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CONTENIDO

2012 - 2013 / AMÉRICAECONOMÍA 3


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CHINA`S LABYRINTHVery few Latin American companies have succeeded in selling something beyond commodities. Why?

AFTER THE BONANZALatin America`s largest companies showed a strong if slower growth in 2011.

AMERICAECONOMIA´S 500 From Big Oil to mega retailers and telcos, meet Latin America`s biggest corporate players .

THE NEW MBALatin America`s best Business Schools face a new challenge: how to innovate.

THE B-SCHOOL’S WHO’S WHOThe region`s best school ranked by faculty, publications, global net-works and other relevant criteria.

SEND US YOUR TALENTA growing number of global Business Schools are focusing their attention to Latin American students.

GO WEST, YOUNG MANAn increasing number of Latin American companies are becoming full-fl edged multilationals.

MEET THE MULTILATINAHow much do they sell, invest and hire? Where? The new Latin global players are a force to reckon.

IN THOU WE TRUSTBig global banks are suffering their worst times ever. Latin American banks are booming. For how long?

LET THE GOOD TIMES ROLLThe region´s 250 largest banks ranked by assets and other fi nancial ratios.

CONTENIDO GI.indd 3 17/8/12 16:38:04

MEMO

4 AMÉRICAECONOMÍA / 2012 - 2013

Elías Selman C.Publisher & editor

Elías Selman C.

PUBLISHER & EDITORElías Selman C.

EXECUTIVE EDITOR Carlos Tromben

ART DIRECTORÁlvaro Araya Urquiza

DEPUTY EDITORRodrigo Lara Serrano

EDITORS Fernando Chevarría (Lima)Paula Pacheco (São Paulo)Samuel Silva (Santiago)Gisela Raymond (Guayaquil)

REPORTERSXimena Bravo, David Cornejo y Tamara Muñoz (Santiago), Graziele Dal-Bo (São Paulo), María Cristina Prezet y Natalia Vera (Lima), David Santa Cruz (Mexico City), Jenny C. González (Bogota), Gonzalo León (Buenos Aires), Hebe Schmidt (Madrid), Loreto Urbina (London), Montserrat Nicolás (Washington D.C.)

CONSEJEROS EDITORIALES Peter Hakim (Washington), Enrique García (Caracas)

PHOTOGRAPHY EDITORMiguel CandiaDESIGNERS César Leyton y Pablo ReyesILLUSTRATIONS Patricio OtnielPROOF READER Mario Pozo V.

AMÉRICAECONOMÍA INTELLIGENCE(surveys and Special Pojects)DIRECTOR Jaime Contreras SoriaSENIOR RESEARCHER Andrés AlmeidaFINANCE RESEARCHERCatherine Lacourt

AMÉRICAECONOMÍA.COMEDITORLino Solís de OvandoJOURNALISTS Daniela Arce, Alejandra Araya, Patricio Díaz, Gastón Meza, Pablo Albarracín, Christopher Holloway, Jennifer Roig, Loreto Oda, David Montolio.DEVELOPMENT Leonardo Cabrera, Richard Suing, Óscar Quiroz, Carla Vilches.

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AMÉRICAECONOMÍA is published monthly by Nanbei Ltd. Printed in Gráfi ca Andes, postage paid. Periodical publication. Registry PP09-0011. Certifi cate of lawfulness Title Nº 4090. Certifi cate of content lawfulness Nº 3346. AMÉRICAECONOMÍA is a Nanbei Ltd. monthly publication.AMÉRICAECONOMÍA magazine (USPS #023106) is published monthly in Santiago, Chile by AMÉRICAECONOMÍA. AMÉRICAECONOMÍA is distributed in the United States by DL Distribution Group, 7301 SW 100 Ct, Miami, FL. 33173-4651 PH: (305) 595-5505. Periodicals Postage paid at Miami, Florida. POSTMASTER: send address changes to DL DISTRIBUTION GROUP 7301 Miami, FL 33173-4651

NEW CHALLENGESon their pension systems. Cities may experience an increase in drug-related violence (if authorities fail to tackle the status quo). Many regions are facing severe water shortages.

This is the environment in which AméricaEconomía operates, providing its readers with insightful information, analysis and news from

a Latin American perspective. The www.americaeconomia.com news site and AméricaEconomía’s regional and local stories offer the clearest window through which to observe Latin American business.

This Global Issue is a compilation of AméricaEconomía’s best-selling products, rankings and news stories. You will fi nd the region’s largest

companies, ranked by revenue and other indicators, the best MBA programs and business schools, and the Multilatinas ranking, a Who’s Who of Latin America’s most-globalized business groups and companies.

Go on. You won’t regret it.

Over the last 25 years, but especially from the late nineteen nineties onwards,

Latin America underwent some of the most dramatic changes in its history. Democracy was restored, economies were opened up, and tariff barriers lowered. Latin American governments on the left and right deregulated markets, while introducing strict rules on banking (a precaution that has paid off today). China was not on anyone’s radar back then, but it is now fueling one of the most sustained periods of economic growth in Latin America.

Latin Americans are now healthier, richer, but also more critical of their political institutions, and more demanding as consumers and citizens. Millions of Latin Americans are fi rst-generation professionals; they are the major force behind both the region’s consumer boom and declining birth rates.

But this bonanza could end badly if Latin America does not prepare for the future. The region’s commodity-driven boom is suffocating innovation, exposing its economies to the dreaded Dutch disease, and leaving major environmental liabilities for future generations to clean up. Twenty or thirty years from now, major Latin American countries will pass demographic thresholds which will put pressure


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RESTRICTEDLatin 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

At first sight, Harbin is not a typical Chinese city. Located in the northeast of the coun-try, its architecture and street plan, marked with wide boulevards and Orthodox churches, bear

witness to the thousands of expatriated Russians who arrived before and after the Bolshevik Revolution of 1917. But its Siberian climate (which allows it to hold one of the world’s most famous ice sculpture festivals) is not exactly the right one to lift the spirits of the seven Brazilian employees of airplane maker Embraer. Especially given that its fac-tory in the city has not been very active since April 2011.

Like other industrial firms from Latin America which set up shop in China in a bid to participate in the expansion of this enormous market, Embraer’s Chi-nese operations have been trapped in a labyrinth of regulations, permits and political shenanigans which have kept it a heartbeat away from definite closure for months.

It is an unusual situation for a company which has become the pride of Brazilian industry, building up a position in the global market for regional jets - aircraft with up to fifty seats, such as Embraer’s ERJ-150. In China, Embraer produced these airplanes in association with the

local firm Aviation Industry Corporation of China (AVIC). However, as oil prices rose, the jets become less competitive and they decided to halt production. Embraer’s plan was to use the plant in frozen Harbin to build bigger, more sophisticated aircraft, like the ERJ-190, which can carry up to 100 passengers. However, it never obtained authoriza-tion from the Chinese government to build it there. Without approval, the plant in Harbin was destined to fail and only intervention by Brazilian president Dilma Rousseff during her official visit to China last April resur-rected the possibility of definitive approval which has still not been granted.

Embraer’s diffi-culties in China are no exception. The Eastern giant has be-come one of Latin America’s biggest trading partners, with annual trade hitting US$200 billion, and several companies from the region have taken the plunge of investing directly in China. But they have little to show for their efforts.

Many have even preferred to with-draw. They include Argentina’s IMPSA, the industrial arm of the powerful Pes-

carmona family, which has become in recent years a successful producer of turbines for hydroelectric and wind en-ergy projects. In the nineteen eighties, it became a leading global producer of port cranes, the enormous structures which can load and unload containers in just a few minutes. The firm opened offices in Hong Kong and Beijing in order to attack the Chinese market.

“Our first project in China was to supply cranes to the Port of Shanghai,” says the company’s vice-president Sofia Pescarmona. “We began building with

a Chinese subcon-tractor and the added value parts we did in Mendoza.”

However, the company was soon in trouble with the Chinese contractor which became a com-petitor and, in 1992, founded Shanghai Zhenhua Port Ma-chinery (SZPM). “It received huge subsi-dies from the Chinese

state, they gave them a port, ten vessels, and very cheap money, and it was prac-tically impossible for us and the rest of the world’s suppliers to compete,” recalls Pescarmona. Today, SZPM has more than 70% of the global market for

In Latin America, business and friendship are kept separate: in China, doing business means exchanging favors.

CHINA GI.indd 7 17/8/12 16:40:02

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 that of Beijing Copper Tube, a corpora-tion created in 1987 between Chilean mining firm Codelco, Chilean copper tube and cable fabricator Madeco and the Chinese government to produce copper tube in a city which had previously only produced lead pipe. The promising deal was one of the steps which led Chile to become the first country in the world to recognize China as a market economy which helped its subsequent accession to the World Trade Organization.

However, faced with the joint venture’s poor results, the Chil-ean companies pulled out in 1991, selling their shares to the Chi-nese government.

For Osvaldo Rosa-les, director of foreign trade at the United Nations’ Economic Commission for Lat-in America and the Caribbean, the pivot shift in international economic relations poses a huge chal-lenge to Latin American governments and business.

“One possible stance is passive: let China drag us along, which is what they are doing,” says Rosales. “Another is to try and participate in the Asian value chains which are built around China.”

Dilma Rousseff in Beijing: put-ting in a word for Embraer

China’s vocation is to be an industrial producer with high added value, but it is a highly nuanced market.

But putting this into practice is harder than it sounds. Despite an auspicious name for the Chinese market, the Brazil-ian bus maker Marcopolo has not been able to repeat in China the production models which it has successfully trans-planted to South Africa, Egypt and, most

recently, India. “China is the on-

ly one of our plants in which we do not make buses, we just produce parts and pieces,” says Rubens de la Rosa, Marco-polo’s Brazilian chief executive. “Why do we not have the same authorizations as lo-cal producers? Hav-ing volume is a big competitive advan-

tage and China does not share it.”

COMING AND GOINGThe problem is that the powerful model of industrialization which China is pursuing is very different from that which has produced numerous success stories in Latin America. Embraer is

a clear example. “Embraer is a great company thanks to its declared aim of buying in the best parts and systems for its airplanes,” says Richard Abulafia, vice-president of the Teal Group, an aerospace and defense industry consul-tancy. “China, on the other hand, buys parts and systems from anyone who is prepared to hand over its technology, just like the former USSR used to do.” IMPSA’s Sofia Pescarmona makes a similar argument. “China will not let us produce in their country unless we give up our knowledge, which it has cost us a great deal to develop over the last hundred years. We prefer not to,” she says.

China experts explain that cultural differences lie behind many of the problems faced by Latin American firms which have tried to break into the country which refers to itself as the Middle Kingdom. That concept reduces the rest of the world to a periphery on the outside trying to look in.

“They remember that there have only been 200 years in the history of mankind in which China and India were not the main powers,” says ECLAC’s Rosales.

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CHINA


To a culture which has seen Dutch, Portuguese and British merchants come and go, the West’s economic presence looks like another passing fad. Accord-ing to Michael David, senior consultant for Boston Consulting Group in Beijing, the multilatinas are novices in this game who have a lot to learn from other for-eign firms which have been in China for longer. “You have to commit to a long-term vision as the learning curve is long,” he says.

China’s cultural nuances and subtle-ties represent an initial challenge on a scale which is difficult to underestimate. “In Latin America, people say don’t mix business with friendship. But in Asia, it is totally different,” says Julie Kim, director of the Asia-Pacific Center of the Diego Portales University in Santiago, Chile. “This is the crucial difference one has to understand to do business there.”

This style and tradition can be ex-pressed in the key word Guanxi. Formed by the symbols Guan (meaning to mea-sure, to seal, to involve) and Xi (to be, connection, relation, to tie, to bind), the

term describes the network of recipro-cal favors and connections on whose strength business in China depends. Guanxi predates the Communist Party and its bureaucracy and begins with an individual’s own family, expanding through school, further education, etc. Guanxi does not mean networking as it is often understood in Latin America, but rather an exchange of duties and rights, a chain of favors. The giving is known as Mianzi, and describes the attributes of an individual who could be useful to the network. The giving back is called Renqing and is a kind of debt which can be cashed in the future but whose content and size is unknown.

Each time that two people meet for the first time, a significant part of the conversation is dedicated to exploring and measuring the implications of each other’s Guanxi. For Michael David, “it is not so different from other business communities in the sense that one has to develop relationships and trust. In China, this is more important than a written agreement.”

Like networking, guanxi is a more binding system than its equivalents in the West. “When you recommend some-one in China, you are not just passing on a number, but extending a bond and imposing on the recommended party a duty not to fail; if they do, you must bear responsibility,” explains Julie Kim.

Many foreigners are perplexed by how their Chinese colleagues operate. “The deadlines are often different. I have heard more than one Westerner complain of having gone to eight meetings or seven karaoke sessions and still not being able to close the deal,” says Kim.

GUANXI IN ACTIONChilean shipping firm Compañía Sudamericana de Vapores and Mexi-can bakers Bimbo are two of the few multilatinas which have managed to develop operations in China, although middling in size.

Many companies from the region have found success in China when they have sought inputs for products which will be sold in Latin America.

The case of Pollo Campero is a classic case of misunderstood Guanxi. The Guatemalan fast-food chain, whose secret chicken recipe

is even sought by Kentucky Fried Chicken, has suc-cessfully opened four hundred of its restaurants. Three hundred are in Latin America, while another hundred are spread across the United States, Spain, the Middle East, Indonesia, and India, making it one of Latin America’s most globalized businesses. In 2006, the firm was attracted by the opportunity the Chinese market represented and so began work on opening its first restaurant in Shanghai. It studied locations, marketing and regulations before taking the plunge. The plan was to have between 300 and 500 restaurants within five years. By the middle of 2007, it had just four. Today the chain is not present in China.“The state intervenes in the whole process: it owns the ground so you have to pay rent, it interferes in the supplier structure and is permanently supervising the development of the business,” says Pollo Campero CEO Juan Jose Gutierrez from Guatemala. “It was to be expected: this is a Communist country which

The limits of Guanxihas opened up a bit, but the economy is still centralized and controlled by the state.”Regulations required Pallo Campero to operate for two years before it could sell franchises in China, which is how the Guatemalans planned to drive growth. During those two years, the government evaluated the quality of their business and its contribution to the community. Meanwhile, Gutiérrez realized that the Chinese market was totally different from anything he had seen. Firstly, Chinese consumers demand more innovation than other consumers. “In order to maintain a permanent flow of customers, we had to be changing the recipes and pro-motions, not every month like before, but every week,” says Gutiérrez. “The same characteristic which sees the Chinese change mobile phones every three months meant they are always asking for new recipes and products at the restaurants where they dine. We were not fully prepared for that.”However, what led Gutierrez to finally abandon China was the attitude of the Chinese businessmen to whom he planned to sell the franchise.“They asked us for two years’ grace, paying nothing for use of the brand and our recipes,” says Gutierrez who

did not see the upside of Guanxi. “By the way nego-tiations were going, we had the sensation that the only thing that they wanted was the chicken recipe so they could make it themselves.”Gutierrez continued in China for another two years to secure approvals from the authorities that will let him return when the company is better prepared to tackle the market.“Lots of people tell us that if we had stayed we would have quickly recovered the investment, although it is not clear how many years of losses and how much investment we would have needed to make a return.” It took KFC more than ten years. Others, such as Burger King and Pizza Hut, never made it. In addition, staying in China would have forced Campero to divert resources and talent which it is today using to expand in new markets such as Europe and the United States, where it opened a large Pollo Campero restaurant in the middle of Disney World, the successful tourism and entertainment complex in Florida.“The most curious thing is that 38% of the clients in that restaurant are Chinese.”

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CHINA


Pollo Campero wanted to open 500 restaurants in China. Today it has none.

But trying to enter with more elaborate products and services can prove a head-ache. “In China, it is often unclear how one can make things work,” says BCG’s Michael David. “It is a huge and very diverse country and it’s no use relying on the support of one well-connected individual.”

Embraer is an interesting example in this respect. Its Chinese operations were headed by Guan Dongyuan, an engineer with degrees from the Univer-sity of Sao Paulo and the China Europe International Business School. He was previously a representative of the min-ing company Vale in China. Will his Guanxi prove as strong as than that of Jianwei Zhang, chairman of Canada’s Bombardier, Embraer’s eternal rival in regional jets? An engineer from the University of Tianjin, Zhang was a municipal civil servant between 1975 and 1982. He completed an MBA at the University of Montreal and obtained a doctorate in administration from the same institution, before joining Bom-bardier. Bombardier recently signed a deal with Commercial Aircraft Corp of China (COMAC) to enter the market for narrow-body aircraft with 100-149 seats, similar to those its Brazilian rival was not authorized to produce. The agree-ment surprised many analysts. “It is a deal which does not make any sense [for Bombardier],” says Teal Group’s Abulafia.

However, some interpret the agree-ment with Bombardier as pure Guanxi. The Canadians´ real interest in China lies with its railroad division which has signed juicy contacts for metro systems in Guanzhou and Shenzhen, a train line for Beijing airport and for high velocity trains. “Relations are crucial in China,” says Bombardier CEO Pierre Beadoin in a corporate video. “To achieve long-term success, one must have patience.”

And the Canadians have been very patient: Bombardier struck its first deal

in China in the 1950s under Mao.Chilean businessman Andrónico

Luksic, whose family controls Madeco, regrets the decision sell his business in China. “It´s a shame; if we had stayed we´d have hit the jackpot”, he says.

Impatience is leading mining firm Vale and steelmaker Gerdau, both from Brazil, to drop some investments in China. Vale´s plans to become the world’s largest mining company ran into a Chinese Wall, when it tried, but failed, to open an iron ore distribution center in China. “They don’t say no, but they take a long time to respond,” says Jose Car-los Martins, Vale’s direc-tor of mar-keting, sales and strategy. “Time passes and the mo-ment comes when you just give up.”

Marcelo Claure, Brightstar´s Bolivian founder, has failed to replicate its cellphone distribution business in the enormous Chinese market. “He lacks the patience to deal with the red-tape,” says a colleague.

David agrees that it is an error to think of China as a market which “is waiting for you and your products.” Dozens of foreigners and local firms are compet-ing in an economy which is anything but Third World.

“China is not a backwater backward market,” he warns. “Many companies made the mistake of delaying their plans to enter China, believing that it was too early. Today they realize that it is too late.”

Some Mexican firms fell into this trap. Cemex spent years announcing its expansion into China but instead wa-gered on the US housing boom. Today it is licking its wounds. In February, Lorenzo Zambrano announced that the cement giant now has permits and a local partner. Leopoldo Cedillo, CEO of auto-parts maker Metalsa recently announced that the company will enter in China within five years.

Latin American impatience is com-pounded by Chinese ignorance. “Latin

America lacks visibility,” says David who opened BCG’s Shang-hai office in 1992. “The region would benefit greatly from student exchanges with China and by send-

ing more cultural and culinary products.”

But this has not been easy either. Pol-lo Campero, Latin America’s most in-ternational fast-food chain, failed to break the Chinese market, following the same

recipe which has brought it success from India to the United States. It opened its first restaurant in Shanghai in 2007, but plans to open 500 restaurants within five years did not proper. Today Pollo Campero has no restaurants in China (see box on previous page).

That’s bad news for Latin America’s industrial ambition: unless we change strategy and become more patient, Latin America’s relationship with China will continue to be based on exporting raw materials. ■

CHINA GI.indd 10 17/8/12 16:40:30

INTRODUCCIÓN


INTRODUCCIÓN

The crisis which is terrifying Europe sometimes reminds one of the soundtrack to the movie Jaws. The jabbing bass

chords which hit Greece in late 2009

PREPARING FOR THE DOUBLE DIPLatin 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.

struck Ireland the following year and have continued to grow in drama and intensity since 2011 and still there is no sign of resolution

Like Steven Spielberg’s terrible

predator, the financial markets first attacked the young defenseless bathers and then terrorized the entire beach, while the coastguards (played by the European Central Bank, the IMF and

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INTRODUCTION


INTRODUCTION

the governments involved) have been unable to do anything to neutralize the threat.

Although the euro is living through its darkest epoch so far, many econo-mists (and not necessarily those known for their pessimism) believe that the Old Continent still faces years of slow growth. Add some disappointing key indicators in the United States and you have a gloomy scenario to which Latin American companies will have to learn to adapt.

IT’S BEGINNING TO HURT A BITThe 500 companies on the Améri-caEconomía ranking enjoyed a very profitable 2010, while 2011, without being bad, showed signs of slowing sales in a number of key countries and sectors. For example, large mining companies, which in 2010 saw their revenues jump by an astonishing 53%, saw an increase

in 2011 of half that size (which is still good, but…), while sectors linked to do-mestic consumption, such as construction and retail saw growth slow to a similar or greater extent.

There are signifi-cant variations from country to country. These are related not only to the economic cycle, but also to movements on the ranking and the addi-tion and removal of some companies from the list.

In 2011, there were some impor-tant developments: for a start, sales slowed significantly in both Brazil and Mexico. In Chile, the slowdown was moderate. Argentina saw slight growth while Colombia and Peru re-mained robust.

WHAT’S HAPPENING?A look inside each country throws up

some interesting facts. In Brazil, the decline of steelmak-ing (Usiminas, Ger-dau and Aperam) and the oil industry was key: sales at Petrobras and its distribution arm were stagnant and, given the oil giant’s relative size, this had an impact on the overall figures for South America’s largest economy.

Figures on Mexico must be treated with caution, as the car

industry in general does not publish results (Volkswagen is the only excep-tion), so it is underrepresented in the figures. However, they fell as did key sectors such as telecommunications (46.6%), cement (10%) and electric-ity. 2011 was a bad year for the local subsidiary of Spain’s Iberdrola, less bad for Cemex and mediocre for the businesses of billionaire Carlos Slim. And it was definitely an awful year

100

200

300

400

500

600

THE BILLIONAIRES´ CLUBNº OF COMPANIES WITH SALES ABOVE US$1 BILLIONSOURCE: AMÉRICAECONOMÍA INTELLIGENCE

02000

204

2001

206

2002

187

2003

219

2004

262

2005

302

2006

334

2007

437

2008

419

2009

456

2010

500

2011

500

The Top 500 Through Time

YEAR SALES VAR. MINIMUM

1991 324,069.8 3.9% 196.0

1992 375,102.7 15.7% 166.5

1993 402,867.2 7.4% 162.6

1994 512,087.0 27.1% 193.5

1995 544,318.2 6.3% 215.5

1996 553,580.3 1.7% 267.2

1997 645,180.0 16.5% 350.4

1998 629,847.0 -2.4% 316.0

1999 624,527.4 -0.8% 278.5

2000 881,208.1 41.1% 357.7

2001 855,427.7 -2.9% 331.7

2002 831,571.6 -2.8% 324.9

2003 938,208.0 12.8% 362.0

2004 1,122,496.6 19.6% 464.3

2005 1,364,398.2 21.6% 526.2

2006 1,581,618.0 15.9% 570.3

2007 1,955,734.7 23.7% 821.8

2008 1,882,521.8 -3.7% 719.0

2009 2,004,608.2 6.5% 901.6

2010 2,338,493.4 16.7% 1052.9

2011 2,457,750.9 5.1% 1,109.5

Sales slowed sharply in Brazil and Mexico, moderated in Chile, but grew in Argentina, Peru and Colombia


INTRODUCCIÓN


INTRODUCCIÓN

The Top 500 by sector

RK 2011 SECTOR

NUMBER OF COMPANIES TOTAL SALES (US$ MILLIONS) VAR % 11/10

PARTIC. % 201105 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 retail had an excellent 2011.

The strength of the figures for Co-lombia and Peru are explained by a hyperactive extractive industries sector (oil in the case of Colombia and min-ing in Peru) and other sectors which depend on internal demand in two countries which have been enjoying spectacular growth.

Looking at regions, the going has been good on South America’s Pacific seaboard. The number of Chilean com-

panies on the ranking rose from 65 to 73; the number of Colombian firms from 26 to 28; and the Peruvians from 22 to 30. Meanwhile, the number of Brazilian, Mexican and Argentinean companies all fell. A sign of the times we are living through.

As is now traditional, the oil giants dominated the top of the ranking. Petro-bras held onto the number one spot, with revenues totaling US$130.171 billion, but was closely followed by Venezuela’s PDVSA, which lifted

its sales by 34%, vaulting past by Mexico’s Pemex.

Among the biggest movers on the ranking was Colombia’s Ecopetrol, which scaled four places, becoming one of the region’s ten biggest companies for the first time. Another is Chile’s Copec, a holding with fingers in many pies, which increased its sales by 74% and climbed eighteen places, thanks to audacious investments in Colombia, and overtook state-owned Codelco as the country’s biggest company.


INTRODUCTION


INTRODUCTION

The biggest profits were seen in the extractive industries, at companies such as Brazil’s Vale and Petrobras and Colombia’s Ecopetrol, followed América Móvil and Ambev. We may be rich in oil and mineral resources. But we also drink a lot of beer and soft drinks and could not live without our cellphones.

Mexico’s Pemex and Cemex once again were at the bottom of the results table. The state oil giant saw its profits fall 70% and reported a negative net worth of US$13.903 billion. Is it time to find a new financial and ownership structure? It is not good to lack capital in times like these, even when your only shareholder is the state.

As this edition went to print, Eu-rope’s leaders have begun cut the chat, raising the possibilities that the con-tinent will escape financial collapse. However, the immediate future will be marked by minimal growth in the Eurozone and a prolonged recession in many important countries.

Chinese exports will be hit and

A DECADE OF GROWTHThe Top 500 over the last ten years, in millons of US$SOURCE: AMÉRICAECONOMÍA INTELLIGENCE

3,000,000 1200

0 002001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

500,000

1,000,000

1,500,000

2,000,000

2,500,000

200

400

600

800

1000

TOTAL SALES

SALES OF COMPANY Nº 500

The Top 500 by country

RK 2011 COUNTRY

NUMBER OF COMPANIES TOTAL SALES (US$ MILLIONS) VAR % 11/10

PARTIC. % 201105 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

growth in the Asian giant will slow. Will Latin America, a link in the chain between China and the developed world, feel the repercussions? How serious will they be? It will depend on

decisions taken in Berlin, Brussels and other European capitals. An earthquake or just a tremor. A Great White or just a catfish. Whatever the future holds, it is best to be prepared. ■


Aviso Falso



LATIN AMERICA´S LARGEST COMPANIESLATIN AMERICA´S LARGEST COMPANIES

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions

SALES2010 US$Millions

VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions

VARIATION IN PROFITS

11/010 (%)

EBITDA2011 US$Millions


VARIATION IN EBITDA11/10 (%)

TOTAL ASSETS 2011US$ Millions

NET EQUITY 2011 US$ Millions

WORK-FORCE2011

EXPORTS2011 US$Millions

ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

1 1 PETROBRAS BRA Oil & Gas 130,171.7 128,000.0 1.7 17,759.4 21,119.5 -15.9 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

2 3 PDVSA VEN Oil & Gas 124,754.0 94,929.0 31.4 4,496.0 3,202.0 40.4 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

3 2 PEMEX MEX Oil & Gas 111,734.6 103,814.2 7.6 -6,559.1 -3,843.3 -70.7 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

4 4 VALE BRA Mining 55,014.1 49,949.0 10.1 20,158.7 18,047.1 11.7 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

5 5 AMÉRICA MÓVIL MEX Telecommunications 47,700.1 49,220.7 -3.1 5,940.3 7,378.6 -19.5 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

6 6 PETROBRAS DISTRIBUIDORA BRA Oil & Gas 39,654.0 39,655.8 -0.0 675.0 750.0 -10.0 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

7 8 ODEBRECHT BRA Conglomerate 33,659.0 28,203.3 19.3 24.0 1,486.0 -98.4 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

8 12 ECOPETROL COL Oil & Gas 33,194.8 21,610.7 53.6 7,801.1 4,194.3 86.0 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

9 7 JBS FRIBOI BRA Agribusiness 32,944.2 33,042.7 -0.3 -40.4 -181.7 77.8 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

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 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

11 10 ULTRAPAR BRA Oil & Gas 25,941.6 25,496.2 1.7 452.5 459.3 -1.5 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

12 14 CBD - GRUPO PÃO DE AÇÚCAR BRA Retail 24,839.8 19,260.4 29.0 382.9 433.6 -11.7 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

13 15 TECHINT ARG Steel & Metallurgy 24,105.0 19,092.0 26.3 N.A. N.A. - N.A. N.A. - 31,364.0 N.A. 57,359 - - - - - - No P techint.com 13

14 11 IPIRANGA PRODUTOS DE PETRÓLEO BRA Oil & Gas 22,461.0 21,795.5 3.1 356.0 312.0 14.1 709.0 572.0 24.0 4,084.0 1,218.0 2,434 - 29.2 8.7 1.6 3.2 - No P ipiranga.com.br 14

15 33 EMPRESAS COPEC CHI Conglomerate 21,132.0 12,149.8 73.9 932.7 1,013.8 -8.0 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

16 13 COMISIÓN FEDERAL DE ELECTRICIDAD MEX Electricity 20,931.1 20,601.3 1.6 -1,230.9 65.5 -1,978.8 N.A. N.A. - 64,987.0 22,454.3 98,389 - -5.5 -1.9 -5.9 - - No S cfe.gob.mx 16

17 16 GERDAU BRA Steel & Metallurgy 18,875.6 18,841.2 0.2 1,069.3 1,285.9 -16.8 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

18 21 BRASKEM BRA Petrochemicals 17,686.4 15,301.2 15.6 -280.0 1,137.5 -124.6 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

19 17 ELETROBRÁS BRA Electricity 17,625.2 17,893.8 -1.5 1,989.9 1,349.1 47.5 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

20 20 CODELCO CHI Mining 17,515.3 16,065.9 9.0 2,055.4 1,876.3 9.5 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

21 49 TELESP BRA Telecommunications 15,528.7 9,456.3 64.2 2,321.8 1,439.7 61.3 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

22 23 CARREFOUR BRA Retail 15,333.0 14,745.6 4.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 59,490 - - - - - - No P* carrefour.com.br 22

23 28 VOLKSWAGEN BRA Carmaking 15,038.8 13,594.4 10.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 24,000 1,945.9 - - - - 12.9 No P* volkswagen.com.br 23

24 19 TELEMAR BRA Telecommunications 14,877.4 17,694.4 -15.9 68.5 1,140.5 -94.0 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

25 26 FEMSA MEX Beverages & Brewing 14,557.7 13,741.5 5.9 1,085.0 3,259.3 -66.7 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

26 29 CENCOSUD CHI Retail 14,515.4 13,226.1 9.7 548.3 632.5 -13.3 N.A. N.A. - 14,391.4 5,512.3 131,505 - 9.9 3.8 3.8 - - Yes P cencosud.cl 26

27 22 AMBEV BRA Beverages & Brewing 14,461.4 15,144.2 -4.5 4,606.6 4,538.1 1.5 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

28 27 BRF FOODS BRA Foods 13,704.1 13,612.6 0.7 729.0 482.6 51.1 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

29 24 CEMEX MEX Cement 13,546.2 14,434.5 -6.2 -1,371.3 -1,337.4 -2.5 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

30 36 YPF ARG Oil & Gas 13,124.3 11,013.0 19.2 1,225.9 1,443.9 -15.1 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

31 35 GRUPO ALFA MEX Conglomerate 13,103.6 11,044.5 18.6 373.2 398.9 -6.4 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

32 18 GRUPO VOTORANTIM BRA Conglomerate 12,618.0 17,705.1 -28.7 683.0 1,684.0 -59.4 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

33 34 WAL MART BRA Retail 12,509.0 11,356.2 10.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 81,504 - - - - - - No P* walmartbrasil.com.br 33

34 37 BUNGE ALIMENTOS (1) BRA Agribusiness 12,340.0 10,899.0 13.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,500 6,539.1 - - - - 53.0 No P* bunge.com.br 34

35 39 COSAN BRA Agribusiness 12,214.7 10,712.0 14.0 1,565.8 359.7 335.3 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

36 30 ENERSIS CHI Electricity 11,993.7 13,193.1 -9.1 720.0 1,038.1 -30.6 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

37 46 MARFRIG BRA Agribusiness 11,667.0 9,529.7 22.4 -397.7 84.1 -572.9 945.6 905.3 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

38 45 NORBERTO ODEBRECHT BRA Construction 11,478.0 9,728.1 18.0 490.0 652.0 -24.8 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

39 32 FIAT AUTOMÓVEIS BRA Carmaking 11,464.0 12,405.3 -7.6 744.0 862.0 -13.7 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* fi at.com.br 39

40 31 GENERAL MOTORS DE MÉXICO (1) MEX Carmaking 11,425.3 12,850.0 -11.1 N.A. N.A. - N.A. N.A. - 4,140.6 912.4 13,000 - - - - - - No P* gm.com.mx 40

41 98 VIAVAREJO BRA Retail 11,204.1 5,165.1 116.9 48.2 -37.9 227.2 538.1 221.7 142.7 6,224.0 1,405.6 N.A. - 3.4 0.8 0.4 4.8 - Yes P pontofrio.com.br 41

42 43 COCA-COLA BRA Beverages & Brewing 11,000.0 10,000.0 10.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 53,000 - - - - - - No P* coca-cola.com 42

43 54 GRUPO BAL (1) MEX Conglomerate 10,935.4 9,033.8 21.1 1,112.6 729.3 52.6 N.A. N.A. - 14,777.5 5,522.0 42,161 - 20.1 7.5 10.2 - - No P bal.com.mx 43

44 64 ENAP CHI Oil & Gas 10,834.8 8,179.9 32.5 -67.0 70.1 -195.6 138.0 402.0 -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

45 38 VIVO BRA Telecommunications 10,327.0 10,866.6 -5.0 1,610.0 N.A. - N.A. N.A. - 10,352.0 4,632.0 11,286 - 34.8 15.6 15.6 - - Yes P* vivo.com.br 45

46 58 CARGILL BRA Agribusiness 10,065.0 8,646.9 16.4 119.0 51.0 133.3 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

47 68 TENARIS ARG Steel & Metallurgy 9,972.5 7,711.6 29.3 1,331.2 1,127.4 18.1 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

48 44 FORD MOTOR COMPANY (1) MEX Carmaking 9,714.9 9,797.9 -0.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,999 - - - - - - No P* ford.com.mx 48

49 47 GENERAL MOTORS BRA Carmaking 9,635.0 9,513.0 1.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 21,400 1,857.2 - - - - 19.3 No P* chevrolet.com.br 49

50 48 GRUPO BIMBO MEX Foods 9,586.7 9,487.2 1.0 382.1 436.8 -12.5 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

RANKING 500 GI.indd 16 17/8/12 16:42:41


RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

1 1 PETROBRAS BRA Oil & Gas 130,171.7 128,000.0 1.7 17,759.4 21,119.5 -15.9 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

2 3 PDVSA VEN Oil & Gas 124,754.0 94,929.0 31.4 4,496.0 3,202.0 40.4 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

3 2 PEMEX MEX Oil & Gas 111,734.6 103,814.2 7.6 -6,559.1 -3,843.3 -70.7 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

4 4 VALE BRA Mining 55,014.1 49,949.0 10.1 20,158.7 18,047.1 11.7 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

5 5 AMÉRICA MÓVIL MEX Telecommunications 47,700.1 49,220.7 -3.1 5,940.3 7,378.6 -19.5 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

6 6 PETROBRAS DISTRIBUIDORA BRA Oil & Gas 39,654.0 39,655.8 -0.0 675.0 750.0 -10.0 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

7 8 ODEBRECHT BRA Conglomerate 33,659.0 28,203.3 19.3 24.0 1,486.0 -98.4 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

8 12 ECOPETROL COL Oil & Gas 33,194.8 21,610.7 53.6 7,801.1 4,194.3 86.0 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

9 7 JBS FRIBOI BRA Agribusiness 32,944.2 33,042.7 -0.3 -40.4 -181.7 77.8 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

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 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

11 10 ULTRAPAR BRA Oil & Gas 25,941.6 25,496.2 1.7 452.5 459.3 -1.5 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

12 14 CBD - GRUPO PÃO DE AÇÚCAR BRA Retail 24,839.8 19,260.4 29.0 382.9 433.6 -11.7 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

13 15 TECHINT ARG Steel & Metallurgy 24,105.0 19,092.0 26.3 N.A. N.A. - N.A. N.A. - 31,364.0 N.A. 57,359 - - - - - - No P techint.com 13

14 11 IPIRANGA PRODUTOS DE PETRÓLEO BRA Oil & Gas 22,461.0 21,795.5 3.1 356.0 312.0 14.1 709.0 572.0 24.0 4,084.0 1,218.0 2,434 - 29.2 8.7 1.6 3.2 - No P ipiranga.com.br 14

15 33 EMPRESAS COPEC CHI Conglomerate 21,132.0 12,149.8 73.9 932.7 1,013.8 -8.0 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

16 13 COMISIÓN FEDERAL DE ELECTRICIDAD MEX Electricity 20,931.1 20,601.3 1.6 -1,230.9 65.5 -1,978.8 N.A. N.A. - 64,987.0 22,454.3 98,389 - -5.5 -1.9 -5.9 - - No S cfe.gob.mx 16

17 16 GERDAU BRA Steel & Metallurgy 18,875.6 18,841.2 0.2 1,069.3 1,285.9 -16.8 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

18 21 BRASKEM BRA Petrochemicals 17,686.4 15,301.2 15.6 -280.0 1,137.5 -124.6 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

19 17 ELETROBRÁS BRA Electricity 17,625.2 17,893.8 -1.5 1,989.9 1,349.1 47.5 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

20 20 CODELCO CHI Mining 17,515.3 16,065.9 9.0 2,055.4 1,876.3 9.5 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

21 49 TELESP BRA Telecommunications 15,528.7 9,456.3 64.2 2,321.8 1,439.7 61.3 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

22 23 CARREFOUR BRA Retail 15,333.0 14,745.6 4.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 59,490 - - - - - - No P* carrefour.com.br 22

23 28 VOLKSWAGEN BRA Carmaking 15,038.8 13,594.4 10.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 24,000 1,945.9 - - - - 12.9 No P* volkswagen.com.br 23

24 19 TELEMAR BRA Telecommunications 14,877.4 17,694.4 -15.9 68.5 1,140.5 -94.0 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

25 26 FEMSA MEX Beverages & Brewing 14,557.7 13,741.5 5.9 1,085.0 3,259.3 -66.7 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

26 29 CENCOSUD CHI Retail 14,515.4 13,226.1 9.7 548.3 632.5 -13.3 N.A. N.A. - 14,391.4 5,512.3 131,505 - 9.9 3.8 3.8 - - Yes P cencosud.cl 26

27 22 AMBEV BRA Beverages & Brewing 14,461.4 15,144.2 -4.5 4,606.6 4,538.1 1.5 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

28 27 BRF FOODS BRA Foods 13,704.1 13,612.6 0.7 729.0 482.6 51.1 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

29 24 CEMEX MEX Cement 13,546.2 14,434.5 -6.2 -1,371.3 -1,337.4 -2.5 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

30 36 YPF ARG Oil & Gas 13,124.3 11,013.0 19.2 1,225.9 1,443.9 -15.1 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

31 35 GRUPO ALFA MEX Conglomerate 13,103.6 11,044.5 18.6 373.2 398.9 -6.4 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

32 18 GRUPO VOTORANTIM BRA Conglomerate 12,618.0 17,705.1 -28.7 683.0 1,684.0 -59.4 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

33 34 WAL MART BRA Retail 12,509.0 11,356.2 10.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 81,504 - - - - - - No P* walmartbrasil.com.br 33

34 37 BUNGE ALIMENTOS (1) BRA Agribusiness 12,340.0 10,899.0 13.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,500 6,539.1 - - - - 53.0 No P* bunge.com.br 34

35 39 COSAN BRA Agribusiness 12,214.7 10,712.0 14.0 1,565.8 359.7 335.3 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

36 30 ENERSIS CHI Electricity 11,993.7 13,193.1 -9.1 720.0 1,038.1 -30.6 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

37 46 MARFRIG BRA Agribusiness 11,667.0 9,529.7 22.4 -397.7 84.1 -572.9 945.6 905.3 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

38 45 NORBERTO ODEBRECHT BRA Construction 11,478.0 9,728.1 18.0 490.0 652.0 -24.8 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

39 32 FIAT AUTOMÓVEIS BRA Carmaking 11,464.0 12,405.3 -7.6 744.0 862.0 -13.7 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* fi at.com.br 39

40 31 GENERAL MOTORS DE MÉXICO (1) MEX Carmaking 11,425.3 12,850.0 -11.1 N.A. N.A. - N.A. N.A. - 4,140.6 912.4 13,000 - - - - - - No P* gm.com.mx 40

41 98 VIAVAREJO BRA Retail 11,204.1 5,165.1 116.9 48.2 -37.9 227.2 538.1 221.7 142.7 6,224.0 1,405.6 N.A. - 3.4 0.8 0.4 4.8 - Yes P pontofrio.com.br 41

42 43 COCA-COLA BRA Beverages & Brewing 11,000.0 10,000.0 10.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 53,000 - - - - - - No P* coca-cola.com 42

43 54 GRUPO BAL (1) MEX Conglomerate 10,935.4 9,033.8 21.1 1,112.6 729.3 52.6 N.A. N.A. - 14,777.5 5,522.0 42,161 - 20.1 7.5 10.2 - - No P bal.com.mx 43

44 64 ENAP CHI Oil & Gas 10,834.8 8,179.9 32.5 -67.0 70.1 -195.6 138.0 402.0 -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

45 38 VIVO BRA Telecommunications 10,327.0 10,866.6 -5.0 1,610.0 N.A. - N.A. N.A. - 10,352.0 4,632.0 11,286 - 34.8 15.6 15.6 - - Yes P* vivo.com.br 45

46 58 CARGILL BRA Agribusiness 10,065.0 8,646.9 16.4 119.0 51.0 133.3 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

47 68 TENARIS ARG Steel & Metallurgy 9,972.5 7,711.6 29.3 1,331.2 1,127.4 18.1 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

48 44 FORD MOTOR COMPANY (1) MEX Carmaking 9,714.9 9,797.9 -0.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,999 - - - - - - No P* ford.com.mx 48

49 47 GENERAL MOTORS BRA Carmaking 9,635.0 9,513.0 1.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 21,400 1,857.2 - - - - 19.3 No P* chevrolet.com.br 49

50 48 GRUPO BIMBO MEX Foods 9,586.7 9,487.2 1.0 382.1 436.8 -12.5 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

Nº 3Juan José Suárez Coppel, CEO of Pemex:

T he Mexican oil giant tried, but failed, to take a stake in Repsol.

