The document discusses the economic landscape in Latin America, highlighting the growth of major companies and the challenges they face in expanding into markets like China. It emphasizes the importance of innovation amid a commodity-driven boom and the need for Latin American businesses to adapt to changing consumer demands and regulatory environments. Additionally, it explores the complexities of building successful partnerships in international markets, particularly in relation to industrial production and technology transfer.

1. 500 BUSINESS
THE THE
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37
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FEMSA is a leading company that participates in the
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largest bottler of Coca-Cola products in the world; in
the retail industry through FEMSA Comercio, operating
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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

20. 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
51 53 EXTRA BRA Retail 9,342.0 8,323.0 12.2 N.A. N.A. -
52 59 VOLKSWAGEN DE MÉXICO (1) MEX Carmaking 9,339.8 8,605.4 8.5 142.7 63.9 123.3
53 62 GRUPO MÉXICO MEX Mining 9,296.4 8,320.1 11.7 2,098.8 1,775.6 18.2
54 55 FALABELLA CHI Retail 9,267.9 8,923.3 3.9 811.3 882.5 -8.1
55 41 GRUPO ARCELOR MITTAL BRA Steel & Metallurgy 9,218.0 10,181.7 -9.5 -92.0 772.0 -111.9
56 70 TERNIUM ARG Steel & Metallurgy 9,157.2 7,382.0 24.0 N.A. 779.5 -
57 56 TIM BRASIL BRA Telecommunications 9,108.6 8,676.9 5.0 683.0 1,327.4 -48.5
58 42 GRUPO CAMARGO CORRÊA BRA Conglomerate 8,968.0 10,169.2 -11.8 460.0 664.0 -30.7
59 61 COCA - COLA FEMSA MEX Beverages & Brewing 8,941.7 8,377.3 6.7 761.0 793.6 -4.1
60 57 CSN BRA Steel & Metallurgy 8,806.7 8,672.7 1.5 1,975.7 1,510.2 30.8
61 67 CEMIG BRA Electricity 8,430.7 7,720.2 9.2 1,287.7 1,355.2 -5.0
62 63 NISSAN MEXICANA (1) MEX Carmaking 8,079.0 8,302.3 -2.7 N.A. N.A. -
63 52 TELÉFONOS DE MÉXICO MEX Telecommunications 8,034.8 9,195.7 -12.6 1,045.5 1,245.8 -16.1
64 66 COPEC COMBUSTIBLES CHI Oil & Gas 7,969.7 7,775.4 2.5 N.A. N.A. -
65 137 CASAS BAHIA BRA Retail 7,671.0 3,885.8 97.4 95.0 -152.0 162.5
66 83 CHRYSLER (1) MEX Carmaking 7,528.2 6,316.0 19.2 N.A. N.A. -
67 51 ESCONDIDA CHI Mining 7,419.5 9,211.5 -19.5 2,775.2 4,338.2 -36.0
68 76 ORGANIZACIÓN TECHINT MÉXICO MEX Steel & Metallurgy 7,213.2 7,076.1 1.9 N.A. N.A. -
69 75 TELMEX INTERNACIONAL MEX Telecommunications 7,057.0 7,139.8 -1.2 267.9 399.1 -32.9
70 72 CORREIOS E TELÉGRAFOS BRA Servicios Generales 7,047.0 7,281.1 -3.2 470.0 436.0 7.8
71 69 ORGANIZACIÓN SORIANA MEX Retail 7,045.1 7,587.3 -7.1 219.4 265.5 -17.4
72 60 GRUPO ANDRADE GUTIERREZ BRA Conglomerate 7,025.0 8,483.8 -17.2 796.0 624.0 27.6
73 95 INDUSTRIAS PEÑOLES MEX Mining 6,944.9 5,202.7 33.5 914.5 520.3 75.8
74 79 TAM BRA Transport & Logistics 6,927.4 6,829.1 1.4 -178.6 382.6 -146.7
75 73 CPFL ENERGÍA BRA Electricity 6,804.6 7,216.3 -5.7 815.9 923.2 -11.6
76 77 CLARO TELECOM BRA Telecommunications 6,597.0 7,025.8 -6.1 -131.0 780.0 -116.8
77 78 GRUPO MODELO MEX Beverages & Brewing 6,539.0 6,884.3 -5.0 856.4 805.2 6.4
78 80 EMBRATEL BRA Telecommunications 6,521.6 6,740.5 -3.2 208.6 433.9 -51.9
79 104 ALPEK MEX Petrochemicals 6,500.5 4,954.7 31.2 307.7 203.0 51.6
80 81 UNILEVER BRA Conglomerate 6,470.0 6,723.2 -3.8 N.A. N.A. -
81 65 USIMINAS BRA Steel & Metallurgy 6,345.0 7,779.6 -18.4 124.3 943.4 -86.8
82 112 ANTOFAGASTA PLC CHI Mining 6,076.0 4,577.1 32.7 2,130.0 1,820.7 17.0
83 86 SAM´S CLUB MEX Retail 6,004.0 6,142.8 -2.3 N.A. N.A. -
84 103 COPERSUCAR BRA Agribusiness 5,987.0 4,967.1 20.5 54.0 189.0 -71.4
85 84 GLOBO COMUNICAÇÕES E PARTICIPAÇÕES BRA Mass Media 5,854.0 5,233.0 11.9 1,156.0 1,463.0 -21.0
86 119 GRUPO EPM COL Basic Services 5,853.9 4,320.1 35.5 766.7 726.3 5.6
87 118 LAN CHI Transport & Logistics 5,585.4 4,390.5 27.2 320.2 419.7 -23.7
88 88 LOJAS AMERICANAS BRA Retail 5,438.5 5,634.7 -3.5 181.5 185.8 -2.3
89 90 GRUPO SALINAS MEX Conglomerate 5,393.0 5,597.2 -3.6 N.A. N.A. -
90 101 OXXO (FEMSA COMERCIO) MEX Retail 5,313.6 5,034.9 5.5 337.4 420.5 -19.8
91 96 GRUPO CARSO MEX Conglomerate 5,303.8 5,198.2 2.0 328.4 546.0 -39.9
92 92 SABESP BRA Basic Services 5,299.9 5,540.2 -4.3 652.2 978.5 -33.3
93 89 EMBRAER BRA Ind. Aeroespacial 5,255.4 5,630.0 -6.7 83.3 344.3 -75.8
94 87 AES ELETROPAULO BRA Electricity 5,243.4 5,819.9 -9.9 838.1 808.8 3.6
95 94 NEOENERGIA BRA Electricity 5,208.9 5,371.5 -3.0 827.2 1,067.1 -22.5
96 93 SUDAMERICANA DE VAPORES CHI Transport & Logistics 5,151.9 5,452.3 -5.5 -1,249.8 170.8 -831.7
97 105 TERNIUM MÉXICO MEX Steel & Metallurgy 5,150.4 4,893.0 5.3 270.2 N.A. -
98 116 YPFB (1) BOL Oil & Gas 5,102.0 4,785.5 6.6 N.A. N.A. -
99 74 NESTLÉ BRA Foods 5,082.0 5,992.0 -15.2 N.A. N.A. -
100 106 WALMART CHILE CHI Retail 4,994.6 4,860.9 2.8 218.4 89.1 145.1
18 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 18 17/8/12 16:42:55

21. Nº 93
Federico Fleury Curado, CEO of Embraer:
sealed an alliance with Boeing and relaunched its military arm.
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
N.A. N.A. - N.A. N.A. 30,000 - - - - - - No P extra.com.br 51
N.A. N.A. - 4,245.1 1,827.2 17,297 6,825 7.8 3.4 1.5 - 73.1 Yes P* vw.com.mx 52
4,648.5 3,881.6 19.8 16,683.3 8,358.0 26,990 5,756 25.1 12.6 22.6 50.0 61.9 Yes P gmexico.com.mx 53
N.A. N.A. - 14,889.1 5,214.2 84,565 2.4 15.6 5.4 8.8 - - Yes P falabella.cl 54
1,280.0 1,920.0 -33.3 16,859.0 7,675.0 22,000 1,975.6 -1.2 -0.5 -1.0 13.9 21.4 Yes P* arcelormittal.com.br 55
1,671.1 1,437.2 16.3 N.A. N.A. 24,000 - - - - 18.2 - No P ternium.com 56
2,472.1 2,516.9 -1.8 12,495.1 6,907.3 10,266 - 9.9 5.5 7.5 27.1 - No P* timbrasil.com.br 57
1,120.0 1,902.7 -41.1 18,750.0 5,500.0 58,400 - 8.4 2.5 5.1 12.5 - No P camargocorrea.com.br 58
1,625.5 1,597.6 1.7 10,869.8 7,004.0 78,979 - 10.9 7.0 8.5 18.2 - Yes P cocacolafemsa.com 59
3,574.6 3,483.7 2.6 24,986.5 4,257.3 20,000 1,002.2 46.4 7.9 22.4 40.6 11.4 Yes P csn.com.br 60
2,898.5 2,769.2 4.7 19,915.6 6,261.3 8,706 - 20.6 6.5 15.3 34.4 - Yes P* cemig.com.br 61
N.A. N.A. - N.A. N.A. 11,500 - - - - - - No P* nissan.com.mx 62
3,120.1 3,713.7 -16.0 11,526.1 3,497.3 53,000 - 29.9 9.1 13.0 38.8 - Yes P telmex.com.mx 63
N.A. N.A. - N.A. N.A. N.A. - - - - - - Yes P copec.cl 64
N.A. N.A. - 3,656.0 713.0 56,000 - 13.3 2.6 1.2 - - No P casasbahia.com.br 65
N.A. N.A. - N.A. N.A. 6,200 4,757 - - - - 63.2 No P* chryslerdemexico.com.mx 66
N.A. N.A. - 8,640.4 5,766.9 3,704 6,198.2 48.1 32.1 37.4 - 83.5 No P* mineraescondida.cl 67
N.A. N.A. - N.A. N.A. 17,663 - - - - - - No P* techint.com 68
1,795.3 2,179.9 -17.6 14,802.3 7,341.2 25,000 - 3.6 1.8 3.8 25.4 - Yes P telmexinternacional.com 69
676.0 733.0 -7.8 5,601.0 2,063.0 114,976 - 22.8 8.4 6.7 9.6 - No S correios.com.br 70
492.7 577.8 -14.7 5,311.6 2,718.9 84,911 - 8.1 4.1 3.1 7.0 - Yes P soriana.com 71
N.A. N.A. - 15,891.0 4,215.0 16,600 - 18.9 5.0 11.3 - - No P andradegutierrez.com.br 72
2,261.2 1,332.5 69.7 5,788.1 2,966.6 9,596 5,154 30.8 15.8 13.2 32.6 74.2 Yes P penoles.com.mx 73
932.0 1,028.3 -9.4 8,521.8 1,094.4 29,768 - -16.3 -2.1 -2.6 13.5 - Yes P tam.com.br 74
2,053.4 2,059.2 -0.3 14,614.1 3,767.5 N.A. - 21.7 5.6 12.0 30.2 - Yes P cpfl.com.br 75
N.A. N.A. - 12,251.0 5,327.0 9,485 - -2.5 -1.1 -2.0 - - No P* claro.com.br 76
1,913.3 1,983.3 -3.5 9,256.5 5,867.0 37,303 2,673 14.6 9.3 13.1 29.3 40.9 Yes P gmodelo.com 77
1,818.7 2,066.2 -12.0 11,768.2 5,576.6 N.A. - 3.7 1.8 3.2 27.9 - Yes P* embratel.com.br 78
N.A. N.A. - 4,083.9 1,105.4 4,514 3,575 27.8 7.5 4.7 - 55.0 No P alfa.com.mx 79
N.A. N.A. - N.A. N.A. 13,639 - - - - - - No P* unilever.com.br 80
826.2 1,777.2 -53.5 17,784.6 9,214.1 51,182 816.8 1.3 0.7 2.0 13.0 12.9 Yes P usiminas.com.br 81
3,660.0 2,771.9 32.0 11,705.2 N.A. 4,956 - - 18.2 35.1 60.2 - Yes P antofagasta.co.uk 82
N.A. N.A. - N.A. N.A. 26,688 - - - - - - No P* sams.com.mx 83
133.0 217.0 -38.7 1,511.0 109.0 510 2,180.6 49.5 3.6 0.9 2.2 36.4 No P copersucar.com.br 84
N.A. 1,500.6 - 2,779.0 3,406.0 12,000 - 33.9 41.6 19.7 - - No P globopar.com.br 85
1,823.9 1,484.7 22.8 17,182.9 10,043.1 N.A. - 7.6 4.5 13.1 31.2 - No S eeppm.com.co 86
N.A. N.A. - 7,648.7 1,445.3 21,838 394.9 22.2 4.2 5.7 - 7.1 Yes P lan.com 87
702.5 737.9 -4.8 5,091.2 368.1 15,596 - 49.3 3.6 3.3 12.9 - Yes P americanas.com.br 88
N.A. N.A. - N.A. N.A. 67,035 - - - - - - No P gruposalinas.com 89
N.A. N.A. - 1,935.7 N.A. 83,820 - - 17.4 6.3 - - No P oxxo.com 90
617.9 655.7 -5.8 5,185.9 2,507.2 68,623 962 13.1 6.3 6.2 11.7 18.1 Yes P gcarso.com.mx 91
1,665.0 1,935.2 -14.0 13,442.3 5,622.1 14,896 - 11.6 4.9 12.3 31.4 - Yes S sabesp.com.br 92
492.0 641.6 -23.3 8,858.3 3,007.4 15,989 4,209.2 2.8 0.9 1.6 9.4 80.1 Yes P embraer.com 93
1,518.2 1,384.3 9.7 5,739.4 2,137.6 5,668 - 39.2 14.6 16.0 29.0 - Yes P* aeseletropaulo.com.br 94
1,519.4 1,781.0 -14.7 11,533.6 5,886.7 5,137 - 14.1 7.2 15.9 29.2 - No P* neoenergia.com 95
-967.0 297.4 -425.2 3,179.5 585.5 11,769 56.0 -213.5 -39.3 -24.3 -18.8 1.1 Yes P csav.cl 96
N.A. N.A. - 4,660.4 1,685.0 9,832 - 16.0 5.8 5.2 - - No P* ternium.com.mx 97
N.A. N.A. - N.A. N.A. N.A. - - - - - - No S ypfb.gov.bo 98
N.A. N.A. - N.A. N.A. 19,500 364.2 - - - - 7.2 No P* nestle.com.br 99
490.8 302.3 62.4 3,787.0 1,227.9 40,218 - 17.8 5.8 4.4 9.8 - Yes P* dys.cl 100
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 19
RANKING 500 GI.indd 19 17/8/12 16:43:04

22. 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
101 153 PETROPERÚ PER Oil & Gas 4,947.0 3,711.1 33.3 152.8 106.5 43.4
102 100 OI MÓVEL BRA Telecommunications 4,928.7 5,112.2 -3.6 536.2 1,182.9 -54.7
103 111 AMIL BRA Health Services 4,802.7 4,582.5 4.8 93.4 76.2 22.6
104 97 GRUPO INDUSTRIAL LALA (1) MEX Foods 4,802.7 5,196.8 -7.6 N.A. N.A. -
105 123 CMPC PAPELES Y CARTONES CHI Pulp & Paper 4,796.5 4,219.2 13.7 492.1 637.5 -22.8
106 132 CARGILL (1) ARG Agribusiness 4,743.0 4,444.4 6.7 N.A. N.A. -
107 107 VOTORANTIM CIMENTOS BRA Cement 4,639.0 4,830.1 -4.0 483.0 1,466.0 -67.1
108 - CODELCO DIV. CHUQUICAMATA CHI Mining 4,628.6 5,285.2 -12.4 645.2 491.9 31.2
109 113 MAN LATIN AMERICA BRA Carmaking 4,616.0 4,528.8 1.9 N.A. N.A. -
110 99 ENDESA CHI Electricity 4,578.4 5,119.8 -10.6 857.0 1,139.2 -24.8
111 109 GRUPO TELEVISA MEX Mass Media 4,486.9 4,684.9 -4.2 564.0 659.5 -14.5
112 156 CONSTRUTORA NORBERTO ODEBRECHT BRA Construction 4,476.0 3,450.2 29.7 482.0 635.0 -24.1
113 120 CGE CHI Electricity 4,475.4 4,295.2 4.2 -27.2 128.3 -121.2
114 159 REFINERÍA LA PAMPILLA PER Oil & Gas 4,468.6 3,349.0 33.4 107.7 44.0 144.8
115 142 ALMACENES ÉXITO COL Retail 4,465.2 3,772.7 18.4 196.6 128.1 53.5
116 - KALUZ MEX Conglomerate 4,411.4 N.A. - 381.4 N.A. -
117 151 ORGANIZACIÓN TERPEL COL Oil & Gas 4,384.5 3,606.2 21.6 86.6 110.6 -21.7
118 140 ARAUCO CHI Pulp & Paper 4,374.5 3,788.4 15.5 620.8 700.7 -11.4
119 378 JOHNSON CONTROLS DE MÉXICO MEX Carmaking 4,357.5 1,461.5 198.1 N.A. N.A. -
120 147 TELECOM ARG Telecommunications 4,288.2 3,660.6 17.1 560.6 454.1 23.5
121 108 GERDAU AÇOS LONGOS BRA Steel & Metallurgy 4,245.0 4,721.5 -10.1 190.0 826.0 -77.0
122 139 RENAULT BRA Carmaking 4,238.0 3,791.9 11.8 115.0 124.0 -7.3
123 134 GRUPO COPPEL MEX Retail 4,206.3 4,033.6 4.3 532.5 463.4 14.9
124 122 EL PUERTO DE LIVERPOOL MEX Retail 4,204.9 4,231.9 -0.6 469.1 417.4 12.4
125 133 LOUIS DREYFUS COMMODITIES BRA Agribusiness 4,187.0 4,097.8 2.2 75.0 -18.0 516.7
126 131 REDE ENERGIA BRA Electricity 4,148.9 4,117.6 0.8 -366.8 -221.4 -65.7
127 126 ALESAT COMBUSTÍVEIS BRA Oil & Gas 4,146.0 4,175.2 -0.7 5.0 9.0 -44.4
128 129 COPEL BRA Electricity 4,145.5 4,141.8 0.1 617.2 592.9 4.1
129 141 GRUMA MEX Foods 4,133.0 3,773.4 9.5 377.9 43.9 760.8
130 121 GRUPO CHEDRAUI MEX Retail 4,121.6 4,121.3 0.0 108.8 115.6 -5.9
131 130 FURNAS BRA Electricity 4,121.0 4,118.4 0.1 138.0 338.0 -59.2
132 149 MALL PLAZA (1) CHI Retail 4,022.0 3,653.0 10.1 N.A. N.A. -
133 124 VRG - LINHAS AÉREAS BRA Transport & Logistics 4,020.0 4,189.3 -4.0 -276.0 155.0 -278.1
134 125 GOL BRA Transport & Logistics 4,019.2 4,188.8 -4.0 -400.6 128.6 -411.5
135 127 CERVECERÍA CUAUHTÉMOC – HEINEKEN MEX Beverages & Brewing 3,986.4 4,170.2 -4.4 N.A. N.A. -
136 115 WHIRLPOOL BRA Electronics 3,979.8 4,432.2 -10.2 196.5 372.3 -47.2
137 135 COLLAHUASI CHI Mining 3,837.1 3,928.9 -2.3 1,682.4 2,047.9 -17.8
138 110 PEPSICO DE MÉXICO MEX Beverages & Brewing 3,835.2 4,633.9 -17.2 N.A. N.A. -
139 - AG TELECOM PARTICIPAÇÕES BRA Telecommunications 3,833.0 3,580.0 - -137.0 128.0 -
140 596 HP BRASIL BRA Electronics 3,810.0 2,881.0 32.2 N.A. N.A. -
141 167 CANTV VEN Telecommunications 3,792.2 3,217.5 17.9 569.4 560.0 1.7
142 158 GENERAL ELECTRIC (1) MEX Electronics 3,778.7 3,386.1 11.6 74.8 393.7 -81.0
143 144 SAMARCO MINERAÇÃO BRA Mining 3,764.0 3,745.3 0.5 1,554.0 1,198.0 29.7
144 150 CARREFOUR ARG Retail 3,745.0 3,635.0 3.0 N.A. N.A. -
145 145 GRUPO ELEKTRA MEX Retail 3,729.6 3,537.7 5.4 2,153.4 37.5 5,642.4
146 136 LIGHT BRA Electricity 3,702.3 3,906.2 -5.2 165.6 345.2 -52.0
147 210 GENERAL ELECTRIC BRA Electronics 3,700.0 2,400.0 54.2 N.A. N.A. -
148 164 LOS PELAMBRES CHI Mining 3,676.6 3,348.3 9.8 1,809.5 1,686.0 7.3
149 172 PDG REALTY BRA Construction 3,666.4 3,138.8 16.8 375.5 473.9 -20.8
150 178 ARCOS DORADOS ARG Retail 3,657.6 3,018.1 21.2 115.8 106.3 8.9
20 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 20 17/8/12 16:43:10

23. Nº 134
Constantino de Oliveira Junior, CEO of Gol:
how do you make a profit from a Brazilian airline?
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
258.5 203.6 27.0 1,845.2 601.0 2,000 472.1 25.4 8.3 3.1 5.2 9.5 Yes S petroperu.com.pe 101
1,392.2 2,110.4 -34.0 16,880.3 5,645.0 N.A. - 9.5 3.2 10.9 28.2 - No P* telemar.com.br 102
250.0 221.2 13.0 2,874.7 804.5 N.A. - 11.6 3.2 1.9 5.2 - Yes P amil.com.br 103
N.A. N.A. - 2,140.5 1,047.8 35,006 - - - - - - No P lala.com.mx 104
1,077.6 1,188.2 -9.3 13,293.6 7,839.9 15,463 1,177.3 6.3 3.7 10.3 22.5 24.5 Yes P cmpc.cl 105
N.A. N.A. - N.A. N.A. 4,600 4,269 - - - - 90.0 No P* cargill.com.ar 106
1,397.0 1,508.0 -7.4 9,829.0 2,840.0 11,000 - 17.0 4.9 10.4 30.1 - No P votorantim-cimentos.com 107
N.A. N.A. - 4,055.5 N.A. 6,527 - - 15.9 13.9 - - No S codelco.cl 108
N.A. N.A. - 2,977.0 N.A. 1,141 375.5 - - - - 8.1 No P man-latinamerica.com 109
1,853.3 2,288.0 -19.0 12,583.9 4,906.5 2,241 - 17.5 6.8 18.7 40.5 - Yes P* endesa.cl 110
1,692.9 1,748.6 -3.2 11,117.4 3,703.9 26,045 667 15.2 5.1 12.6 37.7 14.9 Yes P televisa.com.mx 111
441.0 309.0 42.7 4,991.0 2,592.0 124,356 335.7 18.6 9.7 10.8 9.9 7.5 No P odebrecht.com 112
N.A. N.A. - 7,212.3 2,067.1 7,880 - -1.3 -0.4 -0.6 - - Yes P cge.cl 113
170.0 74.8 127.1 1,440.2 516.8 N.A. 789.6 20.8 7.5 2.4 3.8 17.7 Yes P* - 114
375.1 N.A. - 4,951.7 3,653.9 N.A. - 5.4 4.0 4.4 8.4 - Yes P exito.com 115
N.A. N.A. - 5,590.4 2,077.2 17,046 - 18.4 6.8 8.6 - - No S kaluz.com 116
161.7 160.2 1.0 1,545.7 833.4 1,396 - 10.4 5.6 2.0 3.7 - No P terpel.com 117
1,307.7 1,405.9 -7.0 12,457.7 7,030.2 5,716 1,732.8 8.8 5.0 14.2 29.9 39.6 No P arauco.cl 118
N.A. N.A. - 8,209.8 1,863.3 25,200 - - - - - - No P johnsoncontrols.com 119
1,300.7 1,135.9 14.5 3,431.7 1,802.3 18,300 - 31.1 16.3 13.1 30.3 - Yes P* telecom.com.ar 120
N.A. N.A. - 6,584.0 4,203.0 N.A. 298.1 4.5 2.9 4.5 - 7.0 No P gerdau.com.br 121
N.A. N.A. - 2,745.0 727.0 10,243 1,105.6 15.8 4.2 2.7 - 26.1 No P* renault.com.br 122
N.A. N.A. - 3,883.6 2,055.4 73,021 - 25.9 13.7 12.7 - - Yes P coppel.com.mx 123
753.6 716.4 5.2 5,235.5 3,102.0 38,612 - 15.1 9.0 11.2 17.9 - Yes P liverpool.com.mx 124
N.A. N.A. - 3,580.0 464.0 3,600 483.7 16.2 2.1 1.8 - 11.6 Yes P ldcom.com.br 125
747.6 731.1 2.3 6,896.2 332.5 7,716 - -110.3 -5.3 -8.8 18.0 - Yes P redenergia.com 126
N.A. 98.9 - 553.0 71.0 N.A. - 7.0 0.9 0.1 - - No P ale.com.br 127
1,019.5 945.4 7.8 10,193.9 6,304.9 9,545 - 9.8 6.1 14.9 24.6 - Yes S copel.com 128
353.8 292.0 21.2 3,193.6 963.0 21,318 - 39.2 11.8 9.1 8.6 - Yes P gruma.com 129
264.0 270.8 -2.5 2,661.5 1,227.8 36,052 - 8.9 4.1 2.6 6.4 - Yes P chedraui.com.mx 130
997.0 635.0 57.0 15,863.0 7,092.0 4,860 - 1.9 0.9 3.3 24.2 - No S furnas.com.br 131
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P mallplaza.cl 132
N.A. N.A. - 5,181.0 1,105.0 18,800 - -25.0 -5.3 -6.9 - - No P vooegol.com.br 133
80.7 587.8 -86.3 5,680.3 1,176.0 20,525 - -34.1 -7.1 -10.0 2.0 - Yes P voegol.com.br 134
N.A. N.A. - N.A. N.A. 18,384 365 - - - - 9.2 No P cuamoc.com 135
275.0 534.0 -48.5 2,803.2 914.8 N.A. 620.5 21.5 7.0 4.9 6.9 15.6 Yes P* whirlpool.com.br 136
2,859.0 N.A. - 5,070.6 3,992.6 2,015 1,574.0 42.1 33.2 43.8 74.5 41.0 No P* collahuasi.cl 137
N.A. N.A. - N.A. N.A. 55,000 - - - - - - No P* pepsico.com 138
N.A. N.A. - 11,072.0 2,821.0 N.A. - -4.9 -1.2 -3.6 - - No P agsa.com.br 139
N.A. N.A. - N.A. N.A. 10,000 - - - - - - No P* hp.com.br 140
N.A. 797.8 - 4,899.4 1,853.6 N.A. - 30.7 11.6 15.0 - - Yes P cantv.com.ve 141
N.A. N.A. - 8,637.5 1,829.9 11,000 - 4.1 0.9 2.0 - - No P* ge.com.mx 142
2,262.0 1,994.0 13.4 3,839.0 963.0 2,359 - 161.4 40.5 41.3 60.1 - No P* samarco.com.br 143
N.A. N.A. - N.A. N.A. 13,900 - - - - - - No P* carrefour.com.ar 144
565.7 580.7 -2.6 12,726.8 4,789.0 52,064 559 45.0 16.9 57.7 15.2 15.0 Yes P grupoelektra.com.mx 145
657.4 957.2 -31.3 5,854.4 1,717.3 4,134 - 9.6 2.8 4.5 17.8 - Yes P* light.com.br 146
N.A. N.A. - N.A. N.A. 6,500 - - - - - - No P* ge.com.br 147
2,334.2 N.A. - 3,731.8 2,353.1 4,000 3,676.6 76.9 48.5 49.2 63.5 100.0 No P lospelambres.cl 148
563.3 525.5 7.2 9,197.7 3,422.4 N.A. - 11.0 4.1 10.2 15.4 - Yes P pdgrealty.com.br 149
N.A. 265.1 - 1,875.4 679.6 N.A. - 17.0 6.2 3.2 - - Yes P arcosdorados.net 150
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 21
RANKING 500 GI.indd 21 17/8/12 16:43:18

