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1. 500 BUSINESS
THE THE
LARGEST
BEST
COMPANIES SCHOOLS
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GLOBAL
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Special reports on Latin America
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and
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Latin America.
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OUR GROWTH TO SATISFY OUR
CONSUMERS, CREATING ECONOMIC
AND SOCIAL VALUE,
+215
37
SIMULTANEOUSLY. Million
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in Latin America.
+10,000 OXXO stores.
+8
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per day at OXXO stores.
FEMSA is a leading company that participates in the
beverage industry through Coca-Cola FEMSA, the
20%
largest bottler of Coca-Cola products in the world; in
the retail industry through FEMSA Comercio, operating
OXXO, the largest and fastest-growing chain of stores
in Latin America, and in the beer industry, through
its ownership of the second largest equity stake in
Heineken, one of the world’s largest breweries with
operations in over 70 countries.
Economic interest
in Heineken.
Investor Relations: (52.81) 8328.6167 - investor@femsa.com.mx
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BASE PAGINA COMPLETA.indd 1 16/08/2012 9:43:59

3. BASE PAGINA COMPLETA.indd 2 16/08/2012 9:43:59

4. BASE PAGINA COMPLETA.indd 3 16/08/2012 9:43:59

5. CONTENIDO
GLOBAL
ISSUE
Special reports on Latin America
FOR THE GLOBAL MARKET
6 40
CHINA`S LABYRINTH SEND US YOUR TALENT
Very few Latin American companies A growing number of global Business
have succeeded in selling something Schools are focusing their attention
beyond commodities. Why? to Latin American students.
10 44
AFTER THE BONANZA GO WEST, YOUNG MAN
Latin America`s largest companies An increasing number of Latin
showed a strong if slower growth in American companies are becoming
2011. full-fledged multilationals.
14 46
AMERICAECONOMIA´S 500 MEET THE MULTILATINA
From Big Oil to mega retailers and How much do they sell, invest and
telcos, meet Latin America`s biggest hire? Where? The new Latin global
corporate players . players are a force to reckon.
34 48
THE NEW MBA IN THOU WE TRUST
Latin America`s best Business Big global banks are suffering their
Schools face a new challenge: how to worst times ever. Latin American
innovate. banks are booming. For how long?
COVER DESING: ÁLVARO ARAYA URQUIZA
36 52
THE B-SCHOOL’S WHO’S WHO LET THE GOOD TIMES ROLL
The region`s best school ranked The region´s 250 largest banks
by faculty, publications, global net- ranked by assets and other financial
works and other relevant criteria. ratios.
2012 - 2013 / AMÉRICAECONOMÍA 3
CONTENIDO GI.indd 3 17/8/12 16:38:04

6. MEMO
PUBLISHER & EDITOR
Elías Selman C.
NEW CHALLENGES
O
EXECUTIVE EDITOR
Carlos Tromben
ver the last 25 years, but on their pension systems. Cities
ART DIRECTOR especially from the late may experience an increase in drug-
Álvaro Araya Urquiza
nineteen nineties onwards, related violence (if authorities fail to
DEPUTY EDITOR Latin America underwent some of tackle the status quo). Many regions
Rodrigo Lara Serrano
the most dramatic changes in its are facing severe water shortages.
EDITORS history. Democracy was restored, This is the environment in
Fernando Chevarría (Lima)
Paula Pacheco (São Paulo) economies were opened up, and tariff which AméricaEconomía operates,
Samuel Silva (Santiago) barriers lowered. Latin American providing its readers with insightful
Gisela Raymond (Guayaquil) governments on the left and right information, analysis and news from
REPORTERS deregulated a Latin American
Ximena Bravo, David Cornejo y Tamara Muñoz (Santiago), Graziele
Dal-Bo (São Paulo), María Cristina Prezet y Natalia Vera (Lima),
markets, while perspective.
David Santa Cruz (Mexico City), Jenny C. González (Bogota), introducing strict The www.
500 BUSINESS
THE THE
Gonzalo León (Buenos Aires), Hebe Schmidt (Madrid), Loreto Urbina rules on banking LARGEST
BEST americaeconomia.
(London), Montserrat Nicolás (Washington D.C.) COMPANIES S C H O O L S
(a precaution that com news site and
GLOBAL
CONSEJEROS EDITORIALES has paid off today). AméricaEconomía’s
Peter Hakim (Washington), Enrique García (Caracas)
China was not on regional and local
ISSUE
PHOTOGRAPHY EDITOR anyone’s radar back stories offer the
Miguel Candia
DESIGNERS then, but it is now clearest window
César Leyton y Pablo Reyes fueling one of the through which
ILLUSTRATIONS most sustained to observe Latin
Patricio Otniel Special reports on Latin America
PROOF READER periods of economic FOR THE GLOBAL MARKET American business.
Mario Pozo V. growth in Latin The
The
This Global Issue
AMÉRICAECONOMÍA INTELLIGENCE America. is a compilation of
(surveys and Special Pojects) Latin Americans and
AméricaEconomía’s
DIRECTOR
Jaime Contreras Soria are now healthier, best-selling
SENIOR RESEARCHER richer, but also products, rankings
Andrés Almeida more critical of and news stories.
FINANCE RESEARCHER
Catherine Lacourt their political You will find the
institutions, and region’s largest
AMÉRICAECONOMÍA.COM
EDITOR more demanding as consumers and companies, ranked by revenue and
Lino Solís de Ovando citizens. Millions of Latin Americans other indicators, the best MBA
JOURNALISTS
Daniela Arce, Alejandra Araya, Patricio Díaz, Gastón Meza, Pablo
are first-generation professionals; programs and business schools,
Albarracín, Christopher Holloway, Jennifer Roig, Loreto Oda, David they are the major force behind both and the Multilatinas ranking, a
Montolio. the region’s consumer boom and Who’s Who of Latin America’s most-
DEVELOPMENT
Leonardo Cabrera, Richard Suing, Óscar Quiroz, Carla Vilches. declining birth rates. globalized business groups and
But this bonanza could end badly companies.
GENERAL MANAGER
Eduardo Albornoz if Latin America does not prepare for Go on. You won’t regret it.
the future. The region’s commodity-
COO
Rodrigo Guaiquil C. driven boom is suffocating
innovation, exposing its economies
CFO
Carlos Quevedo Barra to the dreaded Dutch disease,
and leaving major environmental
MARKETING CHIEF
Consuelo Alcaíno liabilities for future generations
to clean up. Twenty or thirty years
ONLINE PRODUCT MANAGER from now, major Latin American
Carol Kast
countries will pass demographic Elías Selman C.
OPERATIONS MANAGER thresholds which will put pressure Publisher & editor
Matías Agurto
CHAIRMAN
Robert R. Paradise
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4 AMÉRICAECONOMÍA / 2012 - 2013
MEMO GI.indd 4 17/8/12 16:39:24