P*: Foreign-ownedS: State-ownedP: Privately-owned

RANKING 500 GI.indd 17 17/8/12 16:42:48



RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

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NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

51 53 EXTRA BRA Retail 9,342.0 8,323.0 12.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 30,000 - - - - - - No P extra.com.br 51

52 59 VOLKSWAGEN DE MÉXICO (1) MEX Carmaking 9,339.8 8,605.4 8.5 142.7 63.9 123.3 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

53 62 GRUPO MÉXICO MEX Mining 9,296.4 8,320.1 11.7 2,098.8 1,775.6 18.2 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

54 55 FALABELLA CHI Retail 9,267.9 8,923.3 3.9 811.3 882.5 -8.1 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

55 41 GRUPO ARCELOR MITTAL BRA Steel & Metallurgy 9,218.0 10,181.7 -9.5 -92.0 772.0 -111.9 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

56 70 TERNIUM ARG Steel & Metallurgy 9,157.2 7,382.0 24.0 N.A. 779.5 - 1,671.1 1,437.2 16.3 N.A. N.A. 24,000 - - - - 18.2 - No P ternium.com 56

57 56 TIM BRASIL BRA Telecommunications 9,108.6 8,676.9 5.0 683.0 1,327.4 -48.5 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

58 42 GRUPO CAMARGO CORRÊA BRA Conglomerate 8,968.0 10,169.2 -11.8 460.0 664.0 -30.7 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

59 61 COCA - COLA FEMSA MEX Beverages & Brewing 8,941.7 8,377.3 6.7 761.0 793.6 -4.1 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

60 57 CSN BRA Steel & Metallurgy 8,806.7 8,672.7 1.5 1,975.7 1,510.2 30.8 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

61 67 CEMIG BRA Electricity 8,430.7 7,720.2 9.2 1,287.7 1,355.2 -5.0 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

62 63 NISSAN MEXICANA (1) MEX Carmaking 8,079.0 8,302.3 -2.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 11,500 - - - - - - No P* nissan.com.mx 62

63 52 TELÉFONOS DE MÉXICO MEX Telecommunications 8,034.8 9,195.7 -12.6 1,045.5 1,245.8 -16.1 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

64 66 COPEC COMBUSTIBLES CHI Oil & Gas 7,969.7 7,775.4 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - Yes P copec.cl 64

65 137 CASAS BAHIA BRA Retail 7,671.0 3,885.8 97.4 95.0 -152.0 162.5 N.A. N.A. - 3,656.0 713.0 56,000 - 13.3 2.6 1.2 - - No P casasbahia.com.br 65

66 83 CHRYSLER (1) MEX Carmaking 7,528.2 6,316.0 19.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,200 4,757 - - - - 63.2 No P* chryslerdemexico.com.mx 66

67 51 ESCONDIDA CHI Mining 7,419.5 9,211.5 -19.5 2,775.2 4,338.2 -36.0 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

68 76 ORGANIZACIÓN TECHINT MÉXICO MEX Steel & Metallurgy 7,213.2 7,076.1 1.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 17,663 - - - - - - No P* techint.com 68

69 75 TELMEX INTERNACIONAL MEX Telecommunications 7,057.0 7,139.8 -1.2 267.9 399.1 -32.9 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

70 72 CORREIOS E TELÉGRAFOS BRA Servicios Generales 7,047.0 7,281.1 -3.2 470.0 436.0 7.8 676.0 733.0 -7.8 5,601.0 2,063.0 114,976 - 22.8 8.4 6.7 9.6 - No S correios.com.br 70

71 69 ORGANIZACIÓN SORIANA MEX Retail 7,045.1 7,587.3 -7.1 219.4 265.5 -17.4 492.7 577.8 -14.7 5,311.6 2,718.9 84,911 - 8.1 4.1 3.1 7.0 - Yes P soriana.com 71

72 60 GRUPO ANDRADE GUTIERREZ BRA Conglomerate 7,025.0 8,483.8 -17.2 796.0 624.0 27.6 N.A. N.A. - 15,891.0 4,215.0 16,600 - 18.9 5.0 11.3 - - No P andradegutierrez.com.br 72

73 95 INDUSTRIAS PEÑOLES MEX Mining 6,944.9 5,202.7 33.5 914.5 520.3 75.8 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

74 79 TAM BRA Transport & Logistics 6,927.4 6,829.1 1.4 -178.6 382.6 -146.7 932.0 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

75 73 CPFL ENERGÍA BRA Electricity 6,804.6 7,216.3 -5.7 815.9 923.2 -11.6 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

76 77 CLARO TELECOM BRA Telecommunications 6,597.0 7,025.8 -6.1 -131.0 780.0 -116.8 N.A. N.A. - 12,251.0 5,327.0 9,485 - -2.5 -1.1 -2.0 - - No P* claro.com.br 76

77 78 GRUPO MODELO MEX Beverages & Brewing 6,539.0 6,884.3 -5.0 856.4 805.2 6.4 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

78 80 EMBRATEL BRA Telecommunications 6,521.6 6,740.5 -3.2 208.6 433.9 -51.9 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

79 104 ALPEK MEX Petrochemicals 6,500.5 4,954.7 31.2 307.7 203.0 51.6 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

80 81 UNILEVER BRA Conglomerate 6,470.0 6,723.2 -3.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 13,639 - - - - - - No P* unilever.com.br 80

81 65 USIMINAS BRA Steel & Metallurgy 6,345.0 7,779.6 -18.4 124.3 943.4 -86.8 826.2 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

82 112 ANTOFAGASTA PLC CHI Mining 6,076.0 4,577.1 32.7 2,130.0 1,820.7 17.0 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

83 86 SAM´S CLUB MEX Retail 6,004.0 6,142.8 -2.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 26,688 - - - - - - No P* sams.com.mx 83

84 103 COPERSUCAR BRA Agribusiness 5,987.0 4,967.1 20.5 54.0 189.0 -71.4 133.0 217.0 -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

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 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

86 119 GRUPO EPM COL Basic Services 5,853.9 4,320.1 35.5 766.7 726.3 5.6 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

87 118 LAN CHI Transport & Logistics 5,585.4 4,390.5 27.2 320.2 419.7 -23.7 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

88 88 LOJAS AMERICANAS BRA Retail 5,438.5 5,634.7 -3.5 181.5 185.8 -2.3 702.5 737.9 -4.8 5,091.2 368.1 15,596 - 49.3 3.6 3.3 12.9 - Yes P americanas.com.br 88

89 90 GRUPO SALINAS MEX Conglomerate 5,393.0 5,597.2 -3.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 67,035 - - - - - - No P gruposalinas.com 89

90 101 OXXO (FEMSA COMERCIO) MEX Retail 5,313.6 5,034.9 5.5 337.4 420.5 -19.8 N.A. N.A. - 1,935.7 N.A. 83,820 - - 17.4 6.3 - - No P oxxo.com 90

91 96 GRUPO CARSO MEX Conglomerate 5,303.8 5,198.2 2.0 328.4 546.0 -39.9 617.9 655.7 -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

92 92 SABESP BRA Basic Services 5,299.9 5,540.2 -4.3 652.2 978.5 -33.3 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

93 89 EMBRAER BRA Ind. Aeroespacial 5,255.4 5,630.0 -6.7 83.3 344.3 -75.8 492.0 641.6 -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

94 87 AES ELETROPAULO BRA Electricity 5,243.4 5,819.9 -9.9 838.1 808.8 3.6 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

95 94 NEOENERGIA BRA Electricity 5,208.9 5,371.5 -3.0 827.2 1,067.1 -22.5 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

96 93 SUDAMERICANA DE VAPORES CHI Transport & Logistics 5,151.9 5,452.3 -5.5 -1,249.8 170.8 -831.7 -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

97 105 TERNIUM MÉXICO MEX Steel & Metallurgy 5,150.4 4,893.0 5.3 270.2 N.A. - N.A. N.A. - 4,660.4 1,685.0 9,832 - 16.0 5.8 5.2 - - No P* ternium.com.mx 97

98 116 YPFB (1) BOL Oil & Gas 5,102.0 4,785.5 6.6 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No S ypfb.gov.bo 98

99 74 NESTLÉ BRA Foods 5,082.0 5,992.0 -15.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 19,500 364.2 - - - - 7.2 No P* nestle.com.br 99

100 106 WALMART CHILE CHI Retail 4,994.6 4,860.9 2.8 218.4 89.1 145.1 490.8 302.3 62.4 3,787.0 1,227.9 40,218 - 17.8 5.8 4.4 9.8 - Yes P* dys.cl 100

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51 53 EXTRA BRA Retail 9,342.0 8,323.0 12.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 30,000 - - - - - - No P extra.com.br 51

52 59 VOLKSWAGEN DE MÉXICO (1) MEX Carmaking 9,339.8 8,605.4 8.5 142.7 63.9 123.3 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

53 62 GRUPO MÉXICO MEX Mining 9,296.4 8,320.1 11.7 2,098.8 1,775.6 18.2 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

54 55 FALABELLA CHI Retail 9,267.9 8,923.3 3.9 811.3 882.5 -8.1 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

55 41 GRUPO ARCELOR MITTAL BRA Steel & Metallurgy 9,218.0 10,181.7 -9.5 -92.0 772.0 -111.9 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

56 70 TERNIUM ARG Steel & Metallurgy 9,157.2 7,382.0 24.0 N.A. 779.5 - 1,671.1 1,437.2 16.3 N.A. N.A. 24,000 - - - - 18.2 - No P ternium.com 56

57 56 TIM BRASIL BRA Telecommunications 9,108.6 8,676.9 5.0 683.0 1,327.4 -48.5 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

58 42 GRUPO CAMARGO CORRÊA BRA Conglomerate 8,968.0 10,169.2 -11.8 460.0 664.0 -30.7 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

59 61 COCA - COLA FEMSA MEX Beverages & Brewing 8,941.7 8,377.3 6.7 761.0 793.6 -4.1 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

60 57 CSN BRA Steel & Metallurgy 8,806.7 8,672.7 1.5 1,975.7 1,510.2 30.8 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

61 67 CEMIG BRA Electricity 8,430.7 7,720.2 9.2 1,287.7 1,355.2 -5.0 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

62 63 NISSAN MEXICANA (1) MEX Carmaking 8,079.0 8,302.3 -2.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 11,500 - - - - - - No P* nissan.com.mx 62

63 52 TELÉFONOS DE MÉXICO MEX Telecommunications 8,034.8 9,195.7 -12.6 1,045.5 1,245.8 -16.1 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

64 66 COPEC COMBUSTIBLES CHI Oil & Gas 7,969.7 7,775.4 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - Yes P copec.cl 64

65 137 CASAS BAHIA BRA Retail 7,671.0 3,885.8 97.4 95.0 -152.0 162.5 N.A. N.A. - 3,656.0 713.0 56,000 - 13.3 2.6 1.2 - - No P casasbahia.com.br 65

66 83 CHRYSLER (1) MEX Carmaking 7,528.2 6,316.0 19.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,200 4,757 - - - - 63.2 No P* chryslerdemexico.com.mx 66

67 51 ESCONDIDA CHI Mining 7,419.5 9,211.5 -19.5 2,775.2 4,338.2 -36.0 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

68 76 ORGANIZACIÓN TECHINT MÉXICO MEX Steel & Metallurgy 7,213.2 7,076.1 1.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 17,663 - - - - - - No P* techint.com 68

69 75 TELMEX INTERNACIONAL MEX Telecommunications 7,057.0 7,139.8 -1.2 267.9 399.1 -32.9 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

70 72 CORREIOS E TELÉGRAFOS BRA Servicios Generales 7,047.0 7,281.1 -3.2 470.0 436.0 7.8 676.0 733.0 -7.8 5,601.0 2,063.0 114,976 - 22.8 8.4 6.7 9.6 - No S correios.com.br 70

71 69 ORGANIZACIÓN SORIANA MEX Retail 7,045.1 7,587.3 -7.1 219.4 265.5 -17.4 492.7 577.8 -14.7 5,311.6 2,718.9 84,911 - 8.1 4.1 3.1 7.0 - Yes P soriana.com 71

72 60 GRUPO ANDRADE GUTIERREZ BRA Conglomerate 7,025.0 8,483.8 -17.2 796.0 624.0 27.6 N.A. N.A. - 15,891.0 4,215.0 16,600 - 18.9 5.0 11.3 - - No P andradegutierrez.com.br 72

73 95 INDUSTRIAS PEÑOLES MEX Mining 6,944.9 5,202.7 33.5 914.5 520.3 75.8 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

74 79 TAM BRA Transport & Logistics 6,927.4 6,829.1 1.4 -178.6 382.6 -146.7 932.0 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

75 73 CPFL ENERGÍA BRA Electricity 6,804.6 7,216.3 -5.7 815.9 923.2 -11.6 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

76 77 CLARO TELECOM BRA Telecommunications 6,597.0 7,025.8 -6.1 -131.0 780.0 -116.8 N.A. N.A. - 12,251.0 5,327.0 9,485 - -2.5 -1.1 -2.0 - - No P* claro.com.br 76

77 78 GRUPO MODELO MEX Beverages & Brewing 6,539.0 6,884.3 -5.0 856.4 805.2 6.4 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

78 80 EMBRATEL BRA Telecommunications 6,521.6 6,740.5 -3.2 208.6 433.9 -51.9 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

79 104 ALPEK MEX Petrochemicals 6,500.5 4,954.7 31.2 307.7 203.0 51.6 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

80 81 UNILEVER BRA Conglomerate 6,470.0 6,723.2 -3.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 13,639 - - - - - - No P* unilever.com.br 80

81 65 USIMINAS BRA Steel & Metallurgy 6,345.0 7,779.6 -18.4 124.3 943.4 -86.8 826.2 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

82 112 ANTOFAGASTA PLC CHI Mining 6,076.0 4,577.1 32.7 2,130.0 1,820.7 17.0 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

83 86 SAM´S CLUB MEX Retail 6,004.0 6,142.8 -2.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 26,688 - - - - - - No P* sams.com.mx 83

84 103 COPERSUCAR BRA Agribusiness 5,987.0 4,967.1 20.5 54.0 189.0 -71.4 133.0 217.0 -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

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 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

86 119 GRUPO EPM COL Basic Services 5,853.9 4,320.1 35.5 766.7 726.3 5.6 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

87 118 LAN CHI Transport & Logistics 5,585.4 4,390.5 27.2 320.2 419.7 -23.7 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

88 88 LOJAS AMERICANAS BRA Retail 5,438.5 5,634.7 -3.5 181.5 185.8 -2.3 702.5 737.9 -4.8 5,091.2 368.1 15,596 - 49.3 3.6 3.3 12.9 - Yes P americanas.com.br 88

89 90 GRUPO SALINAS MEX Conglomerate 5,393.0 5,597.2 -3.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 67,035 - - - - - - No P gruposalinas.com 89

90 101 OXXO (FEMSA COMERCIO) MEX Retail 5,313.6 5,034.9 5.5 337.4 420.5 -19.8 N.A. N.A. - 1,935.7 N.A. 83,820 - - 17.4 6.3 - - No P oxxo.com 90

91 96 GRUPO CARSO MEX Conglomerate 5,303.8 5,198.2 2.0 328.4 546.0 -39.9 617.9 655.7 -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

92 92 SABESP BRA Basic Services 5,299.9 5,540.2 -4.3 652.2 978.5 -33.3 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

93 89 EMBRAER BRA Ind. Aeroespacial 5,255.4 5,630.0 -6.7 83.3 344.3 -75.8 492.0 641.6 -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

94 87 AES ELETROPAULO BRA Electricity 5,243.4 5,819.9 -9.9 838.1 808.8 3.6 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

95 94 NEOENERGIA BRA Electricity 5,208.9 5,371.5 -3.0 827.2 1,067.1 -22.5 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

96 93 SUDAMERICANA DE VAPORES CHI Transport & Logistics 5,151.9 5,452.3 -5.5 -1,249.8 170.8 -831.7 -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

97 105 TERNIUM MÉXICO MEX Steel & Metallurgy 5,150.4 4,893.0 5.3 270.2 N.A. - N.A. N.A. - 4,660.4 1,685.0 9,832 - 16.0 5.8 5.2 - - No P* ternium.com.mx 97

98 116 YPFB (1) BOL Oil & Gas 5,102.0 4,785.5 6.6 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No S ypfb.gov.bo 98

99 74 NESTLÉ BRA Foods 5,082.0 5,992.0 -15.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 19,500 364.2 - - - - 7.2 No P* nestle.com.br 99

100 106 WALMART CHILE CHI Retail 4,994.6 4,860.9 2.8 218.4 89.1 145.1 490.8 302.3 62.4 3,787.0 1,227.9 40,218 - 17.8 5.8 4.4 9.8 - Yes P* dys.cl 100

Nº 93Federico Fleury Curado, CEO of Embraer:

sealed an alliance with Boeing and relaunched its military arm.


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101 153 PETROPERÚ PER Oil & Gas 4,947.0 3,711.1 33.3 152.8 106.5 43.4 258.5 203.6 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

102 100 OI MÓVEL BRA Telecommunications 4,928.7 5,112.2 -3.6 536.2 1,182.9 -54.7 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

103 111 AMIL BRA Health Services 4,802.7 4,582.5 4.8 93.4 76.2 22.6 250.0 221.2 13.0 2,874.7 804.5 N.A. - 11.6 3.2 1.9 5.2 - Yes P amil.com.br 103

104 97 GRUPO INDUSTRIAL LALA (1) MEX Foods 4,802.7 5,196.8 -7.6 N.A. N.A. - N.A. N.A. - 2,140.5 1,047.8 35,006 - - - - - - No P lala.com.mx 104

105 123 CMPC PAPELES Y CARTONES CHI Pulp & Paper 4,796.5 4,219.2 13.7 492.1 637.5 -22.8 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

106 132 CARGILL (1) ARG Agribusiness 4,743.0 4,444.4 6.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,600 4,269 - - - - 90.0 No P* cargill.com.ar 106

107 107 VOTORANTIM CIMENTOS BRA Cement 4,639.0 4,830.1 -4.0 483.0 1,466.0 -67.1 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

108 - CODELCO DIV. CHUQUICAMATA CHI Mining 4,628.6 5,285.2 -12.4 645.2 491.9 31.2 N.A. N.A. - 4,055.5 N.A. 6,527 - - 15.9 13.9 - - No S codelco.cl 108

109 113 MAN LATIN AMERICA BRA Carmaking 4,616.0 4,528.8 1.9 N.A. N.A. - N.A. N.A. - 2,977.0 N.A. 1,141 375.5 - - - - 8.1 No P man-latinamerica.com 109

110 99 ENDESA CHI Electricity 4,578.4 5,119.8 -10.6 857.0 1,139.2 -24.8 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

111 109 GRUPO TELEVISA MEX Mass Media 4,486.9 4,684.9 -4.2 564.0 659.5 -14.5 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

112 156 CONSTRUTORA NORBERTO ODEBRECHT BRA Construction 4,476.0 3,450.2 29.7 482.0 635.0 -24.1 441.0 309.0 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

113 120 CGE CHI Electricity 4,475.4 4,295.2 4.2 -27.2 128.3 -121.2 N.A. N.A. - 7,212.3 2,067.1 7,880 - -1.3 -0.4 -0.6 - - Yes P cge.cl 113

114 159 REFINERÍA LA PAMPILLA PER Oil & Gas 4,468.6 3,349.0 33.4 107.7 44.0 144.8 170.0 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

115 142 ALMACENES ÉXITO COL Retail 4,465.2 3,772.7 18.4 196.6 128.1 53.5 375.1 N.A. - 4,951.7 3,653.9 N.A. - 5.4 4.0 4.4 8.4 - Yes P exito.com 115

116 - KALUZ MEX Conglomerate 4,411.4 N.A. - 381.4 N.A. - N.A. N.A. - 5,590.4 2,077.2 17,046 - 18.4 6.8 8.6 - - No S kaluz.com 116

117 151 ORGANIZACIÓN TERPEL COL Oil & Gas 4,384.5 3,606.2 21.6 86.6 110.6 -21.7 161.7 160.2 1.0 1,545.7 833.4 1,396 - 10.4 5.6 2.0 3.7 - No P terpel.com 117

118 140 ARAUCO CHI Pulp & Paper 4,374.5 3,788.4 15.5 620.8 700.7 -11.4 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

119 378 JOHNSON CONTROLS DE MÉXICO MEX Carmaking 4,357.5 1,461.5 198.1 N.A. N.A. - N.A. N.A. - 8,209.8 1,863.3 25,200 - - - - - - No P johnsoncontrols.com 119

120 147 TELECOM ARG Telecommunications 4,288.2 3,660.6 17.1 560.6 454.1 23.5 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

121 108 GERDAU AÇOS LONGOS BRA Steel & Metallurgy 4,245.0 4,721.5 -10.1 190.0 826.0 -77.0 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

122 139 RENAULT BRA Carmaking 4,238.0 3,791.9 11.8 115.0 124.0 -7.3 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

123 134 GRUPO COPPEL MEX Retail 4,206.3 4,033.6 4.3 532.5 463.4 14.9 N.A. N.A. - 3,883.6 2,055.4 73,021 - 25.9 13.7 12.7 - - Yes P coppel.com.mx 123

124 122 EL PUERTO DE LIVERPOOL MEX Retail 4,204.9 4,231.9 -0.6 469.1 417.4 12.4 753.6 716.4 5.2 5,235.5 3,102.0 38,612 - 15.1 9.0 11.2 17.9 - Yes P liverpool.com.mx 124

125 133 LOUIS DREYFUS COMMODITIES BRA Agribusiness 4,187.0 4,097.8 2.2 75.0 -18.0 516.7 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

126 131 REDE ENERGIA BRA Electricity 4,148.9 4,117.6 0.8 -366.8 -221.4 -65.7 747.6 731.1 2.3 6,896.2 332.5 7,716 - -110.3 -5.3 -8.8 18.0 - Yes P redenergia.com 126

127 126 ALESAT COMBUSTÍVEIS BRA Oil & Gas 4,146.0 4,175.2 -0.7 5.0 9.0 -44.4 N.A. 98.9 - 553.0 71.0 N.A. - 7.0 0.9 0.1 - - No P ale.com.br 127

128 129 COPEL BRA Electricity 4,145.5 4,141.8 0.1 617.2 592.9 4.1 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

129 141 GRUMA MEX Foods 4,133.0 3,773.4 9.5 377.9 43.9 760.8 353.8 292.0 21.2 3,193.6 963.0 21,318 - 39.2 11.8 9.1 8.6 - Yes P gruma.com 129

130 121 GRUPO CHEDRAUI MEX Retail 4,121.6 4,121.3 0.0 108.8 115.6 -5.9 264.0 270.8 -2.5 2,661.5 1,227.8 36,052 - 8.9 4.1 2.6 6.4 - Yes P chedraui.com.mx 130

131 130 FURNAS BRA Electricity 4,121.0 4,118.4 0.1 138.0 338.0 -59.2 997.0 635.0 57.0 15,863.0 7,092.0 4,860 - 1.9 0.9 3.3 24.2 - No S furnas.com.br 131

132 149 MALL PLAZA (1) CHI Retail 4,022.0 3,653.0 10.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P mallplaza.cl 132

133 124 VRG - LINHAS AÉREAS BRA Transport & Logistics 4,020.0 4,189.3 -4.0 -276.0 155.0 -278.1 N.A. N.A. - 5,181.0 1,105.0 18,800 - -25.0 -5.3 -6.9 - - No P vooegol.com.br 133

134 125 GOL BRA Transport & Logistics 4,019.2 4,188.8 -4.0 -400.6 128.6 -411.5 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

135 127 CERVECERÍA CUAUHTÉMOC – HEINEKEN MEX Beverages & Brewing 3,986.4 4,170.2 -4.4 N.A. N.A. - N.A. N.A. - N.A. N.A. 18,384 365 - - - - 9.2 No P cuamoc.com 135

136 115 WHIRLPOOL BRA Electronics 3,979.8 4,432.2 -10.2 196.5 372.3 -47.2 275.0 534.0 -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

137 135 COLLAHUASI CHI Mining 3,837.1 3,928.9 -2.3 1,682.4 2,047.9 -17.8 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

138 110 PEPSICO DE MÉXICO MEX Beverages & Brewing 3,835.2 4,633.9 -17.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 55,000 - - - - - - No P* pepsico.com 138

139 - AG TELECOM PARTICIPAÇÕES BRA Telecommunications 3,833.0 3,580.0 - -137.0 128.0 - N.A. N.A. - 11,072.0 2,821.0 N.A. - -4.9 -1.2 -3.6 - - No P agsa.com.br 139

140 596 HP BRASIL BRA Electronics 3,810.0 2,881.0 32.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 10,000 - - - - - - No P* hp.com.br 140

141 167 CANTV VEN Telecommunications 3,792.2 3,217.5 17.9 569.4 560.0 1.7 N.A. 797.8 - 4,899.4 1,853.6 N.A. - 30.7 11.6 15.0 - - Yes P cantv.com.ve 141

142 158 GENERAL ELECTRIC (1) MEX Electronics 3,778.7 3,386.1 11.6 74.8 393.7 -81.0 N.A. N.A. - 8,637.5 1,829.9 11,000 - 4.1 0.9 2.0 - - No P* ge.com.mx 142

143 144 SAMARCO MINERAÇÃO BRA Mining 3,764.0 3,745.3 0.5 1,554.0 1,198.0 29.7 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

144 150 CARREFOUR ARG Retail 3,745.0 3,635.0 3.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 13,900 - - - - - - No P* carrefour.com.ar 144

145 145 GRUPO ELEKTRA MEX Retail 3,729.6 3,537.7 5.4 2,153.4 37.5 5,642.4 565.7 580.7 -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

146 136 LIGHT BRA Electricity 3,702.3 3,906.2 -5.2 165.6 345.2 -52.0 657.4 957.2 -31.3 5,854.4 1,717.3 4,134 - 9.6 2.8 4.5 17.8 - Yes P* light.com.br 146

147 210 GENERAL ELECTRIC BRA Electronics 3,700.0 2,400.0 54.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,500 - - - - - - No P* ge.com.br 147

148 164 LOS PELAMBRES CHI Mining 3,676.6 3,348.3 9.8 1,809.5 1,686.0 7.3 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

149 172 PDG REALTY BRA Construction 3,666.4 3,138.8 16.8 375.5 473.9 -20.8 563.3 525.5 7.2 9,197.7 3,422.4 N.A. - 11.0 4.1 10.2 15.4 - Yes P pdgrealty.com.br 149

150 178 ARCOS DORADOS ARG Retail 3,657.6 3,018.1 21.2 115.8 106.3 8.9 N.A. 265.1 - 1,875.4 679.6 N.A. - 17.0 6.2 3.2 - - Yes P arcosdorados.net 150

RANKING 500 GI.indd 20 17/8/12 16:43:10


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RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


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11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

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WEBSITE (www.)RK11

101 153 PETROPERÚ PER Oil & Gas 4,947.0 3,711.1 33.3 152.8 106.5 43.4 258.5 203.6 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

102 100 OI MÓVEL BRA Telecommunications 4,928.7 5,112.2 -3.6 536.2 1,182.9 -54.7 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

103 111 AMIL BRA Health Services 4,802.7 4,582.5 4.8 93.4 76.2 22.6 250.0 221.2 13.0 2,874.7 804.5 N.A. - 11.6 3.2 1.9 5.2 - Yes P amil.com.br 103

104 97 GRUPO INDUSTRIAL LALA (1) MEX Foods 4,802.7 5,196.8 -7.6 N.A. N.A. - N.A. N.A. - 2,140.5 1,047.8 35,006 - - - - - - No P lala.com.mx 104

105 123 CMPC PAPELES Y CARTONES CHI Pulp & Paper 4,796.5 4,219.2 13.7 492.1 637.5 -22.8 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

106 132 CARGILL (1) ARG Agribusiness 4,743.0 4,444.4 6.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,600 4,269 - - - - 90.0 No P* cargill.com.ar 106

107 107 VOTORANTIM CIMENTOS BRA Cement 4,639.0 4,830.1 -4.0 483.0 1,466.0 -67.1 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

108 - CODELCO DIV. CHUQUICAMATA CHI Mining 4,628.6 5,285.2 -12.4 645.2 491.9 31.2 N.A. N.A. - 4,055.5 N.A. 6,527 - - 15.9 13.9 - - No S codelco.cl 108

109 113 MAN LATIN AMERICA BRA Carmaking 4,616.0 4,528.8 1.9 N.A. N.A. - N.A. N.A. - 2,977.0 N.A. 1,141 375.5 - - - - 8.1 No P man-latinamerica.com 109

110 99 ENDESA CHI Electricity 4,578.4 5,119.8 -10.6 857.0 1,139.2 -24.8 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

111 109 GRUPO TELEVISA MEX Mass Media 4,486.9 4,684.9 -4.2 564.0 659.5 -14.5 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

112 156 CONSTRUTORA NORBERTO ODEBRECHT BRA Construction 4,476.0 3,450.2 29.7 482.0 635.0 -24.1 441.0 309.0 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

113 120 CGE CHI Electricity 4,475.4 4,295.2 4.2 -27.2 128.3 -121.2 N.A. N.A. - 7,212.3 2,067.1 7,880 - -1.3 -0.4 -0.6 - - Yes P cge.cl 113

114 159 REFINERÍA LA PAMPILLA PER Oil & Gas 4,468.6 3,349.0 33.4 107.7 44.0 144.8 170.0 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

115 142 ALMACENES ÉXITO COL Retail 4,465.2 3,772.7 18.4 196.6 128.1 53.5 375.1 N.A. - 4,951.7 3,653.9 N.A. - 5.4 4.0 4.4 8.4 - Yes P exito.com 115

116 - KALUZ MEX Conglomerate 4,411.4 N.A. - 381.4 N.A. - N.A. N.A. - 5,590.4 2,077.2 17,046 - 18.4 6.8 8.6 - - No S kaluz.com 116

117 151 ORGANIZACIÓN TERPEL COL Oil & Gas 4,384.5 3,606.2 21.6 86.6 110.6 -21.7 161.7 160.2 1.0 1,545.7 833.4 1,396 - 10.4 5.6 2.0 3.7 - No P terpel.com 117

118 140 ARAUCO CHI Pulp & Paper 4,374.5 3,788.4 15.5 620.8 700.7 -11.4 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

119 378 JOHNSON CONTROLS DE MÉXICO MEX Carmaking 4,357.5 1,461.5 198.1 N.A. N.A. - N.A. N.A. - 8,209.8 1,863.3 25,200 - - - - - - No P johnsoncontrols.com 119

120 147 TELECOM ARG Telecommunications 4,288.2 3,660.6 17.1 560.6 454.1 23.5 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

121 108 GERDAU AÇOS LONGOS BRA Steel & Metallurgy 4,245.0 4,721.5 -10.1 190.0 826.0 -77.0 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

122 139 RENAULT BRA Carmaking 4,238.0 3,791.9 11.8 115.0 124.0 -7.3 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

123 134 GRUPO COPPEL MEX Retail 4,206.3 4,033.6 4.3 532.5 463.4 14.9 N.A. N.A. - 3,883.6 2,055.4 73,021 - 25.9 13.7 12.7 - - Yes P coppel.com.mx 123

124 122 EL PUERTO DE LIVERPOOL MEX Retail 4,204.9 4,231.9 -0.6 469.1 417.4 12.4 753.6 716.4 5.2 5,235.5 3,102.0 38,612 - 15.1 9.0 11.2 17.9 - Yes P liverpool.com.mx 124

125 133 LOUIS DREYFUS COMMODITIES BRA Agribusiness 4,187.0 4,097.8 2.2 75.0 -18.0 516.7 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

126 131 REDE ENERGIA BRA Electricity 4,148.9 4,117.6 0.8 -366.8 -221.4 -65.7 747.6 731.1 2.3 6,896.2 332.5 7,716 - -110.3 -5.3 -8.8 18.0 - Yes P redenergia.com 126

127 126 ALESAT COMBUSTÍVEIS BRA Oil & Gas 4,146.0 4,175.2 -0.7 5.0 9.0 -44.4 N.A. 98.9 - 553.0 71.0 N.A. - 7.0 0.9 0.1 - - No P ale.com.br 127

128 129 COPEL BRA Electricity 4,145.5 4,141.8 0.1 617.2 592.9 4.1 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

129 141 GRUMA MEX Foods 4,133.0 3,773.4 9.5 377.9 43.9 760.8 353.8 292.0 21.2 3,193.6 963.0 21,318 - 39.2 11.8 9.1 8.6 - Yes P gruma.com 129

130 121 GRUPO CHEDRAUI MEX Retail 4,121.6 4,121.3 0.0 108.8 115.6 -5.9 264.0 270.8 -2.5 2,661.5 1,227.8 36,052 - 8.9 4.1 2.6 6.4 - Yes P chedraui.com.mx 130

131 130 FURNAS BRA Electricity 4,121.0 4,118.4 0.1 138.0 338.0 -59.2 997.0 635.0 57.0 15,863.0 7,092.0 4,860 - 1.9 0.9 3.3 24.2 - No S furnas.com.br 131

132 149 MALL PLAZA (1) CHI Retail 4,022.0 3,653.0 10.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P mallplaza.cl 132

133 124 VRG - LINHAS AÉREAS BRA Transport & Logistics 4,020.0 4,189.3 -4.0 -276.0 155.0 -278.1 N.A. N.A. - 5,181.0 1,105.0 18,800 - -25.0 -5.3 -6.9 - - No P vooegol.com.br 133

134 125 GOL BRA Transport & Logistics 4,019.2 4,188.8 -4.0 -400.6 128.6 -411.5 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

135 127 CERVECERÍA CUAUHTÉMOC – HEINEKEN MEX Beverages & Brewing 3,986.4 4,170.2 -4.4 N.A. N.A. - N.A. N.A. - N.A. N.A. 18,384 365 - - - - 9.2 No P cuamoc.com 135

136 115 WHIRLPOOL BRA Electronics 3,979.8 4,432.2 -10.2 196.5 372.3 -47.2 275.0 534.0 -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

137 135 COLLAHUASI CHI Mining 3,837.1 3,928.9 -2.3 1,682.4 2,047.9 -17.8 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

138 110 PEPSICO DE MÉXICO MEX Beverages & Brewing 3,835.2 4,633.9 -17.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 55,000 - - - - - - No P* pepsico.com 138

139 - AG TELECOM PARTICIPAÇÕES BRA Telecommunications 3,833.0 3,580.0 - -137.0 128.0 - N.A. N.A. - 11,072.0 2,821.0 N.A. - -4.9 -1.2 -3.6 - - No P agsa.com.br 139

140 596 HP BRASIL BRA Electronics 3,810.0 2,881.0 32.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 10,000 - - - - - - No P* hp.com.br 140

141 167 CANTV VEN Telecommunications 3,792.2 3,217.5 17.9 569.4 560.0 1.7 N.A. 797.8 - 4,899.4 1,853.6 N.A. - 30.7 11.6 15.0 - - Yes P cantv.com.ve 141

142 158 GENERAL ELECTRIC (1) MEX Electronics 3,778.7 3,386.1 11.6 74.8 393.7 -81.0 N.A. N.A. - 8,637.5 1,829.9 11,000 - 4.1 0.9 2.0 - - No P* ge.com.mx 142

143 144 SAMARCO MINERAÇÃO BRA Mining 3,764.0 3,745.3 0.5 1,554.0 1,198.0 29.7 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

144 150 CARREFOUR ARG Retail 3,745.0 3,635.0 3.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 13,900 - - - - - - No P* carrefour.com.ar 144

145 145 GRUPO ELEKTRA MEX Retail 3,729.6 3,537.7 5.4 2,153.4 37.5 5,642.4 565.7 580.7 -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

146 136 LIGHT BRA Electricity 3,702.3 3,906.2 -5.2 165.6 345.2 -52.0 657.4 957.2 -31.3 5,854.4 1,717.3 4,134 - 9.6 2.8 4.5 17.8 - Yes P* light.com.br 146

147 210 GENERAL ELECTRIC BRA Electronics 3,700.0 2,400.0 54.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,500 - - - - - - No P* ge.com.br 147

148 164 LOS PELAMBRES CHI Mining 3,676.6 3,348.3 9.8 1,809.5 1,686.0 7.3 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

149 172 PDG REALTY BRA Construction 3,666.4 3,138.8 16.8 375.5 473.9 -20.8 563.3 525.5 7.2 9,197.7 3,422.4 N.A. - 11.0 4.1 10.2 15.4 - Yes P pdgrealty.com.br 149

150 178 ARCOS DORADOS ARG Retail 3,657.6 3,018.1 21.2 115.8 106.3 8.9 N.A. 265.1 - 1,875.4 679.6 N.A. - 17.0 6.2 3.2 - - Yes P arcosdorados.net 150

Nº 134Constantino de Oliveira Junior, CEO of Gol:

how do you make a profi t from a Brazilian airline?