24. 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
151 155 ITAIPÚ BINACIONAL BR/PY Electricity 3,652.1 3,450.5 5.8 784.2 466.5 68.1
152 - REFAP BRA Oil & Gas 3,584.0 4,923.0 - -256.0 139.0 -
153 166 NET BRASIL BRA Telecommunications 3,569.6 3,244.3 10.0 198.9 184.3 7.9
154 191 AVIANCA – TACA COL Transport & Logistics 3,566.6 2,728.4 30.7 102.1 56.4 81.0
155 169 COMCEL COL Telecommunications 3,562.1 3,214.6 10.8 927.0 589.5 57.2
156 - CODELCO DIV. EL TENIENTE CHI Mining 3,534.7 3,215.6 9.9 742.2 541.5 37.1
157 - PEUGEOT CITROEN BRA Carmaking 3,520.0 3,295.0 - 79.0 114.0 -
158 593 ENDESA BRASIL BRA Electricity 3,508.0 N.A. - 641.0 578.0 10.9
159 176 TELEFÓNICA MÓVIL VENEZUELA VEN Telecommunications 3,481.0 3,072.1 13.3 N.A. N.A. -
160 173 PAN AMERICAN ENERGY (1) ARG Oil & Gas 3,470.0 3,100.0 11.9 N.A. N.A. -
161 154 JABIL CIRCUIT MEX Electronics 3,457.3 3,516.5 -1.7 N.A. N.A. -
162 212 NEXTEL BRA Telecommunications 3,441.2 2,591.3 32.8 N.A. N.A. -
163 184 MAGAZINE LUIZA BRA Retail 3,422.2 2,885.6 18.6 6.2 41.3 -85.0
164 179 MEXICHEM MEX Petrochemicals 3,392.0 2,953.3 14.9 194.4 316.8 -38.6
165 198 MINERA ANTAMINA PER Mining 3,384.3 2,663.9 27.0 N.A. 1,411.0 -
166 - CODELCO DIV. R. TOMIC CHI Mining 3,375.2 2,204.1 53.1 956.5 496.0 92.8
167 189 GRUPO CASA SABA MEX Retail 3,338.8 2,772.9 20.4 6.3 21.9 -71.2
168 152 PETROBRAS ENERGÍA ARG Oil & Gas 3,305.1 3,601.5 -8.2 163.0 152.1 7.2
169 183 CYRELA REALTY BRA Construction 3,266.2 2,934.9 11.3 265.6 360.3 -26.3
170 148 MABE MEX Electronics 3,264.7 3,655.5 -10.7 -125.1 -47.6 -162.6
171 160 NESTLÉ DE MÉXICO (1) MEX Foods 3,226.4 3,319.9 -2.8 N.A. N.A. -
172 161 HIPERMERCADOS LIDER CHI Retail 3,212.6 3,319.5 -3.2 N.A. N.A. -
173 251 EMBOTELLADORAS ARCA MEX Beverages & Brewing 3,211.8 2,191.2 46.6 323.4 213.1 51.8
174 182 NEMAK MEX Carmaking 3,204.8 2,946.7 8.8 76.4 75.1 1.7
175 170 SOUTHERN PERÚ COPPER CORP. PER Mining 3,179.6 3,153.5 0.8 1,078.1 1,200.4 -10.2
176 162 BASF BRA Chemicals & Pharma. 3,172.0 3,317.2 -4.4 177.0 -47.0 476.6
177 343 PACIFIC RUBIALES ENERGY COL Oil & Gas 3,152.4 1,617.4 94.9 516.9 211.8 144.0
178 233 ANCAP (1) URU Oil & Gas 3,151.7 2,327.8 35.4 -96.0 74.6 -228.7
179 114 COMERCIAL MEXICANA MEX Retail 3,138.6 3,378.9 -7.1 88.6 78.1 13.4
180 143 FIBRIA BRA Pulp & Paper 3,121.0 3,771.1 -17.2 -465.2 359.3 -229.5
181 117 FLEXTRONICS MANUFACTURING (1) MEX Carmaking 3,107.9 4,399.7 -29.4 199.5 N.A. -
182 205 MOLINOS RÍO DE LA PLATA ARG Agribusiness 3,106.7 2,629.5 18.1 64.2 93.8 -31.6
183 209 ARCOR ARG Foods 3,100.0 2,600.0 19.2 N.A. N.A. -
184 186 EMPRESAS ICA MEX Construction 3,066.4 2,831.3 8.3 106.1 73.6 44.2
185 180 VOLKSWAGEN (1) ARG Carmaking 3,030.0 2,950.0 2.7 N.A. N.A. -
186 168 CPFL - COMPANHIIA PAULISTA DE FORÇA E LUZ BRA Electricity 2,982.7 3,216.9 -7.3 327.0 417.6 -21.7
187 175 NATURA BRA Chemicals & Pharma. 2,980.8 3,082.9 -3.3 443.0 446.6 -0.8
188 165 CHESF – CIA. HIDROELÊTRICA DO SÃO FRANCISCO BRA Electricity 2,977.0 3,261.1 -8.7 828.0 1,161.0 -28.7
189 200 COAMO BRA Foods 2,960.0 2,658.0 11.4 197.0 153.0 28.8
190 163 SOUZA CRUZ BRA Agribusiness 2,958.8 3,312.3 -10.7 854.4 654.9 30.5
191 197 SIGMA MEX Foods 2,945.1 2,679.5 9.9 59.6 120.3 -50.5
192 211 ELETRONORTE BRA Electricity 2,934.0 2,594.7 13.1 31.0 82.0 -62.2
193 171 MAKRO BRA Retail 2,933.0 3,153.4 -7.0 -2.0 20.0 -110.0
194 194 ALTOS HORNOS DE MÉXICO MEX Steel & Metallurgy 2,928.0 2,700.2 8.4 140.0 71.6 95.5
195 188 INVERSIONES ARGOS COL Cement 2,921.2 2,773.3 5.3 77.6 199.1 -61.0
196 272 ACEITERA GENERAL DEHEZA (1) ARG Agribusiness 2,900.0 2,000.0 45.0 N.A. N.A. -
197 204 TELEFÓNICA DEL PERÚ PER Telecommunications 2,885.3 2,641.5 9.2 197.3 267.6 -26.3
198 177 ENERGIAS DO BRASIL BRA Electricity 2,879.7 3,021.4 -4.7 261.6 349.6 -25.2
199 213 EXXONMOBIL COL Oil & Gas 2,864.4 2,572.3 11.4 48.9 21.5 127.6
200 229 SIDERAR ARG Steel & Metallurgy 2,811.3 2,382.5 18.0 310.5 445.8 -30.3
22 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 22 17/8/12 16:43:25

25. Nº 187
Alessandro Carlucci. CEO of Natura:
one of LatinAmerica´s best-known and respected brands.
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
N.A. N.A. - 18,854.9 100.0 3,186 - 784.2 4.2 21.5 - - No S itaipu.gov.py 151
40.0 386.0 - 3,651.0 611.0 923 - -41.9 -7.0 -7.1 1.1 - No P refap.com.br 152
1,035.2 935.8 10.6 4,741.9 2,232.6 N.A. - 8.9 4.2 5.6 29.0 - Yes P netcombo.com.br 153
453.8 344.0 32.0 3,795.3 909.5 N.A. - 11.2 2.7 2.9 12.7 - No P avianca.com.co 154
N.A. N.A. - 5,230.5 2,819.3 3,903 - 32.9 17.7 26.0 - - No P* comcel.com.co 155
N.A. N.A. - 3,784.2 N.A. 4,975 - - 19.6 21.0 - - No S codelco.cl 156
N.A. N.A. - 2,265.0 745.0 4,980 - 10.6 3.5 2.2 - - No P* peugeot.com.br 157
1,193.0 1,187.0 0.5 6,290.0 3,166.0 16,209 - 20.2 10.2 18.3 34.0 - No P* endesabrasil.com.br 158
N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P* movistar.com.ve 159
N.A. N.A. - N.A. N.A. 10,900 - - - - - - No P* pan-energy.com 160
N.A. N.A. - N.A. N.A. 12,000 - - - - - - No P* jabil.com 161
N.A. 777.0 - N.A. N.A. 5,061 - - - - - - No P* nextel.com.br 162
160.3 192.0 -16.5 2,600.1 331.0 26,000 - 1.9 0.2 0.2 4.7 - No P magazineluiza.com.br 163
736.4 657.8 11.9 4,334.6 1,720.2 11,173 - 11.3 4.5 5.7 21.7 - Yes P mexichem.com.mx/ 164
N.A. N.A. - N.A. N.A. N.A. 3,384.0 - - - - 100.0 No P* antamina.com 165
N.A. N.A. - 2,014.6 N.A. 1,010 - - 47.5 28.3 - - No S codelco.cl 166
135.3 63.0 114.8 2,250.5 510.6 13,251 - 1.2 0.3 0.2 4.1 - Yes P casasaba.com 167
466.4 675.8 -31.0 5,131.9 2,400.7 1,250 - 6.8 3.2 4.9 14.1 - Yes P* petrobras.com.ar 168
407.2 485.1 -16.1 7,152.6 2,422.8 N.A. - 11.0 3.7 8.1 12.5 - Yes P brazilrealty.com.br 169
N.A. N.A. - 2,388.8 322.5 19,751 2,418 -38.8 -5.2 -3.8 - 74.1 No P mabe.com.mx 170
N.A. N.A. - N.A. N.A. 6,500 - - - - - - No P* nestle.com.mx 171
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P lider.cl 172
543.2 408.0 33.1 4,331.6 2,609.0 38,172 - 12.4 7.5 10.1 16.9 - Yes P arcacontal.com 173
N.A. N.A. - 3,198.3 805.7 18,004 2,925 9.5 2.4 2.4 - 91.3 No P alfa.com.mx 174
1,670.0 2,034.0 -17.9 2,863.4 2,394.7 12,000 2,870.0 45.0 37.6 33.9 52.5 90.3 Yes P* southernperu.com 175
N.A. N.A. - 2,337.0 912.0 4,000 413.6 19.4 7.6 5.6 - 13.0 No P* basf.com.br 176
1,815.1 898.3 102.0 5,344.0 2,851.9 N.A. - 18.1 9.7 16.4 57.6 - No P pacificrubiales.com 177
N.A. N.A. - N.A. N.A. N.A. - - - -3.0 - - No S ancap.com.uy 178
246.9 219.0 12.7 3,159.8 1,140.2 40,565 - 7.8 2.8 2.8 7.9 - Yes P comerci.com.mx 179
1,205.8 1,646.7 -26.8 14,848.9 7,735.8 N.A. 2,183.0 -6.0 -3.1 -14.9 38.6 69.9 Yes P fibria.com.br 180
N.A. N.A. - 1,565.9 1,340.9 12,475 - 14.9 12.7 6.4 - - No P* flextronics.com 181
206.8 218.4 -5.3 1,397.6 317.2 4,500 - 20.2 4.6 2.1 6.7 - Yes P molinos.com.ar 182
N.A. N.A. - N.A. N.A. 25,500 380.0 - - - - 12.3 No P arcor.com.ar 183
355.9 323.7 9.9 7,090.0 1,205.1 40,003 - 8.8 1.5 3.5 11.6 - Yes P ica.com.mx 184
N.A. N.A. - N.A. N.A. 4,600 - - - - - - No P* volkswagen.com.ar 185
622.4 713.8 -12.8 3,071.6 478.7 N.A. - 68.3 10.6 11.0 20.9 - Yes P cpfl.com.br 186
759.7 754.3 0.7 2,022.1 666.5 6,700 - 66.5 21.9 14.9 25.5 - Yes P natura.com.br 187
1,432.0 1,732.0 -17.3 12,863.0 8,969.0 N.A. - 9.2 6.4 27.8 48.1 - No S chesf.gov.br 188
N.A. N.A. - 2,402.0 1,167.0 5,540 1,129.2 16.9 8.2 6.7 - 38.1 No P coamo.com.br 189
1,256.7 1,257.4 -0.1 2,267.8 1,108.5 N.A. 647.3 77.1 37.7 28.9 42.5 21.9 Yes P* souzacruz.com.br 190
N.A. N.A. - 2,023.3 555.2 29,226 397 10.7 2.9 2.0 - 13.5 Yes P gruposigma.com.mx 191
702.0 656.0 7.0 11,769.0 5,471.0 3,815 - 0.6 0.3 1.1 23.9 - No S eletronorte.gov.br 192
N.A. N.A. - 1,023.0 266.0 7,144 - -0.8 -0.2 -0.1 - - No P* makro.com.br 193
499.5 348.2 43.5 4,390.8 1,580.5 21,752 - 8.9 3.2 4.8 17.1 - Yes P ahmsa.com 194
822.4 833.5 -1.3 12,820.1 4,829.2 N.A. - 1.6 0.6 2.7 28.2 - No P argos.com.co 195
N.A. N.A. - N.A. N.A. 2,000 1,885 - - - - 65.0 No P agd.com.ar 196
1,012.7 905.5 11.8 4,122.5 1,319.6 7,000 - 15.0 4.8 6.8 35.1 - Yes P* telefonica.com.pe 197
817.8 912.7 -10.4 7,283.4 2,455.0 10,085 - 10.7 3.6 9.1 28.4 - Yes P energiasdobrasil.com.br 198
N.A. N.A. - 613.6 269.1 N.A. - 18.2 8.0 1.7 - - No P* exxon.com 199
448.2 425.0 5.5 3,328.0 2,290.8 7,500 - 13.6 9.3 11.0 15.9 - Yes P siderar.com.ar 200
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 23
RANKING 500 GI.indd 23 17/8/12 16:43:33

26. 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
201 274 CAP CHI Steel & Metallurgy 2,787.0 1,993.6 39.8 441.7 590.4 -25.2
202 201 SHELL CAPSA (1) ARG Oil & Gas 2,780.0 2,650.0 4.9 N.A. N.A. -
203 195 TRANSPETRO BRA Transport & Logistics 2,775.0 2,698.9 2.8 335.0 292.0 14.7
204 226 PÃO DE AÇÚCAR BRA Retail 2,774.0 2,485.0 11.6 N.A. N.A. -
205 203 WEG BRA Machinery 2,766.5 2,635.9 5.0 312.9 312.0 0.3
206 230 CLARO ARG Telecommunications 2,756.0 2,380.0 15.8 N.A. N.A. -
207 187 CCR RODOVIAS BRA Basic Services 2,737.1 2,795.1 -2.1 479.5 403.1 19.0
208 199 RECOPE (1) C.RI Oil & Gas 2,732.0 2,660.8 2.7 N.A. 125.3 -
209 208 GERDAU AÇOMINAS BRA Steel & Metallurgy 2,690.0 2,610.0 3.1 -43.0 -66.0 34.8
210 207 SODIMAC CHI Retail 2,684.3 2,618.5 2.5 165.3 167.7 -1.4
211 190 CNH BRA Carmaking 2,684.0 2,736.3 -1.9 85.0 196.0 -56.6
212 196 GRUPO SANBORNS MEX Retail 2,656.0 2,693.3 -1.4 209.8 259.1 -19.0
213 202 COELBA BRA Electricity 2,648.1 2,637.3 0.4 400.1 567.6 -29.5
214 206 TELEFÓNICA MOVIL ARGENTINA ARG Telecommunications 2,640.5 2,622.0 0.7 N.A. N.A. -
215 215 GASPETRO BRA Oil & Gas 2,620.0 2,561.3 2.3 480.0 728.0 -34.1
216 234 PEUGEOT - CITROËN (1) ARG Carmaking 2,589.0 2,320.0 11.6 N.A. N.A. -
217 227 MAGNA INTERNACIONAL MEX Carmaking 2,588.3 2,404.4 7.7 N.A. N.A. -
218 193 SUZANO PAPEL E CELULOSE BRA Pulp & Paper 2,584.5 2,709.1 -4.6 15.9 461.5 -96.6
219 239 GRUPO AEROMÉXICO (1) MEX Transport & Logistics 2,567.3 2,273.8 12.9 149.2 189.0 -21.1
220 219 BAVARIA COL Beverages & Brewing 2,565.6 2,486.9 3.2 513.4 411.8 24.7
221 214 GRUPO XIGNUX MEX Conglomerate 2,562.3 2,566.5 -0.2 25.0 46.0 -45.7
222 232 GENERAL MOTORS (1) ARG Carmaking 2,560.0 2,360.0 8.5 N.A. N.A. -
223 128 LA FONTE TELECOM BRA Telecommunications 2,555.4 4,144.6 -38.3 472.2 -47.8 1,087.9
224 238 GRUPO NUTRESA COL Foods 2,553.2 2,286.0 11.7 128.0 135.4 -5.4
225 231 MINERA CERRO VERDE PER Mining 2,520.1 2,369.0 6.4 1,078.4 1,074.4 0.4
226 269 ANGLO AMERICAN NORTE CHI Mining 2,515.1 2,009.8 25.1 463.1 546.9 -15.3
227 261 HERINGER FERTILIZANTES BRA Chemicals & Pharma. 2,507.7 2,113.5 18.7 34.1 37.1 -8.1
228 223 NACIONAL DE DROGAS (1) MEX Chemicals & Pharma. 2,502.2 2,453.5 2.0 N.A. N.A. -
229 216 DEACERO (1) MEX Steel & Metallurgy 2,492.2 2,558.8 -2.6 N.A. N.A. -
230 257 AEROPUERTOS Y SERVICIOS AUXILIARES MEX Servicios Generales 2,492.0 2,160.2 15.4 67.4 -59.7 212.9
231 236 FORD (1) ARG Carmaking 2,476.0 2,300.0 7.7 N.A. N.A. -
232 192 GRUPO OAS BRA Construction 2,473.0 2,409.0 2.7 28.0 -60.0 146.7
233 248 INTEL C.RI Electronics 2,450.0 2,200.0 11.4 N.A. N.A. -
234 240 ARCELOR MITTAL MEX Steel & Metallurgy 2,426.9 2,251.7 7.8 N.A. N.A. -
235 - RAIA DROGASIL BRA Retail 2,425.0 2,027.2 19.6 56.3 48.4 16.3
236 331 CONSORCIO MINERO CORMIN PER Mining 2,418.7 1,691.0 43.0 N.A. N.A. -
237 259 ANGLO AMERICAN SUR CHI Mining 2,361.6 2,122.5 11.3 797.9 1,820.5 -56.2
238 181 CONSTRUÇÕES E COMÉRCIO CAMARGO CORRÊA BRA Construction 2,361.0 2,947.9 -19.9 13.0 9.0 44.4
239 270 AUTORIDAD DEL CANAL DE PANAMÁ PAN Transport & Logistics 2,360.7 2,008.4 17.5 1,251.6 981.7 27.5
240 235 ENTEL CHI Telecommunications 2,360.3 2,313.5 2.0 346.7 369.3 -6.1
241 282 BUNGE FERTILIZANTES BRA Chemicals & Pharma. 2,332.0 1,940.9 20.1 -71.0 -61.0 -16.4
242 250 INDUSTRIAS CH MEX Steel & Metallurgy 2,323.7 2,195.4 5.8 218.0 42.5 412.9
243 296 CONTINENTAL TIRE DE MÉXICO MEX Carmaking 2,323.0 1,854.3 25.3 N.A. N.A. -
244 217 PROCTER & GAMBLE DE MÉXICO (1) MEX Chemicals & Pharma. 2,319.0 2,542.6 -8.8 N.A. N.A. -
245 253 AVON BRA Chemicals & Pharma. 2,316.3 2,182.8 6.1 N.A. N.A. -
246 592 CONSTRUTORA ANDRADE GURIERREZ BRA Construction 2,313.0 2,269.0 1.9 211.0 194.0 8.8
247 221 TRACTEBEL BRA Electricity 2,306.7 2,460.9 -6.3 771.7 727.2 6.1
248 247 BAYER BRA Chemicals & Pharma. 2,289.0 2,204.0 3.9 52.0 -35.0 248.6
249 336 ASSAI BRA Retail 2,286.0 2,079.0 10.0 N.A. N.A. -
250 252 GRUPO ICE (1) C.RI Basic Services 2,268.2 2,191.1 3.5 -45.0 339.3 -113.3
24 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 24 17/8/12 16:43:40

27. Nº 224
Carlos Enrique Piedrahita, CEO of Grupo Nutresa:
from Colombian chocolatemaker to regional food supplier.
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
N.A. N.A. - 4,771.0 1,724.1 5,211 - 25.6 9.3 15.8 - - Yes P cap.cl 201
N.A. N.A. - N.A. N.A. 4,100 - - - - - - No P* shell.com.ar 202
N.A. N.A. - 2,731.0 1,728.0 5,230 - 19.4 12.3 12.1 - - No S transpetro.com.br 203
N.A. N.A. - N.A. N.A. 15,000 - - - - - - No P paodeacucar.com.br 204
453.8 472.1 -3.9 4,854.4 2,025.9 N.A. 783.2 15.4 6.4 11.3 16.4 28.3 Yes P weg.net 205
N.A. N.A. - N.A. N.A. 2,100 - - - - - - No P claro.com.ar 206
1,445.7 1,212.8 19.2 6,851.1 1,708.8 N.A. - 28.1 7.0 17.5 52.8 - Yes P grupoccr.com.br 207
N.A. N.A. - N.A. N.A. N.A. - - - - - - No S recope.go.cr 208
N.A. N.A. - 4,282.0 2,308.0 N.A. 1,449.0 -1.9 -1.0 -1.6 - 53.9 Yes P gerdau.com.br/gerdauacominas 209
N.A. N.A. - 1,156.5 479.6 18,376 2.8 34.5 14.3 6.2 - 0.1 No P sodimac.cl 210
N.A. N.A. - 2,005.0 729.0 5,000 435.8 11.7 4.2 3.2 - 16.2 No P cnhbrasil.com.br 211
N.A. N.A. - 2,125.7 1,253.8 N.A. - 16.7 9.9 7.9 - - No P sanborns.com.mx 212
682.5 808.8 -15.6 3,272.1 1,225.0 2,533 - 32.7 12.2 15.1 25.8 - Yes P* coelba.com.br 213
N.A. N.A. - N.A. N.A. 4,200 - - - - - - No P* movistar.com.ar 214
N.A. 1,064.0 - 17,572.0 5,459.0 N.A. - 8.8 2.7 18.3 - - No P gaspetro.com.br 215
N.A. N.A. - N.A. N.A. 5,000 - - - - - - No P* peugeot.com.ar 216
N.A. N.A. - N.A. N.A. 18,000 - - - - - - No P* magna.com 217
696.3 1,006.7 -30.8 11,545.5 5,157.0 17,000 1,392.1 0.3 0.1 0.6 26.9 53.9 Yes P suzano.com.br 218
320.0 322.7 -0.8 1,557.7 366.4 12,865 - 40.7 9.6 5.8 12.5 - No P aeromexico.com 219
1,021.5 1,000.2 2.1 4,644.8 2,682.5 N.A. - 19.1 11.1 20.0 39.8 - No P* bavaria.com.co 220
N.A. N.A. - 1,791.2 663.0 19,328 1,350 3.8 1.4 1.0 - 52.7 Yes P xignux.com 221
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* gm.com.ar 222
1,301.1 1,383.7 -6.0 7,422.6 467.5 N.A. - 101.0 6.4 18.5 50.9 - Yes P* lafonte.com.br 223
286.8 275.9 4.0 4,004.0 3,268.7 26,284 43 3.9 3.2 5.0 11.2 1.7 No P gruponutresa.com 224
1,643.3 1,643.5 -0.0 3,196.6 2,677.6 N.A. 2,182.0 40.3 33.7 42.8 65.2 86.6 Yes P fcx.com 225
596.3 630.0 -5.3 879.3 349.5 634 1,897.5 132.5 52.7 18.4 23.7 75.4 No P* angloamerican.com 226
189.0 127.5 48.2 1,383.0 252.5 3,425 - 13.5 2.5 1.4 7.5 - Yes P heringer.com.br 227
N.A. N.A. - N.A. N.A. 5,500 - - - - - - No P nadro.com 228
N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P deacero.com 229
N.A. N.A. - 1,002.3 514.4 2,500 - 13.1 6.7 2.7 - - No S asa.gob.mx 230
N.A. N.A. - N.A. N.A. 3,700 - - - - - - No P* ford.com.ar 231
204.0 87.0 134.5 3,790.0 368.0 52,869 - 7.6 0.7 1.1 8.2 - Yes P oas.com 232
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* intel.com 233
N.A. N.A. - N.A. N.A. 5,000 - - - - - - No P* arcelormittal.com 234
113.9 117.9 -3.4 1,689.8 1,174.0 16,278 - 4.8 3.3 2.3 4.7 - No P drogaraia.com.br 235
N.A. N.A. - N.A. N.A. N.A. 2,419.0 - - - - 100.0 No P trafigura.com 236
1,055.1 1,117.3 -5.6 6,396.9 3,926.9 1,992 1,624.1 20.3 12.5 33.8 44.7 68.8 No P* angloamerican.co.uk 237
N.A. N.A. - 1,076.0 1,366.0 23,642 - 1.0 1.2 0.6 - - No P camargocorrea.com.br 238
N.A. 1,407.1 - 7,805.0 6,275.0 10,000 - 19.9 16.0 53.0 - - No S pancanal.com 239
974.2 943.1 3.3 2,987.8 1,482.5 7,009 61.2 23.4 11.6 14.7 41.3 2.6 Yes P entel.cl 240
N.A. N.A. - 2,054.0 744.0 7,500 - -9.5 -3.5 -3.0 - - No P* bunge.com.br 241
294.7 198.1 48.8 2,674.3 1,740.9 5,348 - 12.5 8.2 9.4 12.7 - Yes P industriasch.com.mx 242
N.A. N.A. - N.A. N.A. 11,000 - - - - - - No P continentaltire.com.mx 243
N.A. N.A. - N.A. N.A. 6,523 - - - - - - No P* pg.com.mx 244
N.A. N.A. - N.A. N.A. 4,500 - - - - - - No P* avon.com.br 245
N.A. N.A. - 2,902.0 1,336.0 10,022 - 15.8 7.3 9.1 - - No P andradegutierrez.com.br 246
1,551.2 1,567.3 -1.0 6,595.2 2,904.4 N.A. - 26.6 11.7 33.5 67.2 - Yes P portal.tractebelenergia.com.br 247
N.A. N.A. - 575.0 869.0 4,000 - 6.0 9.0 2.3 - - No P* bayer.com.br 248
N.A. N.A. - N.A. N.A. 10,000 - - - - - - No P assaiatacadista.com.br 249
N.A. N.A. - 9,853.1 N.A. 18,500 - - -0.5 -2.0 - - No S grupoice.com 250
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 25
RANKING 500 GI.indd 25 17/8/12 16:43:47

