Digital transformation Multilatinas, version 4.0
Ranking MBA Best business Schools www.americaeconomia.com November 2017
Latin America’s largest companies are diversifying towards more hi-tech sectors.
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SPECIAL EDITION - NOVEMBER 2017
8 DIGITAL EXPLOSION Digital transformation has hit its stride in Latin America. The benefits in terms of profitability and new business are bringing many companies on board with a wave of digitalization and visible results.
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THE FAST AND THE SLOW This list of Latin America’s 500 largest companies acts as a barometer for the region and gives a sense as to how the corporate landscape is evolving across different sectors. This panorama has become diverse, with growth increasingly concentrated in the sectors that power the knowledge economy.
42 STILL IN LIMBO
ILUSTRACIÓN DE PORTADA: PATRICIO OTNIEL
While the 250 largest banks did make a rebound in terms of quantity of assets, their profits took a hit. In this ranking, the clear standouts are banks from Paraguay and Bolivia, while the once invincible Venezuelan armada could only get four onto the list. Banco de Chile reaches the top spot on the list of the region’s 25 Best Banks.
64 COUNTRY BRANDS More than just a marketing campaign, country brands have become a key development strategy for Latin American nations looking to attract not only tourists, but investors,as well.
50 best latin american business schools In another year of dueling with Chilean Adolfo Ibáñez for first place, EGADE claims the summit for the fourth time in the 20th edition of this ranking. Also, we delve into the curricular innovations that the different business schools are undertaking in order to adapt to Changing times and market requirements.
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68 ‘MULTIlatina’ RESILIENCE Latin America’s most globalized companies are seeing an upswing in their sales and profits. But the top rank of multiLatinas are among the ones that have also suffered the most.
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GLOBAL ISSUE
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Latin America and its numbers As is traditional, AméricaEconomía,
publisher Elías Selman C.
Latin America’s leading business pu-
GENERAL EDITOR Fernando Chevarría León Editors Bruna Lencioni (São Paulo), Jorge Cavagnaro (Guayaquil), Rery Maldonado (La Paz and Asunción), Elena Pereyra (Tegucigalpa), Lino Solís de Ovando (Santiago) REPORTERS Laura Villahermosa, Natalia Vera (Lima), Alejandro González (Bogota), Camilo Olarte (Ciudad de Mexico), Hebe Schmidt (Madrid) DESIGN Alan Guevara TRANSLATION Tom Azzopardi
Ranking MBA
blication, is present in the Asia-Pacific
Best business Schools www.americaeconomia.com
Economic Cooperation Leaders’ Sum-
November 2017
mit, which is held this year in Da Nang, Vietnam. This edition which you hold in your hands provides valuable and varied information about Latin America. One of them is the Ranking of Latin America’s 500 Largest Companies created by our Intelligence department. Taking a first look at this study, two
Latin America’s largest companies are diversifying towards more hi-tech sectors.
facts stand out. The first is that the big freeze for Latin America’s largest com-
AMERICAECONOMIA INTELLIGENCE (Research and Special Projects) DIRECTOR Andrés Almeida SENIOR RESEARCHER Fernando Valencia ANALYSTS Catherine Lacourt, Juan Francisco Echeverría, Carlos Alcántara
panies appears to be over. The fall in
AMERICAECONOMIA.COM SUBDIRECTOR of DIGITAL MEDIA Lino Solís de Ovando SUBEDITORS Gastón Meza, Patricio Díaz, Daniela Arce, Juan José Castillo, Daniela Zárate JOURNALISTS Héctor Cancino, Fernando Zúñiga, Juan Toro, Cristian Yánez, Matías Kohler DIGITAL DEVELOPMENT Leonardo Cabrera CEO Ricardo Zisis COMMERCIAL COORDINATOR Pablo Altamirano CONFERENCES Lariza Carrera MARKETING Jorge Coloma, Nicholas O’Connor CHAIRMAN Robert R. Paradise
Digital transformation Multilatinas, version 4.0
sales, which first appeared in the 2013 version of the ranking (down 1.5%) and
results are now being seen. In a wide-ranging report, we explain
deepened in 2015 (down 18.2%), halted
with examples, which sectors have advan-
in 2016 (down 0.1%). Average profits
ced most in joining the so-called “Fourth
per company reached US$219 million
Industrial Revolution.” This issue also
in 2016 compared to an average loss of
includes the 2017 MultiLatinas Ranking,
US$37.8 million in the previous version.