7. Aviso Falso
BASE PAGINA COMPLETA.indd 1 26/04/2012 12:21:15

8. CHINA
ACCESS R
PATRICIO OTNIEL
6 AMÉRICAECONOMÍA / 2012 - 2013
CHINA GI.indd 6 17/8/12 16:39:55

9. CHINA
RESTRICTED Latin American companies have been unable to achieve
success when they try to sell anything in China apart
from raw materials. If they continue with their current
strategies, perhaps they never will. Carlos Tromben
A
t first sight, Harbin is local firm Aviation Industry Corporation carmona family, which has become in
not a typical Chinese of China (AVIC). However, as oil prices recent years a successful producer of
city. Located in the rose, the jets become less competitive turbines for hydroelectric and wind en-
northeast of the coun- and they decided to halt production. ergy projects. In the nineteen eighties, it
try, its architecture and Embraer’s plan was to use the plant became a leading global producer of port
street plan, marked with in frozen Harbin to build bigger, more cranes, the enormous structures which
wide boulevards and sophisticated aircraft, like the ERJ-190, can load and unload containers in just
Orthodox churches, bear which can carry up to 100 passengers. a few minutes. The firm opened offices
witness to the thousands of expatriated However, it never obtained authoriza- in Hong Kong and Beijing in order to
Russians who arrived before and after tion from the Chinese government to attack the Chinese market.
the Bolshevik Revolution of 1917. But build it there. Without approval, the “Our first project in China was to
its Siberian climate (which allows it to plant in Harbin was destined to fail and supply cranes to the Port of Shanghai,”
hold one of the world’s most famous only intervention by Brazilian president says the company’s vice-president Sofia
ice sculpture festivals) is not exactly the Dilma Rousseff during her official visit to Pescarmona. “We began building with
right one to lift the spirits of the seven China last April resur- a Chinese subcon-
Brazilian employees of airplane maker rected the possibility In Latin America, tractor and the added
Embraer. Especially given that its fac- of definitive approval value parts we did in
tory in the city has not been very active which has still not business and Mendoza.”
since April 2011.
Like other industrial firms from Latin
been granted.
Embraer’s diffi-
friendship are However, the
company was soon
America which set up shop in China in culties in China are kept separate: in trouble with the
a bid to participate in the expansion of no exception. The Chinese contractor
this enormous market, Embraer’s Chi- Eastern giant has be- in China, doing which became a com-
nese operations have been trapped in
a labyrinth of regulations, permits and
come one of Latin
America’s biggest
business means petitor and, in 1992,
founded Shanghai
political shenanigans which have kept it trading partners, with exchanging favors. Zhenhua Port Ma-
a heartbeat away from definite closure annual trade hitting chinery (SZPM). “It
for months. US$200 billion, and received huge subsi-
It is an unusual situation for a company several companies dies from the Chinese
which has become the pride of Brazilian from the region have taken the plunge state, they gave them a port, ten vessels,
industry, building up a position in the of investing directly in China. But they and very cheap money, and it was prac-
global market for regional jets - aircraft have little to show for their efforts. tically impossible for us and the rest
with up to fifty seats, such as Embraer’s Many have even preferred to with- of the world’s suppliers to compete,”
ERJ-150. In China, Embraer produced draw. They include Argentina’s IMPSA, recalls Pescarmona. Today, SZPM has
these airplanes in association with the the industrial arm of the powerful Pes- more than 70% of the global market for
2012 - 2013 / AMÉRICAECONOMÍA 7
CHINA GI.indd 7 17/8/12 16:40:02

10. CHINA
port cranes, many of which are sold in
Latin America. “Today the world sees
the price of these cranes is rising,” says
Pescarmona, speaking at the Multilatinas
Forum, organized by AméricaEconomía.
Her analysis is clear: “China’s vocation
is to be an industrial producer of added
value products which has also been our
vocation for the last hundred years,” the
Argentinean says. “Asia continues to be
an interesting market, which we tackle
from Malaysia, but not the domestic
Chinese market.”
The story has aspects in common with
Dilma Rousseff
that of Beijing Copper Tube, a corpora-
tion created in 1987 between Chilean in Beijing: put-
mining firm Codelco, Chilean copper ting in a word
tube and cable fabricator Madeco and the for Embraer
Chinese government to produce copper
tube in a city which had previously only But putting this into practice is harder a clear example. “Embraer is a great
produced lead pipe. The promising deal than it sounds. Despite an auspicious company thanks to its declared aim of
was one of the steps which led Chile to name for the Chinese market, the Brazil- buying in the best parts and systems for
become the first country in the world to ian bus maker Marcopolo has not been its airplanes,” says Richard Abulafia,
recognize China as a market economy able to repeat in China the production vice-president of the Teal Group, an
which helped its subsequent accession models which it has successfully trans- aerospace and defense industry consul-
to the World Trade Organization. planted to South Africa, Egypt and, most tancy. “China, on the other hand, buys
However, faced recently, India. parts and systems from anyone who is
with the joint venture’s China’s “China is the on- prepared to hand over its technology,
poor results, the Chil- ly one of our plants just like the former USSR used to do.”
ean companies pulled vocation is to in which we do not IMPSA’s Sofia Pescarmona makes a
out in 1991, selling
their shares to the Chi-
be an industrial make buses, we just
produce parts and
similar argument. “China will not let
us produce in their country unless we
nese government. producer with pieces,” says Rubens give up our knowledge, which it has
For Osvaldo Rosa- de la Rosa, Marco- cost us a great deal to develop over
les, director of foreign high added value, polo’s Brazilian chief the last hundred years. We prefer not
trade at the United
Nations’ Economic
but it is a highly executive. “Why do
we not have the same
to,” she says.
China experts explain that cultural
Commission for Lat- nuanced market. authorizations as lo- differences lie behind many of the
in America and the cal producers? Hav- problems faced by Latin American
Caribbean, the pivot ing volume is a big firms which have tried to break into
shift in international competitive advan- the country which refers to itself as the
economic relations poses a huge chal- tage and China does not share it.” Middle Kingdom. That concept reduces
lenge to Latin American governments the rest of the world to a periphery on
and business. COMING AND GOING the outside trying to look in.
“One possible stance is passive: let The problem is that the powerful model “They remember that there have
China drag us along, which is what they of industrialization which China is only been 200 years in the history of
are doing,” says Rosales. “Another is to try pursuing is very different from that mankind in which China and India were
and participate in the Asian value chains which has produced numerous success not the main powers,” says ECLAC’s
which are built around China.” stories in Latin America. Embraer is Rosales.
8 AMÉRICAECONOMÍA / 2012 - 2013
CHINA GI.indd 8 17/8/12 16:40:21