RANKING 500 GI.indd 21 17/8/12 16:43:18



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RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

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NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

151 155 ITAIPÚ BINACIONAL BR/PY Electricity 3,652.1 3,450.5 5.8 784.2 466.5 68.1 N.A. N.A. - 18,854.9 100.0 3,186 - 784.2 4.2 21.5 - - No S itaipu.gov.py 151

152 - REFAP BRA Oil & Gas 3,584.0 4,923.0 - -256.0 139.0 - 40.0 386.0 - 3,651.0 611.0 923 - -41.9 -7.0 -7.1 1.1 - No P refap.com.br 152

153 166 NET BRASIL BRA Telecommunications 3,569.6 3,244.3 10.0 198.9 184.3 7.9 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

154 191 AVIANCA – TACA COL Transport & Logistics 3,566.6 2,728.4 30.7 102.1 56.4 81.0 453.8 344.0 32.0 3,795.3 909.5 N.A. - 11.2 2.7 2.9 12.7 - No P avianca.com.co 154

155 169 COMCEL COL Telecommunications 3,562.1 3,214.6 10.8 927.0 589.5 57.2 N.A. N.A. - 5,230.5 2,819.3 3,903 - 32.9 17.7 26.0 - - No P* comcel.com.co 155

156 - CODELCO DIV. EL TENIENTE CHI Mining 3,534.7 3,215.6 9.9 742.2 541.5 37.1 N.A. N.A. - 3,784.2 N.A. 4,975 - - 19.6 21.0 - - No S codelco.cl 156

157 - PEUGEOT CITROEN BRA Carmaking 3,520.0 3,295.0 - 79.0 114.0 - N.A. N.A. - 2,265.0 745.0 4,980 - 10.6 3.5 2.2 - - No P* peugeot.com.br 157

158 593 ENDESA BRASIL BRA Electricity 3,508.0 N.A. - 641.0 578.0 10.9 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

159 176 TELEFÓNICA MÓVIL VENEZUELA VEN Telecommunications 3,481.0 3,072.1 13.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P* movistar.com.ve 159

160 173 PAN AMERICAN ENERGY (1) ARG Oil & Gas 3,470.0 3,100.0 11.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 10,900 - - - - - - No P* pan-energy.com 160

161 154 JABIL CIRCUIT MEX Electronics 3,457.3 3,516.5 -1.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 12,000 - - - - - - No P* jabil.com 161

162 212 NEXTEL BRA Telecommunications 3,441.2 2,591.3 32.8 N.A. N.A. - N.A. 777.0 - N.A. N.A. 5,061 - - - - - - No P* nextel.com.br 162

163 184 MAGAZINE LUIZA BRA Retail 3,422.2 2,885.6 18.6 6.2 41.3 -85.0 160.3 192.0 -16.5 2,600.1 331.0 26,000 - 1.9 0.2 0.2 4.7 - No P magazineluiza.com.br 163

164 179 MEXICHEM MEX Petrochemicals 3,392.0 2,953.3 14.9 194.4 316.8 -38.6 736.4 657.8 11.9 4,334.6 1,720.2 11,173 - 11.3 4.5 5.7 21.7 - Yes P mexichem.com.mx/ 164

165 198 MINERA ANTAMINA PER Mining 3,384.3 2,663.9 27.0 N.A. 1,411.0 - N.A. N.A. - N.A. N.A. N.A. 3,384.0 - - - - 100.0 No P* antamina.com 165

166 - CODELCO DIV. R. TOMIC CHI Mining 3,375.2 2,204.1 53.1 956.5 496.0 92.8 N.A. N.A. - 2,014.6 N.A. 1,010 - - 47.5 28.3 - - No S codelco.cl 166

167 189 GRUPO CASA SABA MEX Retail 3,338.8 2,772.9 20.4 6.3 21.9 -71.2 135.3 63.0 114.8 2,250.5 510.6 13,251 - 1.2 0.3 0.2 4.1 - Yes P casasaba.com 167

168 152 PETROBRAS ENERGÍA ARG Oil & Gas 3,305.1 3,601.5 -8.2 163.0 152.1 7.2 466.4 675.8 -31.0 5,131.9 2,400.7 1,250 - 6.8 3.2 4.9 14.1 - Yes P* petrobras.com.ar 168

169 183 CYRELA REALTY BRA Construction 3,266.2 2,934.9 11.3 265.6 360.3 -26.3 407.2 485.1 -16.1 7,152.6 2,422.8 N.A. - 11.0 3.7 8.1 12.5 - Yes P brazilrealty.com.br 169

170 148 MABE MEX Electronics 3,264.7 3,655.5 -10.7 -125.1 -47.6 -162.6 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

171 160 NESTLÉ DE MÉXICO (1) MEX Foods 3,226.4 3,319.9 -2.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,500 - - - - - - No P* nestle.com.mx 171

172 161 HIPERMERCADOS LIDER CHI Retail 3,212.6 3,319.5 -3.2 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P lider.cl 172

173 251 EMBOTELLADORAS ARCA MEX Beverages & Brewing 3,211.8 2,191.2 46.6 323.4 213.1 51.8 543.2 408.0 33.1 4,331.6 2,609.0 38,172 - 12.4 7.5 10.1 16.9 - Yes P arcacontal.com 173

174 182 NEMAK MEX Carmaking 3,204.8 2,946.7 8.8 76.4 75.1 1.7 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

175 170 SOUTHERN PERÚ COPPER CORP. PER Mining 3,179.6 3,153.5 0.8 1,078.1 1,200.4 -10.2 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

176 162 BASF BRA Chemicals & Pharma. 3,172.0 3,317.2 -4.4 177.0 -47.0 476.6 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

177 343 PACIFIC RUBIALES ENERGY COL Oil & Gas 3,152.4 1,617.4 94.9 516.9 211.8 144.0 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 pacifi crubiales.com 177

178 233 ANCAP (1) URU Oil & Gas 3,151.7 2,327.8 35.4 -96.0 74.6 -228.7 N.A. N.A. - N.A. N.A. N.A. - - - -3.0 - - No S ancap.com.uy 178

179 114 COMERCIAL MEXICANA MEX Retail 3,138.6 3,378.9 -7.1 88.6 78.1 13.4 246.9 219.0 12.7 3,159.8 1,140.2 40,565 - 7.8 2.8 2.8 7.9 - Yes P comerci.com.mx 179

180 143 FIBRIA BRA Pulp & Paper 3,121.0 3,771.1 -17.2 -465.2 359.3 -229.5 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 fi bria.com.br 180

181 117 FLEXTRONICS MANUFACTURING (1) MEX Carmaking 3,107.9 4,399.7 -29.4 199.5 N.A. - N.A. N.A. - 1,565.9 1,340.9 12,475 - 14.9 12.7 6.4 - - No P* fl extronics.com 181

182 205 MOLINOS RÍO DE LA PLATA ARG Agribusiness 3,106.7 2,629.5 18.1 64.2 93.8 -31.6 206.8 218.4 -5.3 1,397.6 317.2 4,500 - 20.2 4.6 2.1 6.7 - Yes P molinos.com.ar 182

183 209 ARCOR ARG Foods 3,100.0 2,600.0 19.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 25,500 380.0 - - - - 12.3 No P arcor.com.ar 183

184 186 EMPRESAS ICA MEX Construction 3,066.4 2,831.3 8.3 106.1 73.6 44.2 355.9 323.7 9.9 7,090.0 1,205.1 40,003 - 8.8 1.5 3.5 11.6 - Yes P ica.com.mx 184

185 180 VOLKSWAGEN (1) ARG Carmaking 3,030.0 2,950.0 2.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,600 - - - - - - No P* volkswagen.com.ar 185

186 168 CPFL - COMPANHIIA PAULISTA DE FORÇA E LUZ BRA Electricity 2,982.7 3,216.9 -7.3 327.0 417.6 -21.7 622.4 713.8 -12.8 3,071.6 478.7 N.A. - 68.3 10.6 11.0 20.9 - Yes P cpfl .com.br 186

187 175 NATURA BRA Chemicals & Pharma. 2,980.8 3,082.9 -3.3 443.0 446.6 -0.8 759.7 754.3 0.7 2,022.1 666.5 6,700 - 66.5 21.9 14.9 25.5 - Yes P natura.com.br 187

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 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

189 200 COAMO BRA Foods 2,960.0 2,658.0 11.4 197.0 153.0 28.8 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

190 163 SOUZA CRUZ BRA Agribusiness 2,958.8 3,312.3 -10.7 854.4 654.9 30.5 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

191 197 SIGMA MEX Foods 2,945.1 2,679.5 9.9 59.6 120.3 -50.5 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

192 211 ELETRONORTE BRA Electricity 2,934.0 2,594.7 13.1 31.0 82.0 -62.2 702.0 656.0 7.0 11,769.0 5,471.0 3,815 - 0.6 0.3 1.1 23.9 - No S eletronorte.gov.br 192

193 171 MAKRO BRA Retail 2,933.0 3,153.4 -7.0 -2.0 20.0 -110.0 N.A. N.A. - 1,023.0 266.0 7,144 - -0.8 -0.2 -0.1 - - No P* makro.com.br 193

194 194 ALTOS HORNOS DE MÉXICO MEX Steel & Metallurgy 2,928.0 2,700.2 8.4 140.0 71.6 95.5 499.5 348.2 43.5 4,390.8 1,580.5 21,752 - 8.9 3.2 4.8 17.1 - Yes P ahmsa.com 194

195 188 INVERSIONES ARGOS COL Cement 2,921.2 2,773.3 5.3 77.6 199.1 -61.0 822.4 833.5 -1.3 12,820.1 4,829.2 N.A. - 1.6 0.6 2.7 28.2 - No P argos.com.co 195

196 272 ACEITERA GENERAL DEHEZA (1) ARG Agribusiness 2,900.0 2,000.0 45.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 1,885 - - - - 65.0 No P agd.com.ar 196

197 204 TELEFÓNICA DEL PERÚ PER Telecommunications 2,885.3 2,641.5 9.2 197.3 267.6 -26.3 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

198 177 ENERGIAS DO BRASIL BRA Electricity 2,879.7 3,021.4 -4.7 261.6 349.6 -25.2 817.8 912.7 -10.4 7,283.4 2,455.0 10,085 - 10.7 3.6 9.1 28.4 - Yes P energiasdobrasil.com.br 198

199 213 EXXONMOBIL COL Oil & Gas 2,864.4 2,572.3 11.4 48.9 21.5 127.6 N.A. N.A. - 613.6 269.1 N.A. - 18.2 8.0 1.7 - - No P* exxon.com 199

200 229 SIDERAR ARG Steel & Metallurgy 2,811.3 2,382.5 18.0 310.5 445.8 -30.3 448.2 425.0 5.5 3,328.0 2,290.8 7,500 - 13.6 9.3 11.0 15.9 - Yes P siderar.com.ar 200

RANKING 500 GI.indd 22 17/8/12 16:43:25


RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

151 155 ITAIPÚ BINACIONAL BR/PY Electricity 3,652.1 3,450.5 5.8 784.2 466.5 68.1 N.A. N.A. - 18,854.9 100.0 3,186 - 784.2 4.2 21.5 - - No S itaipu.gov.py 151

152 - REFAP BRA Oil & Gas 3,584.0 4,923.0 - -256.0 139.0 - 40.0 386.0 - 3,651.0 611.0 923 - -41.9 -7.0 -7.1 1.1 - No P refap.com.br 152

153 166 NET BRASIL BRA Telecommunications 3,569.6 3,244.3 10.0 198.9 184.3 7.9 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

154 191 AVIANCA – TACA COL Transport & Logistics 3,566.6 2,728.4 30.7 102.1 56.4 81.0 453.8 344.0 32.0 3,795.3 909.5 N.A. - 11.2 2.7 2.9 12.7 - No P avianca.com.co 154

155 169 COMCEL COL Telecommunications 3,562.1 3,214.6 10.8 927.0 589.5 57.2 N.A. N.A. - 5,230.5 2,819.3 3,903 - 32.9 17.7 26.0 - - No P* comcel.com.co 155

156 - CODELCO DIV. EL TENIENTE CHI Mining 3,534.7 3,215.6 9.9 742.2 541.5 37.1 N.A. N.A. - 3,784.2 N.A. 4,975 - - 19.6 21.0 - - No S codelco.cl 156

157 - PEUGEOT CITROEN BRA Carmaking 3,520.0 3,295.0 - 79.0 114.0 - N.A. N.A. - 2,265.0 745.0 4,980 - 10.6 3.5 2.2 - - No P* peugeot.com.br 157

158 593 ENDESA BRASIL BRA Electricity 3,508.0 N.A. - 641.0 578.0 10.9 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

159 176 TELEFÓNICA MÓVIL VENEZUELA VEN Telecommunications 3,481.0 3,072.1 13.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P* movistar.com.ve 159

160 173 PAN AMERICAN ENERGY (1) ARG Oil & Gas 3,470.0 3,100.0 11.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 10,900 - - - - - - No P* pan-energy.com 160

161 154 JABIL CIRCUIT MEX Electronics 3,457.3 3,516.5 -1.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 12,000 - - - - - - No P* jabil.com 161

162 212 NEXTEL BRA Telecommunications 3,441.2 2,591.3 32.8 N.A. N.A. - N.A. 777.0 - N.A. N.A. 5,061 - - - - - - No P* nextel.com.br 162

163 184 MAGAZINE LUIZA BRA Retail 3,422.2 2,885.6 18.6 6.2 41.3 -85.0 160.3 192.0 -16.5 2,600.1 331.0 26,000 - 1.9 0.2 0.2 4.7 - No P magazineluiza.com.br 163

164 179 MEXICHEM MEX Petrochemicals 3,392.0 2,953.3 14.9 194.4 316.8 -38.6 736.4 657.8 11.9 4,334.6 1,720.2 11,173 - 11.3 4.5 5.7 21.7 - Yes P mexichem.com.mx/ 164

165 198 MINERA ANTAMINA PER Mining 3,384.3 2,663.9 27.0 N.A. 1,411.0 - N.A. N.A. - N.A. N.A. N.A. 3,384.0 - - - - 100.0 No P* antamina.com 165

166 - CODELCO DIV. R. TOMIC CHI Mining 3,375.2 2,204.1 53.1 956.5 496.0 92.8 N.A. N.A. - 2,014.6 N.A. 1,010 - - 47.5 28.3 - - No S codelco.cl 166

167 189 GRUPO CASA SABA MEX Retail 3,338.8 2,772.9 20.4 6.3 21.9 -71.2 135.3 63.0 114.8 2,250.5 510.6 13,251 - 1.2 0.3 0.2 4.1 - Yes P casasaba.com 167

168 152 PETROBRAS ENERGÍA ARG Oil & Gas 3,305.1 3,601.5 -8.2 163.0 152.1 7.2 466.4 675.8 -31.0 5,131.9 2,400.7 1,250 - 6.8 3.2 4.9 14.1 - Yes P* petrobras.com.ar 168

169 183 CYRELA REALTY BRA Construction 3,266.2 2,934.9 11.3 265.6 360.3 -26.3 407.2 485.1 -16.1 7,152.6 2,422.8 N.A. - 11.0 3.7 8.1 12.5 - Yes P brazilrealty.com.br 169

170 148 MABE MEX Electronics 3,264.7 3,655.5 -10.7 -125.1 -47.6 -162.6 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

171 160 NESTLÉ DE MÉXICO (1) MEX Foods 3,226.4 3,319.9 -2.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,500 - - - - - - No P* nestle.com.mx 171

172 161 HIPERMERCADOS LIDER CHI Retail 3,212.6 3,319.5 -3.2 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P lider.cl 172

173 251 EMBOTELLADORAS ARCA MEX Beverages & Brewing 3,211.8 2,191.2 46.6 323.4 213.1 51.8 543.2 408.0 33.1 4,331.6 2,609.0 38,172 - 12.4 7.5 10.1 16.9 - Yes P arcacontal.com 173

174 182 NEMAK MEX Carmaking 3,204.8 2,946.7 8.8 76.4 75.1 1.7 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

175 170 SOUTHERN PERÚ COPPER CORP. PER Mining 3,179.6 3,153.5 0.8 1,078.1 1,200.4 -10.2 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

176 162 BASF BRA Chemicals & Pharma. 3,172.0 3,317.2 -4.4 177.0 -47.0 476.6 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

177 343 PACIFIC RUBIALES ENERGY COL Oil & Gas 3,152.4 1,617.4 94.9 516.9 211.8 144.0 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 pacifi crubiales.com 177

178 233 ANCAP (1) URU Oil & Gas 3,151.7 2,327.8 35.4 -96.0 74.6 -228.7 N.A. N.A. - N.A. N.A. N.A. - - - -3.0 - - No S ancap.com.uy 178

179 114 COMERCIAL MEXICANA MEX Retail 3,138.6 3,378.9 -7.1 88.6 78.1 13.4 246.9 219.0 12.7 3,159.8 1,140.2 40,565 - 7.8 2.8 2.8 7.9 - Yes P comerci.com.mx 179

180 143 FIBRIA BRA Pulp & Paper 3,121.0 3,771.1 -17.2 -465.2 359.3 -229.5 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 fi bria.com.br 180

181 117 FLEXTRONICS MANUFACTURING (1) MEX Carmaking 3,107.9 4,399.7 -29.4 199.5 N.A. - N.A. N.A. - 1,565.9 1,340.9 12,475 - 14.9 12.7 6.4 - - No P* fl extronics.com 181

182 205 MOLINOS RÍO DE LA PLATA ARG Agribusiness 3,106.7 2,629.5 18.1 64.2 93.8 -31.6 206.8 218.4 -5.3 1,397.6 317.2 4,500 - 20.2 4.6 2.1 6.7 - Yes P molinos.com.ar 182

183 209 ARCOR ARG Foods 3,100.0 2,600.0 19.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 25,500 380.0 - - - - 12.3 No P arcor.com.ar 183

184 186 EMPRESAS ICA MEX Construction 3,066.4 2,831.3 8.3 106.1 73.6 44.2 355.9 323.7 9.9 7,090.0 1,205.1 40,003 - 8.8 1.5 3.5 11.6 - Yes P ica.com.mx 184

185 180 VOLKSWAGEN (1) ARG Carmaking 3,030.0 2,950.0 2.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,600 - - - - - - No P* volkswagen.com.ar 185

186 168 CPFL - COMPANHIIA PAULISTA DE FORÇA E LUZ BRA Electricity 2,982.7 3,216.9 -7.3 327.0 417.6 -21.7 622.4 713.8 -12.8 3,071.6 478.7 N.A. - 68.3 10.6 11.0 20.9 - Yes P cpfl .com.br 186

187 175 NATURA BRA Chemicals & Pharma. 2,980.8 3,082.9 -3.3 443.0 446.6 -0.8 759.7 754.3 0.7 2,022.1 666.5 6,700 - 66.5 21.9 14.9 25.5 - Yes P natura.com.br 187

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 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

189 200 COAMO BRA Foods 2,960.0 2,658.0 11.4 197.0 153.0 28.8 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

190 163 SOUZA CRUZ BRA Agribusiness 2,958.8 3,312.3 -10.7 854.4 654.9 30.5 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

191 197 SIGMA MEX Foods 2,945.1 2,679.5 9.9 59.6 120.3 -50.5 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

192 211 ELETRONORTE BRA Electricity 2,934.0 2,594.7 13.1 31.0 82.0 -62.2 702.0 656.0 7.0 11,769.0 5,471.0 3,815 - 0.6 0.3 1.1 23.9 - No S eletronorte.gov.br 192

193 171 MAKRO BRA Retail 2,933.0 3,153.4 -7.0 -2.0 20.0 -110.0 N.A. N.A. - 1,023.0 266.0 7,144 - -0.8 -0.2 -0.1 - - No P* makro.com.br 193

194 194 ALTOS HORNOS DE MÉXICO MEX Steel & Metallurgy 2,928.0 2,700.2 8.4 140.0 71.6 95.5 499.5 348.2 43.5 4,390.8 1,580.5 21,752 - 8.9 3.2 4.8 17.1 - Yes P ahmsa.com 194

195 188 INVERSIONES ARGOS COL Cement 2,921.2 2,773.3 5.3 77.6 199.1 -61.0 822.4 833.5 -1.3 12,820.1 4,829.2 N.A. - 1.6 0.6 2.7 28.2 - No P argos.com.co 195

196 272 ACEITERA GENERAL DEHEZA (1) ARG Agribusiness 2,900.0 2,000.0 45.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 1,885 - - - - 65.0 No P agd.com.ar 196

197 204 TELEFÓNICA DEL PERÚ PER Telecommunications 2,885.3 2,641.5 9.2 197.3 267.6 -26.3 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

198 177 ENERGIAS DO BRASIL BRA Electricity 2,879.7 3,021.4 -4.7 261.6 349.6 -25.2 817.8 912.7 -10.4 7,283.4 2,455.0 10,085 - 10.7 3.6 9.1 28.4 - Yes P energiasdobrasil.com.br 198

199 213 EXXONMOBIL COL Oil & Gas 2,864.4 2,572.3 11.4 48.9 21.5 127.6 N.A. N.A. - 613.6 269.1 N.A. - 18.2 8.0 1.7 - - No P* exxon.com 199

200 229 SIDERAR ARG Steel & Metallurgy 2,811.3 2,382.5 18.0 310.5 445.8 -30.3 448.2 425.0 5.5 3,328.0 2,290.8 7,500 - 13.6 9.3 11.0 15.9 - Yes P siderar.com.ar 200

Nº 187Alessandro Carlucci. CEO of Natura:

one of LatinAmerica´s best-known and respected brands.


RANKING 500 GI.indd 23 17/8/12 16:43:33



RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

201 274 CAP CHI Steel & Metallurgy 2,787.0 1,993.6 39.8 441.7 590.4 -25.2 N.A. N.A. - 4,771.0 1,724.1 5,211 - 25.6 9.3 15.8 - - Yes P cap.cl 201

202 201 SHELL CAPSA (1) ARG Oil & Gas 2,780.0 2,650.0 4.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,100 - - - - - - No P* shell.com.ar 202

203 195 TRANSPETRO BRA Transport & Logistics 2,775.0 2,698.9 2.8 335.0 292.0 14.7 N.A. N.A. - 2,731.0 1,728.0 5,230 - 19.4 12.3 12.1 - - No S transpetro.com.br 203

204 226 PÃO DE AÇÚCAR BRA Retail 2,774.0 2,485.0 11.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 15,000 - - - - - - No P paodeacucar.com.br 204

205 203 WEG BRA Machinery 2,766.5 2,635.9 5.0 312.9 312.0 0.3 453.8 472.1 -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

206 230 CLARO ARG Telecommunications 2,756.0 2,380.0 15.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,100 - - - - - - No P claro.com.ar 206

207 187 CCR RODOVIAS BRA Basic Services 2,737.1 2,795.1 -2.1 479.5 403.1 19.0 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

208 199 RECOPE (1) C.RI Oil & Gas 2,732.0 2,660.8 2.7 N.A. 125.3 - N.A. N.A. - N.A. N.A. N.A. - - - - - - No S recope.go.cr 208

209 208 GERDAU AÇOMINAS BRA Steel & Metallurgy 2,690.0 2,610.0 3.1 -43.0 -66.0 34.8 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

210 207 SODIMAC CHI Retail 2,684.3 2,618.5 2.5 165.3 167.7 -1.4 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

211 190 CNH BRA Carmaking 2,684.0 2,736.3 -1.9 85.0 196.0 -56.6 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

212 196 GRUPO SANBORNS MEX Retail 2,656.0 2,693.3 -1.4 209.8 259.1 -19.0 N.A. N.A. - 2,125.7 1,253.8 N.A. - 16.7 9.9 7.9 - - No P sanborns.com.mx 212

213 202 COELBA BRA Electricity 2,648.1 2,637.3 0.4 400.1 567.6 -29.5 682.5 808.8 -15.6 3,272.1 1,225.0 2,533 - 32.7 12.2 15.1 25.8 - Yes P* coelba.com.br 213

214 206 TELEFÓNICA MOVIL ARGENTINA ARG Telecommunications 2,640.5 2,622.0 0.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,200 - - - - - - No P* movistar.com.ar 214

215 215 GASPETRO BRA Oil & Gas 2,620.0 2,561.3 2.3 480.0 728.0 -34.1 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

216 234 PEUGEOT - CITROËN (1) ARG Carmaking 2,589.0 2,320.0 11.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,000 - - - - - - No P* peugeot.com.ar 216

217 227 MAGNA INTERNACIONAL MEX Carmaking 2,588.3 2,404.4 7.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 18,000 - - - - - - No P* magna.com 217

218 193 SUZANO PAPEL E CELULOSE BRA Pulp & Paper 2,584.5 2,709.1 -4.6 15.9 461.5 -96.6 696.3 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

219 239 GRUPO AEROMÉXICO (1) MEX Transport & Logistics 2,567.3 2,273.8 12.9 149.2 189.0 -21.1 320.0 322.7 -0.8 1,557.7 366.4 12,865 - 40.7 9.6 5.8 12.5 - No P aeromexico.com 219

220 219 BAVARIA COL Beverages & Brewing 2,565.6 2,486.9 3.2 513.4 411.8 24.7 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

221 214 GRUPO XIGNUX MEX Conglomerate 2,562.3 2,566.5 -0.2 25.0 46.0 -45.7 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

222 232 GENERAL MOTORS (1) ARG Carmaking 2,560.0 2,360.0 8.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* gm.com.ar 222

223 128 LA FONTE TELECOM BRA Telecommunications 2,555.4 4,144.6 -38.3 472.2 -47.8 1,087.9 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

224 238 GRUPO NUTRESA COL Foods 2,553.2 2,286.0 11.7 128.0 135.4 -5.4 286.8 275.9 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

225 231 MINERA CERRO VERDE PER Mining 2,520.1 2,369.0 6.4 1,078.4 1,074.4 0.4 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

226 269 ANGLO AMERICAN NORTE CHI Mining 2,515.1 2,009.8 25.1 463.1 546.9 -15.3 596.3 630.0 -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

227 261 HERINGER FERTILIZANTES BRA Chemicals & Pharma. 2,507.7 2,113.5 18.7 34.1 37.1 -8.1 189.0 127.5 48.2 1,383.0 252.5 3,425 - 13.5 2.5 1.4 7.5 - Yes P heringer.com.br 227

228 223 NACIONAL DE DROGAS (1) MEX Chemicals & Pharma. 2,502.2 2,453.5 2.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,500 - - - - - - No P nadro.com 228

229 216 DEACERO (1) MEX Steel & Metallurgy 2,492.2 2,558.8 -2.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P deacero.com 229

230 257 AEROPUERTOS Y SERVICIOS AUXILIARES MEX Servicios Generales 2,492.0 2,160.2 15.4 67.4 -59.7 212.9 N.A. N.A. - 1,002.3 514.4 2,500 - 13.1 6.7 2.7 - - No S asa.gob.mx 230

231 236 FORD (1) ARG Carmaking 2,476.0 2,300.0 7.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,700 - - - - - - No P* ford.com.ar 231

232 192 GRUPO OAS BRA Construction 2,473.0 2,409.0 2.7 28.0 -60.0 146.7 204.0 87.0 134.5 3,790.0 368.0 52,869 - 7.6 0.7 1.1 8.2 - Yes P oas.com 232

233 248 INTEL C.RI Electronics 2,450.0 2,200.0 11.4 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* intel.com 233

234 240 ARCELOR MITTAL MEX Steel & Metallurgy 2,426.9 2,251.7 7.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,000 - - - - - - No P* arcelormittal.com 234

235 - RAIA DROGASIL BRA Retail 2,425.0 2,027.2 19.6 56.3 48.4 16.3 113.9 117.9 -3.4 1,689.8 1,174.0 16,278 - 4.8 3.3 2.3 4.7 - No P drogaraia.com.br 235

236 331 CONSORCIO MINERO CORMIN PER Mining 2,418.7 1,691.0 43.0 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 2,419.0 - - - - 100.0 No P trafi gura.com 236

237 259 ANGLO AMERICAN SUR CHI Mining 2,361.6 2,122.5 11.3 797.9 1,820.5 -56.2 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

238 181 CONSTRUÇÕES E COMÉRCIO CAMARGO CORRÊA BRA Construction 2,361.0 2,947.9 -19.9 13.0 9.0 44.4 N.A. N.A. - 1,076.0 1,366.0 23,642 - 1.0 1.2 0.6 - - No P camargocorrea.com.br 238

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 N.A. 1,407.1 - 7,805.0 6,275.0 10,000 - 19.9 16.0 53.0 - - No S pancanal.com 239

240 235 ENTEL CHI Telecommunications 2,360.3 2,313.5 2.0 346.7 369.3 -6.1 974.2 943.1 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

241 282 BUNGE FERTILIZANTES BRA Chemicals & Pharma. 2,332.0 1,940.9 20.1 -71.0 -61.0 -16.4 N.A. N.A. - 2,054.0 744.0 7,500 - -9.5 -3.5 -3.0 - - No P* bunge.com.br 241

242 250 INDUSTRIAS CH MEX Steel & Metallurgy 2,323.7 2,195.4 5.8 218.0 42.5 412.9 294.7 198.1 48.8 2,674.3 1,740.9 5,348 - 12.5 8.2 9.4 12.7 - Yes P industriasch.com.mx 242

243 296 CONTINENTAL TIRE DE MÉXICO MEX Carmaking 2,323.0 1,854.3 25.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 11,000 - - - - - - No P continentaltire.com.mx 243

244 217 PROCTER & GAMBLE DE MÉXICO (1) MEX Chemicals & Pharma. 2,319.0 2,542.6 -8.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,523 - - - - - - No P* pg.com.mx 244

245 253 AVON BRA Chemicals & Pharma. 2,316.3 2,182.8 6.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,500 - - - - - - No P* avon.com.br 245

246 592 CONSTRUTORA ANDRADE GURIERREZ BRA Construction 2,313.0 2,269.0 1.9 211.0 194.0 8.8 N.A. N.A. - 2,902.0 1,336.0 10,022 - 15.8 7.3 9.1 - - No P andradegutierrez.com.br 246

247 221 TRACTEBEL BRA Electricity 2,306.7 2,460.9 -6.3 771.7 727.2 6.1 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

248 247 BAYER BRA Chemicals & Pharma. 2,289.0 2,204.0 3.9 52.0 -35.0 248.6 N.A. N.A. - 575.0 869.0 4,000 - 6.0 9.0 2.3 - - No P* bayer.com.br 248

249 336 ASSAI BRA Retail 2,286.0 2,079.0 10.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 10,000 - - - - - - No P assaiatacadista.com.br 249

250 252 GRUPO ICE (1) C.RI Basic Services 2,268.2 2,191.1 3.5 -45.0 339.3 -113.3 N.A. N.A. - 9,853.1 N.A. 18,500 - - -0.5 -2.0 - - No S grupoice.com 250

RANKING 500 GI.indd 24 17/8/12 16:43:40


RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

201 274 CAP CHI Steel & Metallurgy 2,787.0 1,993.6 39.8 441.7 590.4 -25.2 N.A. N.A. - 4,771.0 1,724.1 5,211 - 25.6 9.3 15.8 - - Yes P cap.cl 201

202 201 SHELL CAPSA (1) ARG Oil & Gas 2,780.0 2,650.0 4.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,100 - - - - - - No P* shell.com.ar 202

203 195 TRANSPETRO BRA Transport & Logistics 2,775.0 2,698.9 2.8 335.0 292.0 14.7 N.A. N.A. - 2,731.0 1,728.0 5,230 - 19.4 12.3 12.1 - - No S transpetro.com.br 203

204 226 PÃO DE AÇÚCAR BRA Retail 2,774.0 2,485.0 11.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 15,000 - - - - - - No P paodeacucar.com.br 204

205 203 WEG BRA Machinery 2,766.5 2,635.9 5.0 312.9 312.0 0.3 453.8 472.1 -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

206 230 CLARO ARG Telecommunications 2,756.0 2,380.0 15.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,100 - - - - - - No P claro.com.ar 206

207 187 CCR RODOVIAS BRA Basic Services 2,737.1 2,795.1 -2.1 479.5 403.1 19.0 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

208 199 RECOPE (1) C.RI Oil & Gas 2,732.0 2,660.8 2.7 N.A. 125.3 - N.A. N.A. - N.A. N.A. N.A. - - - - - - No S recope.go.cr 208

209 208 GERDAU AÇOMINAS BRA Steel & Metallurgy 2,690.0 2,610.0 3.1 -43.0 -66.0 34.8 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

210 207 SODIMAC CHI Retail 2,684.3 2,618.5 2.5 165.3 167.7 -1.4 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

211 190 CNH BRA Carmaking 2,684.0 2,736.3 -1.9 85.0 196.0 -56.6 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

212 196 GRUPO SANBORNS MEX Retail 2,656.0 2,693.3 -1.4 209.8 259.1 -19.0 N.A. N.A. - 2,125.7 1,253.8 N.A. - 16.7 9.9 7.9 - - No P sanborns.com.mx 212

213 202 COELBA BRA Electricity 2,648.1 2,637.3 0.4 400.1 567.6 -29.5 682.5 808.8 -15.6 3,272.1 1,225.0 2,533 - 32.7 12.2 15.1 25.8 - Yes P* coelba.com.br 213

214 206 TELEFÓNICA MOVIL ARGENTINA ARG Telecommunications 2,640.5 2,622.0 0.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,200 - - - - - - No P* movistar.com.ar 214

215 215 GASPETRO BRA Oil & Gas 2,620.0 2,561.3 2.3 480.0 728.0 -34.1 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

216 234 PEUGEOT - CITROËN (1) ARG Carmaking 2,589.0 2,320.0 11.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,000 - - - - - - No P* peugeot.com.ar 216

217 227 MAGNA INTERNACIONAL MEX Carmaking 2,588.3 2,404.4 7.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 18,000 - - - - - - No P* magna.com 217

218 193 SUZANO PAPEL E CELULOSE BRA Pulp & Paper 2,584.5 2,709.1 -4.6 15.9 461.5 -96.6 696.3 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

219 239 GRUPO AEROMÉXICO (1) MEX Transport & Logistics 2,567.3 2,273.8 12.9 149.2 189.0 -21.1 320.0 322.7 -0.8 1,557.7 366.4 12,865 - 40.7 9.6 5.8 12.5 - No P aeromexico.com 219

220 219 BAVARIA COL Beverages & Brewing 2,565.6 2,486.9 3.2 513.4 411.8 24.7 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

221 214 GRUPO XIGNUX MEX Conglomerate 2,562.3 2,566.5 -0.2 25.0 46.0 -45.7 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

222 232 GENERAL MOTORS (1) ARG Carmaking 2,560.0 2,360.0 8.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* gm.com.ar 222

223 128 LA FONTE TELECOM BRA Telecommunications 2,555.4 4,144.6 -38.3 472.2 -47.8 1,087.9 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

224 238 GRUPO NUTRESA COL Foods 2,553.2 2,286.0 11.7 128.0 135.4 -5.4 286.8 275.9 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

225 231 MINERA CERRO VERDE PER Mining 2,520.1 2,369.0 6.4 1,078.4 1,074.4 0.4 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

226 269 ANGLO AMERICAN NORTE CHI Mining 2,515.1 2,009.8 25.1 463.1 546.9 -15.3 596.3 630.0 -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

227 261 HERINGER FERTILIZANTES BRA Chemicals & Pharma. 2,507.7 2,113.5 18.7 34.1 37.1 -8.1 189.0 127.5 48.2 1,383.0 252.5 3,425 - 13.5 2.5 1.4 7.5 - Yes P heringer.com.br 227

228 223 NACIONAL DE DROGAS (1) MEX Chemicals & Pharma. 2,502.2 2,453.5 2.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,500 - - - - - - No P nadro.com 228

229 216 DEACERO (1) MEX Steel & Metallurgy 2,492.2 2,558.8 -2.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P deacero.com 229

230 257 AEROPUERTOS Y SERVICIOS AUXILIARES MEX Servicios Generales 2,492.0 2,160.2 15.4 67.4 -59.7 212.9 N.A. N.A. - 1,002.3 514.4 2,500 - 13.1 6.7 2.7 - - No S asa.gob.mx 230

231 236 FORD (1) ARG Carmaking 2,476.0 2,300.0 7.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,700 - - - - - - No P* ford.com.ar 231

232 192 GRUPO OAS BRA Construction 2,473.0 2,409.0 2.7 28.0 -60.0 146.7 204.0 87.0 134.5 3,790.0 368.0 52,869 - 7.6 0.7 1.1 8.2 - Yes P oas.com 232

233 248 INTEL C.RI Electronics 2,450.0 2,200.0 11.4 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* intel.com 233

234 240 ARCELOR MITTAL MEX Steel & Metallurgy 2,426.9 2,251.7 7.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,000 - - - - - - No P* arcelormittal.com 234

235 - RAIA DROGASIL BRA Retail 2,425.0 2,027.2 19.6 56.3 48.4 16.3 113.9 117.9 -3.4 1,689.8 1,174.0 16,278 - 4.8 3.3 2.3 4.7 - No P drogaraia.com.br 235

236 331 CONSORCIO MINERO CORMIN PER Mining 2,418.7 1,691.0 43.0 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 2,419.0 - - - - 100.0 No P trafi gura.com 236

237 259 ANGLO AMERICAN SUR CHI Mining 2,361.6 2,122.5 11.3 797.9 1,820.5 -56.2 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

238 181 CONSTRUÇÕES E COMÉRCIO CAMARGO CORRÊA BRA Construction 2,361.0 2,947.9 -19.9 13.0 9.0 44.4 N.A. N.A. - 1,076.0 1,366.0 23,642 - 1.0 1.2 0.6 - - No P camargocorrea.com.br 238

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 N.A. 1,407.1 - 7,805.0 6,275.0 10,000 - 19.9 16.0 53.0 - - No S pancanal.com 239

240 235 ENTEL CHI Telecommunications 2,360.3 2,313.5 2.0 346.7 369.3 -6.1 974.2 943.1 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

241 282 BUNGE FERTILIZANTES BRA Chemicals & Pharma. 2,332.0 1,940.9 20.1 -71.0 -61.0 -16.4 N.A. N.A. - 2,054.0 744.0 7,500 - -9.5 -3.5 -3.0 - - No P* bunge.com.br 241

242 250 INDUSTRIAS CH MEX Steel & Metallurgy 2,323.7 2,195.4 5.8 218.0 42.5 412.9 294.7 198.1 48.8 2,674.3 1,740.9 5,348 - 12.5 8.2 9.4 12.7 - Yes P industriasch.com.mx 242

243 296 CONTINENTAL TIRE DE MÉXICO MEX Carmaking 2,323.0 1,854.3 25.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 11,000 - - - - - - No P continentaltire.com.mx 243

244 217 PROCTER & GAMBLE DE MÉXICO (1) MEX Chemicals & Pharma. 2,319.0 2,542.6 -8.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,523 - - - - - - No P* pg.com.mx 244

245 253 AVON BRA Chemicals & Pharma. 2,316.3 2,182.8 6.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,500 - - - - - - No P* avon.com.br 245

246 592 CONSTRUTORA ANDRADE GURIERREZ BRA Construction 2,313.0 2,269.0 1.9 211.0 194.0 8.8 N.A. N.A. - 2,902.0 1,336.0 10,022 - 15.8 7.3 9.1 - - No P andradegutierrez.com.br 246

247 221 TRACTEBEL BRA Electricity 2,306.7 2,460.9 -6.3 771.7 727.2 6.1 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

248 247 BAYER BRA Chemicals & Pharma. 2,289.0 2,204.0 3.9 52.0 -35.0 248.6 N.A. N.A. - 575.0 869.0 4,000 - 6.0 9.0 2.3 - - No P* bayer.com.br 248

249 336 ASSAI BRA Retail 2,286.0 2,079.0 10.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 10,000 - - - - - - No P assaiatacadista.com.br 249

250 252 GRUPO ICE (1) C.RI Basic Services 2,268.2 2,191.1 3.5 -45.0 339.3 -113.3 N.A. N.A. - 9,853.1 N.A. 18,500 - - -0.5 -2.0 - - No S grupoice.com 250

Nº 224Carlos Enrique Piedrahita, CEO of Grupo Nutresa:

from Colombian chocolatemaker to regional food supplier.