the Best Business Schools in Latin Ame-
The second factor, but no less impor-
rica and the world, and the region’s Best
tant, is growing diversity. While compa-
and Largest Banks. Finally, we present
nies in extractive industries, such as oil
a complete report on what countries in
and mining, still dominate the ranking
the region are doing to develop country
they have lost weight to more technolo-
brands to make them more attractive in
gically-intensive sectors. These include
the eyes of the world.
food production, healthcare, chemical and pharmaceuticals, media, chemicals and transport and logistics, software and IT and retail. The digital transformation is already underway in Latin America. The benefits in terms of profitability and new businesses are leading many companies to join the digitalization revolution and the
Fernando Chevarría León General editor fchevarria@americaeconomia.com
AMÉRICAECONOMÍA magazine (USPS #023106) is published bimonthly 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.
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digital Disruption
Digital transformation has hit its stride in Latin America. The benefits in terms of profitability and new business are bringing many companies on board with a wave of digitalization and visible results.
We have begun an organizational transformation with the aim of creating a more agile, rapid, and efficient company, focused on the development of key skills with centers of excellence in the areas of business, supply chain, administration and finance, as well as IT innovation”, said Héctor Calva, CIO of Coca-Cola Femsa, a few weeks back at SAP’s Sapphire Now world conference, held in Orlando, Florida. With this, the world’s largest bottler of Coca-Cola in terms of sales volume announced the implementation of a scheme using SAP’s digitaltools that encompasses the entire process, from acquisition to payment. The project will be implemented
by Fernando Chevarría León, Orlando and Lima
8
in its subsidiary in Colombia and will
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123RF
then rolled out to nine other countries in Latin America. According to Calva, the objectives of Femsa’s digital transformation are to discover business opportunities, better control supply structures and contracts and provide its employees with a natural, intuitive interface to be able to make purchases from pre-negotiated catalogues, acquire special items or carry out follow-up on previous operations. Femsa is one of many Latin American multinationals, or multilatinas, that have joined the wave of digital transformation in an effort to be more efficient and to compete with their global peers. At Sapphire Now, AméricaEconomía heard firsthand accounts of the cases of Chilean food producer Carozzi and Mexican tourism operator Best Day.
80%
of business leaders believe that digital transformation will be responsible for positive disruption in their industries in the next three years, according to a survey carried out by Microsoft and Harvard Business Review Analytic Services.