11. CHINA
The limits of Guanxi
T
he case of Pollo Campero is a classic case has opened up a bit, but the economy is still centralized did not see the upside of Guanxi. “By the way nego-
of misunderstood Guanxi. The Guatemalan and controlled by the state.” tiations were going, we had the sensation that the
fast-food chain, whose secret chicken recipe Regulations required Pallo Campero to operate for two only thing that they wanted was the chicken recipe
is even sought by Kentucky Fried Chicken, has suc- years before it could sell franchises in China, which is so they could make it themselves.”
cessfully opened four hundred of its restaurants. how the Guatemalans planned to drive growth. During Gutierrez continued in China for another two years
Three hundred are in Latin America, while another those two years, the government evaluated the quality to secure approvals from the authorities that will let
hundred are spread across the United States, Spain, of their business and its contribution to the community. him return when the company is better prepared to
the Middle East, Indonesia, and India, making it one Meanwhile, Gutiérrez realized that the Chinese market tackle the market.
of Latin America’s most globalized businesses. In was totally different from anything he had seen. Firstly, “Lots of people tell us that if we had stayed we would
2006, the firm was attracted by the opportunity the Chinese consumers demand more innovation than other have quickly recovered the investment, although
Chinese market represented and so began work on consumers. “In order to maintain a permanent flow of it is not clear how many years of losses and how
opening its first restaurant in Shanghai. It studied customers, we had to be changing the recipes and pro- much investment we would have needed to make
locations, marketing and regulations before taking motions, not every month like before, but every week,” a return.” It took KFC more than ten years. Others,
the plunge. The plan was to have between 300 and says Gutiérrez. “The same characteristic which sees the such as Burger King and Pizza Hut, never made it.
500 restaurants within five years. By the middle Chinese change mobile phones every three months meant In addition, staying in China would have forced
of 2007, it had just four. Today the chain is not they are always asking for new recipes and products Campero to divert resources and talent which it
present in China. at the restaurants where they dine. We were not fully is today using to expand in new markets such as
“The state intervenes in the whole process: it owns prepared for that.” Europe and the United States, where it opened a large
the ground so you have to pay rent, it interferes in the However, what led Gutierrez to finally abandon China Pollo Campero restaurant in the middle of Disney
supplier structure and is permanently supervising the was the attitude of the Chinese businessmen to whom World, the successful tourism and entertainment
development of the business,” says Pollo Campero he planned to sell the franchise. complex in Florida.
CEO Juan Jose Gutierrez from Guatemala. “It was “They asked us for two years’ grace, paying nothing for “The most curious thing is that 38% of the clients
to be expected: this is a Communist country which use of the brand and our recipes,” says Gutierrez who in that restaurant are Chinese.”
To a culture which has seen Dutch, term describes the network of recipro- Like networking, guanxi is a more
Portuguese and British merchants come cal favors and connections on whose binding system than its equivalents in
and go, the West’s economic presence strength business in China depends. the West. “When you recommend some-
looks like another passing fad. Accord- Guanxi predates the Communist Party one in China, you are not just passing
ing to Michael David, senior consultant and its bureaucracy and begins with an on a number, but extending a bond and
for Boston Consulting Group in Beijing, individual’s own family, expanding imposing on the recommended party a
the multilatinas are novices in this game through school, further education, etc. duty not to fail; if they do, you must bear
who have a lot to learn from other for- Guanxi does not mean networking as it responsibility,” explains Julie Kim.
eign firms which have been in China is often understood in Latin America, but Many foreigners are perplexed by how
for longer. “You have to commit to a rather an exchange of duties and rights, their Chinese colleagues operate. “The
long-term vision as the learning curve a chain of favors. The giving is known deadlines are often different. I have heard
is long,” he says. as Mianzi, and describes the attributes more than one Westerner complain of
China’s cultural nuances and subtle- of an individual who could be useful to having gone to eight meetings or seven
ties represent an initial challenge on a the network. The giving back is called karaoke sessions and still not being able
scale which is difficult to underestimate. Renqing and is a kind of debt which to close the deal,” says Kim.
“In Latin America, people say don’t mix can be cashed in the future but whose
business with friendship. But in Asia, it is content and size is unknown. GUANXI IN ACTION
totally different,” says Julie Kim, director Each time that two people meet for Chilean shipping firm Compañía
of the Asia-Pacific Center of the Diego the first time, a significant part of the Sudamericana de Vapores and Mexi-
Portales University in Santiago, Chile. conversation is dedicated to exploring can bakers Bimbo are two of the few
“This is the crucial difference one has to and measuring the implications of each multilatinas which have managed to
understand to do business there.” other’s Guanxi. For Michael David, “it develop operations in China, although
This style and tradition can be ex- is not so different from other business middling in size.
pressed in the key word Guanxi. Formed communities in the sense that one has Many companies from the region
by the symbols Guan (meaning to mea- to develop relationships and trust. In have found success in China when
sure, to seal, to involve) and Xi (to be, China, this is more important than a they have sought inputs for products
connection, relation, to tie, to bind), the written agreement.” which will be sold in Latin America.
2012 - 2013 / AMÉRICAECONOMÍA 9
CHINA GI.indd 9 17/8/12 16:40:25

12. CHINA
But trying to enter with more elaborate in China in the 1950s under Mao. Some Mexican firms fell into this
products and services can prove a head- Chilean businessman Andrónico trap. Cemex spent years announcing its
ache. “In China, it is often unclear how Luksic, whose family controls Madeco, expansion into China but instead wa-
one can make things work,” says BCG’s regrets the decision sell his business in gered on the US housing boom. Today
Michael David. “It is a huge and very China. “It´s a shame; if we had stayed it is licking its wounds. In February,
diverse country and it’s no use relying we´d have hit the jackpot”, he says. Lorenzo Zambrano announced that
on the support of one well-connected Impatience is leading mining firm the cement giant now has permits and
individual.” Vale and steelmaker Gerdau, both from a local partner. Leopoldo Cedillo, CEO
Embraer is an interesting example Brazil, to drop some investments in China. of auto-parts maker Metalsa recently
in this respect. Its Chinese operations Vale´s plans to become the world’s largest announced that the company will enter
were headed by Guan Dongyuan, an mining company ran into a Chinese Wall, in China within five years.
engineer with degrees from the Univer- when it tried, but failed, to open an iron Latin American impatience is com-
sity of Sao Paulo and the China Europe ore distribution center in China. “They pounded by Chinese ignorance. “Latin
International Business School. He was don’t say no, America lacks
previously a representative of the min- but they take visibility,”
ing company Vale in China. Will his a long time says David
Guanxi prove as strong as than that of to respond,” who opened
Jianwei Zhang, chairman of Canada’s says Jose Car- BCG’s Shang-
Bombardier, Embraer’s eternal rival los Martins, hai office in
in regional jets? An engineer from the Vale’s direc- 1992. “The
University of Tianjin, Zhang was a tor of mar- region would
municipal civil servant between 1975 keting, sales benefit greatly
and 1982. He completed an MBA at the and strategy. from student
University of Montreal and obtained a “Time passes exchanges
doctorate in administration from the and the mo- with China
same institution, before joining Bom- ment comes
bardier. Bombardier recently signed a when you just give
Pollo Campero and by send-
ing more cultural and
deal with Commercial Aircraft Corp of up.” wanted to open culinary products.”
China (COMAC) to enter the market for Marcelo Claure, But this has not
narrow-body aircraft with 100-149 seats, Brightstar´s Bolivian 500 restaurants been easy either. Pol-
similar to those its Brazilian rival was
not authorized to produce. The agree-
founder, has failed to
replicate its cellphone
in China. Today it lo Campero, Latin
America’s most in-
ment surprised many analysts. “It is a distribution business in has none. ternational fast-food
deal which does not make any sense the enormous Chinese chain, failed to break
[for Bombardier],” says Teal Group’s market. “He lacks the the Chinese market,
Abulafia. patience to deal with following the same
However, some interpret the agree- the red-tape,” says a colleague. recipe which has brought it success from
ment with Bombardier as pure Guanxi. David agrees that it is an error to think India to the United States. It opened its
The Canadians´ real interest in China of China as a market which “is waiting first restaurant in Shanghai in 2007, but
lies with its railroad division which has for you and your products.” Dozens of plans to open 500 restaurants within
signed juicy contacts for metro systems foreigners and local firms are compet- five years did not proper. Today Pollo
in Guanzhou and Shenzhen, a train line ing in an economy which is anything Campero has no restaurants in China
for Beijing airport and for high velocity but Third World. (see box on previous page).
trains. “Relations are crucial in China,” “China is not a backwater backward That’s bad news for Latin America’s
says Bombardier CEO Pierre Beadoin in market,” he warns. “Many companies industrial ambition: unless we change
a corporate video. “To achieve long-term made the mistake of delaying their strategy and become more patient, Latin
success, one must have patience.” plans to enter China, believing that it America’s relationship with China will
And the Canadians have been very was too early. Today they realize that continue to be based on exporting raw
patient: Bombardier struck its first deal it is too late.” materials. ■
10 AMÉRICAECONOMÍA / 2012 - 2013
CHINA GI.indd 10 17/8/12 16:40:30

13. INTRODUCCIÓN
PREPARING
FOR THE
DOUBLE DIP
Latin America’s 500 biggest companies increased their sales, but at a slower rate
than in the previous two years. The likelihood of hard times will be the big test after
the bonanza.
T
he crisis which is terrifying struck Ireland the following year and predator, the financial markets first
Europe sometimes reminds have continued to grow in drama and attacked the young defenseless bathers
one of the soundtrack to the intensity since 2011 and still there is and then terrorized the entire beach,
movie Jaws. The jabbing bass no sign of resolution while the coastguards (played by the
chords which hit Greece in late 2009 Like Steven Spielberg’s terrible European Central Bank, the IMF and
2012 - 2013 / AMÉRICAECONOMÍA 11
500 INTRODUCCION GI.indd 11 17/8/12 16:41:35

14. INTRODUCTION
the governments involved) have been THE BILLIONAIRES´ CLUB
unable to do anything to neutralize Nº OF COMPANIES WITH SALES ABOVE US$1 BILLION
SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
the threat.
Although the euro is living through 600 500 500
its darkest epoch so far, many econo- 437 456
mists (and not necessarily those known 500
419
for their pessimism) believe that the
Old Continent still faces years of slow 334
400 302
growth. Add some disappointing key
262
indicators in the United States and
you have a gloomy scenario to which 204 206 219
300
187
Latin American companies will have
to learn to adapt.
200
IT’S BEGINNING
TO HURT A BIT 100
The 500 companies on the Améri-
caEconomía ranking enjoyed a very 0
profitable 2010, while 2011, without 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
being bad, showed signs of slowing sales
in a number of key countries and sectors.
For example, large mining companies, in 2011 of half that size (which is still some interesting facts. In Brazil, the
which in 2010 saw their revenues jump good, but…), while decline of steelmak-
by an astonishing 53%, saw an increase sectors linked to do- Sales slowed ing (Usiminas, Ger-
mestic consumption, dau and Aperam) and
The Top 500 Through Time
such as construction sharply in Brazil the oil industry was
and retail saw growth key: sales at Petrobras
slow to a similar or
and Mexico, and its distribution
YEAR SALES VAR. MINIMUM
greater extent. moderated in arm were stagnant
1991 324,069.8 3.9% 196.0 There are signifi- and, given the oil
1992 375,102.7 15.7% 166.5 cant variations from Chile, but grew in giant’s relative size,
1993 402,867.2 7.4% 162.6 country to country. this had an impact
1994 512,087.0 27.1% 193.5 These are related not
Argentina, Peru on the overall figures
1995
1996
544,318.2
553,580.3
6.3%
1.7%
215.5
267.2
only to the economic and Colombia for South America’s
cycle, but also to largest economy.
1997 645,180.0 16.5% 350.4
movements on the Figures on Mexico
1998 629,847.0 -2.4% 316.0
ranking and the addi- must be treated with
1999 624,527.4 -0.8% 278.5
2000 881,208.1 41.1% 357.7
tion and removal of caution, as the car
2001 855,427.7 -2.9% 331.7 some companies from the list. industry in general does not publish
2002 831,571.6 -2.8% 324.9 In 2011, there were some impor- results (Volkswagen is the only excep-
2003 938,208.0 12.8% 362.0 tant developments: for a start, sales tion), so it is underrepresented in the
2004 1,122,496.6 19.6% 464.3 slowed significantly in both Brazil figures. However, they fell as did key
2005 1,364,398.2 21.6% 526.2 and Mexico. In Chile, the slowdown sectors such as telecommunications
2006 1,581,618.0 15.9% 570.3 was moderate. Argentina saw slight (46.6%), cement (10%) and electric-
2007 1,955,734.7 23.7% 821.8 growth while Colombia and Peru re- ity. 2011 was a bad year for the local
2008 1,882,521.8 -3.7% 719.0 mained robust. subsidiary of Spain’s Iberdrola, less
2009 2,004,608.2 6.5% 901.6 bad for Cemex and mediocre for the
2010 2,338,493.4 16.7% 1052.9
WHAT’S HAPPENING? businesses of billionaire Carlos Slim.
2011 2,457,750.9 5.1% 1,109.5
A look inside each country throws up And it was definitely an awful year
12 AMÉRICAECONOMÍA / 2012 - 2013
500 INTRODUCCION GI.indd 12 17/8/12 16:41:40

15. INTRODUCCIÓN
The Top 500 by sector
RK NUMBER OF COMPANIES TOTAL SALES (US$ MILLIONS) VAR % PARTIC.
2011 SECTOR 11/10 % 2011
05 06 07 08 09 10 11 2005 2006 2007 2008 2009 2010 2011
1 OIL & GAS 34 35 32 37 38 38 39 377,666.0 447,073.3 494,022.7 506,996.6 454,060.0 537,149.2 592,555.3 10.3 24.1
2 RETAIL 71 72 70 74 74 74 70 140,382.6 162,591.0 196,662.9 187,507.1 230,735.7 281,654.6 284,439.8 1.0 11.6
3 TELECOMMUNICATIONS 45 43 41 37 35 36 34 124,363.2 141,873.6 170,013.1 148,210.3 184,088.1 205,493.1 190,129.7 -7.5 7.7
4 ELECTRICITY 45 46 44 43 53 49 45 92,450.9 104,646.7 130,432.0 119,015.4 147,918.2 167,669.3 162,142.1 -3.3 6.6
5 AUTOMOBILES/AUTOPARTS 29 31 33 33 31 40 39 76,646.6 91,997.7 123,943.5 118,340.7 122,098.9 153,380.6 152,207.8 -0.8 6.2
6 MINING 27 36 33 32 31 35 44 64,959.4 103,226.0 126,094.4 107,332.4 97,383.1 149,119.5 185,294.6 24.3 7.5
7 STEEL & METALLURGY 42 36 40 36 24 27 27 90,537.8 94,909.0 147,002.5 138,910.3 94,523.9 127,444.3 136,376.3 7.0 5.5
8 CONGLOMERATES 25 29 14 15 17 15 20 86,221.7 108,558.0 92,377.7 88,093.6 110,111.5 123,439.6 144,094.5 16.7 5.9
9 AGRIBUSINESS 15 14 20 19 17 18 17 26,965.8 26,685.1 58,003.6 64,640.5 84,006.5 108,425.8 114,448.7 5.6 4.7
10 BEVERAGES & BREWING 18 19 15 15 17 16 16 49,835.4 58,308.4 63,686.9 54,849.0 73,723.4 79,009.8 80,831.0 2.3 3.3
11 FOODS 26 24 24 25 23 20 19 38,333.2 37,604.0 52,408.6 53,102.5 71,827.8 65,836.0 65,968.9 0.2 2.7
12 CONSTRUCTION 9 9 13 13 20 23 22 10,384.2 12,761.3 21,110.4 23,125.7 41,292.2 54,156.9 56,145.8 3.7 2.3
13 TRANSPORT & LOGISTICS 19 15 17 19 18 18 20 29,761.5 23,521.4 31,737.8 35,454.1 36,448.5 46,787.7 54,882.1 17.3 2.2
14 ELECTRONICS 14 11 20 20 21 19 17 22,359.2 18,937.8 42,521.0 44,675.7 50,614.8 45,000.0 40,054.4 -11.0 1.6
15 PETROCHEMICALS 36 13 14 14 12 8 7 57,268.7 43,633.7 57,552.8 59,191.1 54,573.4 30,948.3 34,697.9 12.1 1.4
16 CHEMICALS & PHARMACEUTCALS 36 17 20 18 21 15 17 57,268.7 16,502.6 29,687.9 27,610.5 33,289.3 29,706.1 33,775.7 13.7 1.4
17 CEMENT 7 8 7 6 6 6 6 23,214.1 27,952.5 33,963.3 28,096.7 28,738.3 26,271.8 25,644.0 -2.4 1.0
18 PULP & PAPER 11 12 9 10 7 9 8 14,500.8 16,750.8 18,576.4 17,035.6 16,618.9 22,760.6 21,765.4 -4.4 0.9
19 BASIC SERVICES 8 3 6 6 6 6 5 11,125.1 4,733.5 11,526.5 9,846.7 13,508.4 18,798.3 17,878.3 -4.9 0.7
20 MASS MEDIA 7 7 6 5 5 5 5 9,403.7 10,854.6 12,237.4 10,475.1 13,484.7 15,894.2 15,492.4 -2.5 0.6
21 HEALTH SERVICES 3 4 6 6 8 5 5 2,409.1 3,244.3 7,153.9 7,764.4 10,791.7 10,137.6 10,644.0 5.0 0.4
22 GENERAL SERVICES - 5 2 2 2 2 2 - 9,125.2 7,779.2 7,025.3 8,906.9 9,441.4 9,539.0 1.0 0.4
23 MANUFACTURING - 4 8 8 6 5 6 - 4,006.9 13,310.4 12,037.3 8,501.8 8,360.5 8,783.6 5.1 0.4
24 TEXTILES & FOOTWEAR 5 4 2 2 4 6 2 2,969.6 3,664.8 3,130.5 2,169.0 4,853.9 8,291.8 2,996.5 -63.9 0.1
25 AEROSPACE 1 1 1 1 1 1 1 3,902.0 3,912.0 5,636.2 5,026.4 6,209.9 5,630.0 5,255.4 -6.7 0.2
26 MACHINERY & EQUIPMENT 3 2 3 4 3 2 3 4,528.6 4,543.8 5,163.1 5,989.9 6,298.4 3,726.8 5,050.6 35.5 0.2
27 SOFTWARE & DATA SERVICES - - - - - 1 3 - - - - - 2,396.4 5,018.0 109.4 0.2
28 PRINTING - - - - - 1 1 - - - - - 1,563.1 1,639.1 4.9 0.1
TOTAL 500 500 500 500 500 500 500 1,364,398.2 1,581,618.0 1,955,734.7 1,882,521.8 2,004,608.2 2,338,493.4 2,457,750.9 5.1 100.0
for Movistar. But both beverages and panies on the ranking rose from 65 to its sales by 34%, vaulting past by
retail had an excellent 2011. 73; the number of Colombian firms Mexico’s Pemex.
The strength of the figures for Co- from 26 to 28; and the Peruvians from Among the biggest movers on the
lombia and Peru are explained by a 22 to 30. Meanwhile, the number of ranking was Colombia’s Ecopetrol,
hyperactive extractive industries sector Brazilian, Mexican and Argentinean which scaled four places, becoming one
(oil in the case of Colombia and min- companies all fell. A sign of the times of the region’s ten biggest companies
ing in Peru) and other sectors which we are living through. for the first time. Another is Chile’s
depend on internal demand in two As is now traditional, the oil giants Copec, a holding with fingers in many
countries which have been enjoying dominated the top of the ranking. Petro- pies, which increased its sales by 74%
spectacular growth. bras held onto the number one spot, and climbed eighteen places, thanks to
Looking at regions, the going has with revenues totaling US$130.171 audacious investments in Colombia,
been good on South America’s Pacific billion, but was closely followed by and overtook state-owned Codelco as
seaboard. The number of Chilean com- Venezuela’s PDVSA, which lifted the country’s biggest company.
2012 - 2013 / AMÉRICAECONOMÍA 13
500 INTRODUCCION GI.indd 13 17/8/12 16:41:45