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251 286 GRUPO CLARÍN ARG Mass Media 2,257.5 1,903.2 18.6 120.9 133.1 -9.2 601.5 586.5 2.6 2,473.5 864.6 10,000 - 14.0 4.9 5.4 26.6 - No P grupoclarin.com.ar 251

252 224 B2W - CIA. GLOBAL DO VAREJO BRA Retail 2,256.2 2,444.8 -7.7 -47.5 20.2 -335.1 164.9 280.0 -41.1 2,180.4 607.1 N.A. - -7.8 -2.2 -2.1 7.3 - Yes P b2winc.com 252

253 330 XSTRATA COPPER CHILE CHI Mining 2,248.5 1,700.8 32.2 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 2,248.5 - - - - 100.0 No P* - 253

254 470 COSTCO MÉXICO (1) MEX Retail 2,248.0 1,131.3 98.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 9,550 - - - - - - No P costco.com.mx 254

255 228 CIELO BRA Software & Data 2,243.7 2,396.2 -6.4 965.1 1,097.9 -12.1 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

256 218 GRUPO BOSCH BRA Carmaking 2,241.0 2,542.4 -11.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 9,962 563.7 - - - - 25.2 No P* bosch.com.br 256

257 225 CELESC BRA Electricity 2,234.5 2,422.7 -7.8 172.7 164.2 5.2 316.9 257.9 22.9 2,860.2 1,159.3 N.A. - 14.9 6.0 7.7 14.2 - Yes S celesc.com.br 257

258 185 BRASKEM QPAR- EX QUATTOR PARTICIPAÇOES BRA Petrochemicals 2,224.0 2,832.2 -21.5 26.0 -337.0 107.7 N.A. N.A. - 2,511.0 1,451.0 N.A. - 1.8 1.0 1.2 - - No P quattor.com.br 258

259 245 SPAL BRA Beverages & Brewing 2,222.0 2,223.2 -0.1 213.0 187.0 13.9 N.A. N.A. - 1,423.0 1,020.0 N.A. - 20.9 15.0 9.6 - - No P spalbrasil.com 259

260 243 RANDON PARTICIPAÇÕES BRA Carmaking 2,215.8 2,232.0 -0.7 143.5 149.7 -4.1 291.7 319.5 -8.7 2,141.2 722.0 N.A. - 19.9 6.7 6.5 13.2 - Yes P randon.com.br 260

261 307 ISA COL Electricity 2,205.5 1,801.4 22.4 170.0 176.3 -3.6 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

262 394 FALABELLA PERÚ PER Retail 2,201.3 1,665.6 32.2 136.9 121.2 12.9 279.8 253.4 10.4 2,014.2 692.3 14,500 - 19.8 6.8 6.2 12.7 - Yes P* falabella.com.pe 262

263 512 TAG BRA Transport & Logistics 2,189.0 1,012.0 116.3 209.0 426.0 -50.9 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

264 222 COMGAS BRA Oil & Gas 2,187.2 2,457.9 -11.0 125.9 348.1 -63.8 382.6 709.4 -46.1 2,296.4 664.5 4,721 - 18.9 5.5 5.8 17.5 - Yes P* comgas.com.br 264

265 284 PARANAPANEMA BRA Mining 2,184.9 1,915.7 14.1 -25.4 28.5 -189.1 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

266 241 ELECTROLUX DO BRASIL BRA Electronics 2,156.0 2,237.8 -3.7 74.0 125.0 -40.8 N.A. N.A. - 1,204.0 416.0 7,690 - 17.8 6.1 3.4 - - No P* electrolux.com.br 266

267 313 SYNGENTA BRA Agribusiness 2,152.0 1,778.0 21.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 1,354 189.1 - - - - 8.8 No P syngenta.com 267

268 314 AGROSUPER (1) CHI Agribusiness 2,149.5 2,007.3 7.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 15,915 - - - - - - No P agrosuper.cl 268

269 299 SQM CHI Mining 2,145.3 1,830.4 17.2 545.8 382.1 42.8 949.4 654.5 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

270 304 MRV BRA Construction 2,140.5 1,813.1 18.1 405.2 380.8 6.4 486.1 410.2 18.5 4,883.6 1,824.8 N.A. - 22.2 8.3 18.9 22.7 - Yes P mrv.com.br 270

271 308 AES GENER CHI Electricity 2,130.3 1,802.0 18.2 326.1 169.8 92.0 711.7 383.3 85.7 5,829.3 2,528.7 1,176 - 12.9 5.6 15.3 33.4 - Yes P* gener.cl 271

272 298 SIGDO KOPPERS CHI Construction 2,127.8 1,832.4 16.1 285.6 112.9 153.0 515.6 307.9 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

273 280 SIEMENS BRASIL BRA Electronics 2,124.0 1,822.0 16.6 110.0 51.0 115.7 N.A. N.A. - 1,799.0 536.0 10,170 - 20.5 6.1 5.2 - - No P* siemens.com.br 273

274 267 MINERVA BRA Agribusiness 2,120.1 2,045.5 3.6 24.2 12.5 93.6 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

275 295 MINERA YANACOCHA PER Mining 2,100.0 1,778.3 18.1 642.4 591.2 8.7 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

276 275 GRUPO SIMEC MEX Steel & Metallurgy 2,098.6 1,990.1 5.5 205.2 73.2 180.3 249.4 161.7 54.2 2,241.9 1,584.0 4,686 - 13.0 9.2 9.8 11.9 - Yes P gsimec.com.mx 276

277 249 KLABIN BRA Pulp & Paper 2,073.3 2,198.6 -5.7 97.4 336.0 -71.0 716.7 829.5 -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

278 255 PERNAMBUCANAS BRA Retail 2,057.0 2,164.9 -5.0 82.0 86.0 -4.7 N.A. N.A. - 1,865.0 334.0 16,170 - 24.6 4.4 4.0 - - No P pernambucanas.com.br 278

279 237 CARBONES DEL CERREJÓN COL Mining 2,045.4 2,292.6 -10.8 508.4 524.2 -3.0 958.9 950.0 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

280 263 RIPLEY CORP. CHI Retail 2,037.1 2,082.8 -2.2 106.0 106.8 -0.7 N.A. N.A. - 3,163.1 1,407.3 13,929 - 7.5 3.4 5.2 - - Yes P ripley.cl 280

281 273 TELEFÓNICA COLOMBIA COL Telecommunications 2,034.3 1,996.9 1.9 -354.5 -408.3 13.2 617.2 521.8 18.3 3,916.5 1,035.7 N.A. - -34.2 -9.1 -17.4 30.3 - No P* telefonica.co 281

282 620 QUIÑENCO CHI Conglomerate 2,023.9 650.4 211.2 168.7 622.6 -72.9 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

283 316 NAMISA BRA Mining 2,008.0 1,763.0 13.9 1,105.0 1,042.0 6.0 N.A. N.A. - 7,297.0 6,461.0 500 - 17.1 15.1 55.0 - - Yes P - 283

284 256 NEXTEL DE MÉXICO MEX Telecommunications 2,006.3 2,161.8 -7.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,065 - - - - - - No P* nextel.com.mx 284

285 264 CARREFOUR COL Retail 1,999.1 2,076.6 -3.7 22.9 43.8 -47.8 130.0 141.6 -8.2 2,020.5 1,184.4 N.A. - 1.9 1.1 1.1 6.5 - No P* carrefour.com.co 285

286 271 INDUSTRIAS BACHOCO MEX Agribusiness 1,988.5 2,001.3 -0.6 11.3 160.6 -93.0 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

287 285 DRUMMOND COL Mining 1,987.9 1,905.6 4.3 184.2 101.1 82.3 535.8 372.3 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

288 277 BROOKFIELD BRA Construction 1,987.0 1,971.0 0.8 174.2 218.3 -20.2 347.9 357.7 -2.7 4,823.9 1,608.8 6,001 - 10.8 3.6 8.8 17.5 - Yes P brascanresidential.com.br 288

289 258 CHILECTRA CHI Electricity 1,985.5 2,141.5 -7.3 212.5 322.3 -34.1 278.5 291.2 -4.4 2,512.5 2,034.6 712 - 10.4 8.5 10.7 14.0 - Yes P* chilectra.cl 289

290 266 CONSTRUTORA OAS BRA Construction 1,981.0 2,068.8 -4.2 81.0 26.0 211.5 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

291 338 SAMSUNG ELECTRONICS MEX Electronics 1,980.4 1,657.1 19.5 7.2 N.A. - N.A. N.A. - 941.2 147.0 568 - 4.9 0.8 0.4 - - No P* samsung.com.mx 291

292 323 ENAMI CHI Mining 1,966.9 1,721.1 14.3 -70.7 15.1 -568.2 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

293 381 FRESNILLO PLC MEX Mining 1,955.7 1,442.6 35.6 926.4 767.0 20.8 N.A. N.A. - 2,857.8 2,148.2 3,051 - 43.1 32.4 47.4 - - No P penoles.com.mx 293

294 433 MINERA SPENCE CHI Mining 1,954.2 1,515.8 28.9 694.4 547.5 26.8 N.A. N.A. - 3,494.4 3,063.4 N.A. - 22.7 19.9 35.5 - - No P* spence.cl 294

295 254 PANPHARMA BRA Retail 1,927.0 2,175.7 -11.4 46.0 60.0 -23.3 N.A. N.A. - 863.0 487.0 N.A. - 9.4 5.3 2.4 - - No P* panpharma.com 295

296 220 MOVISTAR MEX Telecommunications 1,926.4 2,486.2 -22.5 N.A. N.A. - N.A. N.A. - 6,258.9 705.9 3,102 - - - - - - No P* movistar.com.mx 296

297 260 KIMBERLY CLARK DE MÉXICO MEX Pulp & Paper 1,916.6 2,121.2 -9.6 261.0 341.9 -23.7 511.0 609.5 -16.2 1,885.6 541.1 7,406 - 48.2 13.8 13.6 26.7 - Yes P* kimberly-clark.com.mx 297

298 300 GRUPO KUO MEX Conglomerate 1,916.3 1,824.1 5.1 9.3 41.0 -77.3 151.8 147.2 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

299 320 SUPERMERCADOS JUMBO CHI Retail 1,916.0 1,743.3 9.9 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P jumbo.cl 299

300 294 TOYOTA (1) ARG Carmaking 1,910.0 1,870.0 2.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,000 - - - - - - No P* toyota.com.ar 300

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WEBSITE (www.)RK11

RK11

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COMPANYCOUN-TRY

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2011 US$Millions


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11/10 (%)

NET PROFITS 2011

US$ Millions

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US$ Millions


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ROA(%)

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WEBSITE (www.)RK11

251 286 GRUPO CLARÍN ARG Mass Media 2,257.5 1,903.2 18.6 120.9 133.1 -9.2 601.5 586.5 2.6 2,473.5 864.6 10,000 - 14.0 4.9 5.4 26.6 - No P grupoclarin.com.ar 251

252 224 B2W - CIA. GLOBAL DO VAREJO BRA Retail 2,256.2 2,444.8 -7.7 -47.5 20.2 -335.1 164.9 280.0 -41.1 2,180.4 607.1 N.A. - -7.8 -2.2 -2.1 7.3 - Yes P b2winc.com 252

253 330 XSTRATA COPPER CHILE CHI Mining 2,248.5 1,700.8 32.2 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 2,248.5 - - - - 100.0 No P* - 253

254 470 COSTCO MÉXICO (1) MEX Retail 2,248.0 1,131.3 98.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 9,550 - - - - - - No P costco.com.mx 254

255 228 CIELO BRA Software & Data 2,243.7 2,396.2 -6.4 965.1 1,097.9 -12.1 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

256 218 GRUPO BOSCH BRA Carmaking 2,241.0 2,542.4 -11.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 9,962 563.7 - - - - 25.2 No P* bosch.com.br 256

257 225 CELESC BRA Electricity 2,234.5 2,422.7 -7.8 172.7 164.2 5.2 316.9 257.9 22.9 2,860.2 1,159.3 N.A. - 14.9 6.0 7.7 14.2 - Yes S celesc.com.br 257

258 185 BRASKEM QPAR- EX QUATTOR PARTICIPAÇOES BRA Petrochemicals 2,224.0 2,832.2 -21.5 26.0 -337.0 107.7 N.A. N.A. - 2,511.0 1,451.0 N.A. - 1.8 1.0 1.2 - - No P quattor.com.br 258

259 245 SPAL BRA Beverages & Brewing 2,222.0 2,223.2 -0.1 213.0 187.0 13.9 N.A. N.A. - 1,423.0 1,020.0 N.A. - 20.9 15.0 9.6 - - No P spalbrasil.com 259

260 243 RANDON PARTICIPAÇÕES BRA Carmaking 2,215.8 2,232.0 -0.7 143.5 149.7 -4.1 291.7 319.5 -8.7 2,141.2 722.0 N.A. - 19.9 6.7 6.5 13.2 - Yes P randon.com.br 260

261 307 ISA COL Electricity 2,205.5 1,801.4 22.4 170.0 176.3 -3.6 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

262 394 FALABELLA PERÚ PER Retail 2,201.3 1,665.6 32.2 136.9 121.2 12.9 279.8 253.4 10.4 2,014.2 692.3 14,500 - 19.8 6.8 6.2 12.7 - Yes P* falabella.com.pe 262

263 512 TAG BRA Transport & Logistics 2,189.0 1,012.0 116.3 209.0 426.0 -50.9 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

264 222 COMGAS BRA Oil & Gas 2,187.2 2,457.9 -11.0 125.9 348.1 -63.8 382.6 709.4 -46.1 2,296.4 664.5 4,721 - 18.9 5.5 5.8 17.5 - Yes P* comgas.com.br 264

265 284 PARANAPANEMA BRA Mining 2,184.9 1,915.7 14.1 -25.4 28.5 -189.1 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

266 241 ELECTROLUX DO BRASIL BRA Electronics 2,156.0 2,237.8 -3.7 74.0 125.0 -40.8 N.A. N.A. - 1,204.0 416.0 7,690 - 17.8 6.1 3.4 - - No P* electrolux.com.br 266

267 313 SYNGENTA BRA Agribusiness 2,152.0 1,778.0 21.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 1,354 189.1 - - - - 8.8 No P syngenta.com 267

268 314 AGROSUPER (1) CHI Agribusiness 2,149.5 2,007.3 7.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 15,915 - - - - - - No P agrosuper.cl 268

269 299 SQM CHI Mining 2,145.3 1,830.4 17.2 545.8 382.1 42.8 949.4 654.5 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

270 304 MRV BRA Construction 2,140.5 1,813.1 18.1 405.2 380.8 6.4 486.1 410.2 18.5 4,883.6 1,824.8 N.A. - 22.2 8.3 18.9 22.7 - Yes P mrv.com.br 270

271 308 AES GENER CHI Electricity 2,130.3 1,802.0 18.2 326.1 169.8 92.0 711.7 383.3 85.7 5,829.3 2,528.7 1,176 - 12.9 5.6 15.3 33.4 - Yes P* gener.cl 271

272 298 SIGDO KOPPERS CHI Construction 2,127.8 1,832.4 16.1 285.6 112.9 153.0 515.6 307.9 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

273 280 SIEMENS BRASIL BRA Electronics 2,124.0 1,822.0 16.6 110.0 51.0 115.7 N.A. N.A. - 1,799.0 536.0 10,170 - 20.5 6.1 5.2 - - No P* siemens.com.br 273

274 267 MINERVA BRA Agribusiness 2,120.1 2,045.5 3.6 24.2 12.5 93.6 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

275 295 MINERA YANACOCHA PER Mining 2,100.0 1,778.3 18.1 642.4 591.2 8.7 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

276 275 GRUPO SIMEC MEX Steel & Metallurgy 2,098.6 1,990.1 5.5 205.2 73.2 180.3 249.4 161.7 54.2 2,241.9 1,584.0 4,686 - 13.0 9.2 9.8 11.9 - Yes P gsimec.com.mx 276

277 249 KLABIN BRA Pulp & Paper 2,073.3 2,198.6 -5.7 97.4 336.0 -71.0 716.7 829.5 -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

278 255 PERNAMBUCANAS BRA Retail 2,057.0 2,164.9 -5.0 82.0 86.0 -4.7 N.A. N.A. - 1,865.0 334.0 16,170 - 24.6 4.4 4.0 - - No P pernambucanas.com.br 278

279 237 CARBONES DEL CERREJÓN COL Mining 2,045.4 2,292.6 -10.8 508.4 524.2 -3.0 958.9 950.0 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

280 263 RIPLEY CORP. CHI Retail 2,037.1 2,082.8 -2.2 106.0 106.8 -0.7 N.A. N.A. - 3,163.1 1,407.3 13,929 - 7.5 3.4 5.2 - - Yes P ripley.cl 280

281 273 TELEFÓNICA COLOMBIA COL Telecommunications 2,034.3 1,996.9 1.9 -354.5 -408.3 13.2 617.2 521.8 18.3 3,916.5 1,035.7 N.A. - -34.2 -9.1 -17.4 30.3 - No P* telefonica.co 281

282 620 QUIÑENCO CHI Conglomerate 2,023.9 650.4 211.2 168.7 622.6 -72.9 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

283 316 NAMISA BRA Mining 2,008.0 1,763.0 13.9 1,105.0 1,042.0 6.0 N.A. N.A. - 7,297.0 6,461.0 500 - 17.1 15.1 55.0 - - Yes P - 283

284 256 NEXTEL DE MÉXICO MEX Telecommunications 2,006.3 2,161.8 -7.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,065 - - - - - - No P* nextel.com.mx 284

285 264 CARREFOUR COL Retail 1,999.1 2,076.6 -3.7 22.9 43.8 -47.8 130.0 141.6 -8.2 2,020.5 1,184.4 N.A. - 1.9 1.1 1.1 6.5 - No P* carrefour.com.co 285

286 271 INDUSTRIAS BACHOCO MEX Agribusiness 1,988.5 2,001.3 -0.6 11.3 160.6 -93.0 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

287 285 DRUMMOND COL Mining 1,987.9 1,905.6 4.3 184.2 101.1 82.3 535.8 372.3 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

288 277 BROOKFIELD BRA Construction 1,987.0 1,971.0 0.8 174.2 218.3 -20.2 347.9 357.7 -2.7 4,823.9 1,608.8 6,001 - 10.8 3.6 8.8 17.5 - Yes P brascanresidential.com.br 288

289 258 CHILECTRA CHI Electricity 1,985.5 2,141.5 -7.3 212.5 322.3 -34.1 278.5 291.2 -4.4 2,512.5 2,034.6 712 - 10.4 8.5 10.7 14.0 - Yes P* chilectra.cl 289

290 266 CONSTRUTORA OAS BRA Construction 1,981.0 2,068.8 -4.2 81.0 26.0 211.5 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

291 338 SAMSUNG ELECTRONICS MEX Electronics 1,980.4 1,657.1 19.5 7.2 N.A. - N.A. N.A. - 941.2 147.0 568 - 4.9 0.8 0.4 - - No P* samsung.com.mx 291

292 323 ENAMI CHI Mining 1,966.9 1,721.1 14.3 -70.7 15.1 -568.2 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

293 381 FRESNILLO PLC MEX Mining 1,955.7 1,442.6 35.6 926.4 767.0 20.8 N.A. N.A. - 2,857.8 2,148.2 3,051 - 43.1 32.4 47.4 - - No P penoles.com.mx 293

294 433 MINERA SPENCE CHI Mining 1,954.2 1,515.8 28.9 694.4 547.5 26.8 N.A. N.A. - 3,494.4 3,063.4 N.A. - 22.7 19.9 35.5 - - No P* spence.cl 294

295 254 PANPHARMA BRA Retail 1,927.0 2,175.7 -11.4 46.0 60.0 -23.3 N.A. N.A. - 863.0 487.0 N.A. - 9.4 5.3 2.4 - - No P* panpharma.com 295

296 220 MOVISTAR MEX Telecommunications 1,926.4 2,486.2 -22.5 N.A. N.A. - N.A. N.A. - 6,258.9 705.9 3,102 - - - - - - No P* movistar.com.mx 296

297 260 KIMBERLY CLARK DE MÉXICO MEX Pulp & Paper 1,916.6 2,121.2 -9.6 261.0 341.9 -23.7 511.0 609.5 -16.2 1,885.6 541.1 7,406 - 48.2 13.8 13.6 26.7 - Yes P* kimberly-clark.com.mx 297

298 300 GRUPO KUO MEX Conglomerate 1,916.3 1,824.1 5.1 9.3 41.0 -77.3 151.8 147.2 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

299 320 SUPERMERCADOS JUMBO CHI Retail 1,916.0 1,743.3 9.9 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P jumbo.cl 299

300 294 TOYOTA (1) ARG Carmaking 1,910.0 1,870.0 2.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,000 - - - - - - No P* toyota.com.ar 300

Nº 251Héctor Magnetto, CEO de Grupo Clarín:

the media group in the sights of the Argentinean government.


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301 268 ELEKTRO BRA Electricity 1,900.0 2,021.9 -6.0 262.5 270.3 -2.9 498.5 517.6 -3.7 1,822.6 729.6 3,879 - 36.0 14.4 13.8 26.2 - Yes P* elektro.com.br 301

302 603 MC DONALD`S BRA Retail 1,900.0 1,600.0 18.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 48,000 - - - - - - No P* mcdonalds.com.br 302

303 287 EMBOTELLADORA ANDINA CHI Beverages & Brewing 1,884.8 1,897.5 -0.7 186.1 221.2 -15.9 N.A. N.A. - 1,438.3 809.2 6,471 - 23.0 12.9 9.9 - - Yes P koandina.com 303

304 318 INFRAERO BRA Transport & Logistics 1,883.0 1,745.7 7.9 78.0 16.0 387.5 382.0 248.0 54.0 7,928.0 604.0 13,802 - 12.9 1.0 4.1 20.3 - No S infraero.gov.br 304

305 297 SHELL CHILE (1) CHI Oil & Gas 1,882.8 1,836.8 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* shell.cl 305

306 333 AURORA ALIMENTOS BRA Foods 1,875.0 1,686.9 11.2 74.0 92.0 -19.6 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

307 306 TELEFÓNICA MOVIL CHILE CHI Telecommunications 1,873.8 1,862.6 0.6 312.2 421.0 -25.8 766.2 844.3 -9.3 2,900.6 1,401.5 59 - 22.3 10.8 16.7 40.9 - No P* movistar.cl 307

308 309 ENTEL PCS CHI Telecommunications 1,871.6 1,806.7 3.6 268.8 262.0 2.6 761.0 704.8 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

309 352 CHEVRON PETROLEUM COL Oil & Gas 1,862.5 1,568.4 18.8 121.5 88.3 37.6 N.A. N.A. - 745.6 173.3 N.A. 34 70.1 16.3 6.5 - 1.8 No P* texaco.com 309

310 310 CCU CHI Beverages & Brewing 1,859.3 1,789.7 3.9 235.4 236.4 -0.4 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

311 358 CEMENTOS ARGOS COL Cement 1,852.1 692.6 167.4 186.8 145.2 28.6 344.1 276.4 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

312 322 SUPERMERCADOS UNIMARC CHI Retail 1,834.5 1,729.0 6.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P unimarc.cl 312

313 388 COPA AIRLINES PAN Transport & Logistics 1,830.9 1,414.8 29.4 310.4 241.0 28.8 N.A. 324.0 - 3,065.8 1,389.5 5,000 - 22.3 10.1 17.0 - - Yes P copaair.com 313

314 - CODELCO DIV. ANDINA CHI Mining 1,826.5 1,362.0 34.1 373.6 225.3 65.8 N.A. N.A. - 3,550.3 N.A. 1,586 - - 10.5 20.5 - - No S codelco.cl 314

315 361 GENERAL MOTORS COLMOTORES COL Carmaking 1,822.4 1,529.2 19.2 25.4 77.7 -67.3 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

316 340 SUPERMERCADOS SANTA ISABEL CHI Retail 1,814.4 1,651.9 9.8 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P santaisabel.cl 316

317 302 TIENDAS ELEKTRA MEX Retail 1,812.1 1,817.1 -0.3 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P elektra.com.mx 317

318 601 MOSAIC BRA Chemicals & Pharma. 1,810.0 1,092.3 65.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 618 - - - - - - No P* mosaicco.com 318

319 312 MARCOPOLO BRA Carmaking 1,796.0 1,779.2 0.9 182.9 178.0 2.8 247.4 239.0 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

320 354 HOLDING ALIMENTARIO DEL PERÚ PER Foods 1,790.8 1,563.6 14.5 76.3 69.9 9.2 195.3 176.9 10.4 1,206.7 564.7 N.A. - 13.5 6.3 4.3 10.9 - Yes P grupogloria.com 320

321 356 SOTREQ BRA Carmaking 1,790.0 1,559.4 14.8 107.0 73.0 46.6 N.A. N.A. - 882.0 272.0 3,500 - 39.3 12.1 6.0 - - No P sotreq.com.br 321

322 380 GVT HOLDING BRA Telecommunications 1,788.0 1,448.5 23.4 144.0 194.0 -25.8 N.A. N.A. - 3,342.0 1,433.0 5,238 - 10.0 4.3 8.1 - - Yes P gvt.com.br 322

323 383 GASCO CHI Oil & Gas 1,785.3 1,434.7 24.4 63.9 108.2 -40.9 N.A. N.A. - 2,346.7 725.9 2,551 - 8.8 2.7 3.6 - - Yes P gasco.cl 323

324 335 DUPONT BRA Chemicals & Pharma. 1,783.0 1,667.1 7.0 196.0 260.0 -24.6 N.A. N.A. - 1,879.0 977.0 3,500 - 20.1 10.4 11.0 - - No P* dupont.com.br 324

325 265 HONDA DE MÉXICO MEX Carmaking 1,778.1 2,072.9 -14.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,250 - - - - - - No P* honda.mx 325

326 288 HYPERMARCAS BRA Chemicals & Pharma. 1,772.4 1,896.4 -6.5 -29.1 157.2 -118.5 284.9 396.9 -28.2 7,103.8 3,543.0 11,542 - -0.8 -0.4 -1.6 16.1 - Yes P hypermarkas.com.br 326

327 422 MINERA DEL PACÍFICO CHI Mining 1,770.3 1,270.8 39.3 700.1 902.3 -22.4 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

328 293 PROFARMA BRA Retail 1,768.3 1,880.2 -6.0 15.4 20.6 -25.2 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

329 431 COTIA BRA Retail 1,766.0 1,245.6 41.8 46.0 20.0 130.0 N.A. N.A. - 650.0 102.0 200 - 45.1 7.1 2.6 - - Yes P cotia.com.br 329

330 289 AMPLA BRA Electricity 1,765.8 1,893.4 -6.7 112.1 129.7 -13.6 406.5 380.4 6.9 2,483.5 872.0 8,038 - 12.9 4.5 6.3 23.0 - Yes P* ampla.com 330

331 - CBMM BRA Mining 1,765.0 1,548.0 14.0 657.0 610.0 7.7 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

332 615 WHITE MARTINS GASES INDUSTRIAIS BRA Petrochemicals 1,757.0 N.A. - 269.0 241.0 11.6 584.0 506.0 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

333 279 TOYOTA MOTOR SALES DE MÉXICO MEX Carmaking 1,742.2 1,959.6 -11.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 1,000 - - - - - - No P* toyota.com.mx 333

334 490 HOME DEPOT (1) MEX Retail 1,739.2 1,084.2 60.4 N.A. N.A. - N.A. N.A. - N.A. N.A. 11,000 - - - - - - No P* homedepot.com.mx 334

335 364 SALFACORP CHI Construction 1,728.7 1,512.4 14.3 30.6 47.2 -35.2 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

336 345 TELEFÓNICA DE ARGENTINA ARG Telecommunications 1,727.6 1,606.7 7.5 153.1 101.7 50.5 495.8 462.8 7.1 1,708.3 810.2 2,200 - 18.9 9.0 8.9 28.7 - Yes P* telefonica.com.ar 336

337 341 LOJAS RENNER BRA Retail 1,726.5 1,651.3 4.6 179.6 184.9 -2.9 304.0 288.2 5.5 1,590.5 615.7 13,340 - 29.2 11.3 10.4 17.6 - No P* sony.com.mx 337

338 370 AJE GROUP (1) PER Beverages & Brewing 1,719.3 1,495.0 15.0 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P ajegroup.com 338

339 281 COPASA BRA Basic Services 1,719.2 1,943.4 -11.5 247.6 402.0 -38.4 560.6 763.4 -26.6 4,407.4 2,416.9 N.A. - 10.2 5.6 14.4 32.6 - Yes S copasa.com.br 339

340 - CAPUFE MEX Transport & Logistics 1,708.0 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 4,900 - - - - - - No P capufe.gob.mx 340

341 413 DOW BRASIL BRA Petrochemicals 1,698.0 1,323.4 28.3 -361.0 -104.0 -247.1 N.A. N.A. - 1,021.0 166.0 2,309 - -217.5 -35.4 -21.3 - - No P* dow.com 341

342 339 ALL AMÉRICA LATINA BRA Transport & Logistics 1,691.7 1,652.6 2.4 130.6 147.6 -11.5 854.1 842.3 1.4 7,539.2 2,143.2 10,368 - 6.1 1.7 7.7 50.5 - Yes P all-logistica.com 342

343 372 SUPERMERCADOS LA FAVORITA ECU Retail 1,688.3 1,486.1 13.6 125.5 111.4 12.6 N.A. N.A. - 1,163.3 814.9 6,600 - 15.4 10.8 7.4 - - Yes P supermaxi.com 343

344 326 GRUPO SCHINCARIOL BRA Beverages & Brewing 1,684.0 1,713.6 -1.7 -41.0 26.0 -257.7 142.0 231.0 -38.5 2,341.0 1,015.0 10,224 - -4.0 -1.8 -2.4 8.4 - No P schincariol.com.br 344

345 301 GRUPO ABRIL BRA Mass Media 1,680.0 1,817.4 -7.6 99.0 87.0 13.8 N.A. N.A. - 1,360.0 101.0 9,000 - 98.0 7.3 5.9 - - No P abril.com.br 345

346 244 IBERDROLA DE MÉXICO (1) MEX Electricity 1,679.9 2,227.0 -24.6 0.0 N.A. - N.A. N.A. - 2,509.9 2,105.0 450 - 0.0 0.0 0.0 - - No P* iberdrola.es 346

347 278 GERDAU COMERCIAL DE AÇOS BRA Retail 1,676.0 1,960.1 -14.5 31.0 0.5 6,100.0 N.A. N.A. - 721.0 554.0 N.A. - 5.6 4.3 1.8 - - No P gerdau.com.br 347

348 327 CORPORATIVO FRAGUA MEX Retail 1,666.0 1,712.8 -2.7 60.8 59.2 2.7 101.7 98.8 2.9 714.9 387.4 19,653 - 15.7 8.5 3.6 6.1 - Yes P fragua.com.mx 348

349 435 GRUPO VILLACERO (1) MEX Steel & Metallurgy 1,665.0 1,230.4 35.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,125 - - - - - - No P villacero.com 349

350 246 CONSTRUTORA QUEIROZ GALVÃO BRA Construction 1,654.0 2,211.7 -25.2 27.0 143.0 -81.1 N.A. N.A. - 1,370.0 1,018.0 16,862 - 2.7 2.0 1.6 - - No P queirozgalvao.com 350

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WEBSITE (www.)RK11

RK11

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2011 US$Millions


VARIATION IN SALES

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WORK-FORCE2011


ROE(%)

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WEBSITE (www.)RK11

301 268 ELEKTRO BRA Electricity 1,900.0 2,021.9 -6.0 262.5 270.3 -2.9 498.5 517.6 -3.7 1,822.6 729.6 3,879 - 36.0 14.4 13.8 26.2 - Yes P* elektro.com.br 301

302 603 MC DONALD`S BRA Retail 1,900.0 1,600.0 18.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 48,000 - - - - - - No P* mcdonalds.com.br 302

303 287 EMBOTELLADORA ANDINA CHI Beverages & Brewing 1,884.8 1,897.5 -0.7 186.1 221.2 -15.9 N.A. N.A. - 1,438.3 809.2 6,471 - 23.0 12.9 9.9 - - Yes P koandina.com 303

304 318 INFRAERO BRA Transport & Logistics 1,883.0 1,745.7 7.9 78.0 16.0 387.5 382.0 248.0 54.0 7,928.0 604.0 13,802 - 12.9 1.0 4.1 20.3 - No S infraero.gov.br 304

305 297 SHELL CHILE (1) CHI Oil & Gas 1,882.8 1,836.8 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* shell.cl 305

306 333 AURORA ALIMENTOS BRA Foods 1,875.0 1,686.9 11.2 74.0 92.0 -19.6 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

307 306 TELEFÓNICA MOVIL CHILE CHI Telecommunications 1,873.8 1,862.6 0.6 312.2 421.0 -25.8 766.2 844.3 -9.3 2,900.6 1,401.5 59 - 22.3 10.8 16.7 40.9 - No P* movistar.cl 307

308 309 ENTEL PCS CHI Telecommunications 1,871.6 1,806.7 3.6 268.8 262.0 2.6 761.0 704.8 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

309 352 CHEVRON PETROLEUM COL Oil & Gas 1,862.5 1,568.4 18.8 121.5 88.3 37.6 N.A. N.A. - 745.6 173.3 N.A. 34 70.1 16.3 6.5 - 1.8 No P* texaco.com 309

310 310 CCU CHI Beverages & Brewing 1,859.3 1,789.7 3.9 235.4 236.4 -0.4 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

311 358 CEMENTOS ARGOS COL Cement 1,852.1 692.6 167.4 186.8 145.2 28.6 344.1 276.4 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

312 322 SUPERMERCADOS UNIMARC CHI Retail 1,834.5 1,729.0 6.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P unimarc.cl 312

313 388 COPA AIRLINES PAN Transport & Logistics 1,830.9 1,414.8 29.4 310.4 241.0 28.8 N.A. 324.0 - 3,065.8 1,389.5 5,000 - 22.3 10.1 17.0 - - Yes P copaair.com 313

314 - CODELCO DIV. ANDINA CHI Mining 1,826.5 1,362.0 34.1 373.6 225.3 65.8 N.A. N.A. - 3,550.3 N.A. 1,586 - - 10.5 20.5 - - No S codelco.cl 314

315 361 GENERAL MOTORS COLMOTORES COL Carmaking 1,822.4 1,529.2 19.2 25.4 77.7 -67.3 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

316 340 SUPERMERCADOS SANTA ISABEL CHI Retail 1,814.4 1,651.9 9.8 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P santaisabel.cl 316

317 302 TIENDAS ELEKTRA MEX Retail 1,812.1 1,817.1 -0.3 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P elektra.com.mx 317

318 601 MOSAIC BRA Chemicals & Pharma. 1,810.0 1,092.3 65.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 618 - - - - - - No P* mosaicco.com 318

319 312 MARCOPOLO BRA Carmaking 1,796.0 1,779.2 0.9 182.9 178.0 2.8 247.4 239.0 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

320 354 HOLDING ALIMENTARIO DEL PERÚ PER Foods 1,790.8 1,563.6 14.5 76.3 69.9 9.2 195.3 176.9 10.4 1,206.7 564.7 N.A. - 13.5 6.3 4.3 10.9 - Yes P grupogloria.com 320

321 356 SOTREQ BRA Carmaking 1,790.0 1,559.4 14.8 107.0 73.0 46.6 N.A. N.A. - 882.0 272.0 3,500 - 39.3 12.1 6.0 - - No P sotreq.com.br 321

322 380 GVT HOLDING BRA Telecommunications 1,788.0 1,448.5 23.4 144.0 194.0 -25.8 N.A. N.A. - 3,342.0 1,433.0 5,238 - 10.0 4.3 8.1 - - Yes P gvt.com.br 322

323 383 GASCO CHI Oil & Gas 1,785.3 1,434.7 24.4 63.9 108.2 -40.9 N.A. N.A. - 2,346.7 725.9 2,551 - 8.8 2.7 3.6 - - Yes P gasco.cl 323

324 335 DUPONT BRA Chemicals & Pharma. 1,783.0 1,667.1 7.0 196.0 260.0 -24.6 N.A. N.A. - 1,879.0 977.0 3,500 - 20.1 10.4 11.0 - - No P* dupont.com.br 324

325 265 HONDA DE MÉXICO MEX Carmaking 1,778.1 2,072.9 -14.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,250 - - - - - - No P* honda.mx 325

326 288 HYPERMARCAS BRA Chemicals & Pharma. 1,772.4 1,896.4 -6.5 -29.1 157.2 -118.5 284.9 396.9 -28.2 7,103.8 3,543.0 11,542 - -0.8 -0.4 -1.6 16.1 - Yes P hypermarkas.com.br 326

327 422 MINERA DEL PACÍFICO CHI Mining 1,770.3 1,270.8 39.3 700.1 902.3 -22.4 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

328 293 PROFARMA BRA Retail 1,768.3 1,880.2 -6.0 15.4 20.6 -25.2 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

329 431 COTIA BRA Retail 1,766.0 1,245.6 41.8 46.0 20.0 130.0 N.A. N.A. - 650.0 102.0 200 - 45.1 7.1 2.6 - - Yes P cotia.com.br 329

330 289 AMPLA BRA Electricity 1,765.8 1,893.4 -6.7 112.1 129.7 -13.6 406.5 380.4 6.9 2,483.5 872.0 8,038 - 12.9 4.5 6.3 23.0 - Yes P* ampla.com 330

331 - CBMM BRA Mining 1,765.0 1,548.0 14.0 657.0 610.0 7.7 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

332 615 WHITE MARTINS GASES INDUSTRIAIS BRA Petrochemicals 1,757.0 N.A. - 269.0 241.0 11.6 584.0 506.0 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

333 279 TOYOTA MOTOR SALES DE MÉXICO MEX Carmaking 1,742.2 1,959.6 -11.1 N.A. N.A. - N.A. N.A. - N.A. N.A. 1,000 - - - - - - No P* toyota.com.mx 333

334 490 HOME DEPOT (1) MEX Retail 1,739.2 1,084.2 60.4 N.A. N.A. - N.A. N.A. - N.A. N.A. 11,000 - - - - - - No P* homedepot.com.mx 334

335 364 SALFACORP CHI Construction 1,728.7 1,512.4 14.3 30.6 47.2 -35.2 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

336 345 TELEFÓNICA DE ARGENTINA ARG Telecommunications 1,727.6 1,606.7 7.5 153.1 101.7 50.5 495.8 462.8 7.1 1,708.3 810.2 2,200 - 18.9 9.0 8.9 28.7 - Yes P* telefonica.com.ar 336

337 341 LOJAS RENNER BRA Retail 1,726.5 1,651.3 4.6 179.6 184.9 -2.9 304.0 288.2 5.5 1,590.5 615.7 13,340 - 29.2 11.3 10.4 17.6 - No P* sony.com.mx 337

338 370 AJE GROUP (1) PER Beverages & Brewing 1,719.3 1,495.0 15.0 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P ajegroup.com 338

339 281 COPASA BRA Basic Services 1,719.2 1,943.4 -11.5 247.6 402.0 -38.4 560.6 763.4 -26.6 4,407.4 2,416.9 N.A. - 10.2 5.6 14.4 32.6 - Yes S copasa.com.br 339

340 - CAPUFE MEX Transport & Logistics 1,708.0 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 4,900 - - - - - - No P capufe.gob.mx 340

341 413 DOW BRASIL BRA Petrochemicals 1,698.0 1,323.4 28.3 -361.0 -104.0 -247.1 N.A. N.A. - 1,021.0 166.0 2,309 - -217.5 -35.4 -21.3 - - No P* dow.com 341

342 339 ALL AMÉRICA LATINA BRA Transport & Logistics 1,691.7 1,652.6 2.4 130.6 147.6 -11.5 854.1 842.3 1.4 7,539.2 2,143.2 10,368 - 6.1 1.7 7.7 50.5 - Yes P all-logistica.com 342

343 372 SUPERMERCADOS LA FAVORITA ECU Retail 1,688.3 1,486.1 13.6 125.5 111.4 12.6 N.A. N.A. - 1,163.3 814.9 6,600 - 15.4 10.8 7.4 - - Yes P supermaxi.com 343

344 326 GRUPO SCHINCARIOL BRA Beverages & Brewing 1,684.0 1,713.6 -1.7 -41.0 26.0 -257.7 142.0 231.0 -38.5 2,341.0 1,015.0 10,224 - -4.0 -1.8 -2.4 8.4 - No P schincariol.com.br 344

345 301 GRUPO ABRIL BRA Mass Media 1,680.0 1,817.4 -7.6 99.0 87.0 13.8 N.A. N.A. - 1,360.0 101.0 9,000 - 98.0 7.3 5.9 - - No P abril.com.br 345

346 244 IBERDROLA DE MÉXICO (1) MEX Electricity 1,679.9 2,227.0 -24.6 0.0 N.A. - N.A. N.A. - 2,509.9 2,105.0 450 - 0.0 0.0 0.0 - - No P* iberdrola.es 346

347 278 GERDAU COMERCIAL DE AÇOS BRA Retail 1,676.0 1,960.1 -14.5 31.0 0.5 6,100.0 N.A. N.A. - 721.0 554.0 N.A. - 5.6 4.3 1.8 - - No P gerdau.com.br 347

348 327 CORPORATIVO FRAGUA MEX Retail 1,666.0 1,712.8 -2.7 60.8 59.2 2.7 101.7 98.8 2.9 714.9 387.4 19,653 - 15.7 8.5 3.6 6.1 - Yes P fragua.com.mx 348

349 435 GRUPO VILLACERO (1) MEX Steel & Metallurgy 1,665.0 1,230.4 35.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,125 - - - - - - No P villacero.com 349

350 246 CONSTRUTORA QUEIROZ GALVÃO BRA Construction 1,654.0 2,211.7 -25.2 27.0 143.0 -81.1 N.A. N.A. - 1,370.0 1,018.0 16,862 - 2.7 2.0 1.6 - - No P queirozgalvao.com 350

Nº 313Pedro Heilborn, CEO OF Copa:

the airline which dominates Panama´s logistics and transport hub.


