

M)?P&P"\-FJS%!0H,P%2G*;`C5+`,V9J-O&T`ZP!A!71;$PJ\2F+9:J98#,R1

M@L!90CX.GC"L)"_9"D"=H+0+`-%-#'H"IV.7X#0``8Z0;]P+`-"Q):8$S(:8

M*<0J21"ZFH+I""0/\$`%#MA\,S"YX!&."F\_?)^TJ?@ML1:?JK#RS"PH7LSE

MC;"=8?_2[UH)3NDFS"3R)V8#S=FAH8$#>PJ!?XQ*ZY(,WL0!NI^`.R>]F^"H

M[9\"!A$`?"EXAYX>8@)@":]J)G#>TQ#EP`YRQ00RTPD&

MT`>`/ET@`A)X0!C0@L$:L,0`9N'52;[6MA,,;X>YN$N^5")`T,C%4'X@00#T

M9@*_`:!)Q7@,"D38/PBI0'1NRH4442`7`G++>AE@83'`&+G_7,AI!=&BR>SP

MM14P`J6&J9O)`FIDK194T11G'!E-VM

M-',K2Y+D\=;F.D%PH80F@"#E8B;&F02KD8`L@=\JP06GO62!6YD*.I_B)/L=

MD8*>0]L:YE%%`DB`:3/IAM`J4P$*I%$:!E"#"'/7S]JU*`-2J1@7'L!"T.7A

MB)R(C"G1(DIM/F4JOTQ7(_IP1+8(__`I9/G='D_0S9D0\Q8H0\LB13#0BJ4@

MH\6`8TG39(F/?+08%((I)R@T4T[HC`03395U&D837*(`G)+('A>]N:]U[A05

M"\KH3Y^^O6O@`VL8`=;4PA$X`$/B(!A%_N`V;V0L1!@

MR6$3*X%[Q'"R,,(`!!#+'<4^("*?%0$&*/O9R&XA(H9%K&*/D(1B40VI,`-N(4!/R`1B/(DP`*@$,?T*&X31I)F_9D@-^43C3#]0%Q

MX70LU"DA&O]S[(_;=+(M$3@%/!+83%"B-$)7@5$FEEINM2V>H0(`$ZF^2H-%&!REK@$`?.TB3WB>$1P-(F9RM`N6P&

MG@=T94J?JHG,4C.\U0U+E)-\X@A,21MC[6P$!##0`*\G@MC<0[XDD@"%Q4P7$TY(+D96!AC@2CV(X$^I^88`$-.@"HH`B2*@F

M`9X[!P'V>8BGK2RE82:U=?W5Y-R10!2\MO6;&ZT3YP1H)+%1-\7,O1RG:=M1

M?:!+@U)3)"`(FZ7$MD&A>UV"1#&[0>=P-)+_/0((1`$!6U3,CH.;[1$8CF6I

M7EGF&(``.A'.U$F8A\SBBM!5OWG=G7@VK"4QR!%8&M?+Z1\S+BZ)1?RC6TH5

MC2V(@LG]6KBM]D1PQ^R:(-,TR:[A

MA6U1.6DS0B(5X4D%[H1`FR``CZEB>S/0<9H(@!D:/ELV%E@`+D!P