Carozzi, which has production plants
the cloud to provide support for its short
some futuristic idea”, says Claudio Muruzábal, president of SAP Latin America & Caribbean. “There are three motives that drive digital transformation in a company: simplifying life for clients and employees, internal processes and adding value by innovating. The reality is that artificial intelligence (AI), the internet of things (IoT) and the blockchain are an integral part of digital transformation, which has become a key factor for change in business”. “What is really disruptive at this time is the application of technology to get ever closer to clients, being available 24/7, understanding them, and even more importantly, anticipating their needs. Concepts such as big data, cloud or IA don’t tell us anything by themselves if we don’t consider them in the framework of the interaction that they facilitate with the clients, in order
in Argentina, Chile and Peru and is present in more than 30 countries, started using
the time to innovate is now, rather than
to provide them a better service”, adds Carlos Gómez, CIO of Best Day. The digital economy is disrupting
Federico Liutvinas, country manager of Thomson Reuters for the southern Andes
and long-term digital transformation
business, industry and the entire value
objectives, with the flexibility and benefits
chain. According to IDC data, 40% of the
of real-time computing for better deci-
3,000 largest companies in Latin America
Neoris, a business and IT consulting firm
sion-making. “It is a key piece of our road
will have teams dedicated to innovation
owned by Mexican company Cemex, every
map designed around the internet of things
and digital transformation by the end of
industry is impacted by the digital trans-
for the coming years”, says Adolfo Salva-
2017. The consulting firm estimates that
formation. “Nobody can brag that they
tierra, CIO of Carozzi. “We are looking to
by 2020 these companies will depend on
haven’t been affected. Those that have the
region. According to Martín Méndez, CEO of
take advantage of opportunities for automating and optimizing processes in order to reach high levels of efficiency in the production plant and bring the company into the new era of the digital economy”. Best Day also has its mind set on digitalization. It decided to develop a technolo-
According to IDC data, 40% of the 3,000 largest companies in Latin America will have teams dedicated to innovation and digital transformation by the end of 2017.
gical platform to support its operations and implemented technological solutions to
their capacity to digitally create products,
best relationships with the final consumer
strengthen planning and financial consoli-
services and improved experiences.
are most affected”, says Méndez.
dation, among other tools. “We are looking
“Companies in Latin America have
to solve our different seasonal demands for
placed digital transformation and new
hiring human capital and also to reach a
technologies within their strategic prio-
key goal: real-time decision making”, says
rities. We can take away from this that
Banking at the forefront “The green-heads” or “crazies”. These are terms used to refer to the new workers NOVEMBER 2017
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that BCP, a bank with operations in Peru
of services for companies in the financial
and Bolivia, hired to its innovation labo-
sector using new technologies to create
ratory that it set up 18 months ago at its
innovative financial products.
main branch with the name of Centro de
“They brought the disruption to the
InnovaCXión (CX for customer experien-
sector. They arrived quickly with some-
ce).This new breed of workers is quite di-
thing that was very simple to use. They
fferent from the typical bank employee. We
removed the mental block of the branch,
are talking about young adults, aged 22 to
simplifying everything into a mobile app.
27 years. Many of them are technological,
You didn’t have to go to the bank anymore,
but many others have a profile of unders-
as there was remote service. They adap-
tanding the customer, such as anthropolo-
ted very well to technology”, says Danilo
gists, psychologists, experience designers, etc. They are distributed by products and services, each of which must launch after just 16 weeks of development. “As a bank we still have a way of working that isn’t like this. If we started this process of digital transformation little by little in the bank, the culture very likely would have swallowed it up. That’s why we wanted to do something in isolationso that it can gain traction and then from there inject it little by little into the rest of the bank through talks and visits. We’ve launched many digital products which have improved the customer experience and that of the bank’s employees, and they have already seen the value in the products being developed here”, says GianfrancoFerrari, central manager of Digital Transformation and Retail Bankingat BCP.“Before, the typical process was: ‘I want to do this, OK, let’s do a market study, throw in a focus group and launch’. Now it is observation, the customers design, we sketch with them and make prototypes”,
digital savings
According to the IDC study, the road to digital transformation offers huge opportunities to companies. Companies that get on the cloud and have gone through such a transformation, grow twice as fast, achieving 1.5 times gross earnings. This occurs because the cloud and the way of working that drives digital processes allow for savings in infrastructure, travel, software, maintenance, etc.