RANKING 500 GI.indd 29 17/8/12 16:44:17



RK11

RK10

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SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

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NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

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(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

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EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

351 403 PATAGONIA ARG Retail 1,648.2 1,355.4 21.6 39.3 29.2 34.6 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

352 355 CARVAJAL COL Printing 1,639.1 1,563.1 4.9 17.1 7.5 129.3 206.7 197.7 4.5 2,094.6 726.5 N.A. - 2.4 0.8 1.0 12.6 - No P carvajal.com 352

353 368 ROSSI RESIDENCIAL BRA Construction 1,637.8 1,497.9 9.3 181.1 209.9 -13.7 216.3 225.0 -3.9 3,971.8 1,484.4 N.A. - 12.2 4.6 11.1 13.2 - Yes P rossiresidencial.com.br 353

354 - IBM DE MÉXICO MEX Software & Data 1,637.5 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P ibm.com.mx 354

355 537 GOLDCORP MÉXICO MEX Mining 1,628.6 946.8 72.0 N.A. N.A. - N.A. N.A. - 12,804.0 N.A. 5,310 - - - - - - No P* goldcorp.com 355

356 350 GRUPO ALGAR BRA Conglomerate 1,627.0 1,581.5 2.9 106.0 98.0 8.2 N.A. N.A. - 2,136.0 618.0 N.A. - 17.2 5.0 6.5 - - Yes P algar.com.br 356

357 353 GUARARAPES - RIACHUELO BRA Textiles & Footwear 1,623.9 1,565.2 3.8 194.0 202.7 -4.3 321.5 338.5 -5.0 1,978.3 1,193.3 N.A. - 16.3 9.8 11.9 19.8 - Yes P lojasriachuelo.com.br 357

358 489 COOXUPÉ BRA Foods 1,622.0 1,085.3 49.4 74.0 40.0 85.0 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

359 - GRUPO AGUIA BRANCA BRA Transport & Logistics 1,609.0 1,415.0 - 19.0 54.0 - N.A. N.A. - 1,327.0 374.0 2,819 - 5.1 1.4 1.2 - - No P gab.com.br 359

360 305 CELESTICA INC. MEX Electronics 1,608.3 1,803.5 -10.8 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P celestica.com 360

361 311 GRUPO MARTINS BRA Retail 1,604.0 1,785.4 -10.2 14.0 -6.0 333.3 N.A. N.A. - 607.0 97.0 N.A. - 14.4 2.3 0.9 - - No P martins.com.br 361

362 374 OLÍMPICA COL Retail 1,588.2 1,483.8 7.0 45.0 38.1 18.2 111.9 67.1 66.9 915.1 435.0 N.A. - 10.3 4.9 2.8 7.0 - No P olimpica.com.co 362

363 384 CANDELARIA CHI Mining 1,588.0 1,434.1 10.7 623.0 562.3 10.8 832.1 722.3 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

364 406 MOVISTAR PERÚ PER Telecommunications 1,587.4 1,408.1 12.7 240.2 250.3 -4.0 553.3 512.3 8.0 1,432.8 413.4 1,200 - 58.1 16.8 15.1 34.9 - Yes P* movistar.com.pe 364

365 342 DURATEX BRA Manufacturing 1,583.5 1,645.5 -3.8 199.5 280.2 -28.8 536.7 652.8 -17.8 3,632.7 1,966.7 10,667 - 10.1 5.5 12.6 33.9 - Yes P duratex.com.br 365

366 407 CMPC TISSUE CHI Pulp & Paper 1,582.9 1,344.6 17.7 -6.9 43.5 -115.9 172.5 161.8 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

367 362 UTE URU Electricity 1,581.7 1,524.1 3.8 145.7 430.3 -66.1 N.A. 808.8 - 6,083.0 4,984.9 N.A. - 2.9 2.4 9.2 - - No S ute.com.uy 367

368 465 ALICORP PER Foods 1,578.5 1,340.1 17.8 120.8 100.0 20.8 204.7 187.2 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

369 319 CESP BRA Electricity 1,576.7 1,743.7 -9.6 57.9 55.8 3.8 906.8 879.1 3.2 9,727.1 5,394.0 1,330 - 1.1 0.6 3.7 57.5 - Yes S cesp.com.br 369

370 382 CONTAX BRA Telecommunications 1,576.0 1,439.2 9.5 11.2 65.1 -82.8 140.0 178.3 -21.5 1,411.4 263.2 107,200 - 4.3 0.8 0.7 8.9 - Yes P contax.com.br 370

371 547 GRANA Y MONTERO PER Conglomerate 1,574.4 923.2 70.5 124.4 94.0 32.4 180.2 142.1 26.8 1,380.8 533.5 N.A. - 23.3 9.0 7.9 11.4 - Yes P gym.com.pe 371

372 - BELCORP PER Chemicals & Pharma. 1,572.2 1,281.0 - N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P belcorp.biz 372

373 443 PAMPA ENERGÍA ARG Foods 1,568.2 1,213.7 29.2 -215.5 -11.6 -1,757.8 146.2 157.8 -7.4 2,650.3 546.0 N.A. - -39.5 -8.1 -13.7 9.3 - No P pampaenergia.com 373

374 242 GAFISA BRA Construction 1,567.6 2,233.1 -29.8 -503.7 249.7 -301.7 -276.9 357.0 -177.6 5,068.0 1,411.9 N.A. - -35.7 -9.9 -32.1 -17.7 - Yes P gafi sa.com.br 374

375 347 HOMEX MEX Construction 1,566.8 1,591.3 -1.5 112.6 130.3 -13.6 215.6 264.6 -18.5 2,966.3 967.0 11,737 - 11.6 3.8 7.2 13.8 - Yes P homex.com.mx 375

376 337 CBA BRA Steel & Metallurgy 1,566.0 1,659.0 -5.6 -128.0 140.0 -191.4 138.0 295.0 -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

377 291 GRUPO VITRO MEX Manufacturing 1,565.5 1,626.6 -3.8 27.6 -96.9 128.5 252.9 195.8 29.2 2,393.8 -6.0 16,797 - -460.0 1.2 1.8 16.2 - Yes P vitro.com.mx 377

378 363 GRUPO CONDUMEX MEX Manufacturing 1,560.5 1,512.6 3.2 120.2 226.2 -46.8 N.A. N.A. - 1,473.9 923.7 15,000 - 13.0 8.2 7.7 - - No P condumex.com.mx 378

379 482 BUENAVENTURA PER Mining 1,556.6 1,103.8 41.0 858.9 660.8 30.0 769.2 486.9 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

380 367 LOCALIZA BRA Transport & Logistics 1,555.7 1,498.7 3.8 155.5 153.6 1.2 437.8 404.1 8.3 2,137.5 597.4 4,533 - 26.0 7.3 10.0 28.1 - Yes P localiza.com 380

381 325 CELPE BRA Electricity 1,553.5 1,716.5 -9.5 151.1 269.0 -43.8 303.2 434.2 -30.2 2,163.1 856.9 1,657 - 17.6 7.0 9.7 19.5 - Yes P* celpe.com.br 381

382 376 M. DIAS BRANCO BRA Foods 1,551.9 1,466.8 5.8 195.4 211.0 -7.4 256.6 279.9 -8.3 1,630.3 1,069.3 N.A. - 18.3 12.0 12.6 16.5 - Yes P mdiasbranco.com.br 382

383 424 ZAFFARI E BOURBON BRA Retail 1,551.0 1,265.4 22.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 9,203 - - - - - - No P zaffari.com.br 383

384 346 VALE FERTILIZANTES BRA Chemicals & Pharma. 1,549.0 1,606.5 -3.6 186.0 52.0 257.7 326.0 193.0 68.9 4,311.0 3,341.0 4,487 - 5.6 4.3 12.0 21.0 - Yes P valefertilizantes.com 384

385 410 IOCHPE-MAXION BRA Carmaking 1,548.7 1,336.8 15.9 119.1 98.5 20.9 219.2 187.4 17.0 1,328.8 489.7 N.A. - 24.3 9.0 7.7 14.2 - Yes P iochpe-maxion.com.br 385

386 616 TIGRE - TUBOS E CONEXÕES BRA Manufacturing 1,546.7 1,470.0 5.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P tigre.com.br 386

387 404 CTEEP - COMPANHIA DE TRANSMISSÃO PAULISTA BRA Electricity 1,546.4 1,354.2 14.2 487.9 183.3 166.2 775.5 687.9 12.7 4,483.2 2,420.0 1,458 - 20.2 10.9 31.6 50.1 - No P cteep.com.br 387

388 373 INTERCEMENT BRASIL – EX C. CORRÊA CIMENTO BRA Cement 1,538.0 1,485.2 3.6 163.0 120.0 35.8 370.0 328.0 12.8 2,652.0 1,215.0 5,061 - 13.4 6.1 10.6 24.1 - No P cimentocaue.com.br 388

389 332 ULTRAGAZ BRA Oil & Gas 1,534.0 1,690.3 -9.2 29.0 39.0 -25.6 150.0 163.0 -8.0 642.0 237.0 4,129 - 12.2 4.5 1.9 9.8 - No P ultragaz.com.br 389

390 349 ALUMBRERA ARG Mining 1,522.0 1,590.0 -4.3 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* alumbrera.com.ar 390

391 357 CASAS GEO MEX Construction 1,517.3 1,551.0 -2.2 103.0 114.5 -10.0 277.1 273.4 1.4 2,746.4 640.8 25,361 - 16.1 3.8 6.8 18.3 - Yes P casasgeo.com 391

392 411 GRUPO EMPRESARIAL ANGELES (1) MEX Health Services 1,511.9 1,336.1 13.2 N.A. N.A. - N.A. N.A. - 5,605.1 1,564.1 26,147 - - - - - - No P grupoempresarialangeles.com 392

393 397 SUKARNE MEX Foods 1,511.3 1,373.1 10.1 108.9 44.9 142.7 N.A. N.A. - 686.0 366.6 6,400 - 29.7 15.9 7.2 - - No P sukarne.com.mx 393

394 365 EMPRESAS BANMÉDICA CHI Health Services 1,509.9 1,508.7 0.1 83.1 94.5 -12.1 166.1 172.6 -3.8 1,114.1 312.8 14,241 - 26.6 7.5 5.5 11.0 - Yes P empresasbanmedica.cl 394

395 421 EMPRESAS NAVIERAS CHI Transport & Logistics 1,508.1 1,273.9 18.4 -23.1 43.8 -152.7 N.A. N.A. - 785.2 199.1 2,192 - -11.6 -2.9 -1.5 - - Yes P empresasnavieras.com 395

396 348 ALUNORTE BRA Steel & Metallurgy 1,508.0 1,591.2 -5.2 17.0 100.1 -83.0 186.0 240.0 -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

397 386 CODENSA COL Electricity 1,507.5 1,429.0 5.5 231.1 246.3 -6.2 493.1 504.3 -2.2 2,631.3 1,330.8 N.A. - 17.4 8.8 15.3 32.7 - No P* codensa.com.co 397

398 360 RIPLEY CHILE CHI Retail 1,507.3 1,544.1 -2.4 79.4 78.4 1.3 N.A. N.A. - 1,841.8 1,070.8 13,929 - 7.4 4.3 5.3 - - No P ripley.cl 398

399 447 BARRICK MISQUICHILCA PER Mining 1,497.0 1,200.0 24.8 650.6 626.3 3.9 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

400 - SYNGENTA AGRO MEX Agribusiness 1,496.2 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 2,500 - - - - - - No P syngenta.com.mx 400

RANKING 500 GI.indd 30 17/8/12 16:44:25


RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

351 403 PATAGONIA ARG Retail 1,648.2 1,355.4 21.6 39.3 29.2 34.6 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

352 355 CARVAJAL COL Printing 1,639.1 1,563.1 4.9 17.1 7.5 129.3 206.7 197.7 4.5 2,094.6 726.5 N.A. - 2.4 0.8 1.0 12.6 - No P carvajal.com 352

353 368 ROSSI RESIDENCIAL BRA Construction 1,637.8 1,497.9 9.3 181.1 209.9 -13.7 216.3 225.0 -3.9 3,971.8 1,484.4 N.A. - 12.2 4.6 11.1 13.2 - Yes P rossiresidencial.com.br 353

354 - IBM DE MÉXICO MEX Software & Data 1,637.5 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P ibm.com.mx 354

355 537 GOLDCORP MÉXICO MEX Mining 1,628.6 946.8 72.0 N.A. N.A. - N.A. N.A. - 12,804.0 N.A. 5,310 - - - - - - No P* goldcorp.com 355

356 350 GRUPO ALGAR BRA Conglomerate 1,627.0 1,581.5 2.9 106.0 98.0 8.2 N.A. N.A. - 2,136.0 618.0 N.A. - 17.2 5.0 6.5 - - Yes P algar.com.br 356

357 353 GUARARAPES - RIACHUELO BRA Textiles & Footwear 1,623.9 1,565.2 3.8 194.0 202.7 -4.3 321.5 338.5 -5.0 1,978.3 1,193.3 N.A. - 16.3 9.8 11.9 19.8 - Yes P lojasriachuelo.com.br 357

358 489 COOXUPÉ BRA Foods 1,622.0 1,085.3 49.4 74.0 40.0 85.0 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

359 - GRUPO AGUIA BRANCA BRA Transport & Logistics 1,609.0 1,415.0 - 19.0 54.0 - N.A. N.A. - 1,327.0 374.0 2,819 - 5.1 1.4 1.2 - - No P gab.com.br 359

360 305 CELESTICA INC. MEX Electronics 1,608.3 1,803.5 -10.8 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P celestica.com 360

361 311 GRUPO MARTINS BRA Retail 1,604.0 1,785.4 -10.2 14.0 -6.0 333.3 N.A. N.A. - 607.0 97.0 N.A. - 14.4 2.3 0.9 - - No P martins.com.br 361

362 374 OLÍMPICA COL Retail 1,588.2 1,483.8 7.0 45.0 38.1 18.2 111.9 67.1 66.9 915.1 435.0 N.A. - 10.3 4.9 2.8 7.0 - No P olimpica.com.co 362

363 384 CANDELARIA CHI Mining 1,588.0 1,434.1 10.7 623.0 562.3 10.8 832.1 722.3 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

364 406 MOVISTAR PERÚ PER Telecommunications 1,587.4 1,408.1 12.7 240.2 250.3 -4.0 553.3 512.3 8.0 1,432.8 413.4 1,200 - 58.1 16.8 15.1 34.9 - Yes P* movistar.com.pe 364

365 342 DURATEX BRA Manufacturing 1,583.5 1,645.5 -3.8 199.5 280.2 -28.8 536.7 652.8 -17.8 3,632.7 1,966.7 10,667 - 10.1 5.5 12.6 33.9 - Yes P duratex.com.br 365

366 407 CMPC TISSUE CHI Pulp & Paper 1,582.9 1,344.6 17.7 -6.9 43.5 -115.9 172.5 161.8 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

367 362 UTE URU Electricity 1,581.7 1,524.1 3.8 145.7 430.3 -66.1 N.A. 808.8 - 6,083.0 4,984.9 N.A. - 2.9 2.4 9.2 - - No S ute.com.uy 367

368 465 ALICORP PER Foods 1,578.5 1,340.1 17.8 120.8 100.0 20.8 204.7 187.2 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

369 319 CESP BRA Electricity 1,576.7 1,743.7 -9.6 57.9 55.8 3.8 906.8 879.1 3.2 9,727.1 5,394.0 1,330 - 1.1 0.6 3.7 57.5 - Yes S cesp.com.br 369

370 382 CONTAX BRA Telecommunications 1,576.0 1,439.2 9.5 11.2 65.1 -82.8 140.0 178.3 -21.5 1,411.4 263.2 107,200 - 4.3 0.8 0.7 8.9 - Yes P contax.com.br 370

371 547 GRANA Y MONTERO PER Conglomerate 1,574.4 923.2 70.5 124.4 94.0 32.4 180.2 142.1 26.8 1,380.8 533.5 N.A. - 23.3 9.0 7.9 11.4 - Yes P gym.com.pe 371

372 - BELCORP PER Chemicals & Pharma. 1,572.2 1,281.0 - N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P belcorp.biz 372

373 443 PAMPA ENERGÍA ARG Foods 1,568.2 1,213.7 29.2 -215.5 -11.6 -1,757.8 146.2 157.8 -7.4 2,650.3 546.0 N.A. - -39.5 -8.1 -13.7 9.3 - No P pampaenergia.com 373

374 242 GAFISA BRA Construction 1,567.6 2,233.1 -29.8 -503.7 249.7 -301.7 -276.9 357.0 -177.6 5,068.0 1,411.9 N.A. - -35.7 -9.9 -32.1 -17.7 - Yes P gafi sa.com.br 374

375 347 HOMEX MEX Construction 1,566.8 1,591.3 -1.5 112.6 130.3 -13.6 215.6 264.6 -18.5 2,966.3 967.0 11,737 - 11.6 3.8 7.2 13.8 - Yes P homex.com.mx 375

376 337 CBA BRA Steel & Metallurgy 1,566.0 1,659.0 -5.6 -128.0 140.0 -191.4 138.0 295.0 -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

377 291 GRUPO VITRO MEX Manufacturing 1,565.5 1,626.6 -3.8 27.6 -96.9 128.5 252.9 195.8 29.2 2,393.8 -6.0 16,797 - -460.0 1.2 1.8 16.2 - Yes P vitro.com.mx 377

378 363 GRUPO CONDUMEX MEX Manufacturing 1,560.5 1,512.6 3.2 120.2 226.2 -46.8 N.A. N.A. - 1,473.9 923.7 15,000 - 13.0 8.2 7.7 - - No P condumex.com.mx 378

379 482 BUENAVENTURA PER Mining 1,556.6 1,103.8 41.0 858.9 660.8 30.0 769.2 486.9 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

380 367 LOCALIZA BRA Transport & Logistics 1,555.7 1,498.7 3.8 155.5 153.6 1.2 437.8 404.1 8.3 2,137.5 597.4 4,533 - 26.0 7.3 10.0 28.1 - Yes P localiza.com 380

381 325 CELPE BRA Electricity 1,553.5 1,716.5 -9.5 151.1 269.0 -43.8 303.2 434.2 -30.2 2,163.1 856.9 1,657 - 17.6 7.0 9.7 19.5 - Yes P* celpe.com.br 381

382 376 M. DIAS BRANCO BRA Foods 1,551.9 1,466.8 5.8 195.4 211.0 -7.4 256.6 279.9 -8.3 1,630.3 1,069.3 N.A. - 18.3 12.0 12.6 16.5 - Yes P mdiasbranco.com.br 382

383 424 ZAFFARI E BOURBON BRA Retail 1,551.0 1,265.4 22.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 9,203 - - - - - - No P zaffari.com.br 383

384 346 VALE FERTILIZANTES BRA Chemicals & Pharma. 1,549.0 1,606.5 -3.6 186.0 52.0 257.7 326.0 193.0 68.9 4,311.0 3,341.0 4,487 - 5.6 4.3 12.0 21.0 - Yes P valefertilizantes.com 384

385 410 IOCHPE-MAXION BRA Carmaking 1,548.7 1,336.8 15.9 119.1 98.5 20.9 219.2 187.4 17.0 1,328.8 489.7 N.A. - 24.3 9.0 7.7 14.2 - Yes P iochpe-maxion.com.br 385

386 616 TIGRE - TUBOS E CONEXÕES BRA Manufacturing 1,546.7 1,470.0 5.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,000 - - - - - - No P tigre.com.br 386

387 404 CTEEP - COMPANHIA DE TRANSMISSÃO PAULISTA BRA Electricity 1,546.4 1,354.2 14.2 487.9 183.3 166.2 775.5 687.9 12.7 4,483.2 2,420.0 1,458 - 20.2 10.9 31.6 50.1 - No P cteep.com.br 387

388 373 INTERCEMENT BRASIL – EX C. CORRÊA CIMENTO BRA Cement 1,538.0 1,485.2 3.6 163.0 120.0 35.8 370.0 328.0 12.8 2,652.0 1,215.0 5,061 - 13.4 6.1 10.6 24.1 - No P cimentocaue.com.br 388

389 332 ULTRAGAZ BRA Oil & Gas 1,534.0 1,690.3 -9.2 29.0 39.0 -25.6 150.0 163.0 -8.0 642.0 237.0 4,129 - 12.2 4.5 1.9 9.8 - No P ultragaz.com.br 389

390 349 ALUMBRERA ARG Mining 1,522.0 1,590.0 -4.3 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* alumbrera.com.ar 390

391 357 CASAS GEO MEX Construction 1,517.3 1,551.0 -2.2 103.0 114.5 -10.0 277.1 273.4 1.4 2,746.4 640.8 25,361 - 16.1 3.8 6.8 18.3 - Yes P casasgeo.com 391

392 411 GRUPO EMPRESARIAL ANGELES (1) MEX Health Services 1,511.9 1,336.1 13.2 N.A. N.A. - N.A. N.A. - 5,605.1 1,564.1 26,147 - - - - - - No P grupoempresarialangeles.com 392

393 397 SUKARNE MEX Foods 1,511.3 1,373.1 10.1 108.9 44.9 142.7 N.A. N.A. - 686.0 366.6 6,400 - 29.7 15.9 7.2 - - No P sukarne.com.mx 393

394 365 EMPRESAS BANMÉDICA CHI Health Services 1,509.9 1,508.7 0.1 83.1 94.5 -12.1 166.1 172.6 -3.8 1,114.1 312.8 14,241 - 26.6 7.5 5.5 11.0 - Yes P empresasbanmedica.cl 394

395 421 EMPRESAS NAVIERAS CHI Transport & Logistics 1,508.1 1,273.9 18.4 -23.1 43.8 -152.7 N.A. N.A. - 785.2 199.1 2,192 - -11.6 -2.9 -1.5 - - Yes P empresasnavieras.com 395

396 348 ALUNORTE BRA Steel & Metallurgy 1,508.0 1,591.2 -5.2 17.0 100.1 -83.0 186.0 240.0 -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

397 386 CODENSA COL Electricity 1,507.5 1,429.0 5.5 231.1 246.3 -6.2 493.1 504.3 -2.2 2,631.3 1,330.8 N.A. - 17.4 8.8 15.3 32.7 - No P* codensa.com.co 397

398 360 RIPLEY CHILE CHI Retail 1,507.3 1,544.1 -2.4 79.4 78.4 1.3 N.A. N.A. - 1,841.8 1,070.8 13,929 - 7.4 4.3 5.3 - - No P ripley.cl 398

399 447 BARRICK MISQUICHILCA PER Mining 1,497.0 1,200.0 24.8 650.6 626.3 3.9 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

400 - SYNGENTA AGRO MEX Agribusiness 1,496.2 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 2,500 - - - - - - No P syngenta.com.mx 400

Nº 374Alicei Duilio Calciolari, CEO of Gafi sa:

record losses in the middle of Brazil´s property boom.


RANKING 500 GI.indd 31 17/8/12 16:44:32



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WORK-FORCE2011


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WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

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NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


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WORK-FORCE2011


ROE(%)

ROA(%)

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401 359 V&M BRA Steel & Metallurgy 1,492.0 1,544.2 -3.4 318.0 309.0 2.9 N.A. N.A. - 2,833.0 1,955.0 6,352 - 16.3 11.2 21.3 - - Yes P vmtubes.com.br 401

402 - PAGUE MENOS BRA Retail 1,484.0 1,156.0 - 58.0 38.0 - 123.0 77.0 - 536.0 131.0 13,000 - 44.3 10.8 3.9 8.3 - No P paguemenos.com.br 402

403 - VOTORANTIM ANDINA CHI Mining 1,482.8 811.1 82.8 102.1 499.8 -79.6 136.5 518.8 -73.7 4,847.8 3,263.9 N.A. - 3.1 2.1 6.9 9.2 - No P* - 403

404 344 LIQUIGÁS BRA Retail 1,480.0 1,611.4 -8.2 56.0 71.0 -21.1 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

405 375 LEAR CORPORACIÓN MÉXICO MEX Carmaking 1,479.7 1,468.7 0.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 34,100 - - - - - - No P lear.com 405

406 419 NUEVA EPS COL Health Services 1,474.6 1,277.4 15.4 7.9 10.9 -27.8 N.A. N.A. - 534.6 51.4 N.A. - 15.3 1.5 0.5 - - No P nuevaeps.com.co 406

407 276 NOKIA BRA Electronics 1,465.0 1,986.0 -26.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P* nokia.com.br 407

408 493 KENWORTH MEXICANA MEX Carmaking 1,458.9 1,069.9 36.4 N.A. 60.9 - N.A. N.A. - N.A. N.A. 2,737 - - - - - - No P* kenmex.com 408

409 315 APERAM INOX – EX ARCELOR MITTAL INOX BRA Steel & Metallurgy 1,457.0 1,766.2 -17.5 -87.0 N.A. - 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

410 446 DROGASIL BRA Retail 1,455.1 1,203.5 20.9 36.6 53.4 -31.5 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

411 414 OHL BRASIL BRA Transport & Logistics 1,445.8 1,311.1 10.3 215.6 182.6 18.1 539.6 500.7 7.8 2,958.9 745.5 N.A. - 28.9 7.3 14.9 37.3 - Yes P* ohlbrasil.com.br 411

412 402 3M DO BRASIL BRA Petrochemicals 1,440.0 1,355.9 6.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,000 - - - - - - No P* 3m.com.br 412

413 395 C. VALE BRA Agribusiness 1,429.0 1,384.1 3.2 27.0 18.0 50.0 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

414 328 FASA CHI Retail 1,426.1 1,711.7 -16.7 16.8 -4.8 450.0 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

415 499 FERREYROS PER Conglomerate 1,419.8 1,053.7 34.7 72.3 43.2 67.6 158.3 125.8 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

416 432 PREZUNIC SUPERMERCADOS BRA Retail 1,414.0 1,244.7 13.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,957 - - - - - - No P v2.prezunic.com.br 416

417 425 VIAKABLE MEX Electronics 1,412.2 1,251.6 12.8 N.A. N.A. - N.A. N.A. - 764.8 269.7 3,552 - - - - - - No P viakable.com 417

418 398 PETROBRAS (1) CHI Oil & Gas 1,407.1 1,372.8 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* petrobrastuchile.cl 418

419 436 AMÉRICA MOVIL ECUADOR ECU Telecommunications 1,403.0 1,228.0 14.3 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P - 419

420 329 COELCE BRA Electricity 1,400.6 1,710.3 -18.1 251.2 283.2 -11.3 402.4 484.4 -16.9 1,787.5 784.2 N.A. - 32.0 14.1 17.9 28.7 - Yes P* coelce.com.br 420

421 494 MINERA VALPARAÍSO CHI Conglomerate 1,395.0 1,069.8 30.4 202.0 233.9 -13.6 N.A. N.A. - 9,371.3 6,908.6 271 - 2.9 2.2 14.5 - - No P minera.cl 421

422 262 IFH PERÚ HOLDING PER Conglomerate 1,392.3 1,058.3 31.6 237.5 183.0 29.8 N.A. N.A. - 11,022.4 1,451.7 N.A. - 16.4 2.2 17.1 - - Yes P ifhperu.com 422

423 438 RENAULT ARGENTINA (1) ARG Carmaking 1,385.0 1,225.0 13.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* renault.com.ar 423

424 - NAVISTAR INTERNACIONAL MEX Carmaking 1,382.5 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P internacionalcamiones.com 424

425 408 ALPARGATAS BRA Textiles & Footwear 1,372.6 1,343.9 2.1 163.9 183.9 -10.9 195.0 225.1 -13.4 1,302.1 787.8 N.A. - 20.8 12.6 11.9 14.2 - Yes P alpargatas.com.br 425

426 409 TERPEL (1) CHI Oil & Gas 1,371.6 1,338.1 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* terpelchile.cl 426

427 572 INFRAESTRUCTURA Y TRANSPORTES MÉXICO MEX Mining 1,368.3 N.A. - 192.1 N.A. - N.A. N.A. - 2,284.7 1,507.9 9,915 - 12.7 8.4 14.0 - - No P gmexico.com.mx 427

428 471 GRUPO WONG PER Retail 1,364.7 1,099.3 24.1 61.3 39.0 57.2 123.2 76.4 61.2 1,369.9 644.7 N.A. - 9.5 4.5 4.5 9.0 - No P* cencosud.cl 428

429 391 GRUPO ACS MEX Construction 1,357.6 1,404.6 -3.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 1,100 - - - - - - No P grupoacs.com 429

430 617 PROCTER & GAMBLE BRA Chemicals & Pharma. 1,353.0 N.A. - -150.0 -141.0 -6.4 N.A. N.A. - 3,073.0 1,600.0 2,862 - -9.4 -4.9 -11.1 - - No P pg.com 430

431 369 TELEFÓNICA CHILE CHI Telecommunications 1,348.1 1,495.3 -9.8 130.4 223.7 -41.7 517.4 668.5 -22.6 2,539.6 1,226.6 5,454 - 10.6 5.1 9.7 38.4 - Yes P* telefonicachile.cl 431

432 377 CPFL PIRATININGA BRA Electricity 1,345.6 1,462.3 -8.0 164.4 181.1 -9.2 314.4 327.1 -3.9 1,275.0 207.4 N.A. - 79.3 12.9 12.2 23.4 - Yes P cpfl .com.br 432

433 385 GRUPO OMNILIFE (1) MEX Health Services 1,344.9 1,432.9 -6.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P omnilife.com.mx 433

434 303 DELTA CONSTRUÇÕES BRA Construction 1,344.0 1,814.7 -25.9 17.0 117.0 -85.5 N.A. 214.0 - 920.0 573.0 14,835 - 3.0 1.8 1.3 - - No P deltaconstrucao.com.br 434

435 418 DROGARIA SÃO PAULO BRA Retail 1,337.0 1,286.3 3.9 19.0 11.0 72.7 N.A. N.A. - 421.0 119.0 7,460 - 16.0 4.5 1.4 - - Yes P drogariasaopaulo.com.br 435

436 508 COLBÚN CHI Electricity 1,332.8 1,024.2 30.1 5.2 112.3 -95.4 175.8 260.3 -32.5 5,619.5 3,462.2 922 - 0.2 0.1 0.4 13.2 - Yes P colbun.cl 436

437 415 MOLYMET CHI Steel & Metallurgy 1,330.3 1,298.2 2.5 103.2 91.7 12.5 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

438 509 PETROMINERALES COL Oil & Gas 1,325.5 1,020.4 29.9 460.2 233.2 97.3 832.2 619.7 34.3 2,077.4 974.9 N.A. - 47.2 22.2 34.7 62.8 - No P petrominerales.com 438

439 452 MINSUR PER Mining 1,322.3 1,196.0 10.6 294.8 377.1 -21.8 562.6 567.9 -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

440 389 CMPC CELULOSA CHI Pulp & Paper 1,316.1 1,412.9 -6.9 260.5 322.3 -19.2 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

441 506 PERUANA DE COMBUSTIBLES (1) PER Oil & Gas 1,312.3 1,025.9 27.9 5.4 4.2 29.2 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

442 502 ERICSSON BRA Electronics 1,309.0 1,034.1 26.6 33.0 -6.0 650.0 N.A. N.A. - 1,467.0 397.0 N.A. - 8.3 2.2 2.5 - - Yes P* ericsson.com/br/ 442

443 437 PARIS CHI Retail 1,306.4 1,227.0 6.5 N.A. N.A. - N.A. 80.0 - N.A. N.A. N.A. - - - - - - No P paris.cl 443

444 430 LOJAS MARISA BRA Retail 1,306.3 1,245.8 4.9 94.6 125.2 -24.4 213.1 233.7 -8.8 1,296.8 457.3 N.A. - 20.7 7.3 7.2 16.3 - Yes P marisa.com.br 444

445 464 ALCOA BRA Steel & Metallurgy 1,302.0 1,151.2 13.1 -66.0 -169.0 60.9 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

446 423 CELPA BRA Electricity 1,297.5 1,266.9 2.4 -208.5 -60.5 -244.6 116.8 196.4 -40.5 2,323.3 266.8 2,221 - -78.1 -9.0 -16.1 9.0 - Yes P gruporede.com.br 446

447 416 ENERGISA BRA Electricity 1,293.6 1,293.0 0.0 113.0 116.8 -3.3 295.8 304.9 -3.0 2,270.2 695.3 5,561 - 16.3 5.0 8.7 22.9 - Yes P energisa.com.br 447

448 - PERÚ LNG PER Oil & Gas 1,287.8 288.2 346.8 26.7 -85.6 131.1 277.2 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

449 401 BANDEIRANTE ENERGIA BRA Electricity 1,285.1 1,355.9 -5.2 118.8 167.0 -28.9 256.6 291.5 -12.0 1,374.1 421.9 1,098 - 28.2 8.6 9.2 20.0 - Yes P bandeirante.com.br 449

450 427 OXITENO BRA Oil & Gas 1,284.0 1,250.3 2.7 N.A. N.A. - 139.0 128.0 8.6 1,842.0 N.A. 1,595 - - - - 10.8 - No P ultrapar.com 450

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US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

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OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

401 359 V&M BRA Steel & Metallurgy 1,492.0 1,544.2 -3.4 318.0 309.0 2.9 N.A. N.A. - 2,833.0 1,955.0 6,352 - 16.3 11.2 21.3 - - Yes P vmtubes.com.br 401

402 - PAGUE MENOS BRA Retail 1,484.0 1,156.0 - 58.0 38.0 - 123.0 77.0 - 536.0 131.0 13,000 - 44.3 10.8 3.9 8.3 - No P paguemenos.com.br 402

403 - VOTORANTIM ANDINA CHI Mining 1,482.8 811.1 82.8 102.1 499.8 -79.6 136.5 518.8 -73.7 4,847.8 3,263.9 N.A. - 3.1 2.1 6.9 9.2 - No P* - 403

404 344 LIQUIGÁS BRA Retail 1,480.0 1,611.4 -8.2 56.0 71.0 -21.1 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

405 375 LEAR CORPORACIÓN MÉXICO MEX Carmaking 1,479.7 1,468.7 0.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 34,100 - - - - - - No P lear.com 405

406 419 NUEVA EPS COL Health Services 1,474.6 1,277.4 15.4 7.9 10.9 -27.8 N.A. N.A. - 534.6 51.4 N.A. - 15.3 1.5 0.5 - - No P nuevaeps.com.co 406

407 276 NOKIA BRA Electronics 1,465.0 1,986.0 -26.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P* nokia.com.br 407

408 493 KENWORTH MEXICANA MEX Carmaking 1,458.9 1,069.9 36.4 N.A. 60.9 - N.A. N.A. - N.A. N.A. 2,737 - - - - - - No P* kenmex.com 408

409 315 APERAM INOX – EX ARCELOR MITTAL INOX BRA Steel & Metallurgy 1,457.0 1,766.2 -17.5 -87.0 N.A. - 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

410 446 DROGASIL BRA Retail 1,455.1 1,203.5 20.9 36.6 53.4 -31.5 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

411 414 OHL BRASIL BRA Transport & Logistics 1,445.8 1,311.1 10.3 215.6 182.6 18.1 539.6 500.7 7.8 2,958.9 745.5 N.A. - 28.9 7.3 14.9 37.3 - Yes P* ohlbrasil.com.br 411

412 402 3M DO BRASIL BRA Petrochemicals 1,440.0 1,355.9 6.2 N.A. N.A. - N.A. N.A. - N.A. N.A. 4,000 - - - - - - No P* 3m.com.br 412

413 395 C. VALE BRA Agribusiness 1,429.0 1,384.1 3.2 27.0 18.0 50.0 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

414 328 FASA CHI Retail 1,426.1 1,711.7 -16.7 16.8 -4.8 450.0 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

415 499 FERREYROS PER Conglomerate 1,419.8 1,053.7 34.7 72.3 43.2 67.6 158.3 125.8 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

416 432 PREZUNIC SUPERMERCADOS BRA Retail 1,414.0 1,244.7 13.6 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,957 - - - - - - No P v2.prezunic.com.br 416

417 425 VIAKABLE MEX Electronics 1,412.2 1,251.6 12.8 N.A. N.A. - N.A. N.A. - 764.8 269.7 3,552 - - - - - - No P viakable.com 417

418 398 PETROBRAS (1) CHI Oil & Gas 1,407.1 1,372.8 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* petrobrastuchile.cl 418

419 436 AMÉRICA MOVIL ECUADOR ECU Telecommunications 1,403.0 1,228.0 14.3 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P - 419

420 329 COELCE BRA Electricity 1,400.6 1,710.3 -18.1 251.2 283.2 -11.3 402.4 484.4 -16.9 1,787.5 784.2 N.A. - 32.0 14.1 17.9 28.7 - Yes P* coelce.com.br 420

421 494 MINERA VALPARAÍSO CHI Conglomerate 1,395.0 1,069.8 30.4 202.0 233.9 -13.6 N.A. N.A. - 9,371.3 6,908.6 271 - 2.9 2.2 14.5 - - No P minera.cl 421

422 262 IFH PERÚ HOLDING PER Conglomerate 1,392.3 1,058.3 31.6 237.5 183.0 29.8 N.A. N.A. - 11,022.4 1,451.7 N.A. - 16.4 2.2 17.1 - - Yes P ifhperu.com 422

423 438 RENAULT ARGENTINA (1) ARG Carmaking 1,385.0 1,225.0 13.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* renault.com.ar 423

424 - NAVISTAR INTERNACIONAL MEX Carmaking 1,382.5 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P internacionalcamiones.com 424

425 408 ALPARGATAS BRA Textiles & Footwear 1,372.6 1,343.9 2.1 163.9 183.9 -10.9 195.0 225.1 -13.4 1,302.1 787.8 N.A. - 20.8 12.6 11.9 14.2 - Yes P alpargatas.com.br 425

426 409 TERPEL (1) CHI Oil & Gas 1,371.6 1,338.1 2.5 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* terpelchile.cl 426

427 572 INFRAESTRUCTURA Y TRANSPORTES MÉXICO MEX Mining 1,368.3 N.A. - 192.1 N.A. - N.A. N.A. - 2,284.7 1,507.9 9,915 - 12.7 8.4 14.0 - - No P gmexico.com.mx 427

428 471 GRUPO WONG PER Retail 1,364.7 1,099.3 24.1 61.3 39.0 57.2 123.2 76.4 61.2 1,369.9 644.7 N.A. - 9.5 4.5 4.5 9.0 - No P* cencosud.cl 428

429 391 GRUPO ACS MEX Construction 1,357.6 1,404.6 -3.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 1,100 - - - - - - No P grupoacs.com 429

430 617 PROCTER & GAMBLE BRA Chemicals & Pharma. 1,353.0 N.A. - -150.0 -141.0 -6.4 N.A. N.A. - 3,073.0 1,600.0 2,862 - -9.4 -4.9 -11.1 - - No P pg.com 430

431 369 TELEFÓNICA CHILE CHI Telecommunications 1,348.1 1,495.3 -9.8 130.4 223.7 -41.7 517.4 668.5 -22.6 2,539.6 1,226.6 5,454 - 10.6 5.1 9.7 38.4 - Yes P* telefonicachile.cl 431

432 377 CPFL PIRATININGA BRA Electricity 1,345.6 1,462.3 -8.0 164.4 181.1 -9.2 314.4 327.1 -3.9 1,275.0 207.4 N.A. - 79.3 12.9 12.2 23.4 - Yes P cpfl .com.br 432

433 385 GRUPO OMNILIFE (1) MEX Health Services 1,344.9 1,432.9 -6.1 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P omnilife.com.mx 433

434 303 DELTA CONSTRUÇÕES BRA Construction 1,344.0 1,814.7 -25.9 17.0 117.0 -85.5 N.A. 214.0 - 920.0 573.0 14,835 - 3.0 1.8 1.3 - - No P deltaconstrucao.com.br 434

435 418 DROGARIA SÃO PAULO BRA Retail 1,337.0 1,286.3 3.9 19.0 11.0 72.7 N.A. N.A. - 421.0 119.0 7,460 - 16.0 4.5 1.4 - - Yes P drogariasaopaulo.com.br 435

436 508 COLBÚN CHI Electricity 1,332.8 1,024.2 30.1 5.2 112.3 -95.4 175.8 260.3 -32.5 5,619.5 3,462.2 922 - 0.2 0.1 0.4 13.2 - Yes P colbun.cl 436

437 415 MOLYMET CHI Steel & Metallurgy 1,330.3 1,298.2 2.5 103.2 91.7 12.5 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

438 509 PETROMINERALES COL Oil & Gas 1,325.5 1,020.4 29.9 460.2 233.2 97.3 832.2 619.7 34.3 2,077.4 974.9 N.A. - 47.2 22.2 34.7 62.8 - No P petrominerales.com 438

439 452 MINSUR PER Mining 1,322.3 1,196.0 10.6 294.8 377.1 -21.8 562.6 567.9 -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

440 389 CMPC CELULOSA CHI Pulp & Paper 1,316.1 1,412.9 -6.9 260.5 322.3 -19.2 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

441 506 PERUANA DE COMBUSTIBLES (1) PER Oil & Gas 1,312.3 1,025.9 27.9 5.4 4.2 29.2 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

442 502 ERICSSON BRA Electronics 1,309.0 1,034.1 26.6 33.0 -6.0 650.0 N.A. N.A. - 1,467.0 397.0 N.A. - 8.3 2.2 2.5 - - Yes P* ericsson.com/br/ 442

443 437 PARIS CHI Retail 1,306.4 1,227.0 6.5 N.A. N.A. - N.A. 80.0 - N.A. N.A. N.A. - - - - - - No P paris.cl 443

444 430 LOJAS MARISA BRA Retail 1,306.3 1,245.8 4.9 94.6 125.2 -24.4 213.1 233.7 -8.8 1,296.8 457.3 N.A. - 20.7 7.3 7.2 16.3 - Yes P marisa.com.br 444

445 464 ALCOA BRA Steel & Metallurgy 1,302.0 1,151.2 13.1 -66.0 -169.0 60.9 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

446 423 CELPA BRA Electricity 1,297.5 1,266.9 2.4 -208.5 -60.5 -244.6 116.8 196.4 -40.5 2,323.3 266.8 2,221 - -78.1 -9.0 -16.1 9.0 - Yes P gruporede.com.br 446

447 416 ENERGISA BRA Electricity 1,293.6 1,293.0 0.0 113.0 116.8 -3.3 295.8 304.9 -3.0 2,270.2 695.3 5,561 - 16.3 5.0 8.7 22.9 - Yes P energisa.com.br 447

448 - PERÚ LNG PER Oil & Gas 1,287.8 288.2 346.8 26.7 -85.6 131.1 277.2 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

449 401 BANDEIRANTE ENERGIA BRA Electricity 1,285.1 1,355.9 -5.2 118.8 167.0 -28.9 256.6 291.5 -12.0 1,374.1 421.9 1,098 - 28.2 8.6 9.2 20.0 - Yes P bandeirante.com.br 449

450 427 OXITENO BRA Oil & Gas 1,284.0 1,250.3 2.7 N.A. N.A. - 139.0 128.0 8.6 1,842.0 N.A. 1,595 - - - - 10.8 - No P ultrapar.com 450

Nº 428Efraín Wong, CEO of Grupo Wong:

The more Peru consumes, the more Wong´s profi ts rise.


RANKING 500 GI.indd 33 17/8/12 16:44:46



RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

451 440 JSL BRA Transport & Logistics 1,283.8 1,217.4 5.5 30.3 55.8 -45.7 229.8 198.1 16.0 2,049.7 449.6 N.A. - 6.7 1.5 2.4 17.9 - Yes P juliosimoeslogistica.com.br 451

452 474 PLUSPETROL PERÚ CORPORATION PER Oil & Gas 1,281.0 1,125.0 13.9 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 1,281.0 - - - - 100.0 No P pluspetrol.net 452

453 387 GRUPO IUSA (1) MEX Manufacturing 1,276.2 1,428.6 -10.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,358 - - - - - - No P grupo-iusa.com 453

454 451 METALSA MEX Carmaking 1,271.3 1,196.5 6.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,300 - - - - - - No P metalsa.com.mx 454

455 434 GRUPO PALACIO DE HIERRO MEX Retail 1,268.9 1,234.5 2.8 74.3 71.4 4.1 168.3 173.9 -3.2 1,565.0 834.5 10,614 - 8.9 4.7 5.9 13.3 - Yes P elpalaciodehierro.com.mx 455

456 390 GRUPO GALVÃO BRA Construction 1,265.0 1,323.0 -4.4 -45.0 36.0 -225.0 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

457 428 DAIMLER MEX Carmaking 1,264.2 1,250.2 1.1 108.0 14.8 629.7 N.A. N.A. - 2,055.2 493.8 5,192 - 21.9 5.3 8.5 - - No P* daimler.com.mx 457

458 371 SANMINA - SCI SYSTEMS DE MÉXICO (1) MEX Electronics 1,257.3 1,493.2 -15.8 57.7 73.8 -21.8 N.A. N.A. - 583.4 273.6 8,930 - 21.1 9.9 4.6 - - No P* sanmina-sci.com 458

459 477 EMPRESA ELECTRICA DEL NORTE GRANDE CHI Electricity 1,256.6 1,120.2 12.2 178.6 200.1 -10.7 N.A. N.A. - 2,811.0 1,677.8 781 - 10.6 6.4 14.2 - - Yes P e-cl.cl 459

460 511 MASISA CHI Manufacturing 1,251.2 1,017.3 23.0 68.9 72.4 -4.8 197.8 148.0 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

461 529 PRIMO SCHINCARIOL BRA Beverages & Brewing 1,248.0 964.6 29.4 -83.0 -26.0 -219.2 N.A. N.A. - 2,009.0 673.0 5,470 - -12.3 -4.1 -6.7 - - Yes P schincariol.com.br 461

462 544 C.I. PRODECO COL Retail 1,247.2 927.6 34.5 117.3 84.6 38.6 250.2 131.5 90.3 1,270.6 407.3 N.A. - 28.8 9.2 9.4 20.1 - No P prodeco.com.co 462

463 466 CHRYSLER (1) ARG Carmaking 1,245.0 1,145.0 8.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P* chrysler.com.ar 463

464 498 ALKOSTO COL Retail 1,242.0 1,056.2 17.6 42.1 39.4 7.0 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

465 527 VOLCAN PER Mining 1,240.4 973.3 27.4 370.3 278.1 33.1 641.5 499.7 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

466 399 MAGNESITA BRA Mining 1,236.2 1,366.2 -9.5 52.2 55.1 -5.3 210.4 277.1 -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

467 400 CEG BRA Oil & Gas 1,228.3 1,358.6 -9.6 134.2 138.1 -2.8 281.4 300.7 -6.4 1,027.8 462.7 440 - 29.0 13.1 10.9 22.9 - Yes P ceg.com.br 467

468 417 CGE DISTRIBUCIÓN CHI Electricity 1,217.3 1,292.4 -5.8 -33.9 25.8 -231.4 N.A. N.A. - 1,208.6 524.5 788 - -6.5 -2.8 -2.8 - - Yes P cge.cl 468

469 476 ELECTRICARIBE COL Electricity 1,217.0 1,122.9 8.4 39.2 58.3 -32.8 120.3 158.3 -24.0 2,225.3 1,031.5 7,715 - 3.8 1.8 3.2 9.9 - No P eletricaribe.com 469

470 - GRUPO SAGA BRA Retail 1,217.0 274.0 - 25.0 9.0 - N.A. N.A. - 343.0 110.0 520 - 22.7 7.3 2.1 - - No P saganet.com.br 470

471 420 RIO GRANDE ENERGIA BRA Electricity 1,215.2 1,275.5 -4.7 128.4 144.6 -11.2 275.3 297.2 -7.4 1,511.7 708.1 N.A. - 18.1 8.5 10.6 22.7 - Yes P rge-rs.com.br 471

472 429 EDITORA ABRIL BRA Mass Media 1,214.0 1,247.5 -2.7 143.0 116.0 23.3 N.A. N.A. - 1,162.0 248.0 4,200 - 57.7 12.3 11.8 - - No P abril.com.br 472

473 496 ALUAR ARG Steel & Metallurgy 1,212.6 1,065.4 13.8 126.5 163.7 -22.7 298.1 349.5 -14.7 1,804.6 1,190.4 N.A. - 10.6 7.0 10.4 24.6 - No P aluar.com.ar 473

474 504 ULTRAFÉRTIL BRA Chemicals & Pharma. 1,208.0 1,029.5 17.3 65.0 -25.0 360.0 241.0 71.0 239.4 1,698.0 915.0 N.A. - 7.1 3.8 5.4 20.0 - Yes P valefertilizantes.com 474

475 396 OHL MÉXICO MEX Transport & Logistics 1,203.7 1,377.2 -12.6 270.4 232.4 16.4 543.5 398.7 36.3 4,496.5 2,006.4 1,231 - 13.5 6.0 22.5 45.2 - No P* ohlmexico.com.mx 475

476 461 DANONE (1) MEX Foods 1,198.1 1,154.2 3.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 15,000 - - - - - - No P* danone.com.mx 476

477 559 PROCESADORA SUDAMERICANA PER Steel & Metallurgy 1,197.0 987.8 21.2 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 1,197.0 - - - - 100.0 No P psa.com.pe 477

478 439 UNILEVER DE MÉXICO (1) MEX Chemicals & Pharma. 1,195.1 1,217.8 -1.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,476 - - - - - - No P* unilever.com.mx 478

479 485 MAHLE METAL LEVE BRA Carmaking 1,192.4 1,094.3 9.0 100.6 49.7 102.4 198.4 145.8 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

480 484 SONY DE MÉXICO (1) MEX Electronics 1,192.1 1,103.6 8.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 350 - - - - - - Yes P sony.com.mx 480

481 - LBR LACTEOS BRASIL BRA Foods 1,180.0 N.A. - -162.0 N.A. - N.A. N.A. - 1,772.0 929.0 N.A. - -17.4 -9.1 -13.7 - - No P lbr-lacteosbrasil.com.br 481

482 412 CELGPAR BRA Electricity 1,178.9 1,326.6 -11.1 -353.1 -378.4 6.7 N.A. N.A. - 2,622.1 -689.8 2,310 - - -13.5 -30.0 - - Yes S celg.com.br 482

483 444 URBI DESARROLLOS URBANOS MEX Construction 1,170.7 1,212.7 -3.5 171.3 136.3 25.7 238.0 263.3 -9.6 3,087.3 1,254.1 6,415 - 13.7 5.5 14.6 20.3 - Yes P urbi.com.mx 483

484 487 FINNING CHILE (1) CHI Machinery 1,167.8 1,090.9 7.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,356 98.7 - - - - 8.5 No P* fi nning.cl 484

485 475 TUPY BRA Carmaking 1,165.1 1,123.2 3.7 108.4 92.7 16.9 179.9 163.2 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

486 - KOMATSU CUMMINS CHILE CHI Conglomerate 1,164.2 1,026.7 13.4 98.6 90.8 8.6 214.1 179.0 19.6 N.A. N.A. 4,513 - - - 8.5 18.4 - No P* kcl.cl 486

487 - CISA TRADING BRA Retail 1,149.0 746.0 - 33.0 22.0 - N.A. N.A. - 449.0 85.0 250 - 38.8 7.3 2.9 - - No P cisatrading.com.br 487

488 - CODELCO DIV. SALVADOR CHI Mining 1,148.3 1,163.7 -1.3 113.8 44.8 154.0 N.A. N.A. - 899.4 N.A. 1,551 - - 12.7 9.9 - - No S codelco.cl 488

489 450 HOLCIM APASCO MEX Cement 1,147.5 1,198.7 -4.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,986 - - - - - - No P* apasco.com.mx 489

490 479 MINERA ZALDÍVAR CHI Mining 1,146.6 1,123.1 2.1 488.7 536.4 -8.9 645.2 712.9 -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

491 551 AMÉRICA MÓVIL PERÚ – CLARO PER Telecommunications 1,141.6 1,001.4 14.0 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* claro.com.pe 491

492 453 GAS NATURAL FENOSA MÉXICO MEX Electricity 1,137.1 1,186.5 -4.2 85.8 99.0 -13.3 N.A. N.A. - 2,981.2 1,391.6 1,005 - 6.2 2.9 7.5 - - No P gasnaturalmexico.com 492

493 - SHOUGANG HIERRO PERÚ PER Mining 1,137.1 674.6 68.6 455.4 283.2 60.8 782.1 491.0 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

494 536 SONDA CHI Software & Data 1,136.8 951.1 19.5 77.9 71.6 8.8 158.6 137.8 15.1 1,112.5 588.0 12,500 - 13.2 7.0 6.9 14.0 - Yes P sonda.com 494

495 - BIOMAX COL Oil & Gas 1,134.1 N.A. - 6.0 N.A. - 34.6 N.A. - 281.9 105.7 N.A. - 5.7 2.1 0.5 3.0 - No P biomax.co 495

496 379 REPSOL COMERCIAL – RECOSAC PER Oil & Gas 1,123.6 921.0 22.0 21.4 20.1 6.5 N.A. N.A. - N.A. N.A. N.A. - - - 1.9 - - No P* repsol.com/pe_es 496

497 - GRUPO THYSSENKRUPP MEX Machinery 1,116.3 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 3,400 - - - - - - No P* thyssenkrupp.com 497

498 546 UCP BACKUS & JOHNSTON PER Beverages & Brewing 1,114.8 1,144.9 -2.6 271.0 186.4 45.4 457.5 354.5 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

499 469 NOVARTIS BRA Chemicals & Pharma. 1,114.0 1,132.7 -1.6 78.0 97.0 -19.6 N.A. N.A. - 652.0 247.0 1,810 - 31.6 12.0 7.0 - - No P novartis.com.br 499

500 392 POSITIVO INFORMATICA BRA Electronics 1,109.5 1,397.0 -20.6 -36.2 53.5 -167.7 -11.9 82.0 -114.5 835.9 330.1 4,049 - -11.0 -4.3 -3.3 - - Yes P positivo.com.br 500

RANKING 500 GI.indd 34 17/8/12 16:44:57


RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

RK11

RK10

COMPANYCOUN-TRY

SECTOR SALES

2011 US$Millions


VARIATION IN SALES

11/10 (%)

NET PROFITS 2011

US$ Millions

NET PROFITS 2010

US$ Millions


11/010 (%)






WORK-FORCE2011


ROE(%)

ROA(%)

NET MARGIN

(%)

NET EBITDA

(%)

EXPORT. AS %

OF SALES

Listed on STOCK

EXCHANGE

OWNER-SHIP

WEBSITE (www.)RK11

451 440 JSL BRA Transport & Logistics 1,283.8 1,217.4 5.5 30.3 55.8 -45.7 229.8 198.1 16.0 2,049.7 449.6 N.A. - 6.7 1.5 2.4 17.9 - Yes P juliosimoeslogistica.com.br 451

452 474 PLUSPETROL PERÚ CORPORATION PER Oil & Gas 1,281.0 1,125.0 13.9 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 1,281.0 - - - - 100.0 No P pluspetrol.net 452

453 387 GRUPO IUSA (1) MEX Manufacturing 1,276.2 1,428.6 -10.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 7,358 - - - - - - No P grupo-iusa.com 453

454 451 METALSA MEX Carmaking 1,271.3 1,196.5 6.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 6,300 - - - - - - No P metalsa.com.mx 454

455 434 GRUPO PALACIO DE HIERRO MEX Retail 1,268.9 1,234.5 2.8 74.3 71.4 4.1 168.3 173.9 -3.2 1,565.0 834.5 10,614 - 8.9 4.7 5.9 13.3 - Yes P elpalaciodehierro.com.mx 455

456 390 GRUPO GALVÃO BRA Construction 1,265.0 1,323.0 -4.4 -45.0 36.0 -225.0 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

457 428 DAIMLER MEX Carmaking 1,264.2 1,250.2 1.1 108.0 14.8 629.7 N.A. N.A. - 2,055.2 493.8 5,192 - 21.9 5.3 8.5 - - No P* daimler.com.mx 457

458 371 SANMINA - SCI SYSTEMS DE MÉXICO (1) MEX Electronics 1,257.3 1,493.2 -15.8 57.7 73.8 -21.8 N.A. N.A. - 583.4 273.6 8,930 - 21.1 9.9 4.6 - - No P* sanmina-sci.com 458

459 477 EMPRESA ELECTRICA DEL NORTE GRANDE CHI Electricity 1,256.6 1,120.2 12.2 178.6 200.1 -10.7 N.A. N.A. - 2,811.0 1,677.8 781 - 10.6 6.4 14.2 - - Yes P e-cl.cl 459

460 511 MASISA CHI Manufacturing 1,251.2 1,017.3 23.0 68.9 72.4 -4.8 197.8 148.0 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

461 529 PRIMO SCHINCARIOL BRA Beverages & Brewing 1,248.0 964.6 29.4 -83.0 -26.0 -219.2 N.A. N.A. - 2,009.0 673.0 5,470 - -12.3 -4.1 -6.7 - - Yes P schincariol.com.br 461

462 544 C.I. PRODECO COL Retail 1,247.2 927.6 34.5 117.3 84.6 38.6 250.2 131.5 90.3 1,270.6 407.3 N.A. - 28.8 9.2 9.4 20.1 - No P prodeco.com.co 462

463 466 CHRYSLER (1) ARG Carmaking 1,245.0 1,145.0 8.7 N.A. N.A. - N.A. N.A. - N.A. N.A. 2,000 - - - - - - No P* chrysler.com.ar 463

464 498 ALKOSTO COL Retail 1,242.0 1,056.2 17.6 42.1 39.4 7.0 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

465 527 VOLCAN PER Mining 1,240.4 973.3 27.4 370.3 278.1 33.1 641.5 499.7 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

466 399 MAGNESITA BRA Mining 1,236.2 1,366.2 -9.5 52.2 55.1 -5.3 210.4 277.1 -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

467 400 CEG BRA Oil & Gas 1,228.3 1,358.6 -9.6 134.2 138.1 -2.8 281.4 300.7 -6.4 1,027.8 462.7 440 - 29.0 13.1 10.9 22.9 - Yes P ceg.com.br 467

468 417 CGE DISTRIBUCIÓN CHI Electricity 1,217.3 1,292.4 -5.8 -33.9 25.8 -231.4 N.A. N.A. - 1,208.6 524.5 788 - -6.5 -2.8 -2.8 - - Yes P cge.cl 468

469 476 ELECTRICARIBE COL Electricity 1,217.0 1,122.9 8.4 39.2 58.3 -32.8 120.3 158.3 -24.0 2,225.3 1,031.5 7,715 - 3.8 1.8 3.2 9.9 - No P eletricaribe.com 469

470 - GRUPO SAGA BRA Retail 1,217.0 274.0 - 25.0 9.0 - N.A. N.A. - 343.0 110.0 520 - 22.7 7.3 2.1 - - No P saganet.com.br 470

471 420 RIO GRANDE ENERGIA BRA Electricity 1,215.2 1,275.5 -4.7 128.4 144.6 -11.2 275.3 297.2 -7.4 1,511.7 708.1 N.A. - 18.1 8.5 10.6 22.7 - Yes P rge-rs.com.br 471

472 429 EDITORA ABRIL BRA Mass Media 1,214.0 1,247.5 -2.7 143.0 116.0 23.3 N.A. N.A. - 1,162.0 248.0 4,200 - 57.7 12.3 11.8 - - No P abril.com.br 472

473 496 ALUAR ARG Steel & Metallurgy 1,212.6 1,065.4 13.8 126.5 163.7 -22.7 298.1 349.5 -14.7 1,804.6 1,190.4 N.A. - 10.6 7.0 10.4 24.6 - No P aluar.com.ar 473

474 504 ULTRAFÉRTIL BRA Chemicals & Pharma. 1,208.0 1,029.5 17.3 65.0 -25.0 360.0 241.0 71.0 239.4 1,698.0 915.0 N.A. - 7.1 3.8 5.4 20.0 - Yes P valefertilizantes.com 474

475 396 OHL MÉXICO MEX Transport & Logistics 1,203.7 1,377.2 -12.6 270.4 232.4 16.4 543.5 398.7 36.3 4,496.5 2,006.4 1,231 - 13.5 6.0 22.5 45.2 - No P* ohlmexico.com.mx 475

476 461 DANONE (1) MEX Foods 1,198.1 1,154.2 3.8 N.A. N.A. - N.A. N.A. - N.A. N.A. 15,000 - - - - - - No P* danone.com.mx 476

477 559 PROCESADORA SUDAMERICANA PER Steel & Metallurgy 1,197.0 987.8 21.2 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. 1,197.0 - - - - 100.0 No P psa.com.pe 477

478 439 UNILEVER DE MÉXICO (1) MEX Chemicals & Pharma. 1,195.1 1,217.8 -1.9 N.A. N.A. - N.A. N.A. - N.A. N.A. 5,476 - - - - - - No P* unilever.com.mx 478

479 485 MAHLE METAL LEVE BRA Carmaking 1,192.4 1,094.3 9.0 100.6 49.7 102.4 198.4 145.8 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

480 484 SONY DE MÉXICO (1) MEX Electronics 1,192.1 1,103.6 8.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 350 - - - - - - Yes P sony.com.mx 480

481 - LBR LACTEOS BRASIL BRA Foods 1,180.0 N.A. - -162.0 N.A. - N.A. N.A. - 1,772.0 929.0 N.A. - -17.4 -9.1 -13.7 - - No P lbr-lacteosbrasil.com.br 481

482 412 CELGPAR BRA Electricity 1,178.9 1,326.6 -11.1 -353.1 -378.4 6.7 N.A. N.A. - 2,622.1 -689.8 2,310 - - -13.5 -30.0 - - Yes S celg.com.br 482

483 444 URBI DESARROLLOS URBANOS MEX Construction 1,170.7 1,212.7 -3.5 171.3 136.3 25.7 238.0 263.3 -9.6 3,087.3 1,254.1 6,415 - 13.7 5.5 14.6 20.3 - Yes P urbi.com.mx 483

484 487 FINNING CHILE (1) CHI Machinery 1,167.8 1,090.9 7.0 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,356 98.7 - - - - 8.5 No P* fi nning.cl 484

485 475 TUPY BRA Carmaking 1,165.1 1,123.2 3.7 108.4 92.7 16.9 179.9 163.2 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

486 - KOMATSU CUMMINS CHILE CHI Conglomerate 1,164.2 1,026.7 13.4 98.6 90.8 8.6 214.1 179.0 19.6 N.A. N.A. 4,513 - - - 8.5 18.4 - No P* kcl.cl 486

487 - CISA TRADING BRA Retail 1,149.0 746.0 - 33.0 22.0 - N.A. N.A. - 449.0 85.0 250 - 38.8 7.3 2.9 - - No P cisatrading.com.br 487

488 - CODELCO DIV. SALVADOR CHI Mining 1,148.3 1,163.7 -1.3 113.8 44.8 154.0 N.A. N.A. - 899.4 N.A. 1,551 - - 12.7 9.9 - - No S codelco.cl 488

489 450 HOLCIM APASCO MEX Cement 1,147.5 1,198.7 -4.3 N.A. N.A. - N.A. N.A. - N.A. N.A. 3,986 - - - - - - No P* apasco.com.mx 489

490 479 MINERA ZALDÍVAR CHI Mining 1,146.6 1,123.1 2.1 488.7 536.4 -8.9 645.2 712.9 -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

491 551 AMÉRICA MÓVIL PERÚ – CLARO PER Telecommunications 1,141.6 1,001.4 14.0 N.A. N.A. - N.A. N.A. - N.A. N.A. N.A. - - - - - - No P* claro.com.pe 491

492 453 GAS NATURAL FENOSA MÉXICO MEX Electricity 1,137.1 1,186.5 -4.2 85.8 99.0 -13.3 N.A. N.A. - 2,981.2 1,391.6 1,005 - 6.2 2.9 7.5 - - No P gasnaturalmexico.com 492

493 - SHOUGANG HIERRO PERÚ PER Mining 1,137.1 674.6 68.6 455.4 283.2 60.8 782.1 491.0 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

494 536 SONDA CHI Software & Data 1,136.8 951.1 19.5 77.9 71.6 8.8 158.6 137.8 15.1 1,112.5 588.0 12,500 - 13.2 7.0 6.9 14.0 - Yes P sonda.com 494

495 - BIOMAX COL Oil & Gas 1,134.1 N.A. - 6.0 N.A. - 34.6 N.A. - 281.9 105.7 N.A. - 5.7 2.1 0.5 3.0 - No P biomax.co 495

496 379 REPSOL COMERCIAL – RECOSAC PER Oil & Gas 1,123.6 921.0 22.0 21.4 20.1 6.5 N.A. N.A. - N.A. N.A. N.A. - - - 1.9 - - No P* repsol.com/pe_es 496

497 - GRUPO THYSSENKRUPP MEX Machinery 1,116.3 N.A. - N.A. N.A. - N.A. N.A. - N.A. N.A. 3,400 - - - - - - No P* thyssenkrupp.com 497

498 546 UCP BACKUS & JOHNSTON PER Beverages & Brewing 1,114.8 1,144.9 -2.6 271.0 186.4 45.4 457.5 354.5 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

499 469 NOVARTIS BRA Chemicals & Pharma. 1,114.0 1,132.7 -1.6 78.0 97.0 -19.6 N.A. N.A. - 652.0 247.0 1,810 - 31.6 12.0 7.0 - - No P novartis.com.br 499

500 392 POSITIVO INFORMATICA BRA Electronics 1,109.5 1,397.0 -20.6 -36.2 53.5 -167.7 -11.9 82.0 -114.5 835.9 330.1 4,049 - -11.0 -4.3 -3.3 - - Yes P positivo.com.br 500

Nº 494Andrés Navarro, CEO of Sonda:

the Chilean software and data fi rm made a timely wager on Brazil.


RANKING 500 GI.indd 35 17/8/12 16:45:05

THE BEST BUSINESS SCHOOLS IN LATIN AMERICA


RÁNKING

IN OUR HEART

Positions on this ranking are pre-cisely calculated year by year. Each teacher and each paper counts, especially in the fight for

the top spots on the table. Latin America’s business schools fight tooth and claw to improve their offer and compete in the tough market to educate Latin America’s leading executives. This year, the recent efforts of Incae (2°) were sufficient to

In this new edition of the ranking of the best business schools in Latin America, we have focused our analysis on a key quality for any ambitious company which is often talked about but rarely implemented: innovation. AméricaEconomía Intelligence, Daniela Arce and Tamara Muñoz

push the Central American business school up a place, matching Mexico’s ITAM on points.

The publication of 53 ISI papers during 2011, the signing of conventions with the University of St Gallen and UCLA and the improved standing in 2011 of San Jose and Managua in AméricaEconomía’s city ranking – which helped to boost the school’s Business Environment score

– 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 took fourth place, overtaking Brazil’s Fundación Getúlio Vargas (FGV), largely because the business school at Tecnológico de Monterrey eliminated several of the inefficiencies created when it merged its campuses in Mexico City and Monterrey.

Egade also launched a campaign to accredit itself before the three leading international accreditation agencies: AACSB, Equis and AMBA. As these bodies act like professional perfor-mance boosters in the European and US markets, this initiative is reflected in its Internationalization score.

Another interesting scrap was fought between Colombia’s Uniandes and

INNOVATION

MBA GI.indd 36 17/8/12 16:45:35


Chile’s Catholic University. This year the Bogota business school won sixth place employing a similar strategy to the other schools: more full-time teach-ers with PhDs, and more international conventions and accreditations, which allowed it to beat its Chilean rival into seventh position.

This was a tough fight in which every point counted and where in-novation represented a new area of competition.

dirty innovation“Without innovation, there is no busi-ness” is a mantra endlessly repeated in business schools. However, these good intentions rarely result into anything 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 into company strategy, managers have to roll up their sleeves and get down to the factory floor.

Manuel Suárez Barraza is a teacher at Egade, who learned his trade at Toyota. He warns that when it comes to innovation, Latin America has not taken up the challenge with sufficient force because the region’s business schools and major companies, which largely work in industries created in the nineteenth century, are not focused on operations. “If MBA students see this area like a poor relative, they are never going to achieve major innova-tions,” he says.

However, there is growing aware-ness among business schools about the importance of innovation. Following some promising hi-tech start-ups, school heads have spotted a gap in many MBA courses: they teach little about what is needed to create Latin America’s answer to Mark Zuckerberg.

“That led to efforts to connect our business school with the schools of en-

source: 2012 mba survey, américa economía intelligence

place your betsin which knowledge area do you want to specialize?

23%

17%

12%11%

9%

7%

7%

5%

5%

4%

general management and strategy

Finance

marketingentrepreneurship

economics

informaciontecnology

Human resources

operations

corporate social responsability

none

gineering and the creation of a design school focused on creating new prod-ucts and services for the market,” says Alfonso Gomez, dean of the business school at UAI.

In Argentina, IAE is following a similar path, but starting from innova-tion. “We dedicate 25% of our time to research and every teacher has a budget for that,” explains Luis Dambra, direc-tor of the program “Leading Innovation and Creativity.”

Or take the case of the Torcuato di Tella University. “What we are trying to do is give our students the ability to think independently,” says Nicolas Stier, who has a doctorate in operations research from the Massachusetts Insti-tute of Technology (MIT).

But to ensure that corporate innova-tors are not afraid of getting their hands dirty, many argue that the companies must place more emphasis on operations. “Operations managers are losing out in

arguments with CEOs, executives, and the board, even though their area ac-counts on average for half the budget” says Roy Zúñiga of Incaer.

“Today, companies’ activities tend to be dictated by what’s happening around them. The curious thing is that they do not realize the importance of homegrown innovation,” adds Jorge Pancorvo, director of operations management at Peru’s University of Piura.

These outlooks are finding echo in companies. As leader of the industrial synergy community at the Colom-bian firm Nutresa and president of the company’s services subsidiary, Carlos Gallega has been able to see close up how employees work and understand that innovation in operations is key to organizational success.

“Obviously there is lot to be done, but we must use incentives and connect high incomes to innovative ideas which reduce costs.” n

MBA GI.indd 37 17/8/12 16:45:38



RÁNKING

Ránking latinoamericano

1 1 U. A. IBÁÑEZ CL Santiago 48 100.0 29 34.5 93.4 114 71 143 26 94.6 78 2 5 (1) Yes No Yes 94.1 Yes Yes (3) 74.1 98.2 92.0 94.6

2 3 INCAE CR/NI Alajuela/Managua 40 95.0 0 - 93.2 53 87 176 26 94.2 75 3 4 Yes Yes No 96.8 Yes Yes (3) 100.0 100.0 77.0 94.52 2 ITAM MX Mexico City 54 88.9 9 77.8 96.1 52 17 10 14 90.1 72 1 3 Yes Yes Yes 95.1 Yes Yes 98.6 96.3 90.0 94.54 4 EGADE BUSINESS SCHOOL MX Monterrey/Mexico 69 88.4 198 70.2 87.4 121 193 62 87 97.1 122 3 5 Yes (5) Yes (5) Yes 100.0 Yes (2) Yes (3) 94.2 93.6 82.5 92.2

5 4 FGV - EAESP BR Sao Paulo 70 98.6 5 100.0 86.1 46 342 7 68 99.1 95 4 4 Yes Yes Yes 90.0 Yes Yes 99.0 96.4 100.0 92.0

6 7 UNIANDES CO Bogota 39 84.6 7 71.4 100.0 33 29 26 48 76.4 203 3 2 Yes Yes Yes 87.6 Yes Yes (3) 84.1 96.4 85.0 92.0

7 6 PUC - CHILE CL Santiago 40 60.0 33 21.2 91.7 83 8 34 5 91.2 140 4 2 Yes Yes No 85.4 Yes Yes (3) 88.2 93.2 92.0 91.0

8 10 U. TORCUATO DI TELLA AR Buenos Aires 37 88.9 31 41.9 86.9 127 148 26 21 93.1 106 3 2 No No Yes 74.3 Yes Yes 78.9 93.2 86.0 87.5

9 8 IAE - AUSTRAL AR Buenos Aires 48 70.8 30 13.3 88.4 13 50 108 25 65.3 24 3 1 (1) Yes Yes Yes 80.9 Yes Yes (3) 80.0 99.2 86.0 84.7

10 9 U. DE CHILE (4) CL Santiago 113 85.8 50 50.0 88.2 213 98 20 20 100.0 50 0 4 (1) IP No Yes 68.9 Yes Yes (3) 71.2 71.2 92.0 84.5

11 11 FEA/FIA U. SÃO PAULO BR Sao Paulo 75 97.3 18 66.7 87.2 36 464 12 57 77.2 21 2 0 No No Yes 68.4 Yes Yes 72.0 94.0 100.0 84.4

12 14 COPPEAD BR Rio de Janeiro 24 100.0 3 100.0 81.8 23 53 14 16 56.1 46 2 0 No Yes No 78.5 Yes Yes 95.5 98.5 87.0 79.8

13 12 IESA VE Caracas 35 97.1 12 41.7 74.8 31 154 37 13 82.6 59 1 2 Yes Yes Yes 87.3 Yes Yes (3) 63.2 87.2 55.0 79.7

14 13 U. SAN ANDRÉS AR Buenos Aires 38 86.8 37 27.0 89.0 23 124 61 80 65.9 41 2 0 No No Yes 59.9 Yes Yes 70.9 86.6 86.0 79.4

15 15 ESAN PE Lima 41 92.7 142 7.0 68.9 56 62 576 81 78.4 123 4 2 IP IP Yes 67.9 Yes Yes (3) 58.9 88.3 83.0 75.2

16 16 U.DEL DESARROLLO CL Santiago 36 69.4 54 31.5 77.1 40 22 19 25 51.1 50 2 2 IP No Yes 66.8 Yes Yes 72.9 88.2 92.0 73.3

17 18 U. D. PORTALES CL Santiago 39 66.7 24 33.3 68.3 62 40 29 26 77.2 122 2 0 No No IP 50.1 Yes Yes (3) 54.2 67.4 92.0 68.4

18 17 UTFSM CL Santiago 26 80.8 27 51.9 74.3 24 34 9 6 36.3 92 0 0 No No Yes 61.1 Yes (2) Yes 77.2 80.1 92.0 66.8

19 23 FGV – EBAPE BR Rio de Janeiro 26 100.0 3 100.0 53.8 43 44 0 9 54.9 39 0 0 IP IP No 33.3 Yes Yes 78.9 86.9 87.0 59.2

20 25 U. DEL PACÍFICO PE Lima 29 82.8 43 32.6 54.3 14 24 9 51 32.9 97 2 2 Yes No Yes 86.1 Yes (2) Yes 78.9 67.9 83.0 58.9

21 19 UDLAP MX Puebla 35 100.0 6 100.0 72.3 8 14 4 9 20.1 12 0 0 IP No IP 59.3 Yes (2) No 78.4 68.0 70.0 58.9

22 21 U. DE TALCA CL Talca 30 76.7 12 33.3 64.5 29 40 16 6 42.6 27 1 1 No No IP 38.0 Yes (2) Yes 52.0 56.6 73.5 55.0

23 22 USACH CL Santiago 45 35.6 30 43.3 53.4 14 3 6 9 31.2 99 0 0 No No No 58.0 Yes (2) Yes 61.2 68.6 92.0 54.6

24 20 U. A. HURTADO CL Santiago 20 50.0 11 27.3 47.3 26 72 27 16 51.1 16 0 1 No No IP 39.1 Yes (2) Yes (3) 61.9 67.5 92.0 53.1

25 24 TEC. DE MONTERREY MX Guadalajara 47 68.1 37 56.8 53.5 14 10 5 15 30.2 51 1 2 No No No 50.2 Yes (2) Yes (3) 41.2 59.9 70.0 50.5

26 34 ITESO MX Guadalajara 27 66.7 26 11.5 39.7 29 17 0 15 37.9 78 0 0 No No No 49.4 Yes (2) Yes 69.4 67.1 70.0 47.8

27 28 U. EXTERNADO COLOMBIA CO Bogota 30 90.0 7 100.0 44.8 13 55 45 32 31.3 29 1 0 No No IP 41.9 Yes (2) Yes (3) 44.4 59.7 85.0 47.5

28 32 U. DEL NORTE CO Barranquilla 29 58.6 17 41.2 47.0 5 22 4 34 20.5 72 0 1 No IP IP 58.9 Yes (2) Yes (3) 60.3 71.5 60.0 47.1

29 26 U. DE PALERMO AR Buenos Aires 45 37.8 59 0.0 55.2 3 7 5 16 13.1 10 0 0 No No IP 26.0 Yes Yes (3) 50.0 61.3 86.0 45.2

30 27 ORT UY Montevideo 26 53.8 67 20.9 36.3 10 25 28 18 19.2 75 0 1 No No IP 53.7 Yes (2) Yes 68.9 70.1 80.0 44.4

31 30 IDE EC Guayaquil / Quito 15 73.3 15 6.7 33.2 1 6 116 14 15.0 22 1 1 No No IP 45.7 Yes Yes 88.9 91.2 60.0 44.4

32 31 ANÁHUAC - SUR MX Mexico City 13 84.6 22 100.0 40.5 3 39 0 13 19.9 17 1 0 No No No 41.0 Yes Yes 56.3 65.2 90.0 43.9

33 33 U. ROSARIO CO Bogota 34 50.0 25 24.0 31.1 18 83 3 37 41.8 35 0 1 No IP No 60.1 Yes (2) Yes 37.4 47.6 85.0 43.6

34 29 BSP BR Sao Paulo 25 40.0 60 50.0 46.9 6 20 1 40 24.1 17 1 0 No No IP 27.4 Yes (2) Yes 43.3 52.3 100.0 43.2

35 - U. IBEROAMERICANA MX Mexico City 34 8.8 41 12.2 33.5 5 1 0 8 14.2 4 0 0 IP No No 28.9 Yes Yes 87.9 88.1 90.0 42.7

36 35 EAFIT CO Medellin 65 56.9 43 25.6 32.1 11 92 17 22 21.1 84 0 1 No No IP 60.3 Yes Yes 63.0 65.2 70.0 42.6

37 36 U. BELGRANO AR Buenos Aires 22 54.5 40 27.5 36.7 13 56 4 14 28.3 8 0 1 No No IP 35.6 Yes (2) Yes 64.2 62.1 86.0 42.4

38 - U. DE GUADALAJARA MX Guadalajara 22 54.5 12 25.0 42.1 1 0 0 2 5.4 11 0 0 No No No 31.1 Yes (2) No 80.1 80.4 70.0 42.2

39 38 ESPAE-ESPOL EC Guayaquil 12 58.3 16 25.0 37.4 4 16 19 9 13.9 11 0 0 IP No No 35.0 Yes Yes 70.0 59.4 60.0 37.9

40 - UEES EC Guayaquil 16 31.3 12 33.3 33.2 2 9 23 10 16.9 30 0 0 No No No 32.2 Yes Yes 65.4 66.7 60.0 37.8

41 39 IEDE CL Santiago 12 100.0 50 36.0 31.4 0 1 7 12 2.7 5 1 0 No No IP 34.1 Yes Yes 36.3 58.3 92.0 34.5

42 40 U. AMERICANA PY Asuncion 9 55.6 68 77.9 32.1 0 0 2 1 2.1 99 0 2 IP IP No 49.6 Yes (2) Yes 58.2 52.1 60.0 34.1

43 - UNA BR Belo Horizonte 29 79.3 33 3.0 28.7 5 7 1 10 14.2 1 0 0 No No No 4.1 Yes Yes 41.1 42.3 73.0 27.0

44 42 U. CATÓLICA BOLIVIANA BO La Paz 7 71.4 15 26.7 28.1 0 0 4 5 1.5 1 1 0 No No No 19.0 No No 68.3 39.9 55.0 25.1

45 41 U. SAN FRANCISCO EC Quito 11 63.6 13 23.1 24.3 3 1 2 5 8.7 7 0 0 No No IP 9.3 Yes (2) Yes 37.9 39.9 60.0 23.8

ACADEMIC STRENGTH KNOWLEDGE PRODUCTION AND DIFUSSION INTERNATIONALIZATION NETWORKING BUSINESS ENVIRONMENTACCREDITATIONS

RK 12

RK11

SCHOOLCOUN-TRY

CITYN° OF

FULL TIME TEACHERS

% OF FULL-TIME TEACHERS WITH PH.D

N° OF PART-TIME TEACHERS

% PART-TIME TEACHERS WITH PH.D

2012INDEX

N° OF ISI PAPERS

2012

N° OF PAPERS

IN OTHER DATABASE

N° OF CASE

STUDIES

N° OF BOOKS

INDEXTOTAL N°

OF AGREEMENTS

N° OF AGREEMENTS WITH TOP 15

SCHOOLS

N° OF DOUBLE DEGREE

AGREEMENTS W/TOP 80 SCHOOLS

AACSB EQUIS AMBA INDEXRECRUITMENT HELP

DESKALUMNI

ASSOCIATION

GRADUATE SUCCESS

INDEXINDEX INDEX TOTAL INDEX

(1) Has simultanous double degree programs(2) Shared with undergraduates(3) Has an overseas campus

(4) Faculty of Economics and Business together with Industrial Engineering(5) Only the EGADE Business School Monterrey has one.IP - In Process

MBA GI.indd 38 17/8/12 16:47:21


1 1 U. A. IBÁÑEZ CL Santiago 48 100.0 29 34.5 93.4 114 71 143 26 94.6 78 2 5 (1) Yes No Yes 94.1 Yes Yes (3) 74.1 98.2 92.0 94.6

2 3 INCAE CR/NI Alajuela/Managua 40 95.0 0 - 93.2 53 87 176 26 94.2 75 3 4 Yes Yes No 96.8 Yes Yes (3) 100.0 100.0 77.0 94.52 2 ITAM MX Mexico City 54 88.9 9 77.8 96.1 52 17 10 14 90.1 72 1 3 Yes Yes Yes 95.1 Yes Yes 98.6 96.3 90.0 94.54 4 EGADE BUSINESS SCHOOL MX Monterrey/Mexico 69 88.4 198 70.2 87.4 121 193 62 87 97.1 122 3 5 Yes (5) Yes (5) Yes 100.0 Yes (2) Yes (3) 94.2 93.6 82.5 92.2

5 4 FGV - EAESP BR Sao Paulo 70 98.6 5 100.0 86.1 46 342 7 68 99.1 95 4 4 Yes Yes Yes 90.0 Yes Yes 99.0 96.4 100.0 92.0

6 7 UNIANDES CO Bogota 39 84.6 7 71.4 100.0 33 29 26 48 76.4 203 3 2 Yes Yes Yes 87.6 Yes Yes (3) 84.1 96.4 85.0 92.0

7 6 PUC - CHILE CL Santiago 40 60.0 33 21.2 91.7 83 8 34 5 91.2 140 4 2 Yes Yes No 85.4 Yes Yes (3) 88.2 93.2 92.0 91.0

8 10 U. TORCUATO DI TELLA AR Buenos Aires 37 88.9 31 41.9 86.9 127 148 26 21 93.1 106 3 2 No No Yes 74.3 Yes Yes 78.9 93.2 86.0 87.5

9 8 IAE - AUSTRAL AR Buenos Aires 48 70.8 30 13.3 88.4 13 50 108 25 65.3 24 3 1 (1) Yes Yes Yes 80.9 Yes Yes (3) 80.0 99.2 86.0 84.7

10 9 U. DE CHILE (4) CL Santiago 113 85.8 50 50.0 88.2 213 98 20 20 100.0 50 0 4 (1) IP No Yes 68.9 Yes Yes (3) 71.2 71.2 92.0 84.5

11 11 FEA/FIA U. SÃO PAULO BR Sao Paulo 75 97.3 18 66.7 87.2 36 464 12 57 77.2 21 2 0 No No Yes 68.4 Yes Yes 72.0 94.0 100.0 84.4

12 14 COPPEAD BR Rio de Janeiro 24 100.0 3 100.0 81.8 23 53 14 16 56.1 46 2 0 No Yes No 78.5 Yes Yes 95.5 98.5 87.0 79.8

13 12 IESA VE Caracas 35 97.1 12 41.7 74.8 31 154 37 13 82.6 59 1 2 Yes Yes Yes 87.3 Yes Yes (3) 63.2 87.2 55.0 79.7

14 13 U. SAN ANDRÉS AR Buenos Aires 38 86.8 37 27.0 89.0 23 124 61 80 65.9 41 2 0 No No Yes 59.9 Yes Yes 70.9 86.6 86.0 79.4

15 15 ESAN PE Lima 41 92.7 142 7.0 68.9 56 62 576 81 78.4 123 4 2 IP IP Yes 67.9 Yes Yes (3) 58.9 88.3 83.0 75.2

16 16 U.DEL DESARROLLO CL Santiago 36 69.4 54 31.5 77.1 40 22 19 25 51.1 50 2 2 IP No Yes 66.8 Yes Yes 72.9 88.2 92.0 73.3

17 18 U. D. PORTALES CL Santiago 39 66.7 24 33.3 68.3 62 40 29 26 77.2 122 2 0 No No IP 50.1 Yes Yes (3) 54.2 67.4 92.0 68.4

18 17 UTFSM CL Santiago 26 80.8 27 51.9 74.3 24 34 9 6 36.3 92 0 0 No No Yes 61.1 Yes (2) Yes 77.2 80.1 92.0 66.8

19 23 FGV – EBAPE BR Rio de Janeiro 26 100.0 3 100.0 53.8 43 44 0 9 54.9 39 0 0 IP IP No 33.3 Yes Yes 78.9 86.9 87.0 59.2

20 25 U. DEL PACÍFICO PE Lima 29 82.8 43 32.6 54.3 14 24 9 51 32.9 97 2 2 Yes No Yes 86.1 Yes (2) Yes 78.9 67.9 83.0 58.9

21 19 UDLAP MX Puebla 35 100.0 6 100.0 72.3 8 14 4 9 20.1 12 0 0 IP No IP 59.3 Yes (2) No 78.4 68.0 70.0 58.9

22 21 U. DE TALCA CL Talca 30 76.7 12 33.3 64.5 29 40 16 6 42.6 27 1 1 No No IP 38.0 Yes (2) Yes 52.0 56.6 73.5 55.0

23 22 USACH CL Santiago 45 35.6 30 43.3 53.4 14 3 6 9 31.2 99 0 0 No No No 58.0 Yes (2) Yes 61.2 68.6 92.0 54.6

24 20 U. A. HURTADO CL Santiago 20 50.0 11 27.3 47.3 26 72 27 16 51.1 16 0 1 No No IP 39.1 Yes (2) Yes (3) 61.9 67.5 92.0 53.1

25 24 TEC. DE MONTERREY MX Guadalajara 47 68.1 37 56.8 53.5 14 10 5 15 30.2 51 1 2 No No No 50.2 Yes (2) Yes (3) 41.2 59.9 70.0 50.5

26 34 ITESO MX Guadalajara 27 66.7 26 11.5 39.7 29 17 0 15 37.9 78 0 0 No No No 49.4 Yes (2) Yes 69.4 67.1 70.0 47.8

27 28 U. EXTERNADO COLOMBIA CO Bogota 30 90.0 7 100.0 44.8 13 55 45 32 31.3 29 1 0 No No IP 41.9 Yes (2) Yes (3) 44.4 59.7 85.0 47.5

28 32 U. DEL NORTE CO Barranquilla 29 58.6 17 41.2 47.0 5 22 4 34 20.5 72 0 1 No IP IP 58.9 Yes (2) Yes (3) 60.3 71.5 60.0 47.1

29 26 U. DE PALERMO AR Buenos Aires 45 37.8 59 0.0 55.2 3 7 5 16 13.1 10 0 0 No No IP 26.0 Yes Yes (3) 50.0 61.3 86.0 45.2

30 27 ORT UY Montevideo 26 53.8 67 20.9 36.3 10 25 28 18 19.2 75 0 1 No No IP 53.7 Yes (2) Yes 68.9 70.1 80.0 44.4

31 30 IDE EC Guayaquil / Quito 15 73.3 15 6.7 33.2 1 6 116 14 15.0 22 1 1 No No IP 45.7 Yes Yes 88.9 91.2 60.0 44.4

32 31 ANÁHUAC - SUR MX Mexico City 13 84.6 22 100.0 40.5 3 39 0 13 19.9 17 1 0 No No No 41.0 Yes Yes 56.3 65.2 90.0 43.9

33 33 U. ROSARIO CO Bogota 34 50.0 25 24.0 31.1 18 83 3 37 41.8 35 0 1 No IP No 60.1 Yes (2) Yes 37.4 47.6 85.0 43.6

34 29 BSP BR Sao Paulo 25 40.0 60 50.0 46.9 6 20 1 40 24.1 17 1 0 No No IP 27.4 Yes (2) Yes 43.3 52.3 100.0 43.2

35 - U. IBEROAMERICANA MX Mexico City 34 8.8 41 12.2 33.5 5 1 0 8 14.2 4 0 0 IP No No 28.9 Yes Yes 87.9 88.1 90.0 42.7

36 35 EAFIT CO Medellin 65 56.9 43 25.6 32.1 11 92 17 22 21.1 84 0 1 No No IP 60.3 Yes Yes 63.0 65.2 70.0 42.6

37 36 U. BELGRANO AR Buenos Aires 22 54.5 40 27.5 36.7 13 56 4 14 28.3 8 0 1 No No IP 35.6 Yes (2) Yes 64.2 62.1 86.0 42.4

38 - U. DE GUADALAJARA MX Guadalajara 22 54.5 12 25.0 42.1 1 0 0 2 5.4 11 0 0 No No No 31.1 Yes (2) No 80.1 80.4 70.0 42.2

39 38 ESPAE-ESPOL EC Guayaquil 12 58.3 16 25.0 37.4 4 16 19 9 13.9 11 0 0 IP No No 35.0 Yes Yes 70.0 59.4 60.0 37.9

40 - UEES EC Guayaquil 16 31.3 12 33.3 33.2 2 9 23 10 16.9 30 0 0 No No No 32.2 Yes Yes 65.4 66.7 60.0 37.8

41 39 IEDE CL Santiago 12 100.0 50 36.0 31.4 0 1 7 12 2.7 5 1 0 No No IP 34.1 Yes Yes 36.3 58.3 92.0 34.5

42 40 U. AMERICANA PY Asuncion 9 55.6 68 77.9 32.1 0 0 2 1 2.1 99 0 2 IP IP No 49.6 Yes (2) Yes 58.2 52.1 60.0 34.1

43 - UNA BR Belo Horizonte 29 79.3 33 3.0 28.7 5 7 1 10 14.2 1 0 0 No No No 4.1 Yes Yes 41.1 42.3 73.0 27.0

44 42 U. CATÓLICA BOLIVIANA BO La Paz 7 71.4 15 26.7 28.1 0 0 4 5 1.5 1 1 0 No No No 19.0 No No 68.3 39.9 55.0 25.1

45 41 U. SAN FRANCISCO EC Quito 11 63.6 13 23.1 24.3 3 1 2 5 8.7 7 0 0 No No IP 9.3 Yes (2) Yes 37.9 39.9 60.0 23.8

ACADEMIC STRENGTH KNOWLEDGE PRODUCTION AND DIFUSSION INTERNATIONALIZATION NETWORKING BUSINESS ENVIRONMENTACCREDITATIONS

RK 12

RK11

SCHOOLCOUN-TRY

CITYN° OF

FULL TIME TEACHERS

% OF FULL-TIME TEACHERS WITH PH.D

N° OF PART-TIME TEACHERS

% PART-TIME TEACHERS WITH PH.D

2012INDEX

N° OF ISI PAPERS

2012

N° OF PAPERS

IN OTHER DATABASE

N° OF CASE

STUDIES

N° OF BOOKS

INDEXTOTAL N°

OF AGREEMENTS

N° OF AGREEMENTS WITH TOP 15

SCHOOLS

N° OF DOUBLE DEGREE

AGREEMENTS W/TOP 80 SCHOOLS

AACSB EQUIS AMBA INDEXRECRUITMENT HELP

DESKALUMNI

ASSOCIATION

GRADUATE SUCCESS

INDEXINDEX INDEX TOTAL INDEX

MBA GI.indd 39 17/8/12 16:47:28



RÁNKING

LATIN AMERICAMISSIONThirty-three leading business schools from around the world opened up their books to let us assess the quality of their academic products, their costs and how attractive they are to Latin American students. AméricaEconomía Intelligence, Andrés Almeida

Fancy travelling outside of Latin America to study an MBA? If the exchange rates and your sense of adventure tempt you to

say yes, or if it is something you have always dreamt about, then this article is for you.

Because this year AméricaEconomía Intelligence decided to strengthen the methodology for its traditional ranking of the world’s best business schools for Latin Americans, asking business schools from around the world, which are interested in the Latin American

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 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, 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 average GMAT score of 724. The next highest was Stanford with 803 students with an average score of 730.

The world’s most famous business school is also the most famous in Latin America. That can be seen in its Prestige indicators which helped Harvard score the highest mark in this field. In a survey of readers of AméricaEconomía – Latin American executives on high incomes – practically all of them mentioned this school as one of the three best-regarded schools in the region.

This, in addition to its strong showing

MBA GI.indd 40 17/8/12 16:47:35


in a number of international rankings, gave it a significant advantage over its main rival: Stanford.

Education costs (and pays)Of course, the academic quality and good reputation of these business schools is nothing new. And quality costs. So the methodology for this ranking included a cost/benefit dimension which sought to analyze the decision to study in this or that school as if it were an investment (which it is). So we added variables to the methodology which measure the total and monthly cost of a full-time MBA, living costs in the campus city, average monthly salary upon graduation, the in-crease in income between entering and graduating from a school, and scholar-ships and other financial help.

The UK’s University of Bath (15th) achieved the highest marks. It’s no ac-cident that a European school won here. While studying at a European business school costs an average of US$4,230

source: AméricAeconomíA intelligence

Position in 2012 rankingmonthly cost

on balanceprice/quality ratio, based on monthly cost of mba program (in us$) and final ranking index

Harva

rd

12,000 90

50

70

30

10

80

40

60

20

us$

8,000

4,000

10,000

6,000

2,000

-

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agler

Kello

gg

simo

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Haas

War

wick

mann

heim

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tuck

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ther

head

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e

mend

oza

Bath

chap

man

stan

frod

owenimD

Katzie

esic

Hec

mont

réal

gren

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iese

macc

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Desa

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Ptje. rK 2012

a month, studying at a counterpart in the United States cost an average of US$4,628 a month.

Another interesting case is that of the Canadian schools which achieved a better relationship between quality, measured by their position on the ranking, and the monthly cost of their full-time MBA programs. For example, HEC-Montréal (14th) costs US$ 2,583 a month and achieved a final score on the ranking of 57.11 points, while Desautels, which costs a little more (US$3,250), achieved a slightly higher score (59.33).

More interesting facts? Did you know that graduates from these 33 schools earned an average salary of US$ 97,355, implying an average increase in income of 77% between entering and graduating? Of course, averages can be misleading. The average salary of graduates from the best schools can often double those of graduates from schools lower down the table.

Statistical averages aside, salary depends not only on where one stud-

ies one’s MBA, but also the career one pursues after graduation. To put it another way, the incomes of business school graduates depend on which wall they choose to hang their academic certificates. And these walls are often in Latin America.

L.a. stands for Latin amEricaAccording to a Financial Times study from 2011, the overwhelming majority of Latin Americans who complete an MBA at one of the schools on its ranking of fifty leading business schools return to their home countries after graduat-ing. For most of them, the region is still their principal labor market.

That explains why each school’s Power Network in Latin America is so important.

The ranking analyzes this aspect by examining a series of variables which measure the networks of power which these schools have developed in the region.

MBA GI.indd 41 17/8/12 16:47:41



RÁNKING

* = Last recorded year • N.A. = Not Available/Not Applicable

RK 2012

School University Country

Key Indicators 2011 Prestige

2012 Index

website RK 2012Nº of Full- Time Teachers

% of Full-Time con PhD

N° ofStudents *

N° of Students for every ten candidates *

GMAT Average *

Total Cost of Full-Time

MBA program (US$)

Duration of Full-Time MBA program (in

months)

Average graduate

salary (US$)

% increase in salary

Latin Ameri-cans as % of

total number of students

Latin Americans as % of total number of fo-regn students

Academic weight

Selec-tivity of

students

Power of network in Latin America

Cost/benefi t

Prestige

1 Harvard Business School Harvard United States 194 98.0 905 8.9 724 87,200 9 120,000 N.A. 3.5 10.4 100.0 100.0 43.2 46.2 100.0 83.26 hbs.edu 1

2 Stanford Graduate School of Business Stanford United States 112 96.0 803 8.5 730 114,600 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

3 London Business School - UK 98 99.0 404 N.A. 701 92,856 21 121,206 72.5 12.1 13.5 74.9 91.8 55.1 52.7 76.8 73.33 london.edu 3

4 IESE Business School Navarra Spain 70 100.0 270 6.3 678 85,879 19 121,361 N.A. 16.3 20.4 64.5 89.6 75.6 61.2 54.0 70.56 iese.edu 4

5 Haas School of Business California, Berkeley United States 77 100.0 236 5.6 715 106,792 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

6 IE Business School IE Spain 101 95.0 400 5.1 680 79,721 13 N.A. N.A. 26.0 29.2 54.8 87.8 100.0 55.8 38.0 68.84 ie.edu 6

7 ESADE Business School - Spain 75 88.0 180 5.7 670 76,950 15 105,648 115.3 18.3 22.0 71.4 85.8 86.5 60.3 29.3 68.48 esade.edu 7

8 HEC Paris - France 115 99.0 233 6.5 690 62,570 16 109,000 N.A. 10.7 12.7 66.4 91.1 56.9 75.4 21.7 62.60 hec.edu 8

9 Kellogg School of Management Northwestern United States 182 94.0 623 5.7 712 162,458 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

10 IMD - Switzerland 42 100.0 90 1.1 670 92,900 11 129,600 66.2 11.1 11.2 58.5 80.4 56.3 47.0 47.1 60.12 imd.org 10

11 Tuck School of Business Dartmouth United States 44 100.0 267 5.4 718 56,555 21 115,143 61.7 5.2 14.1 55.5 89.7 33.1 72.2 46.0 59.34 tuck.edu 11

12 Desautels Faculty of Management McGill Canada 80 96.0 58 6.1 661 65,000 20 N.A. N.A. 6.9 9.1 79.0 83.6 52.7 67.6 6.8 59.33 mcgill.cadesautelsmba 12

13 Mannheim Business School Mannheim Germany 86 100.0 53 8.0 672 43,150 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

14 HEC Montréal Montréal Canada 66 75.8 80 7.5 637 31,000 12 75,713 34.4 10.0 21.6 73.5 83.8 37.6 90.8 5.9 57.11 hec.ca 14

15 School of Management - Bath Bath UK 79 91.0 59 5.5 640 35,400 12 N.A. N.A. 6.8 7.1 67.0 80.9 32.4 100.0 17.9 57.03 bathmba.com 15

16 Cranfi eld School of Management Cranfi eld UK 92 82.0 84 4.6 680 52,000 12 104,000 160.0 11.9 15.2 59.4 82.9 43.2 78.2 18.8 55.79 cranfi eldMBA.info 16

17 Kenan-Flagler Business School North Carolina, Chapel Hill United States 111 90.0 288 4.8 689 96,829 21 99,628 53.4 2.4 8.1 73.4 86.0 37.1 48.9 12.6 54.71 kenan-fl agler.unc.edu 17

18 Owen Graduate School of Management Vanderbilt United States 39 100.0 162 N.A. 695 89,560 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

19 McDonough School of Business Georgetown United States 53 87.0 253 3.9 690 99,276 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

20 McCombs School of Business Texas, Austin United States 73 96.0 263 4.6 692 94,972 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

21 Warwick Business School Warwick UK 154 92.0 55 3.6 648 47,600 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

22 Esic - Spain 12 100.0 40 9.3 670 34,590 11 90,000 157.1 62.5 86.2 32.1 87.6 62.0 94.5 5.2 52.85 esic.edu 22

23 Mendoza College of Business Notre Dame United States 65 92.3 130 4.4 692 60,620 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

24 School of Business Administration- UM Miami United States 135 81.0 98 5.1 636 80,120 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

25 Simon Graduate School of Business Rochester United States 59 85.0 318 3.2 675 92,820 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

26 Katz Graduate School of Business Pittsburgh United States 48 94.0 108 4.8 612 56,192 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

27 Weatherhead School of Management Case Western Reserve United States 69 91.0 60 3.2 633 87,740 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

28 HHL - Leipzig Graduate School of Management - Germany 9 100.0 65 4.6 620 38,130 18 94,700 41.1 13.8 21.4 31.4 79.5 40.9 97.6 7.2 47.11 hhl.de 28

29 School of Management -Boston Boston United States 63 79.4 151 3.8 684 82,732 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

30 Grenoble Graduate School of Business Grenoble Ecole de Management France 22 78.0 44 8.8 N,A, 36,000 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

31 Chapman Graduate School of Business Florida International United States 19 100.0 85 5.1 555 39,000 12 48,200 60.7 16.5 35.0 39.1 70.4 44.7 77.8 7.5 45.62 business.fi u.edu 31

32 Gisma Business School Leibniz, Hannover Germany 32 100.0 42 7.0 620 39,000 11 73,000 62.2 7.1 9.7 48.9 77.4 12.1 86.6 11.8 45.02 gisma.com 32

33 Cox School of Business Southern Methodist United States 88 100.0 126 1.8 641 91,616 22 84,465 58.8 3.2 17.4 56.1 74.8 24.0 55.0 6.1 44.23 coxgrad,com 33

These include the number and propor-tion of Latin Americans in the student body as a whole and the foreign student body. On average, more than half of the students at the thirty-three schools included in the ranking are foreigners, while 18% come from Latin America. One notable school is IE (6th), where 89% of its stu-dents are foreigners and, of these, 29% are Latin Americans. Another interesting case is London Business School, where

90% of the students are foreigners, of whom 13% are Latin Americans. The ranking also looks at the diversity of Latin American nationalities in the classroom in order to measure the breadth of each school’s Latin network. Here the list is headed by IE and Esic, which included first-year students from sixteen and twelve countries, respectively.

After graduation, these small Latin American expat communities will become

a network of contacts that crisscross the region and link continents. To analyze the strength of these networks, the mea-sure takes into account the institutional links between these schools and their counterparts in Latin America, through academic conventions and exchanges, as well as the relations they maintain with major companies from the region. IESE (4th) offers an interesting case of a school with strong links with some of Latin America’s biggest companies,

Internacional ranking

MBA GI.indd 42 17/8/12 16:47:47


RK 2012

School University Country

Key Indicators 2011 Prestige

2012 Index

website RK 2012Nº of Full- Time Teachers

% of Full-Time con PhD

N° ofStudents *

N° of Students for every ten candidates *

GMAT Average *

Total Cost of Full-Time

MBA program (US$)

Duration of Full-Time MBA program (in

months)

Average graduate

salary (US$)

% increase in salary

Latin Ameri-cans as % of

total number of students

Latin Americans as % of total number of fo-regn students

Academic weight

Selec-tivity of

students

Power of network in Latin America

Cost/benefi t

Prestige

1 Harvard Business School Harvard United States 194 98.0 905 8.9 724 87,200 9 120,000 N.A. 3.5 10.4 100.0 100.0 43.2 46.2 100.0 83.26 hbs.edu 1

2 Stanford Graduate School of Business Stanford United States 112 96.0 803 8.5 730 114,600 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

3 London Business School - UK 98 99.0 404 N.A. 701 92,856 21 121,206 72.5 12.1 13.5 74.9 91.8 55.1 52.7 76.8 73.33 london.edu 3

4 IESE Business School Navarra Spain 70 100.0 270 6.3 678 85,879 19 121,361 N.A. 16.3 20.4 64.5 89.6 75.6 61.2 54.0 70.56 iese.edu 4

5 Haas School of Business California, Berkeley United States 77 100.0 236 5.6 715 106,792 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

6 IE Business School IE Spain 101 95.0 400 5.1 680 79,721 13 N.A. N.A. 26.0 29.2 54.8 87.8 100.0 55.8 38.0 68.84 ie.edu 6

7 ESADE Business School - Spain 75 88.0 180 5.7 670 76,950 15 105,648 115.3 18.3 22.0 71.4 85.8 86.5 60.3 29.3 68.48 esade.edu 7

8 HEC Paris - France 115 99.0 233 6.5 690 62,570 16 109,000 N.A. 10.7 12.7 66.4 91.1 56.9 75.4 21.7 62.60 hec.edu 8

9 Kellogg School of Management Northwestern United States 182 94.0 623 5.7 712 162,458 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

10 IMD - Switzerland 42 100.0 90 1.1 670 92,900 11 129,600 66.2 11.1 11.2 58.5 80.4 56.3 47.0 47.1 60.12 imd.org 10

11 Tuck School of Business Dartmouth United States 44 100.0 267 5.4 718 56,555 21 115,143 61.7 5.2 14.1 55.5 89.7 33.1 72.2 46.0 59.34 tuck.edu 11

12 Desautels Faculty of Management McGill Canada 80 96.0 58 6.1 661 65,000 20 N.A. N.A. 6.9 9.1 79.0 83.6 52.7 67.6 6.8 59.33 mcgill.cadesautelsmba 12

13 Mannheim Business School Mannheim Germany 86 100.0 53 8.0 672 43,150 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

14 HEC Montréal Montréal Canada 66 75.8 80 7.5 637 31,000 12 75,713 34.4 10.0 21.6 73.5 83.8 37.6 90.8 5.9 57.11 hec.ca 14

15 School of Management - Bath Bath UK 79 91.0 59 5.5 640 35,400 12 N.A. N.A. 6.8 7.1 67.0 80.9 32.4 100.0 17.9 57.03 bathmba.com 15

16 Cranfi eld School of Management Cranfi eld UK 92 82.0 84 4.6 680 52,000 12 104,000 160.0 11.9 15.2 59.4 82.9 43.2 78.2 18.8 55.79 cranfi eldMBA.info 16

17 Kenan-Flagler Business School North Carolina, Chapel Hill United States 111 90.0 288 4.8 689 96,829 21 99,628 53.4 2.4 8.1 73.4 86.0 37.1 48.9 12.6 54.71 kenan-fl agler.unc.edu 17

18 Owen Graduate School of Management Vanderbilt United States 39 100.0 162 N.A. 695 89,560 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

19 McDonough School of Business Georgetown United States 53 87.0 253 3.9 690 99,276 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

20 McCombs School of Business Texas, Austin United States 73 96.0 263 4.6 692 94,972 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

21 Warwick Business School Warwick UK 154 92.0 55 3.6 648 47,600 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

22 Esic - Spain 12 100.0 40 9.3 670 34,590 11 90,000 157.1 62.5 86.2 32.1 87.6 62.0 94.5 5.2 52.85 esic.edu 22

23 Mendoza College of Business Notre Dame United States 65 92.3 130 4.4 692 60,620 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

24 School of Business Administration- UM Miami United States 135 81.0 98 5.1 636 80,120 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

25 Simon Graduate School of Business Rochester United States 59 85.0 318 3.2 675 92,820 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

26 Katz Graduate School of Business Pittsburgh United States 48 94.0 108 4.8 612 56,192 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

27 Weatherhead School of Management Case Western Reserve United States 69 91.0 60 3.2 633 87,740 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

28 HHL - Leipzig Graduate School of Management - Germany 9 100.0 65 4.6 620 38,130 18 94,700 41.1 13.8 21.4 31.4 79.5 40.9 97.6 7.2 47.11 hhl.de 28

29 School of Management -Boston Boston United States 63 79.4 151 3.8 684 82,732 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

30 Grenoble Graduate School of Business Grenoble Ecole de Management France 22 78.0 44 8.8 N,A, 36,000 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

31 Chapman Graduate School of Business Florida International United States 19 100.0 85 5.1 555 39,000 12 48,200 60.7 16.5 35.0 39.1 70.4 44.7 77.8 7.5 45.62 business.fi u.edu 31

32 Gisma Business School Leibniz, Hannover Germany 32 100.0 42 7.0 620 39,000 11 73,000 62.2 7.1 9.7 48.9 77.4 12.1 86.6 11.8 45.02 gisma.com 32

33 Cox School of Business Southern Methodist United States 88 100.0 126 1.8 641 91,616 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.The study also measured the alumni

networks, to which current students can turn to upon graduation, not only in terms of their size and diversity, but also their success. The global business schools were asked to name their five most successful Latin American gradu-ates: many are founders, chief executives and directors of leading global and Latin American companies. These notable alumni include, for example, the found-

ers of MercadoLibre, Marcos Galperin and Hernan Kaza, who graduated from Stanford in 1999, as well as Alejandro Vollbrechthausen, president of Goldman Sachs Brazil, who graduated from Kellogg (9th) in 1995, to mention just three.

We should also mention the teachers. The ranking also counts the number of teachers, Latin American or otherwise, who maintain strong professional or research links with the region.

Take, for example, Agustin Ulied,

who has been director of ESADE’s CEAL Center of European and Latin American Studies (7th) or Frank Hoff-man, who works at HHL-Leipzig (28th) and is director of international relations at the Latin American Council of Busi-ness Schools (Cladea). This is a key factor if one assumes that their presence ensures that the content imparted in the classroom is relevant to Latin America and that the region is considered worthy of study. ■

MBA GI.indd 43 17/8/12 16:47:53


RANKINGLATIN AMERICA´S


RANKING

MOST GLOBALIZEDMOST GLOBALIZEDLATIN AMERICA´SMOST GLOBALIZED

LATIN AMERICA´S

COMPANIESMOST GLOBALIZED


AGAINST WINDAND TIDEDespite the uncertainties of 2011, the multilatinas continued to expand. Although prudence was the order of the day, Latin America’s most globalized companies did not swerve from their strategies to conquer markets beyond their borders.Andrés Almeida, AméricaEconomía Intelligence

Greece was a drama bordering on tragedy. The United States is no longer a speedy Mustang con-vertible, but a beat-up pick-up

sadly trundling down the lost highway. Meanwhile, China is threatening to curb its hitherto insatiable appetite for raw materials. For the major trade blocs, 2011 was a year of worrying signs.

But, where some see risk, others see opportunities. That was the case of Sigdo Koppers, a Chilean company which last year made the audacious move of acquir-ing for US$790 million the Belgian firm Magotteaux, which has operations on five continents. This deal put Sigdo Koppers onto AméricaEconomía’s Multilatinas

ranking for the first time, in fifteenth place. Through its acquisition of Mag-otteaux, the company is now present in 25 countries and eight different regions. Previously, Sigdo Koppers was focused on mine engineering in Chile and main-tained a minor presence in some other countries in South America.

Clearly the muiltilatinas have not been intimidated by the Mayan proph-ecies for 2012. The sixty-five compa-nies on the 2012 Ranking maintained their proportion of foreign investment at around 38%, similar to the level re-corded in last year’s ranking. And this year they did even better, racking up sales totaling US$710.228 billion, up

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 strategic opportunity to buy valuable assets at knockdown prices. Stories 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 disputes between countries coexist with the need to maintain investment levels and gross capital formation in order to create jobs.

When this article went to print, these success stories did not include the immi-nent merger of LAN and TAM which has been delayed for legal reasons, meaning that there are no reliable figures to esti-mate the real level of internationalization at the new Latin American air giant (see note on page 44).

AméricaEconomía’s Multilatinas ranking measures a number of indicators on internationalization. For example, which companies made the biggest proportion of their investments abroad? That list was led by Colombia’s ISA with an astounding 92%, followed by three Argentinean companies: Laboratorios Bagó, Tenaris and IMPSA.

Meanwhile, there are other compa-nies which achieve equally high levels of sales outside their domestic market, such as Mexico’s Telmex, Venezuelan

MULTILATINAS GI.indd 44 17/8/12 16:48:45




RANKING

MOST GLOBALIZEDLATIN AMERICA´S




PROTEIN AND BITSNUMBER OF MULTILATINAS AND AVERAGE SALES, BY SECTORSOURCE: AMÉRICAECONOMÍA INTELLIGENCE

60.0

70.0

80.0

90.0

8

9

10Sales in billions of US$ $2011

Cement

50.0

7

40.0

6

30.0

5

20.0

4

10.0

3

2

1

0 0Foods

79.1

Retail

33.2

Airlines

17.4

Beverages

23.2 21.3

Technology

1.9

Telecoms

59.4

Nº of companies

444

5

9

3 3

MAPA MUNDICOMPANIES WITH THE GREATEST GEOGRAPHICAL COVERAGE IN 2011SOURCE: AMÉRICAECONOMÍA INTELLIGENCE

BrasilFoods(BR)

Cemex(MX)

Weg(BR)

Brightstar(BO)

60 105.0Nº of countriesNº of regions

Vale(BR)

50 100.0

Const.Norberto

Odebrecht(BR)

40 95.0

Bematech(BR)

30 90.0

DhbComp.

Automotivos(BR)

20 85.0

Petrobras(BR)

10 80.0

Viña Concha y Toro (CL)

0 75.0

50

8

49

8

36

8

27

5

39

7

34

9

3029

27

79

7 7

Coverage Index

100.0 99.8 98.2

94.5 92.4

89.6 89.4 87.686.3

8.,026

oil giant PDVSA or Chilean shipping firm CSAV. But the real global employ-ers are Telmex, Bolivia’s Brightstar and Chilean software and IT firm Sonda which have the largest foreign work-forces on the list.

THE PROTEIN EMPIREWEG and Sigdo Koppers are both industrial companies. Others such as Argentina’s Tenaris and Grupo Mexico achieved high positions on the ranking and had a strong presence in Europe even before the crisis.

But this year a food company has taken first place in the ranking, Brazil’s Grupo JBS-Fribois, which just crept past cell-phone supplier Brightstar in large part due to its larger growth potential and the fact that it has the highest proportion of foreign sales of all the multilatinas. JBS is an interesting case as it demonstrates the risks and difficulties implied by rapid growth. JBS’s story is an impressive one. From a small abattoir in Anapolis in Goias state it became, in just over five decades, the world’s largest supplier of protein. “The company took much larger posi-tions over a short period of time,” says Iberville D’Athay de Neto, an analyst at Brazilian consultancy Scot Consultoría. Their foreign forays include acquisitions of the US firms Swift Foods and Pilgrim`s Pride. Today JBS produces abroad and has diversified from beef, its traditional product, into pork and poultry.

But JBS has paid a high price for be-coming an icon of globalization among Brazilian companies. It owes more than US$6 billion and it has struggled to realize synergies between its recent acquisitions.

For example, analysts say the acqui-sition of US poultry producer Pilgrim’s has proved to be a headache for JBS after profitability slumped. Last year the company posted losses totaling US$345 million and got poor marks from the market.

José Yordan and Rebecha Sánchez Sarmiento wrote a report for Deutsche Bank where they noted that “inves-tors have historically not liked the company” and that it suffers from “a long list of concerns.” As well as its high level of indebtedness and the low margins at some of its foreign units, they point to the lack of corporate governance mechanisms to explain JBS’s poor performance on the stock market. Since it first listed its shares in 2007, the company has quintupled in size but its share price has risen by barely 5%, compared with 50% for the

Ibovespa as a whole.This year the company is expected

to concentrate on realizing operational synergies and improving its cash-flow. To help in the task it has hired a heavy-weight executive: Henrique Meirelles, a former chairman of Brazil’s Central Bank. His considerable experience in the financial sector should help manage-ment to get a handle on its swollen debts and develop the corporate governance of the quality required in a company of this size and global reach. ■

With Natalia Gómez in São Paulo





RANKING

MOST GLOBALIZEDMOST GLOBALIZEDLATIN AMERICA´SMOST GLOBALIZED

LATIN AMERICA´S



1 2 GRUPO JBS - FRIBOI BR FOODS 32,944.0 -0.3 128,036 -345.4 22 8 79.2 89.2 66.5 61.7 98.1 80.3 JBS.COM.BR2 1 BRIGHTSTAR (1) BO TELECOMMUNICATIONS 4,700.0 13.8 3,750 N.A. 50 8 100.0 60.3 77.1 84.0 75.0 80.1 BRIGHSTARCORP.COM3 5 LAN CL AIRLINES 5,718.2 30.3 21,838 320.2 20 7 75.3 75.1 77.6 48.2 97.0 79.8 LAN.COM4 3 CEMEX MX CEMENT 13,546.2 -6.2 46,500 -1,371.3 36 8 98.2 75.6 68.7 65.8 82.0 79.0 CEMEX.COM5 4 TENARIS AR STEEL 9,972.5 29.3 25,422 1,331.2 12 5 73.3 80.4 82.3 71.5 75.0 77.0 TENARIS.COM6 6 TELMEX MX TELECOMMUNICATIONS 7,057.0 -13.2 19,026 1,045.5 9 3 61.2 95.9 51.0 89.9 85.0 71.6 TELMEXINTERNACIONAL.COM7 7 GRUPO ALFA MX AUTOPARTS/PETROCHEMICALS 13,053.1 18.2 56,978 373.2 17 6 83.8 45.0 72.1 27.0 75.0 68.1 ALFA.COM.MX8 9 VALE BR MINING 55,014.1 10.1 70,785 20,158.7 39 9 92.4 18.4 50.6 27.1 95.0 66.7 VALE.COM9 11 GERDAU BR STEEL 18,875.6 0.2 50,000 1,069.3 14 6 71.3 38.9 60.9 48.0 83.0 66.1 GERDAU.COM.BR

10 12 AJEGROUP (1) PE BEVERAGES 1,450.0 28.7 10,000 N.A. 16 4 74.9 78.0 68.4 74.0 48.0 65.1 AJEGROUP.COM11 8 IMPSA AR ELECTRICITY 1,066.9 35.2 3,108 N.A. 13 4 67.5 46.3 79.2 49.8 60.0 64.9 IMPSA.COM12 10 CONST. N. ODEBRECHT BR ENGINEERING 32,325.0 38.5 89,500 N.A. 34 7 89.6 34.6 57.0 48.6 70.0 64.3 ODEBRECHT.COM13 13 GRUPO BIMBO MX FOODS 10,462.8 10.3 126,747 382.1 19 6 73.7 54.4 61.1 52.7 68.0 64.2 GRUPOBIMBO.COM14 16 LABORATORIOS BAGÓ AR PHARMACEUTICALS 1,012.0 54.6 6,500 N.A. 18 4 69.9 23.1 86.4 67.5 45.0 62.5 BAGO.COM15 - SIGDO KOPPERS (1) CL CONSTRUCTION & ENGINEERING 2,016.9 9.9 20,334 334.8 25 8 84.5 43.5 70.4 25.0 55.0 61.4 SIGDOKOPPERS.CL16 17 AMÉRICA MÓVIL MX TELECOMMUNICATIONS 47,689.6 -3.1 56,500 5,923.7 18 4 69.9 36.0 33.6 70.0 88.0 61.1 AMERICAMOVIL.COM17 14 PETROBRAS BR OIL 130,171.7 1.7 80,492 17,759.4 29 9 86.3 34.5 31.5 17.5 95.0 60.4 PETROBRAS.COM.BR18 - ISA (INTERCONEX ELEC) CO POWER TRANSMISSION 2,240.3 27.8 3,435 168.0 7 2 48.1 70.1 92.3 65.3 30.0 59.9 ISA.COM.CO19 19 GRUPO CASA SABA (FASA) MX RETAIL 4,670.0 13.9 11,758 N.A. 4 2 40.3 73.0 53.9 68.4 70.0 59.4 CASASABA.COM20 20 MARFRIG BR FOODS 11,548.8 48.3 96,000 -243.9 23 7 83.5 60.1 32.1 41.7 75.0 59.0 MARFRIG.COM.BR21 15 AVIANCA – TACA CO/SV AIRLINES 3,279.4 9.3 6,950 N.A. 25 4 76.5 82.0 22.4 77.0 70.0 58.9 TACA.COM22 18 GRUPO NUTRESA CO FOODS 2,736.4 23.0 29,679 186.1 11 4 60.7 30.5 72.8 20.9 65.0 58.6 GRUPONUTRESA.COM23 21 CSAV CL SHIPPING 5,151.9 -5.4 9,749 -1,249.8 6 5 60.0 93.4 38.0 63.0 55.0 55.6 CSAV.CL24 24 INTEROCEÁNICA CL SHIPPING 879.9 7.1 3,251 -39.9 4 4 56.6 79.2 59.0 54.0 40.0 54.3 CCNI.CL25 26 MEXICHEM MX PETROCHEMICALS 3,415.8 15.6 10,000 197.5 16 6 66.7 76.0 30.6 70.0 56.0 53.9 MEXICHEM.COM.MX26 24 BRASIL FOODS BR FOODS 13,485.5 5.8 127,982 1,155.2 27 5 94.5 40.0 16.3 16.4 81.0 53.7 BRASILFOODS.COM27 32 FIBRIA BR PULP 3,121.0 -17.2 16,956 -462.2 8 4 69.8 58.0 28.5 4.0 82.0 53.3 FIBRIA.COM.BR28 23 INTERCEMENT * BR CEMENT 1,325.3 N.A. 4,700 N.A. 4 1 39.4 39.0 67.1 57.4 52.0 53.3 INTERCEMENT.COM29 22 CENCOSUD CL RETAIL 13,971.2 18.2 126,530 744.9 5 1 44.1 46.0 49.1 57.0 64.0 53.1 CENCOSUD.CL30 34 WEG BR MACHINERY 2,766.5 5.2 19,406 312.9 49 8 99.8 33.7 19.5 14.9 72.0 52.3 WEG.COM.BR31 28 SONDA CL TECHNOLOGY 1,136.8 19.4 10,882 77.9 9 3 56.4 55.3 42.7 79.5 48.0 52.0 SONDA.CL32 31 ARAUCO CL FORESTRY/PULP 4,451.4 17.5 35,704 620.8 11 6 68.1 88.0 23.7 23.6 66.0 51.7 ARAUCO.CL33 29 GRUMA MX FOODS 4,104.4 9.1 21,318 377.9 16 7 77.8 65.7 18.7 63.3 58.0 51.5 GRUMA.COM34 27 VIÑA CONCHA Y TORO CL BEVERAGES 770.1 -3.6 2,848 93.2 30 7 86.0 77.4 19.7 13.8 64.0 51.4 CONCHAYTORO.COM35 33 CMPC CL FORESTRY 4,613.3 20.8 15,068 492.1 9 2 57.1 75.8 30.5 29.5 67.0 51.2 CMPC.CL36 38 TAM BR AIRLINES 6,927.4 1.7 28,193 -178.6 13 3 79.0 31.3 9.2 8.3 95.0 51.0 TAM.COM.BR37 40 GRUPO ARGOS CO CEMENT 779.2 -51.1 6,263 N.A. 7 3 50.9 51.0 32.7 38.9 70.0 50.0 ARGOS.CO38 41 GRUPO MODELO MX BEVERAGES 6,539.0 -5.0 36,566 856.4 22 9 81.6 51.6 15.9 2.9 77.0 49.6 GMODELO.COM.MX39 35 VOTORANTIM CIM. (1) BR CEMENT 5,680.0 6.9 12,000 N.A. 4 3 49.4 35.0 49.8 36.0 55.0 48.4 VOTORANTIM-CIMENTOS.COM40 36 POLLO CAMPERO GT FOODS 400.0 N.A. 7,000 N.A. 13 6 72.6 72.0 10.3 76.5 53.0 48.4 GLOBAL.CAMPERO.COM41 37 PDVSA (1) VE OIL 102,500.0 7.3 80,000 N.A. 10 5 70.0 95.2 5.3 4.7 75.0 48.1 PDVSA.COM42 30 EMBRAER BR AEROSPACE 5,140.6 -19.5 17,149 385.2 6 4 60.0 87.0 27.0 12.3 58.0 47.4 EMBRAER.COM.BR43 42 TIGRE (1) BR CONSTRUCTION 1,460.0 14.1 5,200 N.A. 10 2 61.4 22.4 44.0 25.0 56.0 47.0 TIGRE.COM.BR44 39 FALABELLA CL RETAIL 9,044.0 11.8 70,841 811.3 4 1 39.7 31.0 40.3 40.2 65.0 46.7 FALABELLA.CL45 45 P.I. MABE (1) MX DIAPERS 320.0 14.3 20,000 N.A. 21 6 73.1 46.1 36.7 24.1 42.0 45.3 GPOMABE.COM.MX46 44 METALFRIO BR WHITE GOODS 402.6 -14.4 1,600 3.9 6 4 67.0 29.8 41.7 51.0 36.0 44.8 METALFRIO.COM.BR47 46 ARCOR (1) AR FOODS 2,540.0 6.4 20,000 N.A. 16 6 74.8 16.3 27.6 28.7 56.0 44.5 ARCOR.COM.AR48 43 SUZANO PAPEL E C. BR PULP 2,538.3 -6.3 4,352 52.1 9 5 75.0 58.0 10.4 6.0 63.0 43.4 SUZANO.COM.BR49 48 GRUPO TELEVISA MX MASS MEDIA 4,486.9 -4.2 24,362 494.0 8 3 52.5 16.8 22.4 10.5 77.0 43.0 TELEVISA.COM.MX50 49 GRUPO ELEKTRA MX RETAIL 3,729.6 0.1 39,429 2,144.6 8 3 49.6 15.0 28.8 16.8 70.0 42.7 ELEKTRA.COM.MX51 63 TOTVS BR TECHNOLOGY 681.9 0.6 5,507 90.0 19 5 83.6 47.0 2.8 6.7 65.0 42.4 TOTVS.COM.BR52 51 CAMARGO CORREA BR CONSTRUCTION & ENGINEERING 9,610.0 -0.9 61,700 N.A. 14 5 71.5 18.4 15.2 16.9 66.0 42.2 CAMARGOCORREA.COM.BR53 50 FEMSA MX BEVERAGES 14,501.6 5.5 177,470 761.0 9 3 52.7 41.1 18.3 35.6 61.0 42.0 FEMSA.COM54 53 ANDRADE GUTIERREZ (1) BR CONSTRUCTION & ENGINEERING 8,400.0 -22.9 175,533 N.A. 38 8 70.1 25.2 7.6 9.7 73.0 41.7 ANDRADEGUTIERREZ.COM.BR55 64 DHB COMP. AUTOMOTIVOS BR AUTOPARTS 163.1 -3.9 1,151 16.8 26 7 87.6 25.7 3.6 1.6 64.0 40.5 DHB.COM.BR56 55 COPA AIRLINES (1) PA AIRLINES 1,550.0 9.8 5,000 N.A. 7 6 62.9 25.3 18.2 22.7 55.0 39.3 COPAAIR.COM57 54 ARTECOLA BR CHEMICALS 238.3 -36.9 1,831 N.A. 6 2 48.9 21.6 30.1 16.3 52.0 39.3 ARTECOLA.COM.BR58 59 BEMATECH BR TECHNOLOGY 158.4 -20.6 1,144 -22.6 27 7 89.4 13.6 15.2 9.1 44.0 37.9 BEMATECH.COM69 52 VITRO (1) MX GLASS 2,030.0 7.7 17,628 27.6 11 5 70.9 48.5 16.0 17.0 48.0 37.7 VITRO.COM.MX60 60 MARCOPOLO BR AUTOPARTS 1,804.6 1.4 17,231 182.9 12 7 59.6 27.1 11.4 26.1 56.0 37.5 MARCOPOLO.COM.BR61 58 NATURA BR COSMETICS 2,980.8 -3.3 7,037 443.0 10 3 65.7 7.2 7.7 21.7 62.0 36.9 NATURA.COM.BR62 61 GRUPO GLORIA PE FOODS 954.1 16.8 13,680 84.1 6 2 47.2 16.3 14.4 24.0 60.0 35.8 GRUPOGLORIA.COM63 - RIPLEY CL RETAIL 1,821.0 -14.2 20,863 154.0 2 1 25.7 29.3 28.5 30.3 51.0 35.0 RIPLEY.CL64 56 MADECO CL MANUFACTURING 428.2 26.4 2,416 19.2 3 1 33.9 38.2 17.2 53.2 46.0 34.9 MADECO.CL65 62 LUPATECH BR ENGINEERING 327.3 -6.2 3,215 -92.9 39 6 49.7 23.6 13.9 20.8 53.0 34.4 LUPATECH.COM.BR

RK12

RK11

COMPANYHOME

COUNTRYSECTOR

KEY FIGURES 2011 RANKING VARIABLESGLOBALIZATION

INDEX 2012WWW.SALES

US$ MILLIONSVAR. IN SALES

11-10 %WORKFORCE

PROFITS MM US$

N° OF CO-UNTRIES

Nº OF REGIONSGEOGRAPHICAL

COVERAGE INDEX% FOREIGN

SALES% FOREIGN

INVESTMENT% FOREIGN

WORKFORCEINTERNATIONAL

GROWTH POTENTIAL

(1):

Vent

as E

stim

adas

• N

.D.:

No

Dis

poni

ble

2 1 BRIGHTSTAR (1) BO TELECOMMUNICATIONS 4,700.0 13.8 3,750 N.A.

4 3 CEMEX MX CEMENT 13,546.2 -6.2 46,500 -1,371.3

6 6 TELMEX MX TELECOMMUNICATIONS 7,057.0 -13.2 19,026 1,045.5

8 9 VALE BR MINING 55,014.1 10.1 70,785 20,158.7

10 12 AJEGROUP (1) PE BEVERAGES 1,450.0 28.7 10,000 N.A.

12 10 CONST. N. ODEBRECHT BR ENGINEERING 32,325.0 38.5 89,500 N.A.

14 16 LABORATORIOS BAGÓ AR PHARMACEUTICALS 1,012.0 54.6 6,500 N.A.

16 17 AMÉRICA MÓVIL MX TELECOMMUNICATIONS 47,689.6 -3.1 56,500 5,923.7

18 - ISA (INTERCONEX ELEC) CO POWER TRANSMISSION 2,240.3 27.8 3,435 168.0

20 20 MARFRIG BR FOODS 11,548.8 48.3 96,000 -243.9

22 18 GRUPO NUTRESA CO FOODS 2,736.4 23.0 29,679 186.1

24 24 INTEROCEÁNICA CL SHIPPING 879.9 7.1 3,251 -39.9

26 24 BRASIL FOODS BR FOODS 13,485.5 5.8 127,982 1,155.2

28 23 INTERCEMENT * BR CEMENT 1,325.3 N.A. 4,700 N.A.

30 34 WEG BR MACHINERY 2,766.5 5.2 19,406 312.9

32 31 ARAUCO CL FORESTRY/PULP 4,451.4 17.5 35,704 620.8

34 27 VIÑA CONCHA Y TORO CL BEVERAGES 770.1 -3.6 2,848 93.2

36 38 TAM BR AIRLINES 6,927.4 1.7 28,193 -178.6

38 41 GRUPO MODELO MX BEVERAGES 6,539.0 -5.0 36,566 856.4

40 36 POLLO CAMPERO GT FOODS 400.0 N.A. 7,000 N.A.

42 30 EMBRAER BR AEROSPACE 5,140.6 -19.5 17,149 385.2

44 39 FALABELLA CL RETAIL 9,044.0 11.8 70,841 811.3

46 44 METALFRIO BR WHITE GOODS 402.6 -14.4 1,600 3.9

48 43 SUZANO PAPEL E C. BR PULP 2,538.3 -6.3 4,352 52.1

50 49 GRUPO ELEKTRA MX RETAIL 3,729.6 0.1 39,429 2,144.6

52 51 CAMARGO CORREA BR CONSTRUCTION & ENGINEERING 9,610.0 -0.9 61,700 N.A.

54 53 ANDRADE GUTIERREZ (1) BR CONSTRUCTION & ENGINEERING 8,400.0 -22.9 175,533 N.A.

56 55 COPA AIRLINES (1) PA AIRLINES 1,550.0 9.8 5,000 N.A.

58 59 BEMATECH BR TECHNOLOGY 158.4 -20.6 1,144 -22.6

60 60 MARCOPOLO BR AUTOPARTS 1,804.6 1.4 17,231 182.9

62 61 GRUPO GLORIA PE FOODS 954.1 16.8 13,680 84.1





RANKING





1 2 GRUPO JBS - FRIBOI BR FOODS 32,944.0 -0.3 128,036 -345.4 22 8 79.2 89.2 66.5 61.7 98.1 80.3 JBS.COM.BR2 1 BRIGHTSTAR (1) BO TELECOMMUNICATIONS 4,700.0 13.8 3,750 N.A. 50 8 100.0 60.3 77.1 84.0 75.0 80.1 BRIGHSTARCORP.COM3 5 LAN CL AIRLINES 5,718.2 30.3 21,838 320.2 20 7 75.3 75.1 77.6 48.2 97.0 79.8 LAN.COM4 3 CEMEX MX CEMENT 13,546.2 -6.2 46,500 -1,371.3 36 8 98.2 75.6 68.7 65.8 82.0 79.0 CEMEX.COM5 4 TENARIS AR STEEL 9,972.5 29.3 25,422 1,331.2 12 5 73.3 80.4 82.3 71.5 75.0 77.0 TENARIS.COM6 6 TELMEX MX TELECOMMUNICATIONS 7,057.0 -13.2 19,026 1,045.5 9 3 61.2 95.9 51.0 89.9 85.0 71.6 TELMEXINTERNACIONAL.COM7 7 GRUPO ALFA MX AUTOPARTS/PETROCHEMICALS 13,053.1 18.2 56,978 373.2 17 6 83.8 45.0 72.1 27.0 75.0 68.1 ALFA.COM.MX8 9 VALE BR MINING 55,014.1 10.1 70,785 20,158.7 39 9 92.4 18.4 50.6 27.1 95.0 66.7 VALE.COM9 11 GERDAU BR STEEL 18,875.6 0.2 50,000 1,069.3 14 6 71.3 38.9 60.9 48.0 83.0 66.1 GERDAU.COM.BR

10 12 AJEGROUP (1) PE BEVERAGES 1,450.0 28.7 10,000 N.A. 16 4 74.9 78.0 68.4 74.0 48.0 65.1 AJEGROUP.COM11 8 IMPSA AR ELECTRICITY 1,066.9 35.2 3,108 N.A. 13 4 67.5 46.3 79.2 49.8 60.0 64.9 IMPSA.COM12 10 CONST. N. ODEBRECHT BR ENGINEERING 32,325.0 38.5 89,500 N.A. 34 7 89.6 34.6 57.0 48.6 70.0 64.3 ODEBRECHT.COM13 13 GRUPO BIMBO MX FOODS 10,462.8 10.3 126,747 382.1 19 6 73.7 54.4 61.1 52.7 68.0 64.2 GRUPOBIMBO.COM14 16 LABORATORIOS BAGÓ AR PHARMACEUTICALS 1,012.0 54.6 6,500 N.A. 18 4 69.9 23.1 86.4 67.5 45.0 62.5 BAGO.COM15 - SIGDO KOPPERS (1) CL CONSTRUCTION & ENGINEERING 2,016.9 9.9 20,334 334.8 25 8 84.5 43.5 70.4 25.0 55.0 61.4 SIGDOKOPPERS.CL16 17 AMÉRICA MÓVIL MX TELECOMMUNICATIONS 47,689.6 -3.1 56,500 5,923.7 18 4 69.9 36.0 33.6 70.0 88.0 61.1 AMERICAMOVIL.COM17 14 PETROBRAS BR OIL 130,171.7 1.7 80,492 17,759.4 29 9 86.3 34.5 31.5 17.5 95.0 60.4 PETROBRAS.COM.BR18 - ISA (INTERCONEX ELEC) CO POWER TRANSMISSION 2,240.3 27.8 3,435 168.0 7 2 48.1 70.1 92.3 65.3 30.0 59.9 ISA.COM.CO19 19 GRUPO CASA SABA (FASA) MX RETAIL 4,670.0 13.9 11,758 N.A. 4 2 40.3 73.0 53.9 68.4 70.0 59.4 CASASABA.COM20 20 MARFRIG BR FOODS 11,548.8 48.3 96,000 -243.9 23 7 83.5 60.1 32.1 41.7 75.0 59.0 MARFRIG.COM.BR21 15 AVIANCA – TACA CO/SV AIRLINES 3,279.4 9.3 6,950 N.A. 25 4 76.5 82.0 22.4 77.0 70.0 58.9 TACA.COM22 18 GRUPO NUTRESA CO FOODS 2,736.4 23.0 29,679 186.1 11 4 60.7 30.5 72.8 20.9 65.0 58.6 GRUPONUTRESA.COM23 21 CSAV CL SHIPPING 5,151.9 -5.4 9,749 -1,249.8 6 5 60.0 93.4 38.0 63.0 55.0 55.6 CSAV.CL24 24 INTEROCEÁNICA CL SHIPPING 879.9 7.1 3,251 -39.9 4 4 56.6 79.2 59.0 54.0 40.0 54.3 CCNI.CL25 26 MEXICHEM MX PETROCHEMICALS 3,415.8 15.6 10,000 197.5 16 6 66.7 76.0 30.6 70.0 56.0 53.9 MEXICHEM.COM.MX26 24 BRASIL FOODS BR FOODS 13,485.5 5.8 127,982 1,155.2 27 5 94.5 40.0 16.3 16.4 81.0 53.7 BRASILFOODS.COM27 32 FIBRIA BR PULP 3,121.0 -17.2 16,956 -462.2 8 4 69.8 58.0 28.5 4.0 82.0 53.3 FIBRIA.COM.BR28 23 INTERCEMENT * BR CEMENT 1,325.3 N.A. 4,700 N.A. 4 1 39.4 39.0 67.1 57.4 52.0 53.3 INTERCEMENT.COM29 22 CENCOSUD CL RETAIL 13,971.2 18.2 126,530 744.9 5 1 44.1 46.0 49.1 57.0 64.0 53.1 CENCOSUD.CL30 34 WEG BR MACHINERY 2,766.5 5.2 19,406 312.9 49 8 99.8 33.7 19.5 14.9 72.0 52.3 WEG.COM.BR31 28 SONDA CL TECHNOLOGY 1,136.8 19.4 10,882 77.9 9 3 56.4 55.3 42.7 79.5 48.0 52.0 SONDA.CL32 31 ARAUCO CL FORESTRY/PULP 4,451.4 17.5 35,704 620.8 11 6 68.1 88.0 23.7 23.6 66.0 51.7 ARAUCO.CL33 29 GRUMA MX FOODS 4,104.4 9.1 21,318 377.9 16 7 77.8 65.7 18.7 63.3 58.0 51.5 GRUMA.COM34 27 VIÑA CONCHA Y TORO CL BEVERAGES 770.1 -3.6 2,848 93.2 30 7 86.0 77.4 19.7 13.8 64.0 51.4 CONCHAYTORO.COM35 33 CMPC CL FORESTRY 4,613.3 20.8 15,068 492.1 9 2 57.1 75.8 30.5 29.5 67.0 51.2 CMPC.CL36 38 TAM BR AIRLINES 6,927.4 1.7 28,193 -178.6 13 3 79.0 31.3 9.2 8.3 95.0 51.0 TAM.COM.BR37 40 GRUPO ARGOS CO CEMENT 779.2 -51.1 6,263 N.A. 7 3 50.9 51.0 32.7 38.9 70.0 50.0 ARGOS.CO38 41 GRUPO MODELO MX BEVERAGES 6,539.0 -5.0 36,566 856.4 22 9 81.6 51.6 15.9 2.9 77.0 49.6 GMODELO.COM.MX39 35 VOTORANTIM CIM. (1) BR CEMENT 5,680.0 6.9 12,000 N.A. 4 3 49.4 35.0 49.8 36.0 55.0 48.4 VOTORANTIM-CIMENTOS.COM40 36 POLLO CAMPERO GT FOODS 400.0 N.A. 7,000 N.A. 13 6 72.6 72.0 10.3 76.5 53.0 48.4 GLOBAL.CAMPERO.COM41 37 PDVSA (1) VE OIL 102,500.0 7.3 80,000 N.A. 10 5 70.0 95.2 5.3 4.7 75.0 48.1 PDVSA.COM42 30 EMBRAER BR AEROSPACE 5,140.6 -19.5 17,149 385.2 6 4 60.0 87.0 27.0 12.3 58.0 47.4 EMBRAER.COM.BR43 42 TIGRE (1) BR CONSTRUCTION 1,460.0 14.1 5,200 N.A. 10 2 61.4 22.4 44.0 25.0 56.0 47.0 TIGRE.COM.BR44 39 FALABELLA CL RETAIL 9,044.0 11.8 70,841 811.3 4 1 39.7 31.0 40.3 40.2 65.0 46.7 FALABELLA.CL45 45 P.I. MABE (1) MX DIAPERS 320.0 14.3 20,000 N.A. 21 6 73.1 46.1 36.7 24.1 42.0 45.3 GPOMABE.COM.MX46 44 METALFRIO BR WHITE GOODS 402.6 -14.4 1,600 3.9 6 4 67.0 29.8 41.7 51.0 36.0 44.8 METALFRIO.COM.BR47 46 ARCOR (1) AR FOODS 2,540.0 6.4 20,000 N.A. 16 6 74.8 16.3 27.6 28.7 56.0 44.5 ARCOR.COM.AR48 43 SUZANO PAPEL E C. BR PULP 2,538.3 -6.3 4,352 52.1 9 5 75.0 58.0 10.4 6.0 63.0 43.4 SUZANO.COM.BR49 48 GRUPO TELEVISA MX MASS MEDIA 4,486.9 -4.2 24,362 494.0 8 3 52.5 16.8 22.4 10.5 77.0 43.0 TELEVISA.COM.MX50 49 GRUPO ELEKTRA MX RETAIL 3,729.6 0.1 39,429 2,144.6 8 3 49.6 15.0 28.8 16.8 70.0 42.7 ELEKTRA.COM.MX51 63 TOTVS BR TECHNOLOGY 681.9 0.6 5,507 90.0 19 5 83.6 47.0 2.8 6.7 65.0 42.4 TOTVS.COM.BR52 51 CAMARGO CORREA BR CONSTRUCTION & ENGINEERING 9,610.0 -0.9 61,700 N.A. 14 5 71.5 18.4 15.2 16.9 66.0 42.2 CAMARGOCORREA.COM.BR53 50 FEMSA MX BEVERAGES 14,501.6 5.5 177,470 761.0 9 3 52.7 41.1 18.3 35.6 61.0 42.0 FEMSA.COM54 53 ANDRADE GUTIERREZ (1) BR CONSTRUCTION & ENGINEERING 8,400.0 -22.9 175,533 N.A. 38 8 70.1 25.2 7.6 9.7 73.0 41.7 ANDRADEGUTIERREZ.COM.BR55 64 DHB COMP. AUTOMOTIVOS BR AUTOPARTS 163.1 -3.9 1,151 16.8 26 7 87.6 25.7 3.6 1.6 64.0 40.5 DHB.COM.BR56 55 COPA AIRLINES (1) PA AIRLINES 1,550.0 9.8 5,000 N.A. 7 6 62.9 25.3 18.2 22.7 55.0 39.3 COPAAIR.COM57 54 ARTECOLA BR CHEMICALS 238.3 -36.9 1,831 N.A. 6 2 48.9 21.6 30.1 16.3 52.0 39.3 ARTECOLA.COM.BR58 59 BEMATECH BR TECHNOLOGY 158.4 -20.6 1,144 -22.6 27 7 89.4 13.6 15.2 9.1 44.0 37.9 BEMATECH.COM69 52 VITRO (1) MX GLASS 2,030.0 7.7 17,628 27.6 11 5 70.9 48.5 16.0 17.0 48.0 37.7 VITRO.COM.MX60 60 MARCOPOLO BR AUTOPARTS 1,804.6 1.4 17,231 182.9 12 7 59.6 27.1 11.4 26.1 56.0 37.5 MARCOPOLO.COM.BR61 58 NATURA BR COSMETICS 2,980.8 -3.3 7,037 443.0 10 3 65.7 7.2 7.7 21.7 62.0 36.9 NATURA.COM.BR62 61 GRUPO GLORIA PE FOODS 954.1 16.8 13,680 84.1 6 2 47.2 16.3 14.4 24.0 60.0 35.8 GRUPOGLORIA.COM63 - RIPLEY CL RETAIL 1,821.0 -14.2 20,863 154.0 2 1 25.7 29.3 28.5 30.3 51.0 35.0 RIPLEY.CL64 56 MADECO CL MANUFACTURING 428.2 26.4 2,416 19.2 3 1 33.9 38.2 17.2 53.2 46.0 34.9 MADECO.CL65 62 LUPATECH BR ENGINEERING 327.3 -6.2 3,215 -92.9 39 6 49.7 23.6 13.9 20.8 53.0 34.4 LUPATECH.COM.BR

RK12

RK11

COMPANYHOME

COUNTRYSECTOR

KEY FIGURES 2011 RANKING VARIABLESGLOBALIZATION

INDEX 2012WWW.SALES

US$ MILLIONSVAR. IN SALES

11-10 %WORKFORCE

PROFITS MM US$

N° OF CO-UNTRIES

Nº OF REGIONSGEOGRAPHICAL

COVERAGE INDEX% FOREIGN

SALES% FOREIGN

INVESTMENT% FOREIGN

WORKFORCEINTERNATIONAL

GROWTH POTENTIAL

50 8 100.0 60.3 77.1 84.0 75.0 80.1 BRIGHSTARCORP.COM

36 8 98.2 75.6 68.7 65.8 82.0 79.0 CEMEX.COM

9 3 61.2 95.9 51.0 89.9 85.0 71.6 TELMEXINTERNACIONAL.COM

39 9 92.4 18.4 50.6 27.1 95.0 66.7 VALE.COM

16 4 74.9 78.0 68.4 74.0 48.0 65.1 AJEGROUP.COM

34 7 89.6 34.6 57.0 48.6 70.0 64.3 ODEBRECHT.COM

18 4 69.9 23.1 86.4 67.5 45.0 62.5 BAGO.COM

18 4 69.9 36.0 33.6 70.0 88.0 61.1 AMERICAMOVIL.COM

7 2 48.1 70.1 92.3 65.3 30.0 59.9 ISA.COM.CO

23 7 83.5 60.1 32.1 41.7 75.0 59.0 MARFRIG.COM.BR

11 4 60.7 30.5 72.8 20.9 65.0 58.6 GRUPONUTRESA.COM

4 4 56.6 79.2 59.0 54.0 40.0 54.3 CCNI.CL

27 5 94.5 40.0 16.3 16.4 81.0 53.7 BRASILFOODS.COM

4 1 39.4 39.0 67.1 57.4 52.0 53.3 INTERCEMENT.COM

49 8 99.8 33.7 19.5 14.9 72.0 52.3 WEG.COM.BR

11 6 68.1 88.0 23.7 23.6 66.0 51.7 ARAUCO.CL

30 7 86.0 77.4 19.7 13.8 64.0 51.4 CONCHAYTORO.COM

13 3 79.0 31.3 9.2 8.3 95.0 51.0 TAM.COM.BR

22 9 81.6 51.6 15.9 2.9 77.0 49.6 GMODELO.COM.MX

13 6 72.6 72.0 10.3 76.5 53.0 48.4 GLOBAL.CAMPERO.COM

6 4 60.0 87.0 27.0 12.3 58.0 47.4 EMBRAER.COM.BR

4 1 39.7 31.0 40.3 40.2 65.0 46.7 FALABELLA.CL

6 4 67.0 29.8 41.7 51.0 36.0 44.8 METALFRIO.COM.BR

9 5 75.0 58.0 10.4 6.0 63.0 43.4 SUZANO.COM.BR

8 3 49.6 15.0 28.8 16.8 70.0 42.7 ELEKTRA.COM.MX

14 5 71.5 18.4 15.2 16.9 66.0 42.2 CAMARGOCORREA.COM.BR

38 8 70.1 25.2 7.6 9.7 73.0 41.7 ANDRADEGUTIERREZ.COM.BR

7 6 62.9 25.3 18.2 22.7 55.0 39.3 COPAAIR.COM

27 7 89.4 13.6 15.2 9.1 44.0 37.9 BEMATECH.COM

12 7 59.6 27.1 11.4 26.1 56.0 37.5 MARCOPOLO.COM.BR

6 2 47.2 16.3 14.4 24.0 60.0 35.8 GRUPOGLORIA.COM


INTRODUCTIONBANKING SPECIAL


NO CRISIS HERE…YET

Growth of assets held by Latin America´s 250 biggest banks, by coun-try, in millions of USDSOURCE: AMÉRICAECONOMÍA INTELLIGENCE

BANKING ASSETS

4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

BRAZIL MEXICO COLOMBIA ARGENTINA VENEZUELA PANAMA OTHERSPERUCHILE

Latin America’s banking sector is following a different path from the rest of the world’s fi nancial 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

Visiting Bogota, it is impossible not to notice the Colpatria Tower. Measuring 196 meters high, it is the tallest building in a city

which has favored horizontal spread over towering skyscrapers. Even at night, its colored lights make it a landmark in the Colombian capital.

Today the building is also in the spotlight of Latin Amer-ica’s banking industry. The shareholders of the Colpatria conglomerate, which has its head offices in the tower, are in the final stages of choosing a strategic partner to take a stake in Colpatria Multibanca, Colombia’s eighth biggest bank and the eighty-third largest in Latin America. A medium-sized bank with assets valued at US$6.24 billion, but which, according to media reports, some of the biggest global banking groups active in Latin America are keen to get their hands on: from Spain’s BBVA to the UK’s HSBC, as well as Itau and Banco do Brasil, both from Brazil.

“Although the world is

in chaos, we see a future with lots of growth,” says one of the Colombian bankers participating in the battle for Colpatria. It is a view shared by the majority of executives who work at the financial institutions included in this latest edition of our ranking of Latin America’s 250 biggest banks (see pages

60-65). While the world’s biggest bank-ing groups are fighting to remain liquid and avoid seeing their net worth shrink, Latin America’s banks are exploiting the huge potential for long term growth in the region’s financial sector. In fact, during the first half of 2011, Latin America’s 250 biggest banks proved to be com-

BANCOS GI.indd 48 17/8/12 16:51:37

INTRODUCCIÓNESPECIAL BANCOS


NO CRISIS HERE…YET

RANKING LATIN AMERICA´S 25 BEST BANKS

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

RK 11RK 10

BANKCOUNTRY

TOTAL ASSETS US$ MILL. 2011

VAR. % TOTAL ASSETS 11-10

NON-PERFORMING LOANS (%) 2

011

RETURN ON EQUITY (%) 2

011

VAR. % PROFITABILITY 11-10

LIQUIDITY OUT OF 100

NET EQUITY / TOTAL

ASSETS (%) 2

011

EFFICIENCY OUT OF 100 2011

VAR. % IN

EFFICIENCY 11-10

FINAL INDEX

pletely detached from the global banking industry. While banks in Europe and the United States suffer from illiquidity and shrinking assets, banks in this part of the world saw their assets grow by 33% to almost US$4 trillion, the highest figure on record. Half-yearly profits rose by an average of 30% to US$24.206 billion, almost matching the profits achieved in 2008, which were the highest in the his-tory of banking in Latin America. “Latin American banks are the most profitable in the world,” says Argentinean Gabriel Roitman, director of Global Markets at

the New York branch of Deutsche Bank Securities, citing a recent internal report at the German bank. Annualized ROA (return on assets) of Latin America’s 250 biggest banks averaged 1.77% in the year to June 2011, while the return on equity reached a stunning 16.6%. Amidst the flood of bad news about banking losses from around the world, only eighteen of Latin America’s 250 largest banks failed to make a profit. Just one of them, the Brazilian subsidiary of France’s Société Générale suffered a major loss.

“Countries like Peru and Chile are

continuing to see vigorous growth in consumer credit, credit cards and mort-gages,” says Sergio Fuentes, an S&P analyst who follows these countries closely. Even Mexican banks, despite their proximity to the United States, have continued to grow. The world’s biggest financial groups are continuing to make profits in Latin America that they cannot find elsewhere in the world. Take the UK’s HSBC as an example. Its Latin American subsidiaries posted profits of US$1.151 billion during the first half of 2011, an increase of 30% from the same

BANCOS GI.indd 49 17/8/12 16:51:42

INTRODUCTIONBANKING SPECIAL


The ten banks which most enlarged their credit portfolio, annual varia-tion as a percentageSOURCE: AMÉRICAECONOMÍA INTELLIGENCE

The ten largest falls in the credit/asset ratio, measured in negative percentage pointsSOURCE: AMÉRICAECONOMÍA INTELLIGENCE

The ten largest increases in the credit/asset ratio, measured in percen-tage pointsSOURCE: AMÉRICAECONOMÍA INTELLIGENCE

TAKING ON RISK

CARRY ON LENDNG

PLAYING IT SAFE

CIBAN

CO (M

X)

CIBAN

CO (M

X)

700.00

600.00

500.00

400.00

300.00

200.00

100.00

.00

0%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

50%

100%

150%

200%

250%

300%

350%

JOHN DEERE (B

R)

JOHN DEERE (B

R)

DE LOS T

RABAJADORES

(GT)

DE LOS T

RABAJADORES

(GT)

DEL DESA

RROLLO RURAL

(GT)

DEL DESA

RROLLO RURAL

(GT)

J. SAFR

A (BR)

I.N.G. B

ANK (

MX

AFIRME (M

X)

IMB (BR)

PANAM

ERICANO (B

R)

WESTLE

(BR)

CLASSI

CO (B

R)

CITIBAN

K N.A.

(BR)

SOCIE

TE GEN

ERAL (BR)

DEUTSCHE B

ANK (

MX)

AGROMERCANTIL

(GT)

AGROMERCANTIL

(GT)

REFORMADOR (G

T)

REFORMADOR (G

T)

JP MORGAN

(BR)

JP MORGAN

(BR)

BOAVISTA

INTER

ATLAN

TICO (B

R)

INDUSTRIAL

(GT)

INDUSTRIAL

(GT)

G & T CONTIN

ENTAL

(GT)

G & T CONTIN

ENTAL

(GT)

J. SAFR

A (BR)

period of 2010 and equivalent to 10% of the group’s total profits (in 2010, they accounted for just 8%). Only its new operations in Africa grew faster than its Latin American business, but starting from a much lower base. In fact, globally HSBC saw zero profit growth.

In the case of Citicorp, its banks in Latin America achieved the group’s best performance during the first half of 2011, lifting profits by 12.7% to US$6.739 billion. Asia, on the other hand, grew by just 2.3%, while its global profits fell by 6.2% in the same period.

The strong presence in Latin America of some Spanish banks literally saved their skin. In the middle of a recession in Spain, BBVA lifted its profits generated in Latin America during the first half of the year by 14% (measured in Euros). Meanwhile, its profits in Spain fell by 34.4%. The region now generates 47% of the Spanish firm’s brute margin, despite representing just 22% of its assets.

The story is similar for their compa-triots at Banco Santander. The region generated US$4.001 billion in profits during the first half of the year, 13.4% more than the same period of 2010. At the time, profits from its operations in continental Europe fell by 17%. At the end of the first half of 2011, Latin America accounted for 44% of San-tander’s group profits.

These rising profits and ballooning assets were created by banking systems which have massively expanded their coverage in recent years. In addition, the growing commercial and financial importance of China helped to offset the restrictions spreading from the financial markets of the United States and Europe. However, banks cannot only be measured in terms of their profits. While banking profits mean corporate strength and the capacity to face external shocks, they are not the only qualities which we should ask of institutions which remain the big-gest component of the Latin American

financial system. Their performance depends on their capacity to success-fully face cycles of tightening credit and shrinking assets, like the one the world is going through today. So as well as revising the balance sheets of Latin America’s 250 biggest banks for this special report, AméricaEconomía Intelligence also carried out stress and

liquidity tests to select Latin America’s 25 best banks. To do this, we used the CAMEL methodology, an international benchmark which analyses financial in-stitutions based on their Capital, Assets, Management, Earnings and Liquidity.

In addition, in order to reflect the difficulties which financial institutions have faced in maintaining good indicators

BANCOS GI.indd 50 17/8/12 16:51:45

INTRODUCCIÓNESPECIAL BANCOS


while operating at scale, the methodology for selecting the best banks also awarded the volume of assets which the banks have to manage (in fact, Latin America’s fifty biggest banks have a smaller return on assets or ROA than the fifty smallest banks on the ranking or than the average of the 250 biggest banks).

In this 2011 version of the ranking, Brazil’s Banco Itau took first place for the first time (page 53). Its capacity to generate unprecedented growth in as-sets, and deposits, lifted it to the top of the ranking, ending the six-year reign of Santander Santiago, the jewel in the crown of the Spanish banking group. Despite a fall in profitability, the Chil-ean firm remains Latin America’s most efficient bank.

To study banking, one must take a well-rounded approach. Especially in today’s uncertain times when slow global growth could at any moment trigger the collapse of a major European institution (bank or country) which would then cause a major shock to the global financial system.

In 2008, when the fall of the invest-ment bank Lehman Brothers sparked a generalized run on the banks which forced governments to stump up cash to prevent further collapses, Latin America’s banks were also hit. In the year to June 2009, the region’s banks saw the value of their assets fall by 0.65% after two years with growth rates of around 40% a year.

Fortunately, Latin America’s leading economies were coming out of a long period of economic expansion during which conservative fiscal policies meant that governments had sufficient resources to fund countercyclical fiscal policies, such as lowering interest rates, increasing spending and promoting lending through state and development banks. As a result, the contraction of bank assets lasted just one year, compared with four years after the tech bubble burst in 2000.

What would happen if there was an-

other financial crisis? “This new global crisis will find Latin America not totally prepared,” says the Peruvian economist Liliana Rojas-Suárez, who chairs the Latin-American Shadow Financial Regulatory Committee. “Much of the region’s fiscal health has been spent countering the effects of the last crisis and that has left us with fewer tools to employ.”

According to the consultant Ernani Torres, until recently head of economic research at Brazilian development bank BNDES, it is a mis-take to believe that the crisis which be-gan with the fall of Lehman Brothers and is continuing today did not affect Latin America. “It affected us and continues to affects us. Just look at the merger of Itau and Unibanco. That would not have oc-curred without the crisis,” he says.

In Brazil, a strategic agreement, not widely reported at the time, played a key role. “In December 2008, the gov-ernment, the central bank and BNDES literally locked in a room all the bank-ers and business leaders whose pockets were stuffed with derivatives and told them: if you want to leave, leave now, those who stay, close your eyes and prepare to follow the plan we are going to implement.”

According to Torres, it was this ca-pacity to change and adapt learnt during decades of economic and political insta-bility that led the whole financial sector to follow the government’s recipe for filling the hole left by derivatives.

“The United States was a slow and clumsy elephant which took the crisis to Congress, devalued its assets and turned an economic crisis into a political one,”

says Torres. “We in turn were able to resolve it in just ninety days by working together and you can still see the results of that effort today.”

One of the results of that deal was a sharp increase in lending by relaxing criteria.

Today Brazil faces the opposite prob-lem: how to prevent the economy from

overheating. “Today we are cutting our funding for these loans to avoid a bubble,” says Marcelo Nasci-mento, senior research analyst at BNDES. He describes as realistic the S&P report which last June explained that “BNDES, which, until 2010, was a key promoter of counter-cyclical fiscal policies and expanding cred-it, has significantly

slowed its rate of lending during 2011.” In fact, according to S&P, the volume of lending, both direct and secondary (loans from other banks, but financed by BNDES) grew by just 0.3% in April and by 2.5% so far this year.

However, for many observers, it is already too late. “Brazil lacks the fis-cal margin to either promote expansive policies or to cut interest rates,” says Rojas-Suarez from Washington.

Colombia is in a similar situation after a series of fiscal deficits. Mexico, Chile, Peru and Panama, on the other hand, have room to act.

But if a global crisis is not on the cards then Latin America’s banks and governments can continue to breathe easy. Will these good results be repeated during the next two halves? For now, the answer lies beyond their borders. ■

Pablo Gonzalez collaborated with this article from Buenos Aires.

Latin America is less prepared for the next crisis than it was for the collapse of Lehman Brothers in 2008.

BANCOS GI.indd 51 17/8/12 16:51:48

BANKING SPECIAL LATIN AMERICA´S 250 BIGGEST BANKS

RK 11BANK

COUNTRYOWNERSHIP

TOTAL ASSETS IN JUNE

2011 MILLIONS OF US$

VARIATION IN TOTAL

ASSETS 11/10 (%)

CREDIT PORTFOLIO IN JUNE


VARIATION IN CREDIT

PORTFOLIO 11/10 (%)

DEPOSITS IN JUNE 2011

MILLIONS OF US$

VARIATION IN

DEPOSITS 11/10 (%)

NET EQUITY IN JUNE 2011

MILLIONS OF US$

PROFITS IN JUNE 2011

MILLIONS OF US$


11/10 (%)

RETURN ON EQUITY 11 (%)

NON-PERFORMING LO

ANS 11 (%)

RK 10


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 12 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 45 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 56 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 77 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 68 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 89 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 1011 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 1212 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 1313 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 1114 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 1515 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 1616 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 1417 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 - 1718 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 1919 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 2420 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 2021 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 1822 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 2123 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 2324 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 2225 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 2727 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 2628 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 2829 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 2530 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 3031 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 3232 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 3133 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 4334 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 2935 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 10836 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 3337 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 3438 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 3539 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 3640 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 4741 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 3942 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 3843 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 4944 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 4045 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 4146 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 4847 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 - 3748 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 5449 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 4550 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

BANCOS GI.indd 52 17/8/12 16:51:51

ESPECIAL BANCOSLATIN AMERICA´S 250 BIGGEST BANKS

RK 11BANK

COUNTRYOWNERSHIP



VARIATION IN TOTAL

ASSETS 11/10 (%)



VARIATION IN CREDIT

PORTFOLIO 11/10 (%)


MILLIONS OF US$

VARIATION IN

DEPOSITS 11/10 (%)


MILLIONS OF US$


MILLIONS OF US$


11/10 (%)


NON-PERFORMING LO

ANS 11 (%)

RK 10


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 - 4652 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 5953 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 - 4454 AGRARIO CO S 8,444.8 19.8 N,D, - 5,325.30 16.0 699.82 123.52 9.6 35.3 - 5255 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 - 5156 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 - 5557 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 7358 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 - 5359 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 6260 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 6661 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 5862 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 6963 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 5064 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 5765 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 6566 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 9968 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 6069 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 7670 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 7971 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 5672 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 6173 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 6774 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 - 6375 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 7177 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 8178 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 7579 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 10780 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 7081 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 20782 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 8283 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 7884 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 8685 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 9886 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 8387 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 7488 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 6889 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 - 7790 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 - 8591 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 8092 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 9494 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 10495 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 11096 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 8497 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 8898 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 8799 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

BANCOS GI.indd 53 17/8/12 16:51:56

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INHOUSE engAETECNO 2 PAG.indd 3 17/08/2012 15:14:23


RK 11BANK

COUNTRYOWNERSHIP



VARIATION IN TOTAL

ASSETS 11/10 (%)



VARIATION IN CREDIT

PORTFOLIO 11/10 (%)


MILLIONS OF US$

VARIATION IN

DEPOSITS 11/10 (%)


MILLIONS OF US$


MILLIONS OF US$


11/10 (%)


NON-PERFORMING LO

ANS 11 (%)

RK 10


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 91102 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 - 89103 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 92104 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 90105 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 109106 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 - 93107 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 111108 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 - 101109 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 97110 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 123111 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 - 118112 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 95113 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 103114 BARCLAYS BRASIL BR FO 3,923.5 93.2 N,D, - 472.1 118.1 467.8 24.6 -32.8 10.5 - 139115 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 106116 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 102117 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 115118 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 133119 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 - 112120 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 - 125121 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 96122 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 - 116123 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 120124 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 117125 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 113127 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 119128 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 121129 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 131130 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 122131 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 - 124132 DEUTSCHE BANK CHILE CL FO 2,979.1 27.5 - - 685.9 0.1 201.2 20.2 -7.3 20.1 - 128133 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 150134 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 137135 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 126136 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 153137 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 - 114138 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 132139 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 127140 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 134141 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 - 138142 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 146143 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 228144 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 - 130145 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 148146 MORGAN ST. DEAN BR FO 2,420.1 39.8 N,D, - 705.4 0.4 582.2 29.2 -18.1 10.0 - 151147 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 156148 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 141149 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 157150 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

BANCOS GI.indd 56 17/8/12 16:52:00

ESPECIAL BANCOSLATIN AMERICA´S 250 BIGGEST BANKS

RK 11BANK

COUNTRYOWNERSHIP



VARIATION IN TOTAL

ASSETS 11/10 (%)



VARIATION IN CREDIT

PORTFOLIO 11/10 (%)


MILLIONS OF US$

VARIATION IN

DEPOSITS 11/10 (%)


MILLIONS OF US$


MILLIONS OF US$


11/10 (%)


NON-PERFORMING LO

ANS 11 (%)

RK 10


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 140152 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 - 158153 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 152154 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 167155 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 - 142157 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 204158 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 129159 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 166160 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 161161 BARCLAYS MÉXICO MX FO 2,056.9 64.7 0.0 - 0.0 - 225.3 49.1 - 43.6 - 193162 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 147163 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 188164 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 145165 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 160166 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 155167 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 214168 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 - 192169 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 - 163170 GOLDMAN SACHS DO BRASIL BM BR FO 1,889.2 91.3 N,D, - 160.5 117.6 291.7 291.7 808.1 200.0 - 225171 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 144172 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 - 185173 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 189174 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 180175 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 149177 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 168178 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 159179 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 175181 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 162182 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 174183 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 197184 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 154185 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 - 164186 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 177187 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 176188 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 170189 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 181190 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 169191 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 - 165192 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 198193 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 179194 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 203195 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 208197 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 194198 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 202199 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 201200 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

BANCOS GI.indd 57 17/8/12 16:52:05


RK 11BANK

COUNTRYOWNERSHIP



VARIATION IN TOTAL

ASSETS 11/10 (%)



VARIATION IN CREDIT

PORTFOLIO 11/10 (%)


MILLIONS OF US$

VARIATION IN

DEPOSITS 11/10 (%)


MILLIONS OF US$


MILLIONS OF US$


11/10 (%)


NON-PERFORMING LO

ANS 11 (%)

RK 10


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 - 187202 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 173203 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 210204 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 184205 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 182206 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 205207 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 195208 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 223209 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 183210 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 209211 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 - 229213 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 196215 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 190216 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 171217 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 217218 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 218220 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 227221 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 212222 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 219223 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 220227 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 211228 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 226229 COMAFI AR DP 1,147.0 12.8 589.7 23.0 868.6 22.3 93.9 16.7 -5.4 35.5 - 216230 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 - 237231 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 - 215232 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 191233 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 247234 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 230235 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 213236 CREDIT SUISSE MX FO 1,077.3 21.6 0.0 - 66.1 -9.9 166.1 5.8 217.9 6.9 - 233237 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 236239 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 231240 CREDICORP PA FO 1,033.6 3.6 574.8 7.1 858.2 2.4 119.5 8.1 39.4 13.6 - 221241 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 234242 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 - 178243 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 206244 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 235245 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 199247 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 248248 AUSTRO EC DP 951.4 19.8 559.7 23.2 812.1 18.8 76.5 8.2 - 21.4 2.8 244249 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 243250 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 -

BANCOS GI.indd 58 17/8/12 16:52:10

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LOMO_GLOBAL.pdf 1 13-08-12 17:45

Global issue 2012 2013

Investor Relations

Transcript of Global issue 2012 2013