28. 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
251 286 GRUPO CLARÍN ARG Mass Media 2,257.5 1,903.2 18.6 120.9 133.1 -9.2
252 224 B2W - CIA. GLOBAL DO VAREJO BRA Retail 2,256.2 2,444.8 -7.7 -47.5 20.2 -335.1
253 330 XSTRATA COPPER CHILE CHI Mining 2,248.5 1,700.8 32.2 N.A. N.A. -
254 470 COSTCO MÉXICO (1) MEX Retail 2,248.0 1,131.3 98.7 N.A. N.A. -
255 228 CIELO BRA Software & Data 2,243.7 2,396.2 -6.4 965.1 1,097.9 -12.1
256 218 GRUPO BOSCH BRA Carmaking 2,241.0 2,542.4 -11.9 N.A. N.A. -
257 225 CELESC BRA Electricity 2,234.5 2,422.7 -7.8 172.7 164.2 5.2
258 185 BRASKEM QPAR- EX QUATTOR PARTICIPAÇOES BRA Petrochemicals 2,224.0 2,832.2 -21.5 26.0 -337.0 107.7
259 245 SPAL BRA Beverages & Brewing 2,222.0 2,223.2 -0.1 213.0 187.0 13.9
260 243 RANDON PARTICIPAÇÕES BRA Carmaking 2,215.8 2,232.0 -0.7 143.5 149.7 -4.1
261 307 ISA COL Electricity 2,205.5 1,801.4 22.4 170.0 176.3 -3.6
262 394 FALABELLA PERÚ PER Retail 2,201.3 1,665.6 32.2 136.9 121.2 12.9
263 512 TAG BRA Transport & Logistics 2,189.0 1,012.0 116.3 209.0 426.0 -50.9
264 222 COMGAS BRA Oil & Gas 2,187.2 2,457.9 -11.0 125.9 348.1 -63.8
265 284 PARANAPANEMA BRA Mining 2,184.9 1,915.7 14.1 -25.4 28.5 -189.1
266 241 ELECTROLUX DO BRASIL BRA Electronics 2,156.0 2,237.8 -3.7 74.0 125.0 -40.8
267 313 SYNGENTA BRA Agribusiness 2,152.0 1,778.0 21.0 N.A. N.A. -
268 314 AGROSUPER (1) CHI Agribusiness 2,149.5 2,007.3 7.1 N.A. N.A. -
269 299 SQM CHI Mining 2,145.3 1,830.4 17.2 545.8 382.1 42.8
270 304 MRV BRA Construction 2,140.5 1,813.1 18.1 405.2 380.8 6.4
271 308 AES GENER CHI Electricity 2,130.3 1,802.0 18.2 326.1 169.8 92.0
272 298 SIGDO KOPPERS CHI Construction 2,127.8 1,832.4 16.1 285.6 112.9 153.0
273 280 SIEMENS BRASIL BRA Electronics 2,124.0 1,822.0 16.6 110.0 51.0 115.7
274 267 MINERVA BRA Agribusiness 2,120.1 2,045.5 3.6 24.2 12.5 93.6
275 295 MINERA YANACOCHA PER Mining 2,100.0 1,778.3 18.1 642.4 591.2 8.7
276 275 GRUPO SIMEC MEX Steel & Metallurgy 2,098.6 1,990.1 5.5 205.2 73.2 180.3
277 249 KLABIN BRA Pulp & Paper 2,073.3 2,198.6 -5.7 97.4 336.0 -71.0
278 255 PERNAMBUCANAS BRA Retail 2,057.0 2,164.9 -5.0 82.0 86.0 -4.7
279 237 CARBONES DEL CERREJÓN COL Mining 2,045.4 2,292.6 -10.8 508.4 524.2 -3.0
280 263 RIPLEY CORP. CHI Retail 2,037.1 2,082.8 -2.2 106.0 106.8 -0.7
281 273 TELEFÓNICA COLOMBIA COL Telecommunications 2,034.3 1,996.9 1.9 -354.5 -408.3 13.2
282 620 QUIÑENCO CHI Conglomerate 2,023.9 650.4 211.2 168.7 622.6 -72.9
283 316 NAMISA BRA Mining 2,008.0 1,763.0 13.9 1,105.0 1,042.0 6.0
284 256 NEXTEL DE MÉXICO MEX Telecommunications 2,006.3 2,161.8 -7.2 N.A. N.A. -
285 264 CARREFOUR COL Retail 1,999.1 2,076.6 -3.7 22.9 43.8 -47.8
286 271 INDUSTRIAS BACHOCO MEX Agribusiness 1,988.5 2,001.3 -0.6 11.3 160.6 -93.0
287 285 DRUMMOND COL Mining 1,987.9 1,905.6 4.3 184.2 101.1 82.3
288 277 BROOKFIELD BRA Construction 1,987.0 1,971.0 0.8 174.2 218.3 -20.2
289 258 CHILECTRA CHI Electricity 1,985.5 2,141.5 -7.3 212.5 322.3 -34.1
290 266 CONSTRUTORA OAS BRA Construction 1,981.0 2,068.8 -4.2 81.0 26.0 211.5
291 338 SAMSUNG ELECTRONICS MEX Electronics 1,980.4 1,657.1 19.5 7.2 N.A. -
292 323 ENAMI CHI Mining 1,966.9 1,721.1 14.3 -70.7 15.1 -568.2
293 381 FRESNILLO PLC MEX Mining 1,955.7 1,442.6 35.6 926.4 767.0 20.8
294 433 MINERA SPENCE CHI Mining 1,954.2 1,515.8 28.9 694.4 547.5 26.8
295 254 PANPHARMA BRA Retail 1,927.0 2,175.7 -11.4 46.0 60.0 -23.3
296 220 MOVISTAR MEX Telecommunications 1,926.4 2,486.2 -22.5 N.A. N.A. -
297 260 KIMBERLY CLARK DE MÉXICO MEX Pulp & Paper 1,916.6 2,121.2 -9.6 261.0 341.9 -23.7
298 300 GRUPO KUO MEX Conglomerate 1,916.3 1,824.1 5.1 9.3 41.0 -77.3
299 320 SUPERMERCADOS JUMBO CHI Retail 1,916.0 1,743.3 9.9 N.A. N.A. -
300 294 TOYOTA (1) ARG Carmaking 1,910.0 1,870.0 2.1 N.A. N.A. -
26 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 26 17/8/12 16:43:53

29. Nº 251
Héctor Magnetto, CEO de Grupo Clarín:
the media group in the sights of the Argentinean government.
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
601.5 586.5 2.6 2,473.5 864.6 10,000 - 14.0 4.9 5.4 26.6 - No P grupoclarin.com.ar 251
164.9 280.0 -41.1 2,180.4 607.1 N.A. - -7.8 -2.2 -2.1 7.3 - Yes P b2winc.com 252
N.A. N.A. - N.A. N.A. N.A. 2,248.5 - - - - 100.0 No P* - 253
N.A. N.A. - N.A. N.A. 9,550 - - - - - - No P costco.com.mx 254
1,273.3 1,538.8 -17.3 2,708.8 751.5 N.A. - 128.4 35.6 43.0 56.8 - Yes P cielo.com.br 255
N.A. N.A. - N.A. N.A. 9,962 563.7 - - - - 25.2 No P* bosch.com.br 256
316.9 257.9 22.9 2,860.2 1,159.3 N.A. - 14.9 6.0 7.7 14.2 - Yes S celesc.com.br 257
N.A. N.A. - 2,511.0 1,451.0 N.A. - 1.8 1.0 1.2 - - No P quattor.com.br 258
N.A. N.A. - 1,423.0 1,020.0 N.A. - 20.9 15.0 9.6 - - No P spalbrasil.com 259
291.7 319.5 -8.7 2,141.2 722.0 N.A. - 19.9 6.7 6.5 13.2 - Yes P randon.com.br 260
1,528.4 1,295.3 18.0 13,458.8 3,243.5 3,242 - 5.2 1.3 7.7 69.3 - No S - 261
279.8 253.4 10.4 2,014.2 692.3 14,500 - 19.8 6.8 6.2 12.7 - Yes P* falabella.com.pe 262
1,690.0 574.0 194.4 14,788.0 3,590.0 N.A. - 5.8 1.4 9.5 77.2 - Yes P tag.com.br 263
382.6 709.4 -46.1 2,296.4 664.5 4,721 - 18.9 5.5 5.8 17.5 - Yes P* comgas.com.br 264
21.6 63.4 -65.9 2,013.2 885.9 3,745 - -2.9 -1.3 -1.2 1.0 - Yes P paranapanema.com.br 265
N.A. N.A. - 1,204.0 416.0 7,690 - 17.8 6.1 3.4 - - No P* electrolux.com.br 266
N.A. N.A. - N.A. N.A. 1,354 189.1 - - - - 8.8 No P syngenta.com 267
N.A. N.A. - N.A. N.A. 15,915 - - - - - - No P agrosuper.cl 268
949.4 654.5 45.1 3,871.6 1,812.8 4,902 568.3 30.1 14.1 25.4 44.3 26.5 Yes P sqm.cl 269
486.1 410.2 18.5 4,883.6 1,824.8 N.A. - 22.2 8.3 18.9 22.7 - Yes P mrv.com.br 270
711.7 383.3 85.7 5,829.3 2,528.7 1,176 - 12.9 5.6 15.3 33.4 - Yes P* gener.cl 271
515.6 307.9 67.5 3,121.4 984.6 16,725 2.8 29.0 9.1 13.4 24.2 0.1 Yes P sigdokoppers.cl 272
N.A. N.A. - 1,799.0 536.0 10,170 - 20.5 6.1 5.2 - - No P* siemens.com.br 273
N.A. N.A. - 1,865.4 383.7 N.A. 1,043.1 6.3 1.3 1.1 - 49.2 Yes P minerva.ind.br 274
N.A. 1,113.4 - 3,787.2 2,943.0 N.A. 2,100.0 21.8 17.0 30.6 - 100.0 Yes P* yanacocha.com.pe 275
249.4 161.7 54.2 2,241.9 1,584.0 4,686 - 13.0 9.2 9.8 11.9 - Yes P gsimec.com.mx 276
716.7 829.5 -13.6 6,792.6 2,643.3 14,430 450.4 3.7 1.4 4.7 34.6 21.7 Yes P* klabin.com.br 277
N.A. N.A. - 1,865.0 334.0 16,170 - 24.6 4.4 4.0 - - No P pernambucanas.com.br 278
958.9 950.0 0.9 1,629.5 1,037.9 7,034 1,880 49.0 31.2 24.9 46.9 91.9 No P cerrejoncoal.com 279
N.A. N.A. - 3,163.1 1,407.3 13,929 - 7.5 3.4 5.2 - - Yes P ripley.cl 280
617.2 521.8 18.3 3,916.5 1,035.7 N.A. - -34.2 -9.1 -17.4 30.3 - No P* telefonica.co 281
73.2 26.8 173.1 46,505.5 2,991.5 16,985 - 5.6 0.4 8.3 3.6 - Yes P quinenco.cl 282
N.A. N.A. - 7,297.0 6,461.0 500 - 17.1 15.1 55.0 - - Yes P - 283
N.A. N.A. - N.A. N.A. 7,065 - - - - - - No P* nextel.com.mx 284
130.0 141.6 -8.2 2,020.5 1,184.4 N.A. - 1.9 1.1 1.1 6.5 - No P* carrefour.com.co 285
47.8 247.8 -80.7 1,661.2 1,162.1 25,326 - 1.0 0.7 0.6 2.4 - Yes P bachoco.com.mx 286
535.8 372.3 43.9 2,588.7 2,215.4 N.A. 1,756 8.3 7.1 9.3 27.0 88.4 No P* drummondco.com 287
347.9 357.7 -2.7 4,823.9 1,608.8 6,001 - 10.8 3.6 8.8 17.5 - Yes P brascanresidential.com.br 288
278.5 291.2 -4.4 2,512.5 2,034.6 712 - 10.4 8.5 10.7 14.0 - Yes P* chilectra.cl 289
58.0 48.0 20.8 2,216.0 654.0 42,589 - 12.4 3.7 4.1 2.9 - Yes P oas.com 290
N.A. N.A. - 941.2 147.0 568 - 4.9 0.8 0.4 - - No P* samsung.com.mx 291
N.A. N.A. - 1,198.3 642.1 1,349 1,510.7 -11.0 -5.9 -3.6 - 76.8 No S enami.cl 292
N.A. N.A. - 2,857.8 2,148.2 3,051 - 43.1 32.4 47.4 - - No P penoles.com.mx 293
N.A. N.A. - 3,494.4 3,063.4 N.A. - 22.7 19.9 35.5 - - No P* spence.cl 294
N.A. N.A. - 863.0 487.0 N.A. - 9.4 5.3 2.4 - - No P* panpharma.com 295
N.A. N.A. - 6,258.9 705.9 3,102 - - - - - - No P* movistar.com.mx 296
511.0 609.5 -16.2 1,885.6 541.1 7,406 - 48.2 13.8 13.6 26.7 - Yes P* kimberly-clark.com.mx 297
151.8 147.2 3.1 1,629.5 416.5 16,931 924 2.2 0.6 0.5 7.9 48.2 Yes P kuo.com.mx 298
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P jumbo.cl 299
N.A. N.A. - N.A. N.A. 3,000 - - - - - - No P* toyota.com.ar 300
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 27
RANKING 500 GI.indd 27 17/8/12 16:44:02

30. 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
301 268 ELEKTRO BRA Electricity 1,900.0 2,021.9 -6.0 262.5 270.3 -2.9
302 603 MC DONALD`S BRA Retail 1,900.0 1,600.0 18.8 N.A. N.A. -
303 287 EMBOTELLADORA ANDINA CHI Beverages & Brewing 1,884.8 1,897.5 -0.7 186.1 221.2 -15.9
304 318 INFRAERO BRA Transport & Logistics 1,883.0 1,745.7 7.9 78.0 16.0 387.5
305 297 SHELL CHILE (1) CHI Oil & Gas 1,882.8 1,836.8 2.5 N.A. N.A. -
306 333 AURORA ALIMENTOS BRA Foods 1,875.0 1,686.9 11.2 74.0 92.0 -19.6
307 306 TELEFÓNICA MOVIL CHILE CHI Telecommunications 1,873.8 1,862.6 0.6 312.2 421.0 -25.8
308 309 ENTEL PCS CHI Telecommunications 1,871.6 1,806.7 3.6 268.8 262.0 2.6
309 352 CHEVRON PETROLEUM COL Oil & Gas 1,862.5 1,568.4 18.8 121.5 88.3 37.6
310 310 CCU CHI Beverages & Brewing 1,859.3 1,789.7 3.9 235.4 236.4 -0.4
311 358 CEMENTOS ARGOS COL Cement 1,852.1 692.6 167.4 186.8 145.2 28.6
312 322 SUPERMERCADOS UNIMARC CHI Retail 1,834.5 1,729.0 6.1 N.A. N.A. -
313 388 COPA AIRLINES PAN Transport & Logistics 1,830.9 1,414.8 29.4 310.4 241.0 28.8
314 - CODELCO DIV. ANDINA CHI Mining 1,826.5 1,362.0 34.1 373.6 225.3 65.8
315 361 GENERAL MOTORS COLMOTORES COL Carmaking 1,822.4 1,529.2 19.2 25.4 77.7 -67.3
316 340 SUPERMERCADOS SANTA ISABEL CHI Retail 1,814.4 1,651.9 9.8 N.A. N.A. -
317 302 TIENDAS ELEKTRA MEX Retail 1,812.1 1,817.1 -0.3 N.A. N.A. -
318 601 MOSAIC BRA Chemicals & Pharma. 1,810.0 1,092.3 65.7 N.A. N.A. -
319 312 MARCOPOLO BRA Carmaking 1,796.0 1,779.2 0.9 182.9 178.0 2.8
320 354 HOLDING ALIMENTARIO DEL PERÚ PER Foods 1,790.8 1,563.6 14.5 76.3 69.9 9.2
321 356 SOTREQ BRA Carmaking 1,790.0 1,559.4 14.8 107.0 73.0 46.6
322 380 GVT HOLDING BRA Telecommunications 1,788.0 1,448.5 23.4 144.0 194.0 -25.8
323 383 GASCO CHI Oil & Gas 1,785.3 1,434.7 24.4 63.9 108.2 -40.9
324 335 DUPONT BRA Chemicals & Pharma. 1,783.0 1,667.1 7.0 196.0 260.0 -24.6
325 265 HONDA DE MÉXICO MEX Carmaking 1,778.1 2,072.9 -14.2 N.A. N.A. -
326 288 HYPERMARCAS BRA Chemicals & Pharma. 1,772.4 1,896.4 -6.5 -29.1 157.2 -118.5
327 422 MINERA DEL PACÍFICO CHI Mining 1,770.3 1,270.8 39.3 700.1 902.3 -22.4
328 293 PROFARMA BRA Retail 1,768.3 1,880.2 -6.0 15.4 20.6 -25.2
329 431 COTIA BRA Retail 1,766.0 1,245.6 41.8 46.0 20.0 130.0
330 289 AMPLA BRA Electricity 1,765.8 1,893.4 -6.7 112.1 129.7 -13.6
331 - CBMM BRA Mining 1,765.0 1,548.0 14.0 657.0 610.0 7.7
332 615 WHITE MARTINS GASES INDUSTRIAIS BRA Petrochemicals 1,757.0 N.A. - 269.0 241.0 11.6
333 279 TOYOTA MOTOR SALES DE MÉXICO MEX Carmaking 1,742.2 1,959.6 -11.1 N.A. N.A. -
334 490 HOME DEPOT (1) MEX Retail 1,739.2 1,084.2 60.4 N.A. N.A. -
335 364 SALFACORP CHI Construction 1,728.7 1,512.4 14.3 30.6 47.2 -35.2
336 345 TELEFÓNICA DE ARGENTINA ARG Telecommunications 1,727.6 1,606.7 7.5 153.1 101.7 50.5
337 341 LOJAS RENNER BRA Retail 1,726.5 1,651.3 4.6 179.6 184.9 -2.9
338 370 AJE GROUP (1) PER Beverages & Brewing 1,719.3 1,495.0 15.0 N.A. N.A. -
339 281 COPASA BRA Basic Services 1,719.2 1,943.4 -11.5 247.6 402.0 -38.4
340 - CAPUFE MEX Transport & Logistics 1,708.0 N.A. - N.A. N.A. -
341 413 DOW BRASIL BRA Petrochemicals 1,698.0 1,323.4 28.3 -361.0 -104.0 -247.1
342 339 ALL AMÉRICA LATINA BRA Transport & Logistics 1,691.7 1,652.6 2.4 130.6 147.6 -11.5
343 372 SUPERMERCADOS LA FAVORITA ECU Retail 1,688.3 1,486.1 13.6 125.5 111.4 12.6
344 326 GRUPO SCHINCARIOL BRA Beverages & Brewing 1,684.0 1,713.6 -1.7 -41.0 26.0 -257.7
345 301 GRUPO ABRIL BRA Mass Media 1,680.0 1,817.4 -7.6 99.0 87.0 13.8
346 244 IBERDROLA DE MÉXICO (1) MEX Electricity 1,679.9 2,227.0 -24.6 0.0 N.A. -
347 278 GERDAU COMERCIAL DE AÇOS BRA Retail 1,676.0 1,960.1 -14.5 31.0 0.5 6,100.0
348 327 CORPORATIVO FRAGUA MEX Retail 1,666.0 1,712.8 -2.7 60.8 59.2 2.7
349 435 GRUPO VILLACERO (1) MEX Steel & Metallurgy 1,665.0 1,230.4 35.3 N.A. N.A. -
350 246 CONSTRUTORA QUEIROZ GALVÃO BRA Construction 1,654.0 2,211.7 -25.2 27.0 143.0 -81.1
28 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 28 17/8/12 16:44:09

31. Nº 313
Pedro Heilborn, CEO OF Copa:
the airline which dominates Panama´s logistics and transport hub.
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
498.5 517.6 -3.7 1,822.6 729.6 3,879 - 36.0 14.4 13.8 26.2 - Yes P* elektro.com.br 301
N.A. N.A. - N.A. N.A. 48,000 - - - - - - No P* mcdonalds.com.br 302
N.A. N.A. - 1,438.3 809.2 6,471 - 23.0 12.9 9.9 - - Yes P koandina.com 303
382.0 248.0 54.0 7,928.0 604.0 13,802 - 12.9 1.0 4.1 20.3 - No S infraero.gov.br 304
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* shell.cl 305
N.A. N.A. - 1,065.0 215.0 15,645 599.4 34.4 6.9 3.9 - 32.0 No P aurora.com.br 306
766.2 844.3 -9.3 2,900.6 1,401.5 59 - 22.3 10.8 16.7 40.9 - No P* movistar.cl 307
761.0 704.8 8.0 1,760.8 686.3 1,943 9.9 39.2 15.3 14.4 40.7 0.5 No P entelpcs.cl 308
N.A. N.A. - 745.6 173.3 N.A. 34 70.1 16.3 6.5 - 1.8 No P* texaco.com 309
N.A. N.A. - 2,490.1 1,091.1 6,154 0.7 21.6 9.5 12.7 - - Yes P ccu.cl 310
344.1 276.4 24.5 8,471.9 5,865.0 N.A. 183 3.2 2.2 10.1 18.6 9.9 No P argos.com.co 311
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P unimarc.cl 312
N.A. 324.0 - 3,065.8 1,389.5 5,000 - 22.3 10.1 17.0 - - Yes P copaair.com 313
N.A. N.A. - 3,550.3 N.A. 1,586 - - 10.5 20.5 - - No S codelco.cl 314
48.6 46.4 4.6 647.6 213.1 N.A. 211 11.9 3.9 1.4 2.7 11.6 No P* chevrolet.com.co 315
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P santaisabel.cl 316
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P elektra.com.mx 317
N.A. N.A. - N.A. N.A. 618 - - - - - - No P* mosaicco.com 318
247.4 239.0 3.5 1,802.5 619.5 N.A. 251.1 29.5 10.1 10.2 13.8 14.0 Yes P marcopolo.com.br 319
195.3 176.9 10.4 1,206.7 564.7 N.A. - 13.5 6.3 4.3 10.9 - Yes P grupogloria.com 320
N.A. N.A. - 882.0 272.0 3,500 - 39.3 12.1 6.0 - - No P sotreq.com.br 321
N.A. N.A. - 3,342.0 1,433.0 5,238 - 10.0 4.3 8.1 - - Yes P gvt.com.br 322
N.A. N.A. - 2,346.7 725.9 2,551 - 8.8 2.7 3.6 - - Yes P gasco.cl 323
N.A. N.A. - 1,879.0 977.0 3,500 - 20.1 10.4 11.0 - - No P* dupont.com.br 324
N.A. N.A. - N.A. N.A. 2,250 - - - - - - No P* honda.mx 325
284.9 396.9 -28.2 7,103.8 3,543.0 11,542 - -0.8 -0.4 -1.6 16.1 - Yes P hypermarkas.com.br 326
1,115.9 782.1 42.7 2,669.6 2,018.0 1,989 1,452.3 34.7 26.2 39.5 63.0 82.0 No P cmp.cl 327
38.8 44.5 -12.8 654.3 290.6 2,521 - 5.3 2.4 0.9 2.2 - Yes P profarma.com.br 328
N.A. N.A. - 650.0 102.0 200 - 45.1 7.1 2.6 - - Yes P cotia.com.br 329
406.5 380.4 6.9 2,483.5 872.0 8,038 - 12.9 4.5 6.3 23.0 - Yes P* ampla.com 330
N.A. N.A. - 2,236.0 694.0 1,460 1,884.7 94.7 29.4 37.2 0.0 - No P cbmm.com.br 331
584.0 506.0 15.4 2,669.0 1,367.0 4,211 67.9 19.7 10.1 15.3 33.2 3.9 No P whitemartins.com.br 332
N.A. N.A. - N.A. N.A. 1,000 - - - - - - No P* toyota.com.mx 333
N.A. N.A. - N.A. N.A. 11,000 - - - - - - No P* homedepot.com.mx 334
81.8 88.8 -7.9 1,499.5 509.6 30,676 - 6.0 2.0 1.8 4.7 - Yes P salfacorp.cl 335
495.8 462.8 7.1 1,708.3 810.2 2,200 - 18.9 9.0 8.9 28.7 - Yes P* telefonica.com.ar 336
304.0 288.2 5.5 1,590.5 615.7 13,340 - 29.2 11.3 10.4 17.6 - No P* sony.com.mx 337
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P ajegroup.com 338
560.6 763.4 -26.6 4,407.4 2,416.9 N.A. - 10.2 5.6 14.4 32.6 - Yes S copasa.com.br 339
N.A. N.A. - N.A. N.A. 4,900 - - - - - - No P capufe.gob.mx 340
N.A. N.A. - 1,021.0 166.0 2,309 - -217.5 -35.4 -21.3 - - No P* dow.com 341
854.1 842.3 1.4 7,539.2 2,143.2 10,368 - 6.1 1.7 7.7 50.5 - Yes P all-logistica.com 342
N.A. N.A. - 1,163.3 814.9 6,600 - 15.4 10.8 7.4 - - Yes P supermaxi.com 343
142.0 231.0 -38.5 2,341.0 1,015.0 10,224 - -4.0 -1.8 -2.4 8.4 - No P schincariol.com.br 344
N.A. N.A. - 1,360.0 101.0 9,000 - 98.0 7.3 5.9 - - No P abril.com.br 345
N.A. N.A. - 2,509.9 2,105.0 450 - 0.0 0.0 0.0 - - No P* iberdrola.es 346
N.A. N.A. - 721.0 554.0 N.A. - 5.6 4.3 1.8 - - No P gerdau.com.br 347
101.7 98.8 2.9 714.9 387.4 19,653 - 15.7 8.5 3.6 6.1 - Yes P fragua.com.mx 348
N.A. N.A. - N.A. N.A. 3,125 - - - - - - No P villacero.com 349
N.A. N.A. - 1,370.0 1,018.0 16,862 - 2.7 2.0 1.6 - - No P queirozgalvao.com 350
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 29
RANKING 500 GI.indd 29 17/8/12 16:44:17

32. 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
351 403 PATAGONIA ARG Retail 1,648.2 1,355.4 21.6 39.3 29.2 34.6
352 355 CARVAJAL COL Printing 1,639.1 1,563.1 4.9 17.1 7.5 129.3
353 368 ROSSI RESIDENCIAL BRA Construction 1,637.8 1,497.9 9.3 181.1 209.9 -13.7
354 - IBM DE MÉXICO MEX Software & Data 1,637.5 N.A. - N.A. N.A. -
355 537 GOLDCORP MÉXICO MEX Mining 1,628.6 946.8 72.0 N.A. N.A. -
356 350 GRUPO ALGAR BRA Conglomerate 1,627.0 1,581.5 2.9 106.0 98.0 8.2
357 353 GUARARAPES - RIACHUELO BRA Textiles & Footwear 1,623.9 1,565.2 3.8 194.0 202.7 -4.3
358 489 COOXUPÉ BRA Foods 1,622.0 1,085.3 49.4 74.0 40.0 85.0
359 - GRUPO AGUIA BRANCA BRA Transport & Logistics 1,609.0 1,415.0 - 19.0 54.0 -
360 305 CELESTICA INC. MEX Electronics 1,608.3 1,803.5 -10.8 N.A. N.A. -
361 311 GRUPO MARTINS BRA Retail 1,604.0 1,785.4 -10.2 14.0 -6.0 333.3
362 374 OLÍMPICA COL Retail 1,588.2 1,483.8 7.0 45.0 38.1 18.2
363 384 CANDELARIA CHI Mining 1,588.0 1,434.1 10.7 623.0 562.3 10.8
364 406 MOVISTAR PERÚ PER Telecommunications 1,587.4 1,408.1 12.7 240.2 250.3 -4.0
365 342 DURATEX BRA Manufacturing 1,583.5 1,645.5 -3.8 199.5 280.2 -28.8
366 407 CMPC TISSUE CHI Pulp & Paper 1,582.9 1,344.6 17.7 -6.9 43.5 -115.9
367 362 UTE URU Electricity 1,581.7 1,524.1 3.8 145.7 430.3 -66.1
368 465 ALICORP PER Foods 1,578.5 1,340.1 17.8 120.8 100.0 20.8
369 319 CESP BRA Electricity 1,576.7 1,743.7 -9.6 57.9 55.8 3.8
370 382 CONTAX BRA Telecommunications 1,576.0 1,439.2 9.5 11.2 65.1 -82.8
371 547 GRANA Y MONTERO PER Conglomerate 1,574.4 923.2 70.5 124.4 94.0 32.4
372 - BELCORP PER Chemicals & Pharma. 1,572.2 1,281.0 - N.A. N.A. -
373 443 PAMPA ENERGÍA ARG Foods 1,568.2 1,213.7 29.2 -215.5 -11.6 -1,757.8
374 242 GAFISA BRA Construction 1,567.6 2,233.1 -29.8 -503.7 249.7 -301.7
375 347 HOMEX MEX Construction 1,566.8 1,591.3 -1.5 112.6 130.3 -13.6
376 337 CBA BRA Steel & Metallurgy 1,566.0 1,659.0 -5.6 -128.0 140.0 -191.4
377 291 GRUPO VITRO MEX Manufacturing 1,565.5 1,626.6 -3.8 27.6 -96.9 128.5
378 363 GRUPO CONDUMEX MEX Manufacturing 1,560.5 1,512.6 3.2 120.2 226.2 -46.8
379 482 BUENAVENTURA PER Mining 1,556.6 1,103.8 41.0 858.9 660.8 30.0
380 367 LOCALIZA BRA Transport & Logistics 1,555.7 1,498.7 3.8 155.5 153.6 1.2
381 325 CELPE BRA Electricity 1,553.5 1,716.5 -9.5 151.1 269.0 -43.8
382 376 M. DIAS BRANCO BRA Foods 1,551.9 1,466.8 5.8 195.4 211.0 -7.4
383 424 ZAFFARI E BOURBON BRA Retail 1,551.0 1,265.4 22.6 N.A. N.A. -
384 346 VALE FERTILIZANTES BRA Chemicals & Pharma. 1,549.0 1,606.5 -3.6 186.0 52.0 257.7
385 410 IOCHPE-MAXION BRA Carmaking 1,548.7 1,336.8 15.9 119.1 98.5 20.9
386 616 TIGRE - TUBOS E CONEXÕES BRA Manufacturing 1,546.7 1,470.0 5.2 N.A. N.A. -
387 404 CTEEP - COMPANHIA DE TRANSMISSÃO PAULISTA BRA Electricity 1,546.4 1,354.2 14.2 487.9 183.3 166.2
388 373 INTERCEMENT BRASIL – EX C. CORRÊA CIMENTO BRA Cement 1,538.0 1,485.2 3.6 163.0 120.0 35.8
389 332 ULTRAGAZ BRA Oil & Gas 1,534.0 1,690.3 -9.2 29.0 39.0 -25.6
390 349 ALUMBRERA ARG Mining 1,522.0 1,590.0 -4.3 N.A. N.A. -
391 357 CASAS GEO MEX Construction 1,517.3 1,551.0 -2.2 103.0 114.5 -10.0
392 411 GRUPO EMPRESARIAL ANGELES (1) MEX Health Services 1,511.9 1,336.1 13.2 N.A. N.A. -
393 397 SUKARNE MEX Foods 1,511.3 1,373.1 10.1 108.9 44.9 142.7
394 365 EMPRESAS BANMÉDICA CHI Health Services 1,509.9 1,508.7 0.1 83.1 94.5 -12.1
395 421 EMPRESAS NAVIERAS CHI Transport & Logistics 1,508.1 1,273.9 18.4 -23.1 43.8 -152.7
396 348 ALUNORTE BRA Steel & Metallurgy 1,508.0 1,591.2 -5.2 17.0 100.1 -83.0
397 386 CODENSA COL Electricity 1,507.5 1,429.0 5.5 231.1 246.3 -6.2
398 360 RIPLEY CHILE CHI Retail 1,507.3 1,544.1 -2.4 79.4 78.4 1.3
399 447 BARRICK MISQUICHILCA PER Mining 1,497.0 1,200.0 24.8 650.6 626.3 3.9
400 - SYNGENTA AGRO MEX Agribusiness 1,496.2 N.A. - N.A. N.A. -
30 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 30 17/8/12 16:44:25

33. Nº 374
Alicei Duilio Calciolari, CEO of Gafisa:
record losses in the middle of Brazil´s property boom.
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
73.4 55.8 31.5 469.8 198.1 11,000 - 19.8 8.4 2.4 4.5 - Yes P laanonima.com.ar 351
206.7 197.7 4.5 2,094.6 726.5 N.A. - 2.4 0.8 1.0 12.6 - No P carvajal.com 352
216.3 225.0 -3.9 3,971.8 1,484.4 N.A. - 12.2 4.6 11.1 13.2 - Yes P rossiresidencial.com.br 353
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P ibm.com.mx 354
N.A. N.A. - 12,804.0 N.A. 5,310 - - - - - - No P* goldcorp.com 355
N.A. N.A. - 2,136.0 618.0 N.A. - 17.2 5.0 6.5 - - Yes P algar.com.br 356
321.5 338.5 -5.0 1,978.3 1,193.3 N.A. - 16.3 9.8 11.9 19.8 - Yes P lojasriachuelo.com.br 357
N.A. N.A. - 1,216.0 263.0 1,995 736.4 28.1 6.1 4.6 - 45.4 Yes P cooxupe.com.br 358
N.A. N.A. - 1,327.0 374.0 2,819 - 5.1 1.4 1.2 - - No P gab.com.br 359
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P celestica.com 360
N.A. N.A. - 607.0 97.0 N.A. - 14.4 2.3 0.9 - - No P martins.com.br 361
111.9 67.1 66.9 915.1 435.0 N.A. - 10.3 4.9 2.8 7.0 - No P olimpica.com.co 362
832.1 722.3 15.2 1,681.6 1,309.5 1,500 1,357.4 47.6 37.0 39.2 52.4 85.5 No P* phelpsdodge.com 363
553.3 512.3 8.0 1,432.8 413.4 1,200 - 58.1 16.8 15.1 34.9 - Yes P* movistar.com.pe 364
536.7 652.8 -17.8 3,632.7 1,966.7 10,667 - 10.1 5.5 12.6 33.9 - Yes P duratex.com.br 365
172.5 161.8 6.6 2,328.3 804.7 6,965 25.0 -0.9 -0.3 -0.4 10.9 1.6 No P cmpctissue.cl 366
N.A. 808.8 - 6,083.0 4,984.9 N.A. - 2.9 2.4 9.2 - - No S ute.com.uy 367
204.7 187.2 9.4 1,143.2 683.7 4,500 192.4 17.7 10.6 7.7 13.0 12.2 Yes P* alicorp.com.pe 368
906.8 879.1 3.2 9,727.1 5,394.0 1,330 - 1.1 0.6 3.7 57.5 - Yes S cesp.com.br 369
140.0 178.3 -21.5 1,411.4 263.2 107,200 - 4.3 0.8 0.7 8.9 - Yes P contax.com.br 370
180.2 142.1 26.8 1,380.8 533.5 N.A. - 23.3 9.0 7.9 11.4 - Yes P gym.com.pe 371
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P belcorp.biz 372
146.2 157.8 -7.4 2,650.3 546.0 N.A. - -39.5 -8.1 -13.7 9.3 - No P pampaenergia.com 373
-276.9 357.0 -177.6 5,068.0 1,411.9 N.A. - -35.7 -9.9 -32.1 -17.7 - Yes P gafisa.com.br 374
215.6 264.6 -18.5 2,966.3 967.0 11,737 - 11.6 3.8 7.2 13.8 - Yes P homex.com.mx 375
138.0 295.0 -53.2 5,346.0 3,135.0 5,650 228.3 -4.1 -2.4 -8.2 8.8 14.6 No P cba.ind.br 376
252.9 195.8 29.2 2,393.8 -6.0 16,797 - -460.0 1.2 1.8 16.2 - Yes P vitro.com.mx 377
N.A. N.A. - 1,473.9 923.7 15,000 - 13.0 8.2 7.7 - - No P condumex.com.mx 378
769.2 486.9 58.0 3,427.4 3,164.2 N.A. 851.7 27.1 25.1 55.2 49.4 54.7 Yes P* buenaventura.com.pe 379
437.8 404.1 8.3 2,137.5 597.4 4,533 - 26.0 7.3 10.0 28.1 - Yes P localiza.com 380
303.2 434.2 -30.2 2,163.1 856.9 1,657 - 17.6 7.0 9.7 19.5 - Yes P* celpe.com.br 381
256.6 279.9 -8.3 1,630.3 1,069.3 N.A. - 18.3 12.0 12.6 16.5 - Yes P mdiasbranco.com.br 382
N.A. N.A. - N.A. N.A. 9,203 - - - - - - No P zaffari.com.br 383
326.0 193.0 68.9 4,311.0 3,341.0 4,487 - 5.6 4.3 12.0 21.0 - Yes P valefertilizantes.com 384
219.2 187.4 17.0 1,328.8 489.7 N.A. - 24.3 9.0 7.7 14.2 - Yes P iochpe-maxion.com.br 385
N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P tigre.com.br 386
775.5 687.9 12.7 4,483.2 2,420.0 1,458 - 20.2 10.9 31.6 50.1 - No P cteep.com.br 387
370.0 328.0 12.8 2,652.0 1,215.0 5,061 - 13.4 6.1 10.6 24.1 - No P cimentocaue.com.br 388
150.0 163.0 -8.0 642.0 237.0 4,129 - 12.2 4.5 1.9 9.8 - No P ultragaz.com.br 389
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* alumbrera.com.ar 390
277.1 273.4 1.4 2,746.4 640.8 25,361 - 16.1 3.8 6.8 18.3 - Yes P casasgeo.com 391
N.A. N.A. - 5,605.1 1,564.1 26,147 - - - - - - No P grupoempresarialangeles.com 392
N.A. N.A. - 686.0 366.6 6,400 - 29.7 15.9 7.2 - - No P sukarne.com.mx 393
166.1 172.6 -3.8 1,114.1 312.8 14,241 - 26.6 7.5 5.5 11.0 - Yes P empresasbanmedica.cl 394
N.A. N.A. - 785.2 199.1 2,192 - -11.6 -2.9 -1.5 - - Yes P empresasnavieras.com 395
186.0 240.0 -22.5 3,575.0 2,439.0 1,615 1,432.4 0.7 0.5 1.1 12.3 95.0 No P alunorte.net 396
493.1 504.3 -2.2 2,631.3 1,330.8 N.A. - 17.4 8.8 15.3 32.7 - No P* codensa.com.co 397
N.A. N.A. - 1,841.8 1,070.8 13,929 - 7.4 4.3 5.3 - - No P ripley.cl 398
1,074.6 896.3 19.9 2,255.4 1,543.5 N.A. 1,497.0 42.1 28.8 43.5 71.8 100.0 Yes P* barrick.com 399
N.A. N.A. - N.A. N.A. 2,500 - - - - - - No P syngenta.com.mx 400
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 31
RANKING 500 GI.indd 31 17/8/12 16:44:32

34. 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
401 359 V&M BRA Steel & Metallurgy 1,492.0 1,544.2 -3.4 318.0 309.0 2.9
402 - PAGUE MENOS BRA Retail 1,484.0 1,156.0 - 58.0 38.0 -
403 - VOTORANTIM ANDINA CHI Mining 1,482.8 811.1 82.8 102.1 499.8 -79.6
404 344 LIQUIGÁS BRA Retail 1,480.0 1,611.4 -8.2 56.0 71.0 -21.1
405 375 LEAR CORPORACIÓN MÉXICO MEX Carmaking 1,479.7 1,468.7 0.7 N.A. N.A. -
406 419 NUEVA EPS COL Health Services 1,474.6 1,277.4 15.4 7.9 10.9 -27.8
407 276 NOKIA BRA Electronics 1,465.0 1,986.0 -26.2 N.A. N.A. -
408 493 KENWORTH MEXICANA MEX Carmaking 1,458.9 1,069.9 36.4 N.A. 60.9 -
409 315 APERAM INOX – EX ARCELOR MITTAL INOX BRA Steel & Metallurgy 1,457.0 1,766.2 -17.5 -87.0 N.A. -
410 446 DROGASIL BRA Retail 1,455.1 1,203.5 20.9 36.6 53.4 -31.5
411 414 OHL BRASIL BRA Transport & Logistics 1,445.8 1,311.1 10.3 215.6 182.6 18.1
412 402 3M DO BRASIL BRA Petrochemicals 1,440.0 1,355.9 6.2 N.A. N.A. -
413 395 C. VALE BRA Agribusiness 1,429.0 1,384.1 3.2 27.0 18.0 50.0
414 328 FASA CHI Retail 1,426.1 1,711.7 -16.7 16.8 -4.8 450.0
415 499 FERREYROS PER Conglomerate 1,419.8 1,053.7 34.7 72.3 43.2 67.6
416 432 PREZUNIC SUPERMERCADOS BRA Retail 1,414.0 1,244.7 13.6 N.A. N.A. -
417 425 VIAKABLE MEX Electronics 1,412.2 1,251.6 12.8 N.A. N.A. -
418 398 PETROBRAS (1) CHI Oil & Gas 1,407.1 1,372.8 2.5 N.A. N.A. -
419 436 AMÉRICA MOVIL ECUADOR ECU Telecommunications 1,403.0 1,228.0 14.3 N.A. N.A. -
420 329 COELCE BRA Electricity 1,400.6 1,710.3 -18.1 251.2 283.2 -11.3
421 494 MINERA VALPARAÍSO CHI Conglomerate 1,395.0 1,069.8 30.4 202.0 233.9 -13.6
422 262 IFH PERÚ HOLDING PER Conglomerate 1,392.3 1,058.3 31.6 237.5 183.0 29.8
423 438 RENAULT ARGENTINA (1) ARG Carmaking 1,385.0 1,225.0 13.1 N.A. N.A. -
424 - NAVISTAR INTERNACIONAL MEX Carmaking 1,382.5 N.A. - N.A. N.A. -
425 408 ALPARGATAS BRA Textiles & Footwear 1,372.6 1,343.9 2.1 163.9 183.9 -10.9
426 409 TERPEL (1) CHI Oil & Gas 1,371.6 1,338.1 2.5 N.A. N.A. -
427 572 INFRAESTRUCTURA Y TRANSPORTES MÉXICO MEX Mining 1,368.3 N.A. - 192.1 N.A. -
428 471 GRUPO WONG PER Retail 1,364.7 1,099.3 24.1 61.3 39.0 57.2
429 391 GRUPO ACS MEX Construction 1,357.6 1,404.6 -3.3 N.A. N.A. -
430 617 PROCTER & GAMBLE BRA Chemicals & Pharma. 1,353.0 N.A. - -150.0 -141.0 -6.4
431 369 TELEFÓNICA CHILE CHI Telecommunications 1,348.1 1,495.3 -9.8 130.4 223.7 -41.7
432 377 CPFL PIRATININGA BRA Electricity 1,345.6 1,462.3 -8.0 164.4 181.1 -9.2
433 385 GRUPO OMNILIFE (1) MEX Health Services 1,344.9 1,432.9 -6.1 N.A. N.A. -
434 303 DELTA CONSTRUÇÕES BRA Construction 1,344.0 1,814.7 -25.9 17.0 117.0 -85.5
435 418 DROGARIA SÃO PAULO BRA Retail 1,337.0 1,286.3 3.9 19.0 11.0 72.7
436 508 COLBÚN CHI Electricity 1,332.8 1,024.2 30.1 5.2 112.3 -95.4
437 415 MOLYMET CHI Steel & Metallurgy 1,330.3 1,298.2 2.5 103.2 91.7 12.5
438 509 PETROMINERALES COL Oil & Gas 1,325.5 1,020.4 29.9 460.2 233.2 97.3
439 452 MINSUR PER Mining 1,322.3 1,196.0 10.6 294.8 377.1 -21.8
440 389 CMPC CELULOSA CHI Pulp & Paper 1,316.1 1,412.9 -6.9 260.5 322.3 -19.2
441 506 PERUANA DE COMBUSTIBLES (1) PER Oil & Gas 1,312.3 1,025.9 27.9 5.4 4.2 29.2
442 502 ERICSSON BRA Electronics 1,309.0 1,034.1 26.6 33.0 -6.0 650.0
443 437 PARIS CHI Retail 1,306.4 1,227.0 6.5 N.A. N.A. -
444 430 LOJAS MARISA BRA Retail 1,306.3 1,245.8 4.9 94.6 125.2 -24.4
445 464 ALCOA BRA Steel & Metallurgy 1,302.0 1,151.2 13.1 -66.0 -169.0 60.9
446 423 CELPA BRA Electricity 1,297.5 1,266.9 2.4 -208.5 -60.5 -244.6
447 416 ENERGISA BRA Electricity 1,293.6 1,293.0 0.0 113.0 116.8 -3.3
448 - PERÚ LNG PER Oil & Gas 1,287.8 288.2 346.8 26.7 -85.6 131.1
449 401 BANDEIRANTE ENERGIA BRA Electricity 1,285.1 1,355.9 -5.2 118.8 167.0 -28.9
450 427 OXITENO BRA Oil & Gas 1,284.0 1,250.3 2.7 N.A. N.A. -
32 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 32 17/8/12 16:44:39

35. Nº 428
Efraín Wong, CEO of Grupo Wong:
The more Peru consumes, the more Wong´s profits rise.
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
N.A. N.A. - 2,833.0 1,955.0 6,352 - 16.3 11.2 21.3 - - Yes P vmtubes.com.br 401
123.0 77.0 - 536.0 131.0 13,000 - 44.3 10.8 3.9 8.3 - No P paguemenos.com.br 402
136.5 518.8 -73.7 4,847.8 3,263.9 N.A. - 3.1 2.1 6.9 9.2 - No P* - 403
82.0 130.0 -36.9 569.0 371.0 3,223 - 15.1 9.8 3.8 5.5 - No P liquigas.com.br 404
N.A. N.A. - N.A. N.A. 34,100 - - - - - - No P lear.com 405
N.A. N.A. - 534.6 51.4 N.A. - 15.3 1.5 0.5 - - No P nuevaeps.com.co 406
N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P* nokia.com.br 407
N.A. N.A. - N.A. N.A. 2,737 - - - - - - No P* kenmex.com 408
137.0 206.0 -33.5 2,630.0 1,060.0 9,800 275.3 -8.2 -3.3 -6.0 9.4 18.9 No P arcelormittalinoxbrasil.com.br 409
72.1 86.1 -16.3 1,689.0 1,173.5 N.A. - 3.1 2.2 2.5 5.0 - Yes P drogasil.com.br 410
539.6 500.7 7.8 2,958.9 745.5 N.A. - 28.9 7.3 14.9 37.3 - Yes P* ohlbrasil.com.br 411
N.A. N.A. - N.A. N.A. 4,000 - - - - - - No P* 3m.com.br 412
N.A. N.A. - 1,107.0 399.0 5,631 212.0 6.8 2.4 1.9 - 14.8 No P cvale.com.br 413
64.1 42.1 52.3 700.0 111.8 9,393 - 15.0 2.4 1.2 4.5 - Yes P fasa.cl 414
158.3 125.8 25.8 1,245.9 395.2 N.A. 12.0 18.3 5.8 5.1 11.1 0.8 Yes P ferreyros.com.pe 415
N.A. N.A. - N.A. N.A. 7,957 - - - - - - No P v2.prezunic.com.br 416
N.A. N.A. - 764.8 269.7 3,552 - - - - - - No P viakable.com 417
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* petrobrastuchile.cl 418
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P - 419
402.4 484.4 -16.9 1,787.5 784.2 N.A. - 32.0 14.1 17.9 28.7 - Yes P* coelce.com.br 420
N.A. N.A. - 9,371.3 6,908.6 271 - 2.9 2.2 14.5 - - No P minera.cl 421
N.A. N.A. - 11,022.4 1,451.7 N.A. - 16.4 2.2 17.1 - - Yes P ifhperu.com 422
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* renault.com.ar 423
N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P internacionalcamiones.com 424
195.0 225.1 -13.4 1,302.1 787.8 N.A. - 20.8 12.6 11.9 14.2 - Yes P alpargatas.com.br 425
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* terpelchile.cl 426
N.A. N.A. - 2,284.7 1,507.9 9,915 - 12.7 8.4 14.0 - - No P gmexico.com.mx 427
123.2 76.4 61.2 1,369.9 644.7 N.A. - 9.5 4.5 4.5 9.0 - No P* cencosud.cl 428
N.A. N.A. - N.A. N.A. 1,100 - - - - - - No P grupoacs.com 429
N.A. N.A. - 3,073.0 1,600.0 2,862 - -9.4 -4.9 -11.1 - - No P pg.com 430
517.4 668.5 -22.6 2,539.6 1,226.6 5,454 - 10.6 5.1 9.7 38.4 - Yes P* telefonicachile.cl 431
314.4 327.1 -3.9 1,275.0 207.4 N.A. - 79.3 12.9 12.2 23.4 - Yes P cpfl.com.br 432
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P omnilife.com.mx 433
N.A. 214.0 - 920.0 573.0 14,835 - 3.0 1.8 1.3 - - No P deltaconstrucao.com.br 434
N.A. N.A. - 421.0 119.0 7,460 - 16.0 4.5 1.4 - - Yes P drogariasaopaulo.com.br 435
175.8 260.3 -32.5 5,619.5 3,462.2 922 - 0.2 0.1 0.4 13.2 - Yes P colbun.cl 436
N.A. N.A. - 1,609.9 881.9 1,563 1,007.9 11.7 6.4 7.8 - 75.8 Yes P molymet.cl 437
832.2 619.7 34.3 2,077.4 974.9 N.A. - 47.2 22.2 34.7 62.8 - No P petrominerales.com 438
562.6 567.9 -0.9 1,886.6 1,764.4 N.A. 322.8 16.7 15.6 22.3 42.5 24.4 Yes P* minsur.com.pe 439
30.9 N.A. - 4,510.3 1,672.3 1,775 1,177.3 15.6 5.8 19.8 2.3 89.5 No P cmpc.cl 440
16.1 13.0 23.5 156.7 46.2 N.A. - 11.7 3.5 0.4 1.2 - No P pecsa.com 441
N.A. N.A. - 1,467.0 397.0 N.A. - 8.3 2.2 2.5 - - Yes P* ericsson.com/br/ 442
N.A. 80.0 - N.A. N.A. N.A. - - - - - - No P paris.cl 443
213.1 233.7 -8.8 1,296.8 457.3 N.A. - 20.7 7.3 7.2 16.3 - Yes P marisa.com.br 444
N.A. N.A. - 4,854.0 2,443.0 3,547 238.1 -2.7 -1.4 -5.1 - 18.3 No P* alcoa.com 445
116.8 196.4 -40.5 2,323.3 266.8 2,221 - -78.1 -9.0 -16.1 9.0 - Yes P gruporede.com.br 446
295.8 304.9 -3.0 2,270.2 695.3 5,561 - 16.3 5.0 8.7 22.9 - Yes P energisa.com.br 447
277.2 3.8 7,242.3 3,660.1 83.7 N.A. 1,284.0 31.9 0.7 2.1 21.5 99.7 No P huntoil.com 448
256.6 291.5 -12.0 1,374.1 421.9 1,098 - 28.2 8.6 9.2 20.0 - Yes P bandeirante.com.br 449
139.0 128.0 8.6 1,842.0 N.A. 1,595 - - - - 10.8 - No P ultrapar.com 450
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 33
RANKING 500 GI.indd 33 17/8/12 16:44:46

36. 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
451 440 JSL BRA Transport & Logistics 1,283.8 1,217.4 5.5 30.3 55.8 -45.7
452 474 PLUSPETROL PERÚ CORPORATION PER Oil & Gas 1,281.0 1,125.0 13.9 N.A. N.A. -
453 387 GRUPO IUSA (1) MEX Manufacturing 1,276.2 1,428.6 -10.7 N.A. N.A. -
454 451 METALSA MEX Carmaking 1,271.3 1,196.5 6.3 N.A. N.A. -
455 434 GRUPO PALACIO DE HIERRO MEX Retail 1,268.9 1,234.5 2.8 74.3 71.4 4.1
456 390 GRUPO GALVÃO BRA Construction 1,265.0 1,323.0 -4.4 -45.0 36.0 -225.0
457 428 DAIMLER MEX Carmaking 1,264.2 1,250.2 1.1 108.0 14.8 629.7
458 371 SANMINA - SCI SYSTEMS DE MÉXICO (1) MEX Electronics 1,257.3 1,493.2 -15.8 57.7 73.8 -21.8
459 477 EMPRESA ELECTRICA DEL NORTE GRANDE CHI Electricity 1,256.6 1,120.2 12.2 178.6 200.1 -10.7
460 511 MASISA CHI Manufacturing 1,251.2 1,017.3 23.0 68.9 72.4 -4.8
461 529 PRIMO SCHINCARIOL BRA Beverages & Brewing 1,248.0 964.6 29.4 -83.0 -26.0 -219.2
462 544 C.I. PRODECO COL Retail 1,247.2 927.6 34.5 117.3 84.6 38.6
463 466 CHRYSLER (1) ARG Carmaking 1,245.0 1,145.0 8.7 N.A. N.A. -
464 498 ALKOSTO COL Retail 1,242.0 1,056.2 17.6 42.1 39.4 7.0
465 527 VOLCAN PER Mining 1,240.4 973.3 27.4 370.3 278.1 33.1
466 399 MAGNESITA BRA Mining 1,236.2 1,366.2 -9.5 52.2 55.1 -5.3
467 400 CEG BRA Oil & Gas 1,228.3 1,358.6 -9.6 134.2 138.1 -2.8
468 417 CGE DISTRIBUCIÓN CHI Electricity 1,217.3 1,292.4 -5.8 -33.9 25.8 -231.4
469 476 ELECTRICARIBE COL Electricity 1,217.0 1,122.9 8.4 39.2 58.3 -32.8
470 - GRUPO SAGA BRA Retail 1,217.0 274.0 - 25.0 9.0 -
471 420 RIO GRANDE ENERGIA BRA Electricity 1,215.2 1,275.5 -4.7 128.4 144.6 -11.2
472 429 EDITORA ABRIL BRA Mass Media 1,214.0 1,247.5 -2.7 143.0 116.0 23.3
473 496 ALUAR ARG Steel & Metallurgy 1,212.6 1,065.4 13.8 126.5 163.7 -22.7
474 504 ULTRAFÉRTIL BRA Chemicals & Pharma. 1,208.0 1,029.5 17.3 65.0 -25.0 360.0
475 396 OHL MÉXICO MEX Transport & Logistics 1,203.7 1,377.2 -12.6 270.4 232.4 16.4
476 461 DANONE (1) MEX Foods 1,198.1 1,154.2 3.8 N.A. N.A. -
477 559 PROCESADORA SUDAMERICANA PER Steel & Metallurgy 1,197.0 987.8 21.2 N.A. N.A. -
478 439 UNILEVER DE MÉXICO (1) MEX Chemicals & Pharma. 1,195.1 1,217.8 -1.9 N.A. N.A. -
479 485 MAHLE METAL LEVE BRA Carmaking 1,192.4 1,094.3 9.0 100.6 49.7 102.4
480 484 SONY DE MÉXICO (1) MEX Electronics 1,192.1 1,103.6 8.0 N.A. N.A. -
481 - LBR LACTEOS BRASIL BRA Foods 1,180.0 N.A. - -162.0 N.A. -
482 412 CELGPAR BRA Electricity 1,178.9 1,326.6 -11.1 -353.1 -378.4 6.7
483 444 URBI DESARROLLOS URBANOS MEX Construction 1,170.7 1,212.7 -3.5 171.3 136.3 25.7
484 487 FINNING CHILE (1) CHI Machinery 1,167.8 1,090.9 7.0 N.A. N.A. -
485 475 TUPY BRA Carmaking 1,165.1 1,123.2 3.7 108.4 92.7 16.9
486 - KOMATSU CUMMINS CHILE CHI Conglomerate 1,164.2 1,026.7 13.4 98.6 90.8 8.6
487 - CISA TRADING BRA Retail 1,149.0 746.0 - 33.0 22.0 -
488 - CODELCO DIV. SALVADOR CHI Mining 1,148.3 1,163.7 -1.3 113.8 44.8 154.0
489 450 HOLCIM APASCO MEX Cement 1,147.5 1,198.7 -4.3 N.A. N.A. -
490 479 MINERA ZALDÍVAR CHI Mining 1,146.6 1,123.1 2.1 488.7 536.4 -8.9
491 551 AMÉRICA MÓVIL PERÚ – CLARO PER Telecommunications 1,141.6 1,001.4 14.0 N.A. N.A. -
492 453 GAS NATURAL FENOSA MÉXICO MEX Electricity 1,137.1 1,186.5 -4.2 85.8 99.0 -13.3
493 - SHOUGANG HIERRO PERÚ PER Mining 1,137.1 674.6 68.6 455.4 283.2 60.8
494 536 SONDA CHI Software & Data 1,136.8 951.1 19.5 77.9 71.6 8.8
495 - BIOMAX COL Oil & Gas 1,134.1 N.A. - 6.0 N.A. -
496 379 REPSOL COMERCIAL – RECOSAC PER Oil & Gas 1,123.6 921.0 22.0 21.4 20.1 6.5
497 - GRUPO THYSSENKRUPP MEX Machinery 1,116.3 N.A. - N.A. N.A. -
498 546 UCP BACKUS & JOHNSTON PER Beverages & Brewing 1,114.8 1,144.9 -2.6 271.0 186.4 45.4
499 469 NOVARTIS BRA Chemicals & Pharma. 1,114.0 1,132.7 -1.6 78.0 97.0 -19.6
500 392 POSITIVO INFORMATICA BRA Electronics 1,109.5 1,397.0 -20.6 -36.2 53.5 -167.7
34 AMÉRICAECONOMÍA / 2012 - 2013
RANKING 500 GI.indd 34 17/8/12 16:44:57

37. Nº 494
Andrés Navarro, CEO of Sonda:
the Chilean software and data firm made a timely wager on Brazil.
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
229.8 198.1 16.0 2,049.7 449.6 N.A. - 6.7 1.5 2.4 17.9 - Yes P juliosimoeslogistica.com.br 451
N.A. N.A. - N.A. N.A. N.A. 1,281.0 - - - - 100.0 No P pluspetrol.net 452
N.A. N.A. - N.A. N.A. 7,358 - - - - - - No P grupo-iusa.com 453
N.A. N.A. - N.A. N.A. 6,300 - - - - - - No P metalsa.com.mx 454
168.3 173.9 -3.2 1,565.0 834.5 10,614 - 8.9 4.7 5.9 13.3 - Yes P elpalaciodehierro.com.mx 455
29.0 118.0 -75.4 1,283.0 229.0 N.A. - -19.7 -3.5 -3.6 2.3 - No P galvaoengenharia.com.br 456
N.A. N.A. - 2,055.2 493.8 5,192 - 21.9 5.3 8.5 - - No P* daimler.com.mx 457
N.A. N.A. - 583.4 273.6 8,930 - 21.1 9.9 4.6 - - No P* sanmina-sci.com 458
N.A. N.A. - 2,811.0 1,677.8 781 - 10.6 6.4 14.2 - - Yes P e-cl.cl 459
197.8 148.0 33.6 2,683.0 1,400.1 8,623 171.4 4.9 2.6 5.5 15.8 13.7 Yes P masisa.cl 460
N.A. N.A. - 2,009.0 673.0 5,470 - -12.3 -4.1 -6.7 - - Yes P schincariol.com.br 461
250.2 131.5 90.3 1,270.6 407.3 N.A. - 28.8 9.2 9.4 20.1 - No P prodeco.com.co 462
N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P* chrysler.com.ar 463
69.9 60.1 16.3 970.0 473.0 N.A. - 8.9 4.3 3.4 5.6 - No P alkosto.com.co 464
641.5 499.7 28.4 1,885.9 1,333.3 N.A. 160.4 27.8 19.6 29.9 51.7 12.9 Yes P volcan.com.pe 465
210.4 277.1 -24.1 2,843.7 1,406.5 6,782 141.0 3.7 1.8 4.2 17.0 11.4 Yes P magnesita.com.br 466
281.4 300.7 -6.4 1,027.8 462.7 440 - 29.0 13.1 10.9 22.9 - Yes P ceg.com.br 467
N.A. N.A. - 1,208.6 524.5 788 - -6.5 -2.8 -2.8 - - Yes P cge.cl 468
120.3 158.3 -24.0 2,225.3 1,031.5 7,715 - 3.8 1.8 3.2 9.9 - No P eletricaribe.com 469
N.A. N.A. - 343.0 110.0 520 - 22.7 7.3 2.1 - - No P saganet.com.br 470
275.3 297.2 -7.4 1,511.7 708.1 N.A. - 18.1 8.5 10.6 22.7 - Yes P rge-rs.com.br 471
N.A. N.A. - 1,162.0 248.0 4,200 - 57.7 12.3 11.8 - - No P abril.com.br 472
298.1 349.5 -14.7 1,804.6 1,190.4 N.A. - 10.6 7.0 10.4 24.6 - No P aluar.com.ar 473
241.0 71.0 239.4 1,698.0 915.0 N.A. - 7.1 3.8 5.4 20.0 - Yes P valefertilizantes.com 474
543.5 398.7 36.3 4,496.5 2,006.4 1,231 - 13.5 6.0 22.5 45.2 - No P* ohlmexico.com.mx 475
N.A. N.A. - N.A. N.A. 15,000 - - - - - - No P* danone.com.mx 476
N.A. N.A. - N.A. N.A. N.A. 1,197.0 - - - - 100.0 No P psa.com.pe 477
N.A. N.A. - N.A. N.A. 5,476 - - - - - - No P* unilever.com.mx 478
198.4 145.8 36.1 1,412.4 708.2 11,229 430.6 14.2 7.1 8.4 16.6 36.1 Yes P metalleve.com.br 479
N.A. N.A. - N.A. N.A. 350 - - - - - - Yes P sony.com.mx 480
N.A. N.A. - 1,772.0 929.0 N.A. - -17.4 -9.1 -13.7 - - No P lbr-lacteosbrasil.com.br 481
N.A. N.A. - 2,622.1 -689.8 2,310 - - -13.5 -30.0 - - Yes S celg.com.br 482
238.0 263.3 -9.6 3,087.3 1,254.1 6,415 - 13.7 5.5 14.6 20.3 - Yes P urbi.com.mx 483
N.A. N.A. - N.A. N.A. 3,356 98.7 - - - - 8.5 No P* finning.cl 484
179.9 163.2 10.2 1,864.7 584.6 N.A. 568.1 18.5 5.8 9.3 15.4 48.8 Yes P tupy.com.br 485
214.1 179.0 19.6 N.A. N.A. 4,513 - - - 8.5 18.4 - No P* kcl.cl 486
N.A. N.A. - 449.0 85.0 250 - 38.8 7.3 2.9 - - No P cisatrading.com.br 487
N.A. N.A. - 899.4 N.A. 1,551 - - 12.7 9.9 - - No S codelco.cl 488
N.A. N.A. - N.A. N.A. 3,986 - - - - - - No P* apasco.com.mx 489
645.2 712.9 -9.5 1,170.9 886.3 848 1,131.1 55.1 41.7 42.6 56.3 98.6 No P* barrick.cl 490
N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* claro.com.pe 491
N.A. N.A. - 2,981.2 1,391.6 1,005 - 6.2 2.9 7.5 - - No P gasnaturalmexico.com 492
782.1 491.0 59.3 1,427.0 966.8 N.A. 1,012.0 47.1 31.9 40.1 68.8 89.0 No P shougang.com.pe 493
158.6 137.8 15.1 1,112.5 588.0 12,500 - 13.2 7.0 6.9 14.0 - Yes P sonda.com 494
34.6 N.A. - 281.9 105.7 N.A. - 5.7 2.1 0.5 3.0 - No P biomax.co 495
N.A. N.A. - N.A. N.A. N.A. - - - 1.9 - - No P* repsol.com/pe_es 496
N.A. N.A. - N.A. N.A. 3,400 - - - - - - No P* thyssenkrupp.com 497
457.5 354.5 29.1 1,250.8 746.5 1,700 10.2 36.3 21.7 24.3 41.0 0.9 No P* backus.com.pe 498
N.A. N.A. - 652.0 247.0 1,810 - 31.6 12.0 7.0 - - No P novartis.com.br 499
-11.9 82.0 -114.5 835.9 330.1 4,049 - -11.0 -4.3 -3.3 - - Yes P positivo.com.br 500
P: Privately-owned S: State-owned P*: Foreign-owned
2012 - 2013 / AMÉRICAECONOMÍA 35
RANKING 500 GI.indd 35 17/8/12 16:45:05

38. RÁNKING
THE BEST BUSINESS SCHOOLS IN LATIN AMERICA
INNOVATION
IN OUR HEART – all helped INCAE
to draw level with
Mexico’s top-ranking
business school.
However, Incae
will have to do even
better if it wants to
match Chile’s Adolfo
Ibáñez University
(UAI) which took
first place for the
second year running.
This was largely thanks to more intensive
research, which was reflected in the pub-
lication of 114 new papers in journals in
the ISI system (against just 88 in 2010),
and to the hiring of nine full-time teachers
with PhD in management fields.
In other moves, some high-scoring
business schools swapped places on the
ranking. For example, Mexico’s Egade
In this new edition of the ranking of the best business took fourth place, overtaking Brazil’s
schools in Latin America, we have focused our Fundación Getúlio Vargas (FGV),
analysis on a key quality for any ambitious company largely because the business school at
Tecnológico de Monterrey eliminated
which is often talked about but rarely implemented: several of the inefficiencies created when
innovation. AméricaEconomía Intelligence, Daniela Arce and Tamara Muñoz it merged its campuses in Mexico City
P
and Monterrey.
ositions on this ranking are pre- push the Central American business Egade also launched a campaign to
cisely calculated year by year. school up a place, matching Mexico’s accredit itself before the three leading
Each teacher and each paper ITAM on points. international accreditation agencies:
counts, especially in the fight for The publication of 53 ISI papers during AACSB, Equis and AMBA. As these
the top spots on the table. Latin America’s 2011, the signing of conventions with the bodies act like professional perfor-
business schools fight tooth and claw to University of St Gallen and UCLA and mance boosters in the European and
improve their offer and compete in the the improved standing in 2011 of San US markets, this initiative is reflected
tough market to educate Latin America’s Jose and Managua in AméricaEconomía’s in its Internationalization score.
leading executives. This year, the recent city ranking – which helped to boost the Another interesting scrap was fought
efforts of Incae (2°) were sufficient to school’s Business Environment score between Colombia’s Uniandes and
36 AMÉRICAECONOMÍA / 2012 - 2013
MBA GI.indd 36 17/8/12 16:45:35

39. place your bets
Chile’s Catholic University. This year in which knowledge area do you want to specialize?
source: 2012 mba survey, América Economía Intelligence
the Bogota business school won sixth
place employing a similar strategy to None
the other schools: more full-time teach- Corporate Social 4%
ers with PhDs, and more international Responsability
5%
conventions and accreditations, which
allowed it to beat its Chilean rival into General Management
Operations and Strategy
seventh position. 5% 23%
This was a tough fight in which
every point counted and where in- Human Resources
novation represented a new area of 7%
competition.
Informacion
dirty innovation Tecnology
7%
“Without innovation, there is no busi-
ness” is a mantra endlessly repeated in
business schools. However, these good Economics Finance
intentions rarely result into anything 9% 17%
more than a few courses and programs
so that directors and managers do not
forget to include it in their power-point
presentations. However, many now
argue that to incorporate innovation Entrepreneurship Marketing
11% 12%
into company strategy, managers have
to roll up their sleeves and get down
to the factory floor. gineering and the creation of a design arguments with CEOs, executives, and
Manuel Suárez Barraza is a teacher school focused on creating new prod- the board, even though their area ac-
at Egade, who learned his trade at ucts and services for the market,” says counts on average for half the budget”
Toyota. He warns that when it comes Alfonso Gomez, dean of the business says Roy Zúñiga of Incaer.
to innovation, Latin America has not school at UAI. “Today, companies’ activities tend to
taken up the challenge with sufficient In Argentina, IAE is following a be dictated by what’s happening around
force because the region’s business similar path, but starting from innova- them. The curious thing is that they do
schools and major companies, which tion. “We dedicate 25% of our time to not realize the importance of homegrown
largely work in industries created in research and every teacher has a budget innovation,” adds Jorge Pancorvo,
the nineteenth century, are not focused for that,” explains Luis Dambra, direc- director of operations management at
on operations. “If MBA students see tor of the program “Leading Innovation Peru’s University of Piura.
this area like a poor relative, they are and Creativity.” These outlooks are finding echo in
never going to achieve major innova- Or take the case of the Torcuato di companies. As leader of the industrial
tions,” he says. Tella University. “What we are trying synergy community at the Colom-
However, there is growing aware- to do is give our students the ability bian firm Nutresa and president of the
ness among business schools about the to think independently,” says Nicolas company’s services subsidiary, Carlos
importance of innovation. Following Stier, who has a doctorate in operations Gallega has been able to see close up
some promising hi-tech start-ups, school research from the Massachusetts Insti- how employees work and understand
heads have spotted a gap in many MBA tute of Technology (MIT). that innovation in operations is key to
courses: they teach little about what is But to ensure that corporate innova- organizational success.
needed to create Latin America’s answer tors are not afraid of getting their hands “Obviously there is lot to be done,
to Mark Zuckerberg. dirty, many argue that the companies but we must use incentives and connect
“That led to efforts to connect our must place more emphasis on operations. high incomes to innovative ideas which
business school with the schools of en- “Operations managers are losing out in reduce costs.” n
2012 - 2013 / AMÉRICAECONOMÍA 37
MBA GI.indd 37 17/8/12 16:45:38

40. RÁNKING
THE BEST BUSINESS SCHOOLS IN LATIN AMERICA
Ránking latinoamericano
ACADEMIC STRENGTH KNOWLEDGE PRODUCTION AND DIFUSSION
% OF N° OF
N° OF N° OF % PART-TIME N° OF ISI N° OF TO
RK RK COUN FULL-TIME 2012 PAPERS N° OF
SCHOOL CITY FULL TIME PART-TIME TEACHERS PAPERS CASE INDEX
12 11 -TRY TEACHERS INDEX IN OTHER BOOKS
TEACHERS TEACHERS WITH PH.D 2012 STUDIES AGRE
WITH PH.D DATABASE
1 1 U. A. IBÁÑEZ CL Santiago 48 100.0 29 34.5 93.4 114 71 143 26 94.6
2 3 INCAE CR/NI Alajuela/Managua 40 95.0 0 - 93.2 53 87 176 26 94.2
2 2 ITAM MX Mexico City 54 88.9 9 77.8 96.1 52 17 10 14 90.1
4 4 EGADE BUSINESS SCHOOL MX Monterrey/Mexico 69 88.4 198 70.2 87.4 121 193 62 87 97.1
5 4 FGV - EAESP BR Sao Paulo 70 98.6 5 100.0 86.1 46 342 7 68 99.1
6 7 UNIANDES CO Bogota 39 84.6 7 71.4 100.0 33 29 26 48 76.4
7 6 PUC - CHILE CL Santiago 40 60.0 33 21.2 91.7 83 8 34 5 91.2
8 10 U. TORCUATO DI TELLA AR Buenos Aires 37 88.9 31 41.9 86.9 127 148 26 21 93.1
9 8 IAE - AUSTRAL AR Buenos Aires 48 70.8 30 13.3 88.4 13 50 108 25 65.3
10 9 U. DE CHILE (4) CL Santiago 113 85.8 50 50.0 88.2 213 98 20 20 100.0
11 11 FEA/FIA U. SÃO PAULO BR Sao Paulo 75 97.3 18 66.7 87.2 36 464 12 57 77.2
12 14 COPPEAD BR Rio de Janeiro 24 100.0 3 100.0 81.8 23 53 14 16 56.1
13 12 IESA VE Caracas 35 97.1 12 41.7 74.8 31 154 37 13 82.6
14 13 U. SAN ANDRÉS AR Buenos Aires 38 86.8 37 27.0 89.0 23 124 61 80 65.9
15 15 ESAN PE Lima 41 92.7 142 7.0 68.9 56 62 576 81 78.4
16 16 U.DEL DESARROLLO CL Santiago 36 69.4 54 31.5 77.1 40 22 19 25 51.1
17 18 U. D. PORTALES CL Santiago 39 66.7 24 33.3 68.3 62 40 29 26 77.2
18 17 UTFSM CL Santiago 26 80.8 27 51.9 74.3 24 34 9 6 36.3
19 23 FGV – EBAPE BR Rio de Janeiro 26 100.0 3 100.0 53.8 43 44 0 9 54.9
20 25 U. DEL PACÍFICO PE Lima 29 82.8 43 32.6 54.3 14 24 9 51 32.9
21 19 UDLAP MX Puebla 35 100.0 6 100.0 72.3 8 14 4 9 20.1
22 21 U. DE TALCA CL Talca 30 76.7 12 33.3 64.5 29 40 16 6 42.6
23 22 USACH CL Santiago 45 35.6 30 43.3 53.4 14 3 6 9 31.2
24 20 U. A. HURTADO CL Santiago 20 50.0 11 27.3 47.3 26 72 27 16 51.1
25 24 TEC. DE MONTERREY MX Guadalajara 47 68.1 37 56.8 53.5 14 10 5 15 30.2
26 34 ITESO MX Guadalajara 27 66.7 26 11.5 39.7 29 17 0 15 37.9
27 28 U. EXTERNADO COLOMBIA CO Bogota 30 90.0 7 100.0 44.8 13 55 45 32 31.3
28 32 U. DEL NORTE CO Barranquilla 29 58.6 17 41.2 47.0 5 22 4 34 20.5
29 26 U. DE PALERMO AR Buenos Aires 45 37.8 59 0.0 55.2 3 7 5 16 13.1
30 27 ORT UY Montevideo 26 53.8 67 20.9 36.3 10 25 28 18 19.2
31 30 IDE EC Guayaquil / Quito 15 73.3 15 6.7 33.2 1 6 116 14 15.0
32 31 ANÁHUAC - SUR MX Mexico City 13 84.6 22 100.0 40.5 3 39 0 13 19.9
33 33 U. ROSARIO CO Bogota 34 50.0 25 24.0 31.1 18 83 3 37 41.8
34 29 BSP BR Sao Paulo 25 40.0 60 50.0 46.9 6 20 1 40 24.1
35 - U. IBEROAMERICANA MX Mexico City 34 8.8 41 12.2 33.5 5 1 0 8 14.2
36 35 EAFIT CO Medellin 65 56.9 43 25.6 32.1 11 92 17 22 21.1
37 36 U. BELGRANO AR Buenos Aires 22 54.5 40 27.5 36.7 13 56 4 14 28.3
38 - U. DE GUADALAJARA MX Guadalajara 22 54.5 12 25.0 42.1 1 0 0 2 5.4
39 38 ESPAE-ESPOL EC Guayaquil 12 58.3 16 25.0 37.4 4 16 19 9 13.9
40 - UEES EC Guayaquil 16 31.3 12 33.3 33.2 2 9 23 10 16.9
41 39 IEDE CL Santiago 12 100.0 50 36.0 31.4 0 1 7 12 2.7
42 40 U. AMERICANA PY Asuncion 9 55.6 68 77.9 32.1 0 0 2 1 2.1
43 - UNA BR Belo Horizonte 29 79.3 33 3.0 28.7 5 7 1 10 14.2
44 42 U. CATÓLICA BOLIVIANA BO La Paz 7 71.4 15 26.7 28.1 0 0 4 5 1.5
45 41 U. SAN FRANCISCO EC Quito 11 63.6 13 23.1 24.3 3 1 2 5 8.7
(1) Has simultanous double degree programs (4) Faculty of Economics and Business together with Industrial Engineering
(2) Shared with undergraduates (5) Only the EGADE Business School Monterrey has one.
(3) Has an overseas campus IP - In Process
38 AMÉRICAECONOMÍA / 2012 - 2013
MBA GI.indd 38 17/8/12 16:47:21

41. INTERNATIONALIZATION NETWORKING BUSINESS
ENVIRONMENT
ACCREDITATIONS
N° OF N° OF DOUBLE
TOTAL N° GRADUATE
AGREEMENTS DEGREE RECRUITMENT HELP ALUMNI
OF AACSB EQUIS AMBA INDEX SUCCESS INDEX INDEX TOTAL INDEX
WITH TOP 15 AGREEMENTS W/ DESK ASSOCIATION
AGREEMENTS INDEX
SCHOOLS TOP 80 SCHOOLS
78 2 5 (1) Yes No Yes 94.1 Yes Yes (3) 74.1 98.2 92.0 94.6
75 3 4 Yes Yes No 96.8 Yes Yes (3) 100.0 100.0 77.0 94.5
72 1 3 Yes Yes Yes 95.1 Yes Yes 98.6 96.3 90.0 94.5
122 3 5 Yes (5) Yes (5) Yes 100.0 Yes (2) Yes (3) 94.2 93.6 82.5 92.2
95 4 4 Yes Yes Yes 90.0 Yes Yes 99.0 96.4 100.0 92.0
203 3 2 Yes Yes Yes 87.6 Yes Yes (3) 84.1 96.4 85.0 92.0
140 4 2 Yes Yes No 85.4 Yes Yes (3) 88.2 93.2 92.0 91.0
106 3 2 No No Yes 74.3 Yes Yes 78.9 93.2 86.0 87.5
24 3 1 (1) Yes Yes Yes 80.9 Yes Yes (3) 80.0 99.2 86.0 84.7
50 0 4 (1) IP No Yes 68.9 Yes Yes (3) 71.2 71.2 92.0 84.5
21 2 0 No No Yes 68.4 Yes Yes 72.0 94.0 100.0 84.4
46 2 0 No Yes No 78.5 Yes Yes 95.5 98.5 87.0 79.8
59 1 2 Yes Yes Yes 87.3 Yes Yes (3) 63.2 87.2 55.0 79.7
41 2 0 No No Yes 59.9 Yes Yes 70.9 86.6 86.0 79.4
123 4 2 IP IP Yes 67.9 Yes Yes (3) 58.9 88.3 83.0 75.2
50 2 2 IP No Yes 66.8 Yes Yes 72.9 88.2 92.0 73.3
122 2 0 No No IP 50.1 Yes Yes (3) 54.2 67.4 92.0 68.4
92 0 0 No No Yes 61.1 Yes (2) Yes 77.2 80.1 92.0 66.8
39 0 0 IP IP No 33.3 Yes Yes 78.9 86.9 87.0 59.2
97 2 2 Yes No Yes 86.1 Yes (2) Yes 78.9 67.9 83.0 58.9
12 0 0 IP No IP 59.3 Yes (2) No 78.4 68.0 70.0 58.9
27 1 1 No No IP 38.0 Yes (2) Yes 52.0 56.6 73.5 55.0
99 0 0 No No No 58.0 Yes (2) Yes 61.2 68.6 92.0 54.6
16 0 1 No No IP 39.1 Yes (2) Yes (3) 61.9 67.5 92.0 53.1
51 1 2 No No No 50.2 Yes (2) Yes (3) 41.2 59.9 70.0 50.5
78 0 0 No No No 49.4 Yes (2) Yes 69.4 67.1 70.0 47.8
29 1 0 No No IP 41.9 Yes (2) Yes (3) 44.4 59.7 85.0 47.5
72 0 1 No IP IP 58.9 Yes (2) Yes (3) 60.3 71.5 60.0 47.1
10 0 0 No No IP 26.0 Yes Yes (3) 50.0 61.3 86.0 45.2
75 0 1 No No IP 53.7 Yes (2) Yes 68.9 70.1 80.0 44.4
22 1 1 No No IP 45.7 Yes Yes 88.9 91.2 60.0 44.4
17 1 0 No No No 41.0 Yes Yes 56.3 65.2 90.0 43.9
35 0 1 No IP No 60.1 Yes (2) Yes 37.4 47.6 85.0 43.6
17 1 0 No No IP 27.4 Yes (2) Yes 43.3 52.3 100.0 43.2
4 0 0 IP No No 28.9 Yes Yes 87.9 88.1 90.0 42.7
84 0 1 No No IP 60.3 Yes Yes 63.0 65.2 70.0 42.6
8 0 1 No No IP 35.6 Yes (2) Yes 64.2 62.1 86.0 42.4
11 0 0 No No No 31.1 Yes (2) No 80.1 80.4 70.0 42.2
11 0 0 IP No No 35.0 Yes Yes 70.0 59.4 60.0 37.9
30 0 0 No No No 32.2 Yes Yes 65.4 66.7 60.0 37.8
5 1 0 No No IP 34.1 Yes Yes 36.3 58.3 92.0 34.5
99 0 2 IP IP No 49.6 Yes (2) Yes 58.2 52.1 60.0 34.1
1 0 0 No No No 4.1 Yes Yes 41.1 42.3 73.0 27.0
1 1 0 No No No 19.0 No No 68.3 39.9 55.0 25.1
7 0 0 No No IP 9.3 Yes (2) Yes 37.9 39.9 60.0 23.8
2012 - 2013 / AMÉRICAECONOMÍA 39
MBA GI.indd 39 17/8/12 16:47:28

42. RÁNKING
THE BEST BUSINESS SCHOOLS IN LATIN AMERICA
market to provide a huge quality of
data.
The result is a detailed analysis of
33 schools which provided sufficient
information to answer the big questions
on a range of issues which are critical
when taking one of the biggest deci-
sions in an executive’s career.
While this ranking is not complete,
as a number of leading and renowned
business schools did not provide data,
the three which have traditionally led
the ranking did: Harvard, Stanford and
London Business School, which again
took the top three positions in the rank-
ing, together with thirty of their leading
competitors. They all competed in the
ranking’s different fields, which seek to
calibrate each business school’s academic
and economic qualities, together with its
networking potential and prestige within
Latin America.
In the heavyweight category, Harvard
is the undisputed champion, given that
– among other indicators – 98% of the
MISSION
schools’ teachers are employed full-time,
have PhDs and carry out intensive research
into management fields, which results in
hundreds of papers published in journals
which are indexed in the ISI database.
On the opposite side of the classroom,
LATIN AMERICA
so to speak, Harvard is also on top with
the highest criteria for selecting students.
During the last academic year, its new
intake consisted of 905 students with an
Thirty-three leading business schools from around average GMAT score of 724. The next
the world opened up their books to let us assess the highest was Stanford with 803 students
quality of their academic products, their costs and with an average score of 730.
The world’s most famous business
how attractive they are to Latin American students. school is also the most famous in Latin
AméricaEconomía Intelligence, Andrés Almeida America. That can be seen in its Prestige
F
indicators which helped Harvard score
ancy travelling outside of Latin Because this year AméricaEconomía the highest mark in this field. In a survey
America to study an MBA? If Intelligence decided to strengthen the of readers of AméricaEconomía – Latin
the exchange rates and your methodology for its traditional ranking American executives on high incomes
sense of adventure tempt you to of the world’s best business schools – practically all of them mentioned this
say yes, or if it is something you have for Latin Americans, asking business school as one of the three best-regarded
always dreamt about, then this article schools from around the world, which schools in the region.
is for you. are interested in the Latin American This, in addition to its strong showing
40 AMÉRICAECONOMÍA / 2012 - 2013
MBA GI.indd 40 17/8/12 16:47:35

43. on balance
price/quality ratio, based on monthly cost of mba program (in US$) and final ranking index
source: AméricaEconomía Intelligence
US$ Ptje. RK 2012
12,000 90
80
10,000
70
8,000 60
50
6,000
40
4,000 30
20
2,000
10
-
Harvard
London
Haas
IE
HEC Paris
Kellogg
IMD
Tuck
Desaultes
Mannheim
HEC Montréal
Bath
Cranfield
Kenan- Flagler
Owen
MacDonough
MacCombs
Warwick
Mendoza
Miami University
Simon
Katz
Weatherhead
HHL-Leipzig
Boston
Grenoble
Chapman
Gisma
Cox
Iese
Esic
Esade
Stanfrod
Monthly cost Position in 2012 ranking
in a number of international rankings, a month, studying at a counterpart in ies one’s MBA, but also the career
gave it a significant advantage over its the United States cost an average of one pursues after graduation. To put it
main rival: Stanford. US$4,628 a month. another way, the incomes of business
Another interesting case is that of the school graduates depend on which wall
Education costs Canadian schools which achieved a better they choose to hang their academic
(and pays) relationship between quality, measured certificates. And these walls are often
Of course, the academic quality and good by their position on the ranking, and the in Latin America.
reputation of these business schools is monthly cost of their full-time MBA
nothing new. And quality costs. So the programs. For example, HEC-Montréal L.A. stands for
methodology for this ranking included (14th) costs US$ 2,583 a month and Latin America
a cost/benefit dimension which sought achieved a final score on the ranking According to a Financial Times study
to analyze the decision to study in this of 57.11 points, while Desautels, which from 2011, the overwhelming majority
or that school as if it were an investment costs a little more (US$3,250), achieved of Latin Americans who complete an
(which it is). So we added variables to a slightly higher score (59.33). MBA at one of the schools on its ranking
the methodology which measure the total More interesting facts? Did you know of fifty leading business schools return
and monthly cost of a full-time MBA, that graduates from these 33 schools to their home countries after graduat-
living costs in the campus city, average earned an average salary of US$ 97,355, ing. For most of them, the region is still
monthly salary upon graduation, the in- implying an average increase in income their principal labor market.
crease in income between entering and of 77% between entering and graduating? That explains why each school’s
graduating from a school, and scholar- Of course, averages can be misleading. Power Network in Latin America is
ships and other financial help. The average salary of graduates from so important.
The UK’s University of Bath (15th) the best schools can often double those The ranking analyzes this aspect
achieved the highest marks. It’s no ac- of graduates from schools lower down by examining a series of variables
cident that a European school won here. the table. which measure the networks of power
While studying at a European business Statistical averages aside, salary which these schools have developed
school costs an average of US$4,230 depends not only on where one stud- in the region.
2012 - 2013 / AMÉRICAECONOMÍA 41
MBA GI.indd 41 17/8/12 16:47:41

44. RÁNKING
THE BEST BUSINESS SCHOOLS IN LATIN AMERICA
Internacional ranking
Key Indicators 2011
RK Total Cost
School University Country Nº of N° of Students D
2012 % of Full- N° of GMAT of Full-Time
Full- Time for every ten
Time con PhD Students * Average * MBA program
Teachers candidates *
(US$)
1 Harvard Business School Harvard United States 194 98.0 905 8.9 724 87,200
2 Stanford Graduate School of Business Stanford United States 112 96.0 803 8.5 730 114,600
3 London Business School - UK 98 99.0 404 N.A. 701 92,856
4 IESE Business School Navarra Spain 70 100.0 270 6.3 678 85,879
5 Haas School of Business California, Berkeley United States 77 100.0 236 5.6 715 106,792
6 IE Business School IE Spain 101 95.0 400 5.1 680 79,721
7 ESADE Business School - Spain 75 88.0 180 5.7 670 76,950
8 HEC Paris - France 115 99.0 233 6.5 690 62,570
9 Kellogg School of Management Northwestern United States 182 94.0 623 5.7 712 162,458
10 IMD - Switzerland 42 100.0 90 1.1 670 92,900
11 Tuck School of Business Dartmouth United States 44 100.0 267 5.4 718 56,555
12 Desautels Faculty of Management McGill Canada 80 96.0 58 6.1 661 65,000
13 Mannheim Business School Mannheim Germany 86 100.0 53 8.0 672 43,150
14 HEC Montréal Montréal Canada 66 75.8 80 7.5 637 31,000
15 School of Management - Bath Bath UK 79 91.0 59 5.5 640 35,400
16 Cranfield School of Management Cranfield UK 92 82.0 84 4.6 680 52,000
17 Kenan-Flagler Business School North Carolina, Chapel Hill United States 111 90.0 288 4.8 689 96,829
18 Owen Graduate School of Management Vanderbilt United States 39 100.0 162 N.A. 695 89,560
19 McDonough School of Business Georgetown United States 53 87.0 253 3.9 690 99,276
20 McCombs School of Business Texas, Austin United States 73 96.0 263 4.6 692 94,972
21 Warwick Business School Warwick UK 154 92.0 55 3.6 648 47,600
22 Esic - Spain 12 100.0 40 9.3 670 34,590
23 Mendoza College of Business Notre Dame United States 65 92.3 130 4.4 692 60,620
24 School of Business Administration- UM Miami United States 135 81.0 98 5.1 636 80,120
25 Simon Graduate School of Business Rochester United States 59 85.0 318 3.2 675 92,820
26 Katz Graduate School of Business Pittsburgh United States 48 94.0 108 4.8 612 56,192
27 Weatherhead School of Management Case Western Reserve United States 69 91.0 60 3.2 633 87,740
28 HHL - Leipzig Graduate School of Management - Germany 9 100.0 65 4.6 620 38,130
29 School of Management -Boston Boston United States 63 79.4 151 3.8 684 82,732
30 Grenoble Graduate School of Business Grenoble Ecole de Management France 22 78.0 44 8.8 N,A, 36,000
31 Chapman Graduate School of Business Florida International United States 19 100.0 85 5.1 555 39,000
32 Gisma Business School Leibniz, Hannover Germany 32 100.0 42 7.0 620 39,000
33 Cox School of Business Southern Methodist United States 88 100.0 126 1.8 641 91,616
* = Last recorded year • N.A. = Not Available/Not Applicable
a network of contacts that crisscross the
These include the number and propor- 90% of the students are foreigners, of region and link continents. To analyze
tion of Latin Americans in the student whom 13% are Latin Americans. The the strength of these networks, the mea-
body as a whole and the foreign student ranking also looks at the diversity of Latin sure takes into account the institutional
body. On average, more than half of the American nationalities in the classroom links between these schools and their
students at the thirty-three schools included in order to measure the breadth of each counterparts in Latin America, through
in the ranking are foreigners, while 18% school’s Latin network. Here the list is academic conventions and exchanges,
come from Latin America. One notable headed by IE and Esic, which included as well as the relations they maintain
school is IE (6th), where 89% of its stu- first-year students from sixteen and with major companies from the region.
dents are foreigners and, of these, 29% twelve countries, respectively. IESE (4th) offers an interesting case of
are Latin Americans. Another interesting After graduation, these small Latin a school with strong links with some of
case is London Business School, where American expat communities will become Latin America’s biggest companies,
42 AMÉRICAECONOMÍA / 2012 - 2013
MBA GI.indd 42 17/8/12 16:47:47

45. Prestige
Average Latin Ameri- Latin Americans Power of 2012
Duration of Full-Time Selec- website RK 2012
graduate % increase cans as % of as % of total Academic network Cost/ Index
MBA program (in tivity of Prestige
m salary in salary total number of number of fo- weight in Latin benefit
months) students
(US$) students regn students America
9 120,000 N.A. 3.5 10.4 100.0 100.0 43.2 46.2 100.0 83.26 hbs.edu 1
18 127,189 N.A. 6.5 20.8 76.8 98.0 54.7 45.5 84.3 76.06 gsb.stanford.edu 2
21 121,206 72.5 12.1 13.5 74.9 91.8 55.1 52.7 76.8 73.33 london.edu 3
19 121,361 N.A. 16.3 20.4 64.5 89.6 75.6 61.2 54.0 70.56 iese.edu 4
21 114,232 72.2 9.3 22.2 76.4 91.9 71.3 51.7 42.2 69.95 haas.berkeley.edu 5
13 N.A. N.A. 26.0 29.2 54.8 87.8 100.0 55.8 38.0 68.84 ie.edu 6
15 105,648 115.3 18.3 22.0 71.4 85.8 86.5 60.3 29.3 68.48 esade.edu 7
16 109,000 N.A. 10.7 12.7 66.4 91.1 56.9 75.4 21.7 62.60 hec.edu 8
22 111,928 52.0 6.6 18.4 72.5 91.5 56.5 39.9 31.0 62.51 kellogg.northwestern.edu 9
11 129,600 66.2 11.1 11.2 58.5 80.4 56.3 47.0 47.1 60.12 imd.org 10
21 115,143 61.7 5.2 14.1 55.5 89.7 33.1 72.2 46.0 59.34 tuck.edu 11
20 N.A. N.A. 6.9 9.1 79.0 83.6 52.7 67.6 6.8 59.33 mcgill.cadesautelsmba 12
12 121,000 100.0 13.2 17.9 83.6 83.8 17.7 92.3 14.7 57.55 mannheim-business-school.com 13
12 75,713 34.4 10.0 21.6 73.5 83.8 37.6 90.8 5.9 57.11 hec.ca 14
12 N.A. N.A. 6.8 7.1 67.0 80.9 32.4 100.0 17.9 57.03 bathmba.com 15
12 104,000 160.0 11.9 15.2 59.4 82.9 43.2 78.2 18.8 55.79 cranfieldMBA.info 16
21 99,628 53.4 2.4 8.1 73.4 86.0 37.1 48.9 12.6 54.71 kenan-flagler.unc.edu 17
21 91,653 N.A. 7.0 35.4 63.9 93.0 31.6 60.2 13.0 54.16 owen.vanderbilt.edu 18
21 97,297 84.9 5.5 12.7 54.9 84.7 50.6 50.7 20.2 54.14 msb.georgetown.edu 19
21 101,412 55.9 4.6 19.0 62.8 84.1 45.6 51.1 14.9 53.93 mccombs.utexas.edu 20
12 86,000 71.0 3.6 4.0 89.4 74.3 15.1 69.0 13.1 53.45 wbs.ac.uk 21
11 90,000 157.1 62.5 86.2 32.1 87.6 62.0 94.5 5.2 52.85 esic.edu 22
22 93,175 74.1 1.5 7.7 66.3 79.6 30.1 72.0 11.4 51.98 business.nd.edu 23
21 73,246 50.8 5.1 16.7 55.6 81.8 53.0 53.8 7.1 51.77 bus.miami.edu 24
22 75,686 N.A. 1.9 3.5 69.7 84.2 25.4 55.4 13.1 51.73 simon.rochester.edu 25
20 71,328 73.6 3.7 9.1 58.4 79.2 33.8 68.6 5.4 49.11 business.pitt.edu 26
20 77,440 99.5 1.7 2.9 62.5 78.3 22.7 57.8 11.3 47.79 weatherhead.case.edu 27
18 94,700 41.1 13.8 21.4 31.4 79.5 40.9 97.6 7.2 47.11 hhl.de 28
21 87,066 N.A. 4.6 13.0 55.1 77.8 24.7 55.6 14.0 46.53 management.bu.edu 29
12 100,320 69.5 31.8 31.8 65.0 30.6 55.5 94.7 7.5 45.97 grenoble-em.com 30
12 48,200 60.7 16.5 35.0 39.1 70.4 44.7 77.8 7.5 45.62 business.fiu.edu 31
11 73,000 62.2 7.1 9.7 48.9 77.4 12.1 86.6 11.8 45.02 gisma.com 32
22 84,465 58.8 3.2 17.4 56.1 74.8 24.0 55.0 6.1 44.23 coxgrad,com 33
including Itau, Taca and LAN. ers of MercadoLibre, Marcos Galperin who has been director of ESADE’s
The study also measured the alumni and Hernan Kaza, who graduated from CEAL Center of European and Latin
networks, to which current students Stanford in 1999, as well as Alejandro American Studies (7th) or Frank Hoff-
can turn to upon graduation, not only Vollbrechthausen, president of Goldman man, who works at HHL-Leipzig (28th)
in terms of their size and diversity, but Sachs Brazil, who graduated from Kellogg and is director of international relations
also their success. The global business (9th) in 1995, to mention just three. at the Latin American Council of Busi-
schools were asked to name their five We should also mention the teachers. ness Schools (Cladea). This is a key
most successful Latin American gradu- The ranking also counts the number of factor if one assumes that their presence
ates: many are founders, chief executives teachers, Latin American or otherwise, ensures that the content imparted in the
and directors of leading global and Latin who maintain strong professional or classroom is relevant to Latin America
American companies. These notable research links with the region. and that the region is considered worthy
alumni include, for example, the found- Take, for example, Agustin Ulied, of study. ■
2012 - 2013 / AMÉRICAECONOMÍA 43
MBA GI.indd 43 17/8/12 16:47:53

46. RANKING
LATIN AMERICA´S
MOST GLOBALIZED
COMPANIES
from US$668.974 billion.
Another example of a sustained in-
ternational offense was Brazil’s WEG.
Last November, it acquired Austria’s
Watt Drive Antriebstechnik, an energy
supply company with operations across
Europe and industrial plants in Germany
and Singapore. That same month it signed
a deal with GE Energy to buy US-based
EM (Electric Machinery), which builds
motors and generators for the oil and gas
industry. The deal means WEG now has
operations in South Africa, Argentina,
Austria, China, the United States, India,
Mexico and Portugal. It is also present
in sixteen other countries. Like Sigdo
Koppers, its executives saw the crisis
in Europe and the US as an excellent
AGAINST WIND strategic opportunity to buy valuable
assets at knockdown prices. Stories
AND TIDE
like those of Sigdo Koppers and WEG
sum up a key moment in the history
of Latin American business. This is a
new phase of globalization where trade
Despite the uncertainties of 2011, the multilatinas disputes between countries coexist with
continued to expand. Although prudence was the order the need to maintain investment levels
and gross capital formation in order to
of the day, Latin America’s most globalized companies
create jobs.
did not swerve from their strategies to conquer When this article went to print, these
markets beyond their borders. success stories did not include the immi-
Andrés Almeida, AméricaEconomía Intelligence nent merger of LAN and TAM which has
G
been delayed for legal reasons, meaning
reece was a drama bordering on ranking for the first time, in fifteenth that there are no reliable figures to esti-
tragedy. The United States is no place. Through its acquisition of Mag- mate the real level of internationalization
longer a speedy Mustang con- otteaux, the company is now present in at the new Latin American air giant (see
vertible, but a beat-up pick-up 25 countries and eight different regions. note on page 44).
sadly trundling down the lost highway. Previously, Sigdo Koppers was focused AméricaEconomía’s Multilatinas
Meanwhile, China is threatening to curb on mine engineering in Chile and main- ranking measures a number of indicators
its hitherto insatiable appetite for raw tained a minor presence in some other on internationalization. For example,
materials. For the major trade blocs, 2011 countries in South America. which companies made the biggest
was a year of worrying signs. Clearly the muiltilatinas have not proportion of their investments abroad?
But, where some see risk, others see been intimidated by the Mayan proph- That list was led by Colombia’s ISA with
opportunities. That was the case of Sigdo ecies for 2012. The sixty-five compa- an astounding 92%, followed by three
Koppers, a Chilean company which last nies on the 2012 Ranking maintained Argentinean companies: Laboratorios
year made the audacious move of acquir- their proportion of foreign investment Bagó, Tenaris and IMPSA.
ing for US$790 million the Belgian firm at around 38%, similar to the level re- Meanwhile, there are other compa-
Magotteaux, which has operations on five corded in last year’s ranking. And this nies which achieve equally high levels
continents. This deal put Sigdo Koppers year they did even better, racking up of sales outside their domestic market,
onto AméricaEconomía’s Multilatinas sales totaling US$710.228 billion, up such as Mexico’s Telmex, Venezuelan
44 AMÉRICAECONOMÍA / 2012 - 2013
MULTILATINAS GI.indd 44 17/8/12 16:48:45

47. RANKING
LATIN AMERICA´S
MOST GLOBALIZED
COMPANIES
oil giant PDVSA or Chilean shipping PROTEIN AND BITS
NUMBER OF MULTILATINAS AND AVERAGE SALES, BY SECTOR
firm CSAV. But the real global employ- SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
ers are Telmex, Bolivia’s Brightstar and 90.0 10
Sales in billions of US$ $2011
Chilean software and IT firm Sonda 9 Nº of companies
80.0 9
which have the largest foreign work-
70.0 79.1
forces on the list. 8
60.0 59.4
7
THE PROTEIN EMPIRE
50.0 6
WEG and Sigdo Koppers are both
5
industrial companies. Others such as 40.0
5
Argentina’s Tenaris and Grupo Mexico 33.2 4 4 4
4
achieved high positions on the ranking 30.0
3 3
23.2 3
and had a strong presence in Europe 21.3
20.0 17.4
even before the crisis. 2
But this year a food company has taken 10.0
1
first place in the ranking, Brazil’s Grupo 1.9
JBS-Fribois, which just crept past cell- 0
Foods Retail Airlines
Beverages
Cement Technology Telecoms
0
phone supplier Brightstar in large part
due to its larger growth potential and the MAPA MUNDI
fact that it has the highest proportion of COMPANIES WITH THE GREATEST GEOGRAPHICAL COVERAGE IN 2011
SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
foreign sales of all the multilatinas. JBS 60 105.0
is an interesting case as it demonstrates Nº of countries
100.0 99.8 98.2 Nº of regions
the risks and difficulties implied by rapid 50
Coverage Index
100.0
50 49
growth. JBS’s story is an impressive one. 94.5
40 36 92.4 95.0
From a small abattoir in Anapolis in Goias 34
state it became, in just over five decades, 39 29 30
30 89.6 89.4 90.0
27 87.6
the world’s largest supplier of protein. 86.3
8.,0
27
“The company took much larger posi- 20 26 85.0
tions over a short period of time,” says 8 8 8 9 9
10 80.0
7 7 7 7
Iberville D’Athay de Neto, an analyst at 5
Brazilian consultancy Scot Consultoría. 0 75.0
Brightstar Weg Cemex Brasil Vale Const. Bematech Dhb Petrobras Viña
Their foreign forays include acquisitions (BO) (BR) (MX) Foods (BR) Norberto (BR) Comp. (BR) Concha y
(BR) Odebrecht Automotivos Toro (CL)
of the US firms Swift Foods and Pilgrim`s (BR) (BR)
Pride. Today JBS produces abroad and
has diversified from beef, its traditional José Yordan and Rebecha Sánchez Ibovespa as a whole.
product, into pork and poultry. Sarmiento wrote a report for Deutsche This year the company is expected
But JBS has paid a high price for be- Bank where they noted that “inves- to concentrate on realizing operational
coming an icon of globalization among tors have historically not liked the synergies and improving its cash-flow.
Brazilian companies. It owes more company” and that it suffers from “a To help in the task it has hired a heavy-
than US$6 billion and it has struggled long list of concerns.” As well as its weight executive: Henrique Meirelles,
to realize synergies between its recent high level of indebtedness and the low a former chairman of Brazil’s Central
acquisitions. margins at some of its foreign units, Bank. His considerable experience in
For example, analysts say the acqui- they point to the lack of corporate the financial sector should help manage-
sition of US poultry producer Pilgrim’s governance mechanisms to explain ment to get a handle on its swollen debts
has proved to be a headache for JBS JBS’s poor performance on the stock and develop the corporate governance
after profitability slumped. Last year market. Since it first listed its shares of the quality required in a company of
the company posted losses totaling in 2007, the company has quintupled this size and global reach. ■
US$345 million and got poor marks in size but its share price has risen by
from the market. barely 5%, compared with 50% for the With Natalia Gómez in São Paulo
2012 - 2013 / AMÉRICAECONOMÍA 45
MULTILATINAS GI.indd 45 17/8/12 16:48:49

48. RANKING
LATIN AMERICA´S
MOST GLOBALIZED
COMPANIES
KEY FIGURES 2011
RK RK HOME
COMPANY SECTOR SALES VAR. IN SALES PROFITS N°
12 11 COUNTRY WORKFORCE
US$ MILLIONS 11-10 % MM US$ U
1 2 GRUPO JBS - FRIBOI BR FOODS 32,944.0 -0.3 128,036 -345.4
2 1 BRIGHTSTAR (1) BO TELECOMMUNICATIONS 4,700.0 13.8 3,750 N.A.
3 5 LAN CL AIRLINES 5,718.2 30.3 21,838 320.2
4 3 CEMEX MX CEMENT 13,546.2 -6.2 46,500 -1,371.3
5 4 TENARIS AR STEEL 9,972.5 29.3 25,422 1,331.2
6 6 TELMEX MX TELECOMMUNICATIONS 7,057.0 -13.2 19,026 1,045.5
7 7 GRUPO ALFA MX AUTOPARTS/PETROCHEMICALS 13,053.1 18.2 56,978 373.2
8 9 VALE BR MINING 55,014.1 10.1 70,785 20,158.7
9 11 GERDAU BR STEEL 18,875.6 0.2 50,000 1,069.3
10 12 AJEGROUP (1) PE BEVERAGES 1,450.0 28.7 10,000 N.A.
11 8 IMPSA AR ELECTRICITY 1,066.9 35.2 3,108 N.A.
12 10 CONST. N. ODEBRECHT BR ENGINEERING 32,325.0 38.5 89,500 N.A.
13 13 GRUPO BIMBO MX FOODS 10,462.8 10.3 126,747 382.1
14 16 LABORATORIOS BAGÓ AR PHARMACEUTICALS 1,012.0 54.6 6,500 N.A.
15 - SIGDO KOPPERS (1) CL CONSTRUCTION & ENGINEERING 2,016.9 9.9 20,334 334.8
16 17 AMÉRICA MÓVIL MX TELECOMMUNICATIONS 47,689.6 -3.1 56,500 5,923.7
17 14 PETROBRAS BR OIL 130,171.7 1.7 80,492 17,759.4
18 - ISA (INTERCONEX ELEC) CO POWER TRANSMISSION 2,240.3 27.8 3,435 168.0
19 19 GRUPO CASA SABA (FASA) MX RETAIL 4,670.0 13.9 11,758 N.A.
20 20 MARFRIG BR FOODS 11,548.8 48.3 96,000 -243.9
21 15 AVIANCA – TACA CO/SV AIRLINES 3,279.4 9.3 6,950 N.A.
22 18 GRUPO NUTRESA CO FOODS 2,736.4 23.0 29,679 186.1
23 21 CSAV CL SHIPPING 5,151.9 -5.4 9,749 -1,249.8
24 24 INTEROCEÁNICA CL SHIPPING 879.9 7.1 3,251 -39.9
25 26 MEXICHEM MX PETROCHEMICALS 3,415.8 15.6 10,000 197.5
26 24 BRASIL FOODS BR FOODS 13,485.5 5.8 127,982 1,155.2
27 32 FIBRIA BR PULP 3,121.0 -17.2 16,956 -462.2
28 23 INTERCEMENT * BR CEMENT 1,325.3 N.A. 4,700 N.A.
29 22 CENCOSUD CL RETAIL 13,971.2 18.2 126,530 744.9
30 34 WEG BR MACHINERY 2,766.5 5.2 19,406 312.9
31 28 SONDA CL TECHNOLOGY 1,136.8 19.4 10,882 77.9
32 31 ARAUCO CL FORESTRY/PULP 4,451.4 17.5 35,704 620.8
33 29 GRUMA MX FOODS 4,104.4 9.1 21,318 377.9
34 27 VIÑA CONCHA Y TORO CL BEVERAGES 770.1 -3.6 2,848 93.2
35 33 CMPC CL FORESTRY 4,613.3 20.8 15,068 492.1
36 38 TAM BR AIRLINES 6,927.4 1.7 28,193 -178.6
37 40 GRUPO ARGOS CO CEMENT 779.2 -51.1 6,263 N.A.
38 41 GRUPO MODELO MX BEVERAGES 6,539.0 -5.0 36,566 856.4
39 35 VOTORANTIM CIM. (1) BR CEMENT 5,680.0 6.9 12,000 N.A.
40 36 POLLO CAMPERO GT FOODS 400.0 N.A. 7,000 N.A.
41 37 PDVSA (1) VE OIL 102,500.0 7.3 80,000 N.A.
42 30 EMBRAER BR AEROSPACE 5,140.6 -19.5 17,149 385.2
43 42 TIGRE (1) BR CONSTRUCTION 1,460.0 14.1 5,200 N.A.
44 39 FALABELLA CL RETAIL 9,044.0 11.8 70,841 811.3
45 45 P.I. MABE (1) MX DIAPERS 320.0 14.3 20,000 N.A.
46 44 METALFRIO BR WHITE GOODS 402.6 -14.4 1,600 3.9
47 46 ARCOR (1) AR FOODS 2,540.0 6.4 20,000 N.A.
48 43 SUZANO PAPEL E C. BR PULP 2,538.3 -6.3 4,352 52.1
49 48 GRUPO TELEVISA MX MASS MEDIA 4,486.9 -4.2 24,362 494.0
50 49 GRUPO ELEKTRA MX RETAIL 3,729.6 0.1 39,429 2,144.6
(1): Ventas Estimadas • N.D.: No Disponible
51 63 TOTVS BR TECHNOLOGY 681.9 0.6 5,507 90.0
52 51 CAMARGO CORREA BR CONSTRUCTION & ENGINEERING 9,610.0 -0.9 61,700 N.A.
53 50 FEMSA MX BEVERAGES 14,501.6 5.5 177,470 761.0
54 53 ANDRADE GUTIERREZ (1) BR CONSTRUCTION & ENGINEERING 8,400.0 -22.9 175,533 N.A.
55 64 DHB COMP. AUTOMOTIVOS BR AUTOPARTS 163.1 -3.9 1,151 16.8
56 55 COPA AIRLINES (1) PA AIRLINES 1,550.0 9.8 5,000 N.A.
57 54 ARTECOLA BR CHEMICALS 238.3 -36.9 1,831 N.A.
58 59 BEMATECH BR TECHNOLOGY 158.4 -20.6 1,144 -22.6
69 52 VITRO (1) MX GLASS 2,030.0 7.7 17,628 27.6
60 60 MARCOPOLO BR AUTOPARTS 1,804.6 1.4 17,231 182.9
61 58 NATURA BR COSMETICS 2,980.8 -3.3 7,037 443.0
62 61 GRUPO GLORIA PE FOODS 954.1 16.8 13,680 84.1
63 - RIPLEY CL RETAIL 1,821.0 -14.2 20,863 154.0
64 56 MADECO CL MANUFACTURING 428.2 26.4 2,416 19.2
65 62 LUPATECH BR ENGINEERING 327.3 -6.2 3,215 -92.9
46 AMÉRICAECONOMÍA / 2012 - 2013
MULTILATINAS GI.indd 46 17/8/12 16:48:55

49. RANKING
LATIN AMERICA´S
MOST GLOBALIZED
COMPANIES
RANKING VARIABLES
GLOBALIZATION
N° OF CO- GEOGRAPHICAL % FOREIGN % FOREIGN % FOREIGN INTERNATIONAL WWW.
Nº OF REGIONS INDEX 2012
UNTRIES COVERAGE INDEX SALES INVESTMENT WORKFORCE GROWTH POTENTIAL
22 8 79.2 89.2 66.5 61.7 98.1 80.3 JBS.COM.BR
50 8 100.0 60.3 77.1 84.0 75.0 80.1 BRIGHSTARCORP.COM
20 7 75.3 75.1 77.6 48.2 97.0 79.8 LAN.COM
36 8 98.2 75.6 68.7 65.8 82.0 79.0 CEMEX.COM
12 5 73.3 80.4 82.3 71.5 75.0 77.0 TENARIS.COM
9 3 61.2 95.9 51.0 89.9 85.0 71.6 TELMEXINTERNACIONAL.COM
17 6 83.8 45.0 72.1 27.0 75.0 68.1 ALFA.COM.MX
39 9 92.4 18.4 50.6 27.1 95.0 66.7 VALE.COM
14 6 71.3 38.9 60.9 48.0 83.0 66.1 GERDAU.COM.BR
16 4 74.9 78.0 68.4 74.0 48.0 65.1 AJEGROUP.COM
13 4 67.5 46.3 79.2 49.8 60.0 64.9 IMPSA.COM
34 7 89.6 34.6 57.0 48.6 70.0 64.3 ODEBRECHT.COM
19 6 73.7 54.4 61.1 52.7 68.0 64.2 GRUPOBIMBO.COM
18 4 69.9 23.1 86.4 67.5 45.0 62.5 BAGO.COM
25 8 84.5 43.5 70.4 25.0 55.0 61.4 SIGDOKOPPERS.CL
18 4 69.9 36.0 33.6 70.0 88.0 61.1 AMERICAMOVIL.COM
29 9 86.3 34.5 31.5 17.5 95.0 60.4 PETROBRAS.COM.BR
7 2 48.1 70.1 92.3 65.3 30.0 59.9 ISA.COM.CO
4 2 40.3 73.0 53.9 68.4 70.0 59.4 CASASABA.COM
23 7 83.5 60.1 32.1 41.7 75.0 59.0 MARFRIG.COM.BR
25 4 76.5 82.0 22.4 77.0 70.0 58.9 TACA.COM
11 4 60.7 30.5 72.8 20.9 65.0 58.6 GRUPONUTRESA.COM
6 5 60.0 93.4 38.0 63.0 55.0 55.6 CSAV.CL
4 4 56.6 79.2 59.0 54.0 40.0 54.3 CCNI.CL
16 6 66.7 76.0 30.6 70.0 56.0 53.9 MEXICHEM.COM.MX
27 5 94.5 40.0 16.3 16.4 81.0 53.7 BRASILFOODS.COM
8 4 69.8 58.0 28.5 4.0 82.0 53.3 FIBRIA.COM.BR
4 1 39.4 39.0 67.1 57.4 52.0 53.3 INTERCEMENT.COM
5 1 44.1 46.0 49.1 57.0 64.0 53.1 CENCOSUD.CL
49 8 99.8 33.7 19.5 14.9 72.0 52.3 WEG.COM.BR
9 3 56.4 55.3 42.7 79.5 48.0 52.0 SONDA.CL
11 6 68.1 88.0 23.7 23.6 66.0 51.7 ARAUCO.CL
16 7 77.8 65.7 18.7 63.3 58.0 51.5 GRUMA.COM
30 7 86.0 77.4 19.7 13.8 64.0 51.4 CONCHAYTORO.COM
9 2 57.1 75.8 30.5 29.5 67.0 51.2 CMPC.CL
13 3 79.0 31.3 9.2 8.3 95.0 51.0 TAM.COM.BR
7 3 50.9 51.0 32.7 38.9 70.0 50.0 ARGOS.CO
22 9 81.6 51.6 15.9 2.9 77.0 49.6 GMODELO.COM.MX
4 3 49.4 35.0 49.8 36.0 55.0 48.4 VOTORANTIM-CIMENTOS.COM
13 6 72.6 72.0 10.3 76.5 53.0 48.4 GLOBAL.CAMPERO.COM
10 5 70.0 95.2 5.3 4.7 75.0 48.1 PDVSA.COM
6 4 60.0 87.0 27.0 12.3 58.0 47.4 EMBRAER.COM.BR
10 2 61.4 22.4 44.0 25.0 56.0 47.0 TIGRE.COM.BR
4 1 39.7 31.0 40.3 40.2 65.0 46.7 FALABELLA.CL
21 6 73.1 46.1 36.7 24.1 42.0 45.3 GPOMABE.COM.MX
6 4 67.0 29.8 41.7 51.0 36.0 44.8 METALFRIO.COM.BR
16 6 74.8 16.3 27.6 28.7 56.0 44.5 ARCOR.COM.AR
9 5 75.0 58.0 10.4 6.0 63.0 43.4 SUZANO.COM.BR
8 3 52.5 16.8 22.4 10.5 77.0 43.0 TELEVISA.COM.MX
8 3 49.6 15.0 28.8 16.8 70.0 42.7 ELEKTRA.COM.MX
19 5 83.6 47.0 2.8 6.7 65.0 42.4 TOTVS.COM.BR
14 5 71.5 18.4 15.2 16.9 66.0 42.2 CAMARGOCORREA.COM.BR
9 3 52.7 41.1 18.3 35.6 61.0 42.0 FEMSA.COM
38 8 70.1 25.2 7.6 9.7 73.0 41.7 ANDRADEGUTIERREZ.COM.BR
26 7 87.6 25.7 3.6 1.6 64.0 40.5 DHB.COM.BR
7 6 62.9 25.3 18.2 22.7 55.0 39.3 COPAAIR.COM
6 2 48.9 21.6 30.1 16.3 52.0 39.3 ARTECOLA.COM.BR
27 7 89.4 13.6 15.2 9.1 44.0 37.9 BEMATECH.COM
11 5 70.9 48.5 16.0 17.0 48.0 37.7 VITRO.COM.MX
12 7 59.6 27.1 11.4 26.1 56.0 37.5 MARCOPOLO.COM.BR
10 3 65.7 7.2 7.7 21.7 62.0 36.9 NATURA.COM.BR
6 2 47.2 16.3 14.4 24.0 60.0 35.8 GRUPOGLORIA.COM
2 1 25.7 29.3 28.5 30.3 51.0 35.0 RIPLEY.CL
3 1 33.9 38.2 17.2 53.2 46.0 34.9 MADECO.CL
39 6 49.7 23.6 13.9 20.8 53.0 34.4 LUPATECH.COM.BR
2012 - 2013 / AMÉRICAECONOMÍA 47
MULTILATINAS GI.indd 47 17/8/12 16:49:01

50. BANKING
SPECIAL INTRODUCTION
NO CRISIS
HERE…YET
Latin America’s banking sector is following a different path from the rest of the
world’s financial industry thanks to growth in domestic markets. While the world’s
biggest banks tumble, here they are achieving record results. But global turbulence
could bring trouble in the months ahead. AméricaEconomía Intelligence
V
isiting Bogota, it is impossible in chaos, we see a future with lots of 60-65). While the world’s biggest bank-
not to notice the Colpatria Tower. growth,” says one of the Colombian ing groups are fighting to remain liquid
Measuring 196 meters high, it bankers participating in the battle for and avoid seeing their net worth shrink,
is the tallest building in a city Colpatria. It is a view shared by the Latin America’s banks are exploiting the
which has favored horizontal spread over majority of executives who work at the huge potential for long term growth in the
towering skyscrapers. Even at night, its financial institutions included in this region’s financial sector. In fact, during
colored lights make it a landmark in the latest edition of our ranking of Latin the first half of 2011, Latin America’s
Colombian capital. America’s 250 biggest banks (see pages 250 biggest banks proved to be com-
Today the building is also
in the spotlight of Latin Amer- BANKING ASSETS America´s 250 biggest banks, by coun-
Growth of assets held by Latin
ica’s banking industry. The
try, in millions of USD
shareholders of the Colpatria SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
conglomerate, which has its OTHERS
BRAZIL MEXICO CHILE COLOMBIA ARGENTINA VENEZUELA PERU PANAMA
head offices in the tower, are
4,500,000
in the final stages of choosing
a strategic partner to take a 4,000,000
stake in Colpatria Multibanca,
Colombia’s eighth biggest bank 3,500,000
and the eighty-third largest in
Latin America. A medium- 3,000,000
sized bank with assets valued
2,500,000
at US$6.24 billion, but which,
according to media reports, 2,000,000
some of the biggest global
banking groups active in Latin 1,500,000
America are keen to get their
1,000,000
hands on: from Spain’s BBVA
to the UK’s HSBC, as well as
500,000
Itau and Banco do Brasil, both
from Brazil.
“Although the world is 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
48 AMÉRICAECONOMÍA / 2012 - 2013
BANCOS GI.indd 48 17/8/12 16:51:37

51. ESPECIAL
INTRODUCCIÓN BANCOS
pletely detached from the global banking the New York branch of Deutsche Bank continuing to see vigorous growth in
industry. While banks in Europe and the Securities, citing a recent internal report consumer credit, credit cards and mort-
United States suffer from illiquidity and at the German bank. Annualized ROA gages,” says Sergio Fuentes, an S&P
shrinking assets, banks in this part of the (return on assets) of Latin America’s 250 analyst who follows these countries
world saw their assets grow by 33% to biggest banks averaged 1.77% in the year closely. Even Mexican banks, despite
almost US$4 trillion, the highest figure to June 2011, while the return on equity their proximity to the United States, have
on record. Half-yearly profits rose by an reached a stunning 16.6%. Amidst the continued to grow. The world’s biggest
average of 30% to US$24.206 billion, flood of bad news about banking losses financial groups are continuing to make
almost matching the profits achieved in from around the world, only eighteen of profits in Latin America that they cannot
2008, which were the highest in the his- Latin America’s 250 largest banks failed find elsewhere in the world. Take the
tory of banking in Latin America. “Latin to make a profit. Just one of them, the UK’s HSBC as an example. Its Latin
American banks are the most profitable Brazilian subsidiary of France’s Société American subsidiaries posted profits of
in the world,” says Argentinean Gabriel Générale suffered a major loss. US$1.151 billion during the first half of
Roitman, director of Global Markets at “Countries like Peru and Chile are 2011, an increase of 30% from the same
RANKING LATIN AMERICA´S 25 BEST BANKS
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1 2 ITAÚ BR 480,623.0 36.2 4.2 13.6 13.2 20.0 5.8 74.3 6.8 61.0
2 1 SANTANDER SANTIAGO CL 52,546.9 39.0 2.6 27.4 -9.5 70.0 7.7 100.0 - 60.8
3 4 BRADESCO BR 432,594.5 38.1 7.1 14.9 1.3 20.0 7.8 73.1 3.4 60.7
4 6 DE CHILE CL 43,133.9 33.9 1.0 28.2 -9.4 90.0 8.1 72.8 -0.7 58.0
5 3 CONTINENTAL BBVA PE 14,440.5 30.3 0.2 34.2 4.2 100.0 7.8 67.5 1.7 57.6
6 5 SANTANDER MX 67,748.2 38.3 2.4 15.2 -6.8 100.0 10.6 80.2 -4.3 54.4
7 7 INTERBANK PE 7,026.5 15.8 1.1 31.2 -3.6 100.0 8.3 61.8 0.3 53.4
8 9 SANTANDER BR 270,588.1 30.4 7.3 2.1 -44.4 30.0 15.2 80.3 -4.2 53.1
9 - CITIBANK BR 30,589.9 18.5 4.3 48.9 482.9 60.0 8.8 52.1 -3.3 52.9
10 12 CRÉDITO PE 23,666.6 27.0 1.1 24.4 -0.2 100.0 8.6 58.7 -0.2 51.3
11 8 SANTANDER UY 4,536.2 15.0 0.1 6.0 -59.5 80.0 9.9 79.3 -5.4 51.2
12 11 BBVA BANCOMER MX 95,914.9 10.7 3.2 21.1 -9.0 100.0 9.8 52.9 -5.0 51.1
13 13 SCOTIABANK PE 10,338.0 25.7 1.2 19.8 -8.7 100.0 12.5 57.6 -0.9 50.7
14 10 INDUSTRIAL E COMERCIAL BR 10,793.3 41.8 1.9 9.6 -29.9 20.0 12.0 89.1 -0.9 50.6
15 15 CORPBANCA CL 16,899.7 31.0 1.9 23.5 5.4 40.0 6.5 82.7 2.7 50.5
16 16 DE BOGOTÁ CO 23,018.6 38.6 1.9 13.1 -23.0 100.0 18.8 64.5 -0.5 50.4
17 19 BICE CL 6,327.8 29.6 0.8 19.9 22.6 90.0 8.0 62.1 -5.9 50.0
18 20 PICHINCHA EC 6,245.5 21.7 1.7 22.8 78.9 100.0 8.8 58.2 0.3 49.9
19 18 BCI CL 31,869.2 35.2 2.1 24.2 18.0 100.0 7.6 68.9 4.4 49.7
20 22 MERCANTIL DEL NORTE MX 50,475.6 12.7 2.4 14.3 -1.7 100.0 7.8 59.1 -0.2 44.6
21 21 BBVA CL 16,063.9 18.5 2.1 16.8 -7.8 80.0 6.9 68.3 -1.2 43.8
22 25 BANCOLOMBIA CO 30,698.3 35.6 2.1 17.6 2.5 100.0 14.4 39.2 2.9 43.2
23 23 INBURSA MX 22,605.3 30.7 4.2 8.6 41.0 100.0 18.2 60.0 -0.2 42.5
24 17 ABC BRASIL BR 5,951.6 20.8 0.3 10.8 13.1 10.0 15.3 49.5 3.3 42.4
25 14 BANAMEX MX 96,962.2 14.4 15.6 8.0 -42.5 100.0 11.1 49.8 -1.6 40.6
2012 - 2013 / AMÉRICAECONOMÍA 49
BANCOS GI.indd 49 17/8/12 16:51:42

52. BANKING
SPECIAL INTRODUCTION
period of 2010 and equivalent to 10% of CARRY ON LENDNG
The ten banks which most enlarged their credit portfolio, annual varia-
the group’s total profits (in 2010, they tion as a percentage
accounted for just 8%). Only its new SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
operations in Africa grew faster than its 700.00
600.00
Latin American business, but starting 500.00
from a much lower base. In fact, globally 400.00
HSBC saw zero profit growth. 300.00
In the case of Citicorp, its banks in 200.00
100.00
Latin America achieved the group’s best
.00
performance during the first half of 2011,
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lifting profits by 12.7% to US$6.739
GA
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billion. Asia, on the other hand, grew
AR
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LO
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by just 2.3%, while its global profits fell
by 6.2% in the same period. TAKING ON RISK
The strong presence in Latin America The ten largest increases in the credit/asset ratio, measured in percen-
of some Spanish banks literally saved tage points
SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
their skin. In the middle of a recession in
350%
Spain, BBVA lifted its profits generated
300%
in Latin America during the first half of 250%
the year by 14% (measured in Euros). 200%
Meanwhile, its profits in Spain fell by 150%
34.4%. The region now generates 47% of 100%
50%
the Spanish firm’s brute margin, despite
0%
representing just 22% of its assets.
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The story is similar for their compa-
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triots at Banco Santander. The region
TC
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generated US$4.001 billion in profits
BO
during the first half of the year, 13.4% PLAYING IT SAFE
The ten largest falls in the credit/asset ratio, measured in negative
more than the same period of 2010. At percentage points
the time, profits from its operations SOURCE: AMÉRICAECONOMÍA INTELLIGENCE
in continental Europe fell by 17%. At 90%
80%
the end of the first half of 2011, Latin 70%
America accounted for 44% of San- 60%
50%
tander’s group profits. 40%
These rising profits and ballooning 30%
assets were created by banking systems 20%
10%
which have massively expanded their 0%
coverage in recent years. In addition,
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the growing commercial and financial
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importance of China helped to offset the
SO
restrictions spreading from the financial financial system. Their performance liquidity tests to select Latin America’s
markets of the United States and Europe. depends on their capacity to success- 25 best banks. To do this, we used the
However, banks cannot only be measured fully face cycles of tightening credit CAMEL methodology, an international
in terms of their profits. While banking and shrinking assets, like the one the benchmark which analyses financial in-
profits mean corporate strength and the world is going through today. So as stitutions based on their Capital, Assets,
capacity to face external shocks, they are well as revising the balance sheets of Management, Earnings and Liquidity.
not the only qualities which we should Latin America’s 250 biggest banks for In addition, in order to reflect the
ask of institutions which remain the big- this special report, AméricaEconomía difficulties which financial institutions
gest component of the Latin American Intelligence also carried out stress and have faced in maintaining good indicators
50 AMÉRICAECONOMÍA / 2012 - 2013
BANCOS GI.indd 50 17/8/12 16:51:45

53. ESPECIAL
INTRODUCCIÓN BANCOS
while operating at scale, the methodology other financial crisis? “This new global says Torres. “We in turn were able to
for selecting the best banks also awarded crisis will find Latin America not totally resolve it in just ninety days by working
the volume of assets which the banks prepared,” says the Peruvian economist together and you can still see the results
have to manage (in fact, Latin America’s Liliana Rojas-Suárez, who chairs the of that effort today.”
fifty biggest banks have a smaller return Latin-American Shadow Financial One of the results of that deal was
on assets or ROA than the fifty smallest Regulatory Committee. “Much of the a sharp increase in lending by relaxing
banks on the ranking or than the average region’s fiscal health has been spent criteria.
of the 250 biggest banks). countering the effects of the last crisis Today Brazil faces the opposite prob-
In this 2011 version of the ranking, and that has left us with fewer tools to lem: how to prevent the economy from
Brazil’s Banco Itau took first place for employ.” overheating. “Today
the first time (page 53). Its capacity to According to the we are cutting our
generate unprecedented growth in as- consultant Ernani
Latin America funding for these loans
sets, and deposits, lifted it to the top of Torres, until recently is less prepared to avoid a bubble,”
the ranking, ending the six-year reign head of economic says Marcelo Nasci-
of Santander Santiago, the jewel in the research at Brazilian for the next crisis mento, senior research
crown of the Spanish banking group. development bank analyst at BNDES. He
Despite a fall in profitability, the Chil- BNDES, it is a mis-
than it was for describes as realistic
ean firm remains Latin America’s most take to believe that the collapse of the S&P report which
efficient bank. the crisis which be- last June explained
To study banking, one must take gan with the fall of Lehman Brothers that “BNDES, which,
a well-rounded approach. Especially Lehman Brothers and until 2010, was a key
in today’s uncertain times when slow is continuing today
in 2008. promoter of counter-
global growth could at any moment did not affect Latin cyclical fiscal policies
trigger the collapse of a major European America. “It affected and expanding cred-
institution (bank or country) which would us and continues to it, has significantly
then cause a major shock to the global affects us. Just look at the merger of Itau slowed its rate of lending during 2011.”
financial system. and Unibanco. That would not have oc- In fact, according to S&P, the volume
In 2008, when the fall of the invest- curred without the crisis,” he says. of lending, both direct and secondary
ment bank Lehman Brothers sparked a In Brazil, a strategic agreement, not (loans from other banks, but financed
generalized run on the banks which forced widely reported at the time, played a by BNDES) grew by just 0.3% in April
governments to stump up cash to prevent key role. “In December 2008, the gov- and by 2.5% so far this year.
further collapses, Latin America’s banks ernment, the central bank and BNDES However, for many observers, it is
were also hit. In the year to June 2009, literally locked in a room all the bank- already too late. “Brazil lacks the fis-
the region’s banks saw the value of their ers and business leaders whose pockets cal margin to either promote expansive
assets fall by 0.65% after two years with were stuffed with derivatives and told policies or to cut interest rates,” says
growth rates of around 40% a year. them: if you want to leave, leave now, Rojas-Suarez from Washington.
Fortunately, Latin America’s leading those who stay, close your eyes and Colombia is in a similar situation
economies were coming out of a long prepare to follow the plan we are going after a series of fiscal deficits. Mexico,
period of economic expansion during to implement.” Chile, Peru and Panama, on the other
which conservative fiscal policies meant According to Torres, it was this ca- hand, have room to act.
that governments had sufficient resources pacity to change and adapt learnt during But if a global crisis is not on the
to fund countercyclical fiscal policies, decades of economic and political insta- cards then Latin America’s banks and
such as lowering interest rates, increasing bility that led the whole financial sector governments can continue to breathe
spending and promoting lending through to follow the government’s recipe for easy. Will these good results be repeated
state and development banks. As a result, filling the hole left by derivatives. during the next two halves? For now, the
the contraction of bank assets lasted just “The United States was a slow and answer lies beyond their borders. ■
one year, compared with four years after clumsy elephant which took the crisis to
the tech bubble burst in 2000. Congress, devalued its assets and turned Pablo Gonzalez collaborated
What would happen if there was an- an economic crisis into a political one,” with this article from Buenos Aires.
2012 - 2013 / AMÉRICAECONOMÍA 51
BANCOS GI.indd 51 17/8/12 16:51:48

54. BANKING
SPECIAL LATIN AMERICA´S 250 BIGGEST BANKS
)
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1 DO BRASIL BR S 492,278.5 35.8 185,260.0 33.4 232,072.3 33.4 34,983.3 3,061.4 34.6 17.5 1.0 1
2 ITAÚ UNIBANCO BR DP 480,623.0 36.2 76,439.7 44.7 234,047.1 40.9 27,900.1 1,901.1 28.8 13.6 4.2 2
3 BRADESCO BR DP 432,594.5 38.1 96,043.6 44.1 186,967.4 28.2 33,689.9 2,503.7 38.5 14.9 7.1 3
4 CAIXA ECONOMICA FEDERAL BR S 293,374.8 38.3 122,931.3 58.4 149,480.9 37.2 11,647.9 1,176.6 64.0 20.2 2.0 4
5 SANTANDER BRASIL BR FO 270,588.1 30.4 68,328.9 35.5 98,688.5 35.6 41,249.3 425.6 -36.9 2.1 7.3 5
6 BANAMEX MX FO 96,962.2 14.4 29,336.9 10.7 41,464.6 27.8 10,800.4 430.3 -44.7 8.0 15.6 7
7 BBVA BANCOMER MX FO 95,914.9 10.7 47,304.2 17.3 51,643.9 18.6 9,438.3 993.9 10.9 21.1 3.2 6
8 HSBC BANK BRASIL, BM BR FO 88,581.1 39.1 22,973.0 48.5 49,186.6 23.2 5,245.6 389.4 65.3 14.8 3.5 8
9 VOTORANTIM BR DP 81,960.6 38.1 11,663.5 38.0 14,266.6 14.9 5,632.1 344.6 29.7 12.2 1.0 9
10 SANTANDER MÉXICO MX FO 67,748.2 38.3 24,034.7 52.3 26,867.8 37.7 7,177.1 546.2 8.5 15.2 2.4 10
11 SAFRA BR DP 55,237.6 39.3 16,304.9 59.8 17,023.3 64.1 3,778.5 372.9 30.8 19.7 0.9 12
12 SANTANDER CHILE CL FO 52,546.9 39.0 37,108.9 39.8 28,342.8 37.1 4,042.0 553.9 18.7 27.4 2.6 13
13 MERCANTIL DEL NORTE MX DP 50,475.6 12.7 22,024.7 22.0 23,754.0 9.4 3,932.8 282.0 18.2 14.3 2.4 11
14 DE CHILE CL DP 43,133.9 33.9 33,815.0 37.6 28,183.7 32.9 3,482.7 491.8 29.5 28.2 1.0 15
15 ESTADO CL S 42,911.8 35.9 25,331.9 22.5 28,932.1 41.7 1,998.1 96.2 31.7 9.6 4.9 16
16 HSBC MÉXICO MX FO 42,262.2 28.0 15,106.6 31.2 23,225.9 28.7 3,120.7 43.5 145.2 2.8 2.5 14
17 NACIÓN ARGENTINA AR S 35,608.6 14.5 11,599.6 18.1 28,354.5 15.1 2,955.0 191.0 22.2 12.9 - 17
18 BCI CL DP 31,869.2 35.2 22,117.4 32.4 18,440.7 33.1 2,426.9 294.2 64.5 24.2 2.1 19
19 BTG PACTUAL BR DP 31,177.5 89.0 2,676.0 144.6 5,575.3 63.2 3,714.9 276.9 48.0 14.9 0.5 24
20 BANCOLOMBIA CO DP 30,698.3 35.6 21,370.22 37.8 18,183.34 25.6 4,425.34 390.40 25.0 17.6 2.1 20
21 CITIBANK BRASIL BR FO 30,589.9 18.5 5,707.7 45.5 11,151.0 36.9 2,695.8 659.0 787.2 48.9 4.3 18
22 CRÉDITO PERÚ PE DP 23,666.6 27.0 13,516.6 27.2 15,402.7 21.0 2,038.7 248.3 21.3 24.4 1.1 21
23 DE BOGOTÁ CO DP 23,018.6 38.6 13,846.21 35.1 14,386.96 22.6 4,319.60 283.73 40.4 13.1 1.9 23
24 INBURSA MX DP 22,605.3 30.7 12,595.4 -4.2 10,713.0 -1.1 4,121.4 176.6 68.4 8.6 4.2 22
25 BANRISUL BR S 22,363.0 28.0 10,822.6 41.1 12,759.9 32.7 2,663.5 206.7 82.2 15.5 1.7 -
26 SCOTIABANK INVERLAT MX FO 18,000.5 36.4 9,163.3 20.0 10,424.6 18.6 2,345.1 121.0 19.5 10.3 3.0 27
27 DAVIVIENDA CO DP 17,638.9 31.5 13,122.72 33.8 11,177.56 25.5 2,146.22 168.08 31.0 15.7 3.2 26
28 CORPBANCA CHILE CL DP 16,899.7 31.0 12,221.3 26.2 9,611.3 26.4 1,103.7 129.5 27.6 23.5 1.9 28
29 BBVA CHILE CL FO 16,063.9 18.5 11,635.6 27.0 9,000.7 13.1 1,104.9 93.0 12.9 16.8 2.1 25
30 DO NORDESTE BR S 15,813.3 43.1 6,298.1 26.3 5,619.6 47.0 1,528.7 150.9 421.8 19.7 2.9 30
31 BNP PARIBAS BR FO 15,517.6 50.2 214.9 -4.5 3,010.0 -1.6 685.9 41.3 -33.2 12.0 5.3 32
32 DE VENEZUELA SANTANDER VE FO 15,421.4 46.6 6,233.0 50.7 13,825.2 54.0 1,140.4 160.5 - 28.1 1.2 31
33 DEUTSCHE BANK BRASIL BR FO 14,971.5 74.7 447.2 18.5 2,043.5 111.9 642.0 10.4 -58.2 3.2 0.2 43
34 CONTINENTAL BBVA PE FO 14,440.5 30.3 9,663.6 27.2 9,678.8 26.1 1,121.0 191.6 16.9 34.2 0.2 29
35 DEUTSCHE BANK MÉXICO MX FO 14,357.4 365.8 47.8 7.0 158.0 - 206.1 3.2 -65.0 3.1 0.0 108
36 VOLKSWAGEN BR FO 13,858.2 34.9 10,923.7 44.0 3,562.4 2.2 1,280.4 83.4 27.2 13.0 0.6 33
37 BBVA COLOMBIA CO FO 13,026.3 29.5 9,320.90 37.5 9,150.04 30.2 1,282.05 128.70 6.5 20.1 2.2 34
38 BANESCO VE DP 12,939.2 30.3 7,388.8 29.2 11,197.0 29.5 1,136.0 142.1 51.4 25.0 1.4 35
39 PROVINCIAL VE FO 12,898.8 32.7 6,734.1 47.1 10,617.0 35.4 1,460.2 274.0 39.5 37.5 1.6 36
40 BICENTENARIO VE S 12,600.7 64.7 1,916.0 29.3 7,802.8 45.8 569.5 75.2 886.5 26.4 13.1 47
41 MERCANTIL VE DP 12,477.8 33.7 7,334.8 49.1 11,006.5 36.5 1,141.3 181.0 76.1 31.7 0.9 39
42 SCOTIABANK CHILE CL FO 11,666.8 21.5 8,706.2 19.3 5,141.9 18.6 1,167.2 85.5 84.3 14.7 6.1 38
43 ING BANK MX FO 11,616.9 52.9 348.4 -6.4 439.4 0.8 679.3 -3.8 -137.9 -1.1 0.0 49
44 REP. ORIENTAL DEL URUGUAY UY S 11,322.1 23.6 8,757.9 26.0 10,114.6 23.3 1,207.5 85.7 7.7 14.2 0.2 40
45 DE OCCIDENTE COLOMBIA CO DP 11,096.5 24.4 7,388.83 30.6 6,759.34 22.6 1,506.21 120.03 11.4 15.9 2.9 41
46 INDUSTRIAL E COMERCIAL BR DP 10,793.3 41.8 6,609.5 30.1 5,960.0 46.5 1,297.5 62.4 -12.5 9.6 1.9 48
47 HSBC PANAMÁ PA FO 10,755.9 11.2 7,002.0 15.7 8,476.9 9.0 1,584.2 49.3 45.2 6.2 - 37
48 JP MORGAN BR FO 10,347.9 55.3 342.5 255.7 525.9 104.9 927.5 30.4 57.6 6.6 0.0 54
49 SCOTIABANK PERÚ PE FO 10,338.0 25.7 5,922.9 24.5 6,786.6 19.7 1,290.5 127.9 8.8 19.8 1.2 45
50 PROVINCIA AR S 10,003.9 14.7 3,153.6 23.1 8,781.7 23.4 570.8 43.9 40.5 15.4 - 42
52 AMÉRICAECONOMÍA / 2012 - 2013
BANCOS GI.indd 52 17/8/12 16:51:51

55. ESPECIAL
LATIN AMERICA´S 250 BIGGEST BANKS BANCOS
)
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51 SANTANDER RÍO AR FO 9,986.6 30.3 5,238.9 26.7 6,832.2 31.8 836.3 90.4 -23.6 21.6 - 46
52 SICREDI BR DP 9,024.0 48.5 3,476.0 51.3 4,221.4 36.3 272.5 15.5 69.7 11.3 0.0 59
53 GENERAL PA DP 8,656.2 4.5 5,398.2 5.2 7,019.8 7.2 868.7 87.3 1.5 20.1 - 44
54 AGRARIO CO S 8,444.8 19.8 N,D, - 5,325.30 16.0 699.82 123.52 9.6 35.3 - 52
55 MACRO AR DP 8,090.3 14.1 3,843.0 29.6 5,435.3 15.9 1,074.4 62.8 -33.5 11.7 - 51
56 GALICIA AR DP 7,969.2 21.9 4,240.9 36.2 5,799.6 28.9 689.7 57.3 115.0 16.6 - 55
57 BANCOOB BR DP 7,805.1 57.2 2,432.8 50.6 5,078.7 82.6 212.0 11.5 59.3 10.9 0.0 73
58 BBVA, FRANCÉS AR FO 7,764.3 15.4 3,937.5 37.7 5,875.2 16.5 743.1 47.6 -34.6 12.8 - 53
59 BMG BR DP 7,751.2 29.3 5,502.3 39.5 4,075.3 50.7 1,363.4 13.9 -91.5 2.0 2.9 62
60 ITAÚ CHILE CL FO 7,672.8 34.5 6,273.1 42.7 4,994.2 32.1 826.1 67.2 61.6 16.3 1.1 66
61 POPULAR COLOMBIA CO DP 7,660.1 23.2 5,340.78 40.3 5,202.96 20.7 998.04 108.20 11.6 21.7 2.3 58
62 IXE MX DP 7,628.6 48.4 2,645.5 32.1 2,699.3 25.9 417.2 -0.6 -84.0 -0.3 1.0 69
63 NACIÓN PERÚ PE S 7,415.6 1.9 1,700.5 26.7 5,719.6 1.2 599.6 116.2 138.7 38.8 0.4 50
64 DEL BAJIO MX DP 7,217.8 15.6 5,236.2 9.2 4,266.6 19.2 925.5 35.9 2.2 7.8 3.2 57
65 SECURITY CL DP 7,191.4 24.1 4,633.5 31.0 4,274.9 25.3 446.4 39.9 14.9 17.9 1.4 65
66 FIBRA BR DP 7,095.8 25.6 3,150.4 29.9 3,887.5 29.6 571.1 7.7 44.6 2.7 1.2 -
67 BANK OF AMERICA MX FO 7,067.5 96.6 183.6 146.7 307.8 67.3 357.7 43.7 124.9 24.4 0.0 99
68 INTERBANK PE DP 7,026.5 15.8 4,490.2 24.9 4,610.0 6.2 580.9 90.7 13.7 31.2 1.1 60
69 DAYCOVAL BR DP 7,024.1 45.3 3,685.6 62.7 2,684.4 73.5 1,174.6 59.2 49.4 10.1 1.6 76
70 SOCIETE GENERALE BR FO 7,004.5 47.7 104.3 -61.1 803.5 -24.5 500.6 -202.4 -2,418.4 -80.9 0.0 79
71 NACIONAL C. RICA CR S 6,949.4 9.3 4,026.6 16.5 4,865.6 6.8 734.4 27.8 -2.6 7.6 3.9 56
72 INTERACCIONES MX DP 6,804.8 12.9 3,774.6 12.6 2,879.1 12.6 394.5 39.9 33.1 20.2 0.8 61
73 PANAMERICANO BR DP 6,765.5 19.0 1,888.3 -37.0 2,246.4 -29.4 959.4 24.4 154.2 5.1 21.0 67
74 NACIONAL PANAMÁ PA DP 6,739.2 13.0 2,812.6 26.1 5,830.9 14.6 553.7 48.1 -1.7 17.4 - 63
75 OCCIDENTAL DE DESCUENTO VE DP 6,688.1 13.5 3,292.9 23.9 5,210.6 25.8 587.0 74.3 34.8 25.3 4.9 64
76 MERCANTIL DO BRASIL BR DP 6,545.8 31.7 3,371.8 40.7 3,998.5 46.5 442.7 27.5 -45.0 12.4 4.7 71
77 CRUZEIRO DO SUL BR DP 6,515.2 41.3 1,081.4 46.4 2,743.3 22.8 749.2 45.0 85.3 12.0 3.3 81
78 BICE CL DP 6,327.8 29.6 4,560.2 27.4 3,795.3 23.4 505.3 50.2 59.1 19.9 0.8 75
79 AFIRME MX DP 6,293.5 97.8 810.4 14.3 1,153.5 17.2 221.0 7.8 -22.0 7.1 5.0 107
80 PICHINCHA EC DP 6,245.5 21.7 3,362.8 21.6 4,965.0 18.9 552.4 63.1 103.9 22.8 1.7 70
81 J. SAFRA BR DP 6,242.8 466.1 3,508.1 252.6 5,742.9 522.2 345.4 7.5 84.5 4.3 0.4 207
82 RABOBANK BRASIL BR FO 6,241.0 38.0 1,667.9 22.7 283.5 15.7 447.3 31.2 40.4 14.0 1.2 82
83 COLPATRIA CO DP 6,240.3 30.1 5,106.69 34.9 4,344.53 36.7 562.46 63.17 57.0 22.5 4.2 78
84 PINE BR DP 6,105.8 39.0 2,342.9 31.0 2,036.8 27.7 569.2 26.5 19.5 9.3 0.9 86
85 HELM BANK CO FO 6,091.9 69.3 4,622.79 77.2 3,907.55 57.4 634.79 34.98 8.4 11.0 2.1 98
86 DA AMAZONIA BR S 6,009.3 34.1 1,298.9 44.2 1,609.1 35.4 1,259.7 27.6 6.7 4.4 5.8 83
87 ABC BRASIL BR DP 5,951.6 20.8 3,829.2 24.1 1,731.9 3.9 908.0 48.8 44.3 10.8 0.3 74
88 AZTECA MX DP 5,951.4 13.0 2,600.3 53.4 4,467.3 10.0 446.1 29.3 21.4 13.1 3.0 68
89 HSBC ARGENTINA AR FO 5,926.4 23.5 2,887.8 29.0 4,087.5 18.6 587.0 104.8 0.3 35.7 - 77
90 BLADEX PA DP 5,870.9 32.8 4,781.8 55.2 2,123.4 38.0 701.3 42.4 91.3 12.1 - 85
91 INDUSTRIAL GUATEMALA GT DP 5,771.5 22.2 2,719.8 232.8 4,323.1 16.5 412.9 57.5 26.3 27.9 0.7 80
92 BANESTES BR S 5,618.1 8.4 895.0 - 2,294.6 - 520.6 N,D, - - 5.3 -
93 DE BRASILIA, BRB BR S 5,354.3 39.1 2,543.7 42.4 4,232.6 39.6 507.6 57.0 22.1 22.4 1.8 94
94 DEL TESORO VE S 5,060.9 48.9 1,117.4 92.4 3,316.6 67.7 307.2 78.8 483.4 51.3 8.0 104
95 FIAT BR FO 5,057.6 67.3 4,079.2 75.7 3,809.5 57.6 678.2 54.1 35.6 16.0 0.8 110
96 POPULAR DOMINICANO DO DP 5,017.5 12.2 3,123.9 15.7 3,425.8 11.7 396.2 55.6 12.3 28.1 0.7 84
97 GNB SUDAMERIS CO FO 4,981.2 19.1 2,168.97 22.8 2,964.8 16.7 325.36 31.24 -10.3 19.2 1.6 88
98 DE COSTA RICA CR S 4,949.0 15.2 2,999.1 24.5 3,618.3 18.3 576.2 23.4 -5.3 8.1 2.5 87
99 DE RESERVAS DO DP 4,902.8 -1.2 3,026.9 -12.5 2,641.2 3.2 390.2 40.5 -6.3 20.8 2.0 72
100 MERCEDES-BENZ BR FO 4,891.9 40.3 4,405.8 50.9 27.4 -45.0 685.6 38.3 98.0 11.2 0.3 100
2012 - 2013 / AMÉRICAECONOMÍA 53
BANCOS GI.indd 53 17/8/12 16:51:56

56. Do you know how much will be spent
daily in cloud-based services?
Tech investment in cloud-based
services will triple, reaching
US$ 44 billion
in 2013
Source: IDC
INHOUSE engAETECNO 2 PAG.indd 2 17/08/2012 15:12:26

57. Learn this and more
The first regional web portal
devoted to business-oriented
telecom and information technology
services in Latin America.
News, tutorials, events,
surveys, communities, company
directories and industry providers A valuable tool for CEOs,
directors, managers and
professionals who look for
updated information on
innovation and IT trends
www.aetecno.com
A product of
INHOUSE engAETECNO 2 PAG.indd 3 17/08/2012 15:14:23

58. BANKING
SPECIAL LATIN AMERICA´S 250 BIGGEST BANKS
)
FO ON S$ UNE
%
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101 BCSC CO DP 4,823.2 20.1 2,827.88 9.5 3,923.8 16.5 536.05 56.72 32.6 21.2 4.9 91
102 CIUDAD AR DP 4,557.2 9.0 2,698.2 26.7 3,681.6 10.1 598.3 56.6 2.7 18.9 - 89
103 SANTANDER URUGUAY UY FO 4,536.2 15.0 3,490.1 13.0 4,089.0 16.4 447.3 13.5 -57.9 6.0 0.1 92
104 GMAC BR FO 4,506.0 11.3 1,498.8 28.9 1,375.8 43.2 796.2 52.1 71.3 13.1 2.0 90
105 BANREGIO MX DP 4,487.2 47.1 1,776.9 31.7 1,592.6 27.2 276.3 25.9 140.5 18.8 1.8 109
106 CITIBANK N.A ARGENTINA AR FO 4,351.7 12.5 2,044.5 23.0 2,559.5 16.0 604.5 29.5 -51.7 9.8 - 93
107 EXTERIOR VE DP 4,341.9 49.9 2,767.2 58.0 3,893.2 54.1 354.7 81.9 42.1 46.2 0.5 111
108 CREDICOOP AR DP 4,276.2 23.2 1,939.4 30.1 3,719.8 25.7 315.0 41.6 36.3 26.4 - 101
109 G & T CONTINENTAL GT DP 4,183.8 12.7 1,938.1 220.5 3,157.4 14.4 333.9 43.8 64.3 26.3 1.6 97
110 INDUSTRIAL DE VENEZUELA VE S 4,175.0 65.6 224.7 26.0 2,560.7 43.7 172.1 3.6 -74.0 4.1 43.4 123
111 CRÉDITO DEL PERÚ PANAMÁ PA FO 4,076.1 52.2 3,823.7 48.1 169.1 87.3 73.1 16.6 385.2 45.4 - 118
112 CITIBANK COLOMBIA CO FO 4,069.8 7.2 2,580.04 19.3 2,626.71 12.9 746.52 37.21 -2.1 10.0 3.4 95
113 AV VILLAS CO DP 3,975.6 16.5 2,605.63 14.0 3,168.69 24.3 486.37 42.03 23.2 17.3 3.2 103
114 BARCLAYS BRASIL BR FO 3,923.5 93.2 N,D, - 472.1 118.1 467.8 24.6 -32.8 10.5 - 139
115 DEL DESARROLLO RURAL GT DP 3,906.7 21.6 2,383.6 419.9 3,263.9 26.2 460.1 55.3 32.7 24.0 0.9 106
116 SANTANDER COLOMBIA CO FO 3,882.7 12.8 2,687.84 26.7 2,498.67 13.1 409.14 34.30 24.5 16.8 1.8 102
117 BANCARIBE VE DP 3,829.6 38.0 2,573.7 55.7 3,358.7 43.4 336.9 66.9 71.2 39.7 0.5 115
118 BVA BR DP 3,715.3 69.5 2,492.9 111.4 2,502.1 53.1 355.0 24.2 -13.3 13.6 0.4 133
119 BANCOLOMBIA PANAMÁ PA FO 3,639.2 26.5 1,861.1 30.5 2,106.4 19.5 514.5 105.0 42.4 40.8 - 112
120 PATAGONIA AR DP 3,627.2 45.5 1,826.9 44.2 2,627.4 51.1 543.8 29.6 -17.5 10.9 - 125
121 AGRICOLA SV DP 3,583.5 -3.5 2,390.8 0.5 2,531.17 -4.1 560.34 61.20 61.7 21.8 3.2 96
122 STANDAR BANK AR FO 3,555.9 28.3 1,746.2 23.5 2,606.4 32.3 269.9 6.4 2.6 4.8 - 116
123 MIFEL MX DP 3,519.7 34.4 1,137.2 -2.0 1,908.1 48.6 114.4 4.2 -13.6 7.3 4.2 120
124 IBI BM BR DP 3,519.4 28.4 1,308.1 23.2 52.6 -66.8 1,668.0 96.1 -38.0 11.5 39.3 117
125 SOFISA BR DP 3,471.4 6.4 1,045.3 -15.4 1,500.3 10.8 497.4 5.3 286.6 2.1 4.0 105
126 BBM BR DP 3,320.4 16.0 266.5 33.4 421.7 35.2 336.1 17.2 605.6 10.2 9.3 113
127 POPULAR C. RICA CR DP 3,195.1 21.6 2,075.1 17.8 2,265.2 21.6 627.9 39.4 147.0 12.5 2.8 119
128 CLASSICO BR DP 3,190.6 23.3 0.4 -40.0 0.1 -82.0 2,524.6 -40.8 -553.4 -3.2 0.0 121
129 FIDIS BR DP 3,095.8 38.9 2,713.8 41.6 2,105.4 29.7 261.0 20.0 107.0 15.3 0.4 131
130 CORP BANCA VENEZUELA VE FO 3,065.4 21.0 1,926.8 23.2 2,416.4 34.9 236.6 36.7 137.8 31.0 3.6 122
131 GLOBAL BANK PA DP 3,045.5 21.1 2,419.7 42.6 2,247.4 22.6 237.5 3.8 -61.6 3.2 - 124
132 DEUTSCHE BANK CHILE CL FO 2,979.1 27.5 - - 685.9 0.1 201.2 20.2 -7.3 20.1 - 128
133 JP MORGAN MX FO 2,954.8 67.8 10.7 27.9 38.9 -34.1 363.7 -5.9 -183.1 -3.3 0.0 150
134 LAGE DE LANDEN BR FO 2,889.4 36.9 2,442.7 31.9 32.9 - 306.4 -10.7 -289.1 -7.0 2.0 137
135 GUAYAQUIL EC DP 2,856.2 18.0 1,478.2 25.1 2,177.4 20.9 218.3 25.5 55.7 23.4 1.1 126
136 INDUSVAL BR DP 2,828.5 65.7 904.3 31.1 956.0 26.8 361.2 -37.6 -2,306.8 -20.8 5.3 153
137 HIPOTECARIO AR DP 2,800.6 0.9 1,252.5 13.2 1,286.7 22.7 736.1 11.5 9.8 3.1 - 114
138 PACÍFICO EC DP 2,687.9 22.6 1,234.9 36.6 2,207.2 23.1 333.7 25.0 - 15.0 0.6 132
139 COMERCIAL BHD DO DP 2,671.8 10.5 1,304.5 9.1 1,151.0 6.2 255.4 41.0 -1.3 32.1 2.0 127
140 RURAL BR DP 2,671.6 22.9 1,589.1 51.0 1,862.6 24.9 256.6 -7.1 -158.1 -5.6 0.0 134
141 HSBC CHILE CL FO 2,569.3 24.1 504.2 7.8 1,248.8 15.1 192.2 -8.0 -589.6 -8.3 - 138
142 INVEX MX DP 2,546.7 39.5 643.0 19.0 753.3 38.3 206.9 7.2 9.2 7.0 2.0 146
143 BBVA URUGUAY UY FO 2,542.1 167.9 2,078.9 152.8 2,353.1 167.8 189.0 -14.6 -2,401.7 -15.5 0.2 228
144 BAC INTERNACIONAL PA FO 2,524.0 10.9 1,012.4 3.5 1,482.1 19.7 973.5 101.3 17.8 20.8 - 130
145 NACIONAL DE CRÉDITO VE DP 2,478.2 38.1 1,260.5 45.7 2,198.9 46.4 233.0 19.7 301.4 16.9 3.2 148
146 MORGAN ST. DEAN BR FO 2,420.1 39.8 N,D, - 705.4 0.4 582.2 29.2 -18.1 10.0 - 151
147 FALABELLA CL DP 2,419.9 43.8 1,755.2 45.2 1,271.8 67.5 238.6 24.9 49.9 20.9 3.6 156
148 ATLÁNTIDA HN DP 2,402.0 23.9 1,255.6 10.7 1,562.8 21.2 218.8 13.7 -9.8 12.5 1.7 141
149 MONEX MX DP 2,394.8 45.7 261.4 65.6 268.9 54.9 196.4 28.4 28.1 28.9 1.5 157
150 CNH CAPITAL BR FO 2,360.5 11.0 1,445.9 22.6 339.9 -38.4 626.2 47.5 277.3 15.2 14.6 136
56 AMÉRICAECONOMÍA / 2012 - 2013
BANCOS GI.indd 56 17/8/12 16:52:00

59. ESPECIAL
LATIN AMERICA´S 250 BIGGEST BANKS BANCOS
)
E
%
FO ON S$ UN
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151 BAC SAN JOSÉ CR FO 2,312.2 13.9 1,693.9 17.1 1,600.2 3.3 256.3 22.9 158.0 17.9 0.6 140
152 DE CÓRDOBA AR FO 2,210.1 34.4 943.8 28.8 1,863.1 35.1 101.7 6.1 154.3 11.9 - 158
153 ITAÚ URUGUAY UY FO 2,204.8 27.5 1,587.1 40.9 2,081.1 28.7 123.8 -5.9 -156.8 -9.6 0.1 152
154 HSBC FINANCE BM BR FO 2,155.4 40.6 1,028.7 54.2 987.4 52.1 1,055.9 131.3 145.6 24.9 0.5 167
155 BBVA PANAMÁ PA FO 2,149.3 6,198.6 1,638.4 7,847.7 1,672.1 7,188.9 295.0 20.1 -3.5 13.6 - -
156 NVO. DE SANTA FE AR DP 2,091.4 8.3 1,107.4 31.9 1,484.5 3.0 235.1 24.5 -28.9 20.8 - 142
157 AGRÍCOLA DE VENEZUELA VE DP 2,075.0 86.3 930.9 29.5 393.8 30.7 169.9 0.9 43.4 1.0 32.0 204
158 CITIBANK EL SALVADOR SV FO 2,074.3 -10.8 1,114.1 -14.4 1,589.2 -1.6 331.65 10.52 500.2 6.3 6.1 129
159 BANKPAR BR DP 2,068.8 34.2 198.1 13.4 545.8 26.8 104.7 13.1 60.3 25.0 57.3 166
160 BGN BR DP 2,058.8 28.7 1,345.8 30.3 1,439.6 34.3 532.7 2.9 -87.5 1.1 1.3 161
161 BARCLAYS MÉXICO MX FO 2,056.9 64.7 0.0 - 0.0 - 225.3 49.1 - 43.6 - 193
162 PRODUBANCO EC DP 2,046.5 12.2 927.2 11.2 1,650.2 8.6 176.5 15.0 - 17.0 0.5 147
163 INTERNACIONAL CHILE CL DP 2,039.9 57.1 1,419.7 63.8 1,539.2 62.8 113.2 10.0 63.7 17.7 1.1 188
164 SCOTIABANK C. RICA CR FO 2,017.4 10.4 1,452.0 8.7 1,596.3 4.7 237.3 1.8 447.4 1.5 2.0 145
165 DE OCCIDENTE HONDURAS HN DP 1,996.5 23.0 883.4 6.6 1,519.5 24.6 148.8 12.2 6.4 16.3 2.3 160
166 FICOHSA HN DP 1,993.7 18.3 1,113.5 14.8 1,120.3 25.8 173.6 13.2 22.8 15.2 0.3 155
167 TOKYO-MITSUBISHI UFJ BR FO 1,971.7 91.1 97.9 91.2 287.5 26.0 664.6 0.7 -56.5 0.2 0.0 214
168 BANESCO PA FO 1,958.3 56.7 766.1 56.4 1,731.2 60.3 180.5 21.7 60.8 24.0 - 192
169 MULTIBANK PA DP 1,931.2 21.1 1,137.5 21.0 1,446.6 15.6 195.2 9.3 -14.1 9.5 - 163
170 GOLDMANSACHSDOBRASILBM BR FO 1,889.2 91.3 N,D, - 160.5 117.6 291.7 291.7 808.1 200.0 - 225
171 HSBC EL SALVADOR SV FO 1,883.5 2.2 1,194.7 4.5 1,370.7 6.0 258.67 6.88 5.9 5.3 5.3 144
172 SUPERVIELLE AR DP 1,881.7 43.7 1,130.6 60.3 1,459.3 50.0 164.2 11.5 23.0 14.0 - 185
173 PARANA BR DP 1,860.9 44.4 1,094.4 40.5 941.6 44.0 695.9 181.7 817.2 52.2 6.9 189
174 VENEZOLANO DE CRÉDITO VE DP 1,847.9 36.4 721.0 50.6 1,591.2 40.1 210.3 33.4 84.0 31.8 0.3 180
175 SCOTIABANK EL SALVADOR SV FO 1,813.9 -6.0 1,337.4 -5.4 1,250.9 -10.2 216.17 7.42 109.4 6.9 5.4 143
176 BAC HONDURAS HN DP 1,800.3 1.3 905.6 2.9 938.1 3.6 163.6 11.7 23.2 14.3 0.7 149
177 INTER. DE FINANZAS PE DP 1,798.9 17.7 1,157.1 19.5 1,224.5 9.3 126.3 10.7 13.1 16.9 0.6 168
178 WESTLB BR FO 1,789.4 9.0 212.7 -43.6 167.4 -28.7 322.7 6.7 207.2 4.1 2.0 159
179 BANESE BR S 1,749.9 29.4 818.3 69.0 1,322.9 16.2 127.6 24.5 143.9 38.4 1.1 -
180 CSF BR DP 1,746.1 24.4 313.1 15.9 150.8 -27.2 378.1 21.7 -37.5 11.5 74.0 175
181 CACIQUE BR DP 1,742.5 9.1 1,247.3 32.9 1,234.3 26.2 70.8 70.8 14,772.1 200.0 2.1 162
182 MI BANCO PE DP 1,741.5 23.1 1,311.2 18.2 1,190.4 34.5 147.0 17.9 -8.6 24.4 2.4 174
183 DE LA PRODUCCIÓN NI DP 1,728.9 45.0 501.0 6.2 1,437.1 55.6 110.8 9.1 62.3 16.3 2.9 197
184 MERCANTIL STA. CRUZ BO DP 1,714.1 1.3 999.8 28.1 1,519.6 1.6 128.1 10.8 20.0 16.9 0.2 154
185 CAJA DE AHORROS PA S 1,713.4 7.6 1,209.6 10.9 1,390.0 8.0 205.9 2.9 -75.3 2.8 - 164
186 TOYOTA BR FO 1,710.6 22.7 1,133.0 40.1 615.7 -33.6 184.2 13.8 -20.4 15.0 0.4 177
187 FONDO COMÚN VE DP 1,706.9 21.7 721.3 8.4 1,508.8 22.4 180.0 5.1 125.6 5.6 1.5 176
188 BOLIVARIANO EC DP 1,692.2 16.1 835.8 22.8 1,410.5 14.4 135.6 11.9 - 17.6 0.4 170
189 AGROMERCANTIL GT DP 1,658.7 22.7 943.8 303.6 1,371.2 25.2 133.9 11.3 10.3 16.8 2.9 181
190 INTERNACIONAL ECUADOR EC DP 1,655.8 13.0 883.2 16.7 1,437.2 13.3 136.4 12.8 - 18.8 0.6 169
191 THE BANK OF NOVA SCOTIA PA FO 1,625.0 2.9 1,365.6 11.8 1,565.8 3.9 17.6 19.1 7.4 217.1 - 165
192 CITIBANK N.A. BRASIL BR FO 1,618.9 36.2 42.8 -47.0 N,D, - 732.2 72.7 435.3 19.9 0.0 198
193 NVO. COMERCIAL UY FO 1,614.9 18.2 1,230.9 29.8 1,415.0 18.2 199.8 -2.0 -225.3 -2.0 0.3 179
194 BONSUCESSO BR DP 1,608.5 42.3 970.7 49.3 1,009.0 46.7 259.8 18.8 -43.8 14.5 2.2 203
195 BANPARA BR S 1,579.8 48.2 605.4 41.5 1,296.0 50.7 194.4 26.0 50.7 26.7 1.0 -
196 IBM BR FO 1,537.2 40.9 100.8 -19.1 827.6 121.2 163.0 6.1 8.3 7.5 3.1 208
197 CITIBANK PERÚ PE FO 1,519.9 22.6 650.6 2.4 1,067.0 30.0 206.6 13.2 78.3 12.8 1.8 194
198 INDUSTRIAL BRASIL BR DP 1,508.4 30.8 786.9 45.9 722.1 37.3 264.3 4.5 -3.9 3.4 2.1 202
199 BOAVISTA INTERATLANTICO BR DP 1,505.5 28.5 2.3 173.7 N,D, - 1,306.4 36.2 48.6 5.5 35.5 201
200 ITAÚ ARGENTINA AR FO 1,504.0 5.3 918.7 19.3 1,068.2 10.4 141.2 -5.7 -62.9 -8.1 - 172
2012 - 2013 / AMÉRICAECONOMÍA 57
BANCOS GI.indd 57 17/8/12 16:52:05

60. BANKING
SPECIAL LATIN AMERICA´S 250 BIGGEST BANKS
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201 ALIADO PA DP 1,501.8 15.4 935.4 24.3 1,217.2 13.9 144.3 6.7 15.4 9.2 - 187
202 NACIONAL DE BOLIVIA BO DP 1,471.0 3.1 863.1 28.0 1,207.7 -2.0 116.9 12.2 13.6 21.0 0.7 173
203 BANIF BR FO 1,458.9 36.7 679.8 30.1 754.1 45.5 114.6 1.3 -30.4 2.3 9.9 210
204 CARONÍ VE DP 1,455.8 9.5 403.4 -6.1 1,265.6 6.9 167.2 3.7 -65.3 4.5 3.7 184
205 HSBC C. RICA CR FO 1,428.1 6.2 862.2 -3.1 1,088.4 2.7 153.7 2.6 -63.2 3.4 1.9 182
206 FINANCIERO PE DP 1,423.4 28.3 937.9 21.8 947.1 30.6 126.4 5.5 -4.7 8.7 1.4 205
207 AMERICAN EXPRESS MX FO 1,416.5 16.9 597.5 -2.0 578.4 7.1 301.9 34.3 73.2 22.7 4.9 195
208 JOHN DEERE BR FO 1,401.7 41.8 1,317.6 430.0 27.1 -96.4 197.0 13.2 -16.7 13.4 0.7 223
209 BISA BO DP 1,390.1 4.3 618.7 24.0 1,145.9 6.0 140.7 7.3 -43.6 10.4 0.2 183
210 RABOBANK CHILE CL FO 1,389.8 28.5 897.4 54.7 322.0 -25.6 123.6 0.3 106.3 0.5 1.3 209
211 CITIBANK N.A. URUGUAY UY FO 1,322.4 83.7 1,074.5 65.6 1,248.0 90.1 74.4 5.3 -13.8 14.3 0.0 -
212 BICSA PA FO 1,313.9 39.2 880.9 31.6 724.6 26.9 134.5 7.5 11.8 11.2 - 229
213 HSBC COLOMBIA CO FO 1,296.4 46.6 847.2 50.7 638.4 18.0 122.9 -17.9 -71.2 -29.2 4.0 -
214 VOLVO BR FO 1,288.4 6.3 984.0 11.9 122.3 -40.9 276.8 19.3 -29.8 14.0 1.3 196
215 BANSI MX DP 1,262.3 -1.3 518.2 17.3 406.9 10.3 95.8 4.1 -11.6 8.6 3.2 190
216 MULTIVA MX DP 1,260.2 -12.9 691.6 45.7 792.1 56.5 157.2 1.3 -57.3 1.7 3.3 171
217 DEL PAÍS HN DP 1,257.1 23.6 836.9 20.7 850.2 29.2 115.0 12.0 17.2 20.9 0.3 217
218 CIBANCO MX DP 1,231.7 105.2 191.7 581.9 675.3 211.6 65.8 2.9 -30.2 8.8 0.1 -
219 HSBC BANK PERÚ PE FO 1,213.8 20.2 654.1 5.1 904.2 95.6 111.4 -9.3 -2.5 -16.7 2.8 218
220 HONDA BR FO 1,204.9 26.1 1,110.9 27.0 988.0 22.4 143.7 15.9 40.0 22.2 1.1 227
221 HSBC HONDURAS HN FO 1,204.6 15.5 527.6 -1.8 715.6 12.4 95.6 0.6 -56.5 1.3 1.8 212
222 TRIANGULO BR DP 1,199.0 19.3 708.4 25.5 744.3 19.4 236.3 12.6 -1.5 10.7 7.0 219
223 AGRÍCOLA DE CARTAGO CR DP 1,196.5 16.5 462.0 21.8 1,018.0 15.9 92.8 7.3 51.9 15.7 2.0 -
224 FATOR BR DP 1,184.0 70.9 75.4 50.7 303.8 62.8 269.8 -3.3 -129.4 -2.4 1.3 -
225 BAC EL SALVADOR SV DP 1,183.7 0.5 782.67 1.3 936.32 6.9 130.13 10.03 41.4 15.4 2.7 200
226 VE POR MÁS MX DP 1,169.0 17.1 736.9 11.6 642.8 15.1 98.1 4.2 80.8 8.5 1.6 220
227 SCOTIABANK REP. DOM. DO FO 1,158.4 8.7 771.5 11.5 930.1 6.0 197.0 16.4 8.1 16.6 2.4 211
228 REFORMADOR GT DP 1,151.3 19.0 650.6 300.0 912.6 14.4 105.6 7.5 10.8 14.3 3.2 226
229 COMAFI AR DP 1,147.0 12.8 589.7 23.0 868.6 22.3 93.9 16.7 -5.4 35.5 - 216
230 SAN JUAN AR DP 1,141.5 36.6 144.3 33.1 714.3 48.0 268.6 29.0 -26.0 21.6 - 237
231 ES BANK PA DP 1,125.3 9.8 1,109.0 10.7 1,056.9 9.2 65.0 7.6 150.2 23.4 - 215
232 BANCENTRO NI DP 1,121.5 -12.2 448.5 14.2 848.2 -16.8 98.7 7.4 32.3 14.9 1.7 191
233 COMPARTAMOS MX DP 1,099.8 41.6 966.1 48.6 241.8 69.2 515.4 86.1 26.0 33.4 1.9 247
234 CRÉDITO BOLIVIA BO FO 1,089.7 16.1 638.2 29.4 942.6 18.5 92.2 6.4 -19.3 13.8 0.4 230
235 LEON DO DP 1,077.8 3.4 610.6 -6.7 877.4 8.0 97.6 6.8 -24.3 13.8 1.8 213
236 CREDIT SUISSE MX FO 1,077.3 21.6 0.0 - 66.1 -9.9 166.1 5.8 217.9 6.9 - 233
237 BANCOOMEVA CO DP 1,074.3 - 999.6 - 482.3 - 82.5 3.4 - 8.3 4.8 -
238 AHORRO FAMSA MX DP 1,051.7 25.7 824.2 27.0 817.1 30.8 162.7 22.0 22.2 27.1 14.3 236
239 PSA FINANCE BR FO 1,035.0 10.6 906.5 28.6 613.8 -9.2 182.0 4.8 -0.8 5.3 4.4 231
240 CREDICORP PA FO 1,033.6 3.6 574.8 7.1 858.2 2.4 119.5 8.1 39.4 13.6 - 221
241 CITIBANK N.A. GUATEMALA GT FO 1,023.9 15.9 455.6 -5.3 633.2 -4.9 129.2 14.9 54.7 23.1 7.8 234
242 CITIBANK PANAMÁ PA FO 1,015.7 -26.2 676.0 -10.7 823.0 -28.3 136.8 2.8 -23.5 4.0 - 178
243 CITIBANK VENEZUELA VE FO 1,015.5 -8.4 415.9 30.7 765.6 -1.0 171.1 18.8 1,240.3 22.0 2.4 206
244 PAULISTA BR DP 1,001.4 14.3 217.3 20.2 474.1 44.1 74.7 4.0 183.4 10.6 3.1 235
245 BANCOPPEL MX DP 992.6 63.3 311.4 98.9 854.1 63.6 115.6 0.3 103.1 0.5 20.8 -
246 ING BANK BR FO 984.8 -16.7 136.4 17.6 260.3 -9.0 340.5 17.8 112.2 10.5 3.1 199
247 DE LOS TRABAJADORES GT DP 957.7 28.1 521.0 424.5 803.9 30.2 79.8 6.7 11.1 16.7 3.4 248
248 AUSTRO EC DP 951.4 19.8 559.7 23.2 812.1 18.8 76.5 8.2 - 21.4 2.8 244
249 DISCOUNT UY FO 947.5 19.3 315.9 27.3 868.6 19.4 78.9 -1.1 -117.4 -2.9 0.1 243
250 HSBC BANK URUGUAY UY FO 925.4 34.8 705.6 32.8 875.0 35.2 50.4 -9.4 -323.5 -37.3 0.0 -
58 AMÉRICAECONOMÍA / 2012 - 2013
BANCOS GI.indd 58 17/8/12 16:52:10

61. BASE PAGINA COMPLETA.indd 1 16/08/2012 12:18:51

62. AméricaEconomía THE GLOBAL ISSUE 2012 - 2013
LOMO_GLOBAL.pdf