BCP has invested some US$50 million
Ochoa. He says fin-techs have made the most progress in Brazil. “One example is Nubank, which is a totally digital bank that lets you open or apply for a credit card from your mobile phone and in a few weeks it arrives at your home. From that point on, every purchase, complaint and payment is done through your mobile app because the bank has no branches. Today Nubank has a million users”, says Ochoa. Mexico has not escaped the trend. Bankaool is one of the pioneers and operates in the same way as Nubank. “Traditional banking is seeing what is going on (with the fin-techs) and has started to transform digitally in order to capture that public that doesn’t want to go to the branches and to avoid losing existing clients,” says Danilo Ochoa. Mario Robredo, senior manager of Innovation and New Banking Business at Indra, believes that the digital transformation, rather than a threat, is a fantastic opportunity to improve bank’s cost structures and increase their capacity for prediction in matters of risk analysis. Additionally, he
in its innovation laboratory to digitally
to substantially improve the day-to-day
points out that it fosters a relationship level
transform the bank. Nevertheless, Ferrari
experience of our customers,” he says.
previously unseen in the analogue system.
believes that that figure will quadruple
According to Danilo Ochoa, director
“The entities will be able to offer better ser-
within a few years. “When we started to
of Digital Banking Solutions at Gemalto’s
vices and offer them at the precise moment,
explore everything that was going on in
Pacto Andino, the banking sector is the
that is, when the customer has expressed a
the world with this digital transformation
one that has advanced the most in terms of
concrete need”, he says.
we arrived at the conclusion that the main
digital transformation, due in large part to
Robredo emphasizes the changes that
objective in implementing it in BCP was
the arrival of fin-techs, which offer a range
will occur in the banking ecosystem. “The
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digital bank is able to connect the com-
of accompanying the customer in all of
munity of product and solution generators
their interactions in a fluid, friction-free
with the consumers, while the traditional
manner. It is about making their life easier,
bank is characterized by a closed model.
being coherent at every point of contact
The open bank model places the finan-
that we have with them, and finding…their
cial entity in the center of an ecosystem
moment of Wow! Does anyone doubt that
in which other providers of services can
the advent of chatbots will bring about a
innovate and offer their solutions, which
new revolution in the interaction between
ultimately results in a relationship that is much more beneficial for the bank’s final customers”, he says. The asset management industry is also headed toward a lucrative disruption which will become visible, according to the experts, within the next decade. A recent survey commissioned by Dassault Systemes of CREATE-Research revealed that asset managers who used digitalization have already reported gains in competitive advantage and better customer experience. The study Digitisation of Asset and Wealth Management: Promises and Pitfalls –which surveyed 450 high-level executives worldwide– indicates that 54% of asset managers have adopted tools from social networks, while 56% of wealth administrators have adopted new digital platforms. “In the coming years, digitalization is going to change customer behavior. Financial services will evolve from being driven by supply to being driven by demand”, says Amin Rajan, global executive director at Create-Research. “This means that wealth management is at the dawn of a new transformation, and with a much larger reach than anything experienced before.
Artificial Intelligence PwC recently published a study on the use of artificial intelligence (IA) and automatic analysis in tax analysis. According to the report, the IA tools will actually turn into digital “assistants” that could potentially replace the basic capacities of first and second-year tax professionals. Automatic learning is already being used to identify historic data patterns and to automatically suggest certain tax adjustments to tax professionals.
banks and their customers?”, asks Daniel Aguilar, VP of Sales for Latin America at Latinia. “The arrival and proliferation of chatbots and social networks is bringing about a new revolution in the interaction between banks and their customers. The widespread adoption of social networks and the advent of artificial intelligence (in the form of chatbots at the moment) helps you stop thinking under the logic of a channel and start thinking under one which has never gone away and which never will, the customer”.
Mining Tech Mining, a key industry for the region, is already very advanced in regard to digital transformation. Rafael Oropeza and Erick Jansson, digital advisors from Microsoft Latam, both point out that the convergence of different networks (geoscience, mine, administrative, control, etc.), as well as coverage in areas where previously only radio systems were used, is a trend that allows for the implementation of multiple key technological enablers in the transformation and optimization of operations. So, today the IoT and data intelligence, with multiple sensors on mining equipment,
Digitalization is neither the first nor the last option; it is the only one. The future
of the 250 Largest Banks in Latin America
machinery and tools along with data analