Global issue 2012 2013

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Global issue 2012 2013

  1. 1. 500 BUSINESS THE THE LARGEST BEST COMPANIES SCHOOLS www.americaeconomia.com GLOBAL ISSUE Special reports on Latin America FOR THE GLOBAL MARKET The The and 2012 - 2013 US$ 5.-TAPA GLOBAL 201 2.indd 1 17/8/12 16:59:30
  2. 2. 9 Countries GET TO KNOW US +177,450 Direct Jobs in Latin America. ACTIONS CREATING VALUE OVER 120 YEARS LEVERAGING OUR GROWTH TO SATISFY OUR CONSUMERS, CREATING ECONOMIC AND SOCIAL VALUE, +215 37 SIMULTANEOUSLY. Million consumers served. Bottling plants in Latin America. +10,000 OXXO stores. +8 Million transactions 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 Corporate Communications: (52.81) 8328.6046 - comunicacion@femsa.com www.femsa.com @femsa /femsaBASE PAGINA COMPLETA.indd 1 16/08/2012 9:43:59
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  5. 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 3CONTENIDO GI.indd 3 17/8/12 16:38:04
  6. 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 AMÉRICAECONOMÍA is published monthly by Nanbei Ltd. Printed in Gráfica Andes, postage paid. Periodical publication. Registry PP09-0011. Certificate of lawfulness Title Nº 4090. Certificate of content lawfulness Nº 3346. AMÉRICAECONOMÍA is a Nanbei Ltd. monthly publication. AMÉRICAECONOMÍA magazine (USPS #023106) is published monthly in Santiago, Chile by AMÉRICAECONOMÍA. AMÉRICAECONOMÍA is distributed in the United States by DL Distribution Group, 7301 SW 100 Ct, Miami, FL. 33173-4651 PH: (305) 595-5505. Periodicals Postage paid at Miami, Florida. POSTMASTER: send address changes to DL DISTRIBUTION GROUP 7301 Miami, FL 33173-4651 4 AMÉRICAECONOMÍA / 2012 - 2013MEMO GI.indd 4 17/8/12 16:39:24
  7. 7. Aviso FalsoBASE PAGINA COMPLETA.indd 1 26/04/2012 12:21:15
  8. 8. CHINA ACCESS R PATRICIO OTNIEL 6 AMÉRICAECONOMÍA / 2012 - 2013CHINA GI.indd 6 17/8/12 16:39:55
  9. 9. CHINARESTRICTED 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 7CHINA GI.indd 7 17/8/12 16:40:02
  10. 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 - 2013CHINA GI.indd 8 17/8/12 16:40:21
  11. 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 9CHINA GI.indd 9 17/8/12 16:40:25
  12. 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 - 2013CHINA GI.indd 10 17/8/12 16:40:30
  13. 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 11500 INTRODUCCION GI.indd 11 17/8/12 16:41:35
  14. 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 - 2013500 INTRODUCCION GI.indd 12 17/8/12 16:41:40
  15. 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$130.171 audacious investments in Colombia, been good on South America’s Pacific billion, but was closely followed by and overtook state-owned Codelco as seaboard. The number of Chilean com- Venezuela’s PDVSA, which lifted the country’s biggest company. 2012 - 2013 / AMÉRICAECONOMÍA 13500 INTRODUCCION GI.indd 13 17/8/12 16:41:45
  16. 16. INTRODUCTION The Top 500 by country RK NUMBER OF COMPANIES TOTAL SALES (US$ 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$13.903 billion. Is it time 2,500,000 1000 to find a new financial and ownership structure? It is not good to lack capital 2,000,000 800 in times like these, even when your only shareholder is the state. As this edition went to print, Eu- 1,500,000 600 rope’s leaders have begun cut the chat, raising the possibilities that the con- 1,000,000 400 tinent will escape financial collapse. However, the immediate future will be marked by minimal growth in the 500,000 200 Eurozone and a prolonged recession in many important countries. 0 00 Chinese exports will be hit and 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 14 AMÉRICAECONOMÍA / 2012 - 2013500 INTRODUCCION GI.indd 14 17/8/12 16:41:50
  17. 17. Aviso FalsoBASE PAGINA COMPLETA.indd 1 26/04/2012 12:21:15
  18. 18. LATIN AMERICA´S LARGEST COMPANIES SALES SALES VARIATION IN NET PROFITS NET PROFITS VARIATION IN E RK RK COUN COMPANY SECTOR 2011 US$ 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 - 2013RANKING 500 GI.indd 16 17/8/12 16:42:41
  19. 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 17RANKING 500 GI.indd 17 17/8/12 16:42:48

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