16. INTRODUCTION
The Top 500 by country
RK NUMBER OF COMPANIES TOTAL SALES (US$ MILLIONS) VAR % PARTIC.
2011 COUNTRY 11/10 % 2011
05 06 07 08 09 10 11 2005 2006 2007 2008 2009 2010 2011
1 BRAZIL 204 207 211 212 226 223 215 534,077.5 610,088.2 825,018.2 746,786.7 956,790.2 1,162,356.3 1,165,978.6 0.3 47.4
2 MEXICO 138 111 134 126 119 117 110 490,811.1 532,016.3 645,721.6 588,245.5 580,695.4 600,552.6 598,752.7 -0.3 24.4
3 CHILE 54 63 55 60 55 65 73 103,043.9 137,953.1 158,345.4 164,322.2 152,323.9 211,358.9 253,394.4 19.9 10.3
4 ARGENTINA 36 41 36 35 33 32 30 65,585.2 88,240.6 107,736.8 117,493.5 105,376.7 113,654.2 124,793.6 9.8 5.1
5 VENEZUELA 11 12 7 7 6 3 3 98,294.2 118,360.8 109,557.5 147,586.6 85,001.7 101,218.6 132,027.2 30.4 5.4
6 COLOMBIA 30 35 31 28 30 26 28 36,037.8 46,945.5 58,597.4 59,484.0 65,998.8 74,797.4 97,268.4 30.0 4.0
7 PERU 12 18 15 21 19 22 30 16,368.3 26,085.2 29,091.7 32,300.0 29,782.7 40,320.3 57,315.6 42.2 2.3
8 ECUADOR 5 3 3 3 3 3 2 8,210.6 8,684.0 9,444.4 13,182.6 10,525.2 12,057.7 3,091.3 -74.4 0.1
9 COSTA RICA 4 3 3 3 3 3 3 6,072.0 4,640.4 5,594.2 6,180.8 6,624.3 7,051.9 7,450.2 5.6 0.3
10 BOLIVIA - - - - 1 1 1 - - - - 4,000.0 4,400.0 5,102.0 16.0 0.2
11 URUGUAY 2 2 2 2 2 2 2 2,188.3 2,230.7 2,933.0 2,725.9 3,295.8 3,851.9 4,733.4 22.9 0.2
12 BRAZIL/PARAGUAY - - - - - 1 1 - - - - - 3,450.5 3,652.1 5.8 0.1
13 PANAMA 2 2 2 2 2 2 2 1,817.7 2,294.0 2,756.5 3,273.9 3,253.4 3,423.2 4,191.6 22.4 0.2
14 EL SALVADOR 1 1 1 1 1 - - 791.7 928.3 938.0 940.0 940.0 - - - -
15 GUATEMALA 1 2 - - - - - 1,100.0 3,151.0 - - - - - - -
TOTAL 500 500 500 500 500 500 500 1,364,398.2 1,581,618.0 1,955,734.7 1,882,521.8 2,004,608.2 2,338,493.4 2,457,750.9 5.1 100.0
The biggest profits were seen in growth in the Asian giant will slow. decisions taken in Berlin, Brussels and
the extractive industries, at companies Will Latin America, a link in the chain other European capitals. An earthquake
such as Brazil’s Vale and Petrobras between China and the developed or just a tremor. A Great White or just
and Colombia’s Ecopetrol, followed world, feel the repercussions? How a catfish. Whatever the future holds,
América Móvil and Ambev. We may serious will they be? It will depend on it is best to be prepared. ■
be rich in oil and mineral resources.
But we also drink a lot of beer and
soft drinks and could not live without ADECADEOFGROWTH
our cellphones. The Top 500 over the last ten years, in millons of US$
SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
Mexico’s Pemex and Cemex once TOTAL SALES OF COMPANY
again were at the bottom of the results SALES Nº 500
3,000,000 1200
table. The state oil giant saw its profits
fall 70% and reported a negative net
worth of US$13.903 billion. Is it time 2,500,000 1000
to find a new financial and ownership
structure? It is not good to lack capital
2,000,000 800
in times like these, even when your
only shareholder is the state.
As this edition went to print, Eu- 1,500,000 600
rope’s leaders have begun cut the chat,
raising the possibilities that the con- 1,000,000 400
tinent will escape financial collapse.
However, the immediate future will
be marked by minimal growth in the 500,000 200
Eurozone and a prolonged recession
in many important countries. 0 00
Chinese exports will be hit and 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
14 AMÉRICAECONOMÍA / 2012 - 2013
500 INTRODUCCION GI.indd 14 17/8/12 16:41:50

17. Aviso Falso
BASE PAGINA COMPLETA.indd 1 26/04/2012 12:21:15

18. LATIN AMERICA´S LARGEST COMPANIES
SALES SALES VARIATION IN NET PROFITS NET PROFITS VARIATION IN E
RK RK COUN
COMPANY SECTOR 2011 US$ 2010 US$ SALES 2011 2010 PROFITS 20
11 10 -TRY
Millions Millions 11/10 (%) US$ Millions US$ Millions 11/010 (%) M
1 1 PETROBRAS BRA Oil & Gas 130,171.7 128,000.0 1.7 17,759.4 21,119.5 -15.9 3
2 3 PDVSA VEN Oil & Gas 124,754.0 94,929.0 31.4 4,496.0 3,202.0 40.4
3 2 PEMEX MEX Oil & Gas 111,734.6 103,814.2 7.6 -6,559.1 -3,843.3 -70.7
4 4 VALE BRA Mining 55,014.1 49,949.0 10.1 20,158.7 18,047.1 11.7 3
5 5 AMÉRICA MÓVIL MEX Telecommunications 47,700.1 49,220.7 -3.1 5,940.3 7,378.6 -19.5 1
6 6 PETROBRAS DISTRIBUIDORA BRA Oil & Gas 39,654.0 39,655.8 -0.0 675.0 750.0 -10.0
7 8 ODEBRECHT BRA Conglomerate 33,659.0 28,203.3 19.3 24.0 1,486.0 -98.4
8 12 ECOPETROL COL Oil & Gas 33,194.8 21,610.7 53.6 7,801.1 4,194.3 86.0 1
9 7 JBS FRIBOI BRA Agribusiness 32,944.2 33,042.7 -0.3 -40.4 -181.7 77.8
10 9 WAL MART DE MÉXICO Y CENTROAMÉRICA MEX Retail 27,309.8 27,195.8 0.4 1,595.5 1,583.1 0.8
11 10 ULTRAPAR BRA Oil & Gas 25,941.6 25,496.2 1.7 452.5 459.3 -1.5
12 14 CBD - GRUPO PÃO DE AÇÚCAR BRA Retail 24,839.8 19,260.4 29.0 382.9 433.6 -11.7
13 15 TECHINT ARG Steel & Metallurgy 24,105.0 19,092.0 26.3 N.A. N.A. -
14 11 IPIRANGA PRODUTOS DE PETRÓLEO BRA Oil & Gas 22,461.0 21,795.5 3.1 356.0 312.0 14.1
15 33 EMPRESAS COPEC CHI Conglomerate 21,132.0 12,149.8 73.9 932.7 1,013.8 -8.0
16 13 COMISIÓN FEDERAL DE ELECTRICIDAD MEX Electricity 20,931.1 20,601.3 1.6 -1,230.9 65.5 -1,978.8
17 16 GERDAU BRA Steel & Metallurgy 18,875.6 18,841.2 0.2 1,069.3 1,285.9 -16.8
18 21 BRASKEM BRA Petrochemicals 17,686.4 15,301.2 15.6 -280.0 1,137.5 -124.6
19 17 ELETROBRÁS BRA Electricity 17,625.2 17,893.8 -1.5 1,989.9 1,349.1 47.5
20 20 CODELCO CHI Mining 17,515.3 16,065.9 9.0 2,055.4 1,876.3 9.5
21 49 TELESP BRA Telecommunications 15,528.7 9,456.3 64.2 2,321.8 1,439.7 61.3
22 23 CARREFOUR BRA Retail 15,333.0 14,745.6 4.0 N.A. N.A. -
23 28 VOLKSWAGEN BRA Carmaking 15,038.8 13,594.4 10.6 N.A. N.A. -
24 19 TELEMAR BRA Telecommunications 14,877.4 17,694.4 -15.9 68.5 1,140.5 -94.0
25 26 FEMSA MEX Beverages & Brewing 14,557.7 13,741.5 5.9 1,085.0 3,259.3 -66.7
26 29 CENCOSUD CHI Retail 14,515.4 13,226.1 9.7 548.3 632.5 -13.3
27 22 AMBEV BRA Beverages & Brewing 14,461.4 15,144.2 -4.5 4,606.6 4,538.1 1.5
28 27 BRF FOODS BRA Foods 13,704.1 13,612.6 0.7 729.0 482.6 51.1
29 24 CEMEX MEX Cement 13,546.2 14,434.5 -6.2 -1,371.3 -1,337.4 -2.5
30 36 YPF ARG Oil & Gas 13,124.3 11,013.0 19.2 1,225.9 1,443.9 -15.1
31 35 GRUPO ALFA MEX Conglomerate 13,103.6 11,044.5 18.6 373.2 398.9 -6.4
32 18 GRUPO VOTORANTIM BRA Conglomerate 12,618.0 17,705.1 -28.7 683.0 1,684.0 -59.4
33 34 WAL MART BRA Retail 12,509.0 11,356.2 10.2 N.A. N.A. -
34 37 BUNGE ALIMENTOS (1) BRA Agribusiness 12,340.0 10,899.0 13.2 N.A. N.A. -
35 39 COSAN BRA Agribusiness 12,214.7 10,712.0 14.0 1,565.8 359.7 335.3
36 30 ENERSIS CHI Electricity 11,993.7 13,193.1 -9.1 720.0 1,038.1 -30.6
37 46 MARFRIG BRA Agribusiness 11,667.0 9,529.7 22.4 -397.7 84.1 -572.9
38 45 NORBERTO ODEBRECHT BRA Construction 11,478.0 9,728.1 18.0 490.0 652.0 -24.8
39 32 FIAT AUTOMÓVEIS BRA Carmaking 11,464.0 12,405.3 -7.6 744.0 862.0 -13.7
40 31 GENERAL MOTORS DE MÉXICO (1) MEX Carmaking 11,425.3 12,850.0 -11.1 N.A. N.A. -
41 98 VIAVAREJO BRA Retail 11,204.1 5,165.1 116.9 48.2 -37.9 227.2
42 43 COCA-COLA BRA Beverages & Brewing 11,000.0 10,000.0 10.0 N.A. N.A. -
43 54 GRUPO BAL (1) MEX Conglomerate 10,935.4 9,033.8 21.1 1,112.6 729.3 52.6
44 64 ENAP CHI Oil & Gas 10,834.8 8,179.9 32.5 -67.0 70.1 -195.6
45 38 VIVO BRA Telecommunications 10,327.0 10,866.6 -5.0 1,610.0 N.A. -
46 58 CARGILL BRA Agribusiness 10,065.0 8,646.9 16.4 119.0 51.0 133.3
47 68 TENARIS ARG Steel & Metallurgy 9,972.5 7,711.6 29.3 1,331.2 1,127.4 18.1
48 44 FORD MOTOR COMPANY (1) MEX Carmaking 9,714.9 9,797.9 -0.8 N.A. N.A. -
49 47 GENERAL MOTORS BRA Carmaking 9,635.0 9,513.0 1.3 N.A. N.A. -
50 48 GRUPO BIMBO MEX Foods 9,586.7 9,487.2 1.0 382.1 436.8 -12.5
16 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 16 17/8/12 16:42:41

19. Nº 3
Juan José Suárez Coppel, CEO of Pemex:
T he Mexican oil giant tried, but failed, to take a stake in Repsol.
EBITDA EBITDA VARIATION TOTAL NET EQUITY WORK- EXPORTS NET NET EXPORT. Listed on
ROE ROA OWNER- RK
2011 US$ 2010 US$ IN EBITDA ASSETS 2011 2011 US$ FORCE 2011 US$ MARGIN EBITDA AS % STOCK WEBSITE (www.)
(%) (%) SHIP 11
Millions Millions 11/10 (%) US$ Millions Millions 2011 Millions (%) (%) OF SALES EXCHANGE
33,035.6 36,283.6 -9.0 319,410.4 175,839.0 81,918 22,912.2 10.1 5.6 13.6 25.4 17.6 Yes S petrobras.com 1
N.A. N.A. - 182,154.0 73,883.0 80,000 122,451 6.1 2.5 3.6 - 98.2 No S pdvsa.com 2
N.A. 51,985.7 - 109,936.2 -13,903.4 150,884 50,378 - -6.0 -5.9 - 45.1 Yes S pemex.com 3
31,997.0 27,717.9 15.4 128,896.0 76,487.6 79,646 34,653.1 26.4 15.6 36.6 58.2 63.0 Yes P vale.com 4
17,836.2 19,708.6 -9.5 67,797.8 20,479.5 158,694 - 29.0 8.8 12.5 37.4 - Yes P americamovil.com 5
1,051.0 1,076.0 -2.3 9,086.0 5,383.0 4,505 1,217.9 12.5 7.4 1.7 2.7 3.1 No S br.com.br 6
3,793.0 3,319.0 14.3 51,124.0 9,592.0 159,036 6,983.2 0.3 0.0 0.1 11.3 20.7 No P odebrecht.com.br 7
15,206.5 N.A. - 46,585.9 27,609.5 N.A. 15,270 28.3 16.7 23.5 45.8 46.0 Yes S ecopetrol.com.co 8
1,637.7 2,108.3 -22.3 25,275.0 11,016.0 125,000 2,552.2 -0.4 -0.2 -0.1 5.0 7.7 Yes P friboi.com.br 9
2,677.4 2,706.1 -1.1 16,133.7 9,533.0 238,128 - 16.7 9.9 5.8 9.8 - Yes P* walmartmexico.com.mx 10
1,083.4 1,066.1 1.6 7,326.3 2,959.3 9,055 - 15.3 6.2 1.7 4.2 - Yes P ultra.com.br 11
1,516.1 1,225.2 23.7 18,002.5 4,065.1 149,000 - 9.4 2.1 1.5 6.1 - Yes P grupopaodeacucar.com.br 12
N.A. N.A. - 31,364.0 N.A. 57,359 - - - - - - No P techint.com 13
709.0 572.0 24.0 4,084.0 1,218.0 2,434 - 29.2 8.7 1.6 3.2 - No P ipiranga.com.br 14
N.A. N.A. - 20,094.9 9,813.1 20,195 1,732.8 9.5 4.6 4.4 - 8.2 Yes P empresascopec.cl 15
N.A. N.A. - 64,987.0 22,454.3 98,389 - -5.5 -1.9 -5.9 - - No S cfe.gob.mx 16
2,479.4 3,323.5 -25.4 26,645.6 13,326.3 42,820 1,251.2 8.0 4.0 5.7 13.1 6.6 Yes P gerdau.com.br 17
1,946.5 2,893.6 -32.7 19,913.7 5,190.3 34,638 6,500 -5.4 -1.4 -1.6 11.0 36.7 Yes P braskem.com.br 18
3,385.0 3,603.3 -6.1 86,972.2 40,965.7 30,562 - 4.9 2.3 11.3 19.2 - Yes S eletrobras.gov.br 19
8,813.0 7,435.0 18.5 20,834.9 6,065.0 18,211 16,213.7 33.9 9.9 11.7 50.3 92.6 No S codelco.cl 20
5,535.4 3,277.1 68.9 34,913.1 23,097.2 7,000 - 10.1 6.7 15.0 35.6 - Yes P* telesp.com.br 21
N.A. N.A. - N.A. N.A. 59,490 - - - - - - No P* carrefour.com.br 22
N.A. N.A. - N.A. N.A. 24,000 1,945.9 - - - - 12.9 No P* volkswagen.com.br 23
4,599.2 6,189.6 -25.7 42,542.4 10,901.2 13,224 - 0.6 0.2 0.5 30.9 - Yes P telemar.com.br 24
2,188.8 2,246.9 -2.6 19,695.4 9,577.3 177,470 7,294 11.3 5.5 7.5 15.0 50.1 Yes P femsa.com 25
N.A. N.A. - 14,391.4 5,512.3 131,505 - 9.9 3.8 3.8 - - Yes P cencosud.cl 26
7,018.2 6,956.1 0.9 24,597.2 13,653.5 46,500 - 33.7 18.7 31.9 48.5 - Yes P* ambev.com.br 27
1,539.3 1,395.4 10.3 15,984.4 7,501.0 118,859 2,319.7 9.7 4.6 5.3 11.2 16.9 Yes P brasilfoods.com 28
1,487.6 1,756.2 -15.3 39,311.3 13,695.3 44,104 10,816 -10.0 -3.5 -10.1 11.0 79.8 Yes P cemexmexico.com 29
3,247.5 3,677.8 -11.7 12,823.8 4,336.8 10,400 - 28.3 9.6 9.3 24.7 - Yes P* ypf.com.ar 30
1,414.9 1,259.1 12.4 9,934.4 2,563.7 56,978 6,847 14.6 3.8 2.8 10.8 52.3 Yes P alfa.com.mx 31
2,826.0 3,520.0 -19.7 34,066.0 14,915.0 75,400 5,810.0 4.6 2.0 5.4 22.4 46.0 No P votorantim.com.br 32
N.A. N.A. - N.A. N.A. 81,504 - - - - - - No P* walmartbrasil.com.br 33
N.A. N.A. - N.A. N.A. 6,500 6,539.1 - - - - 53.0 No P* bunge.com.br 34
3,081.4 1,105.5 178.7 12,178.8 4,784.1 37,614 950.2 32.7 12.9 12.8 25.2 7.8 Yes P cosan.com.br 35
3,809.3 4,623.1 -17.6 26,337.3 7,470.8 10,884 - 9.6 2.7 6.0 31.8 - Yes P* enersis.cl 36
945.6 905.3 4.5 12,700.4 3,056.7 84,535 929.2 -13.0 -3.1 -3.4 8.1 8.0 Yes P marfrig.com.br 37
1,227.0 962.0 27.5 10,841.0 2,592.0 124,356 335.7 18.9 4.5 4.3 10.7 2.9 No P odebrecht.com 38
N.A. N.A. - 6,991.0 1,031.0 15,805 1,653.3 72.2 10.6 6.5 - 14.4 No P* fiat.com.br 39
N.A. N.A. - 4,140.6 912.4 13,000 - - - - - - No P* gm.com.mx 40
538.1 221.7 142.7 6,224.0 1,405.6 N.A. - 3.4 0.8 0.4 4.8 - Yes P pontofrio.com.br 41
N.A. N.A. - N.A. N.A. 53,000 - - - - - - No P* coca-cola.com 42
N.A. N.A. - 14,777.5 5,522.0 42,161 - 20.1 7.5 10.2 - - No P bal.com.mx 43
138.0 402.0 -65.7 6,202.5 381.0 2,896 259.8 -17.6 -1.1 -0.6 1.3 2.4 No S enap.cl 44
N.A. N.A. - 10,352.0 4,632.0 11,286 - 34.8 15.6 15.6 - - Yes P* vivo.com.br 45
N.A. N.A. - 4,536.0 735.0 8,491 4,024.1 16.2 2.6 1.2 - 40.0 No P* cargill.com.br 46
2,449.1 2,080.4 17.7 14,863.6 10,506.2 22,000 - 12.7 9.0 13.3 24.6 - Yes P tenaris.com 47
N.A. N.A. - N.A. N.A. 7,999 - - - - - - No P* ford.com.mx 48
N.A. N.A. - N.A. N.A. 21,400 1,857.2 - - - - 19.3 No P* chevrolet.com.br 49
1,018.2 1,175.6 -13.4 10,144.2 3,467.6 127,000 5,229 11.0 3.8 4.0 10.6 54.5 Yes P grupobimbo.com.mx 50
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 17
RANKING 500 GI.indd 17 17/8/12 16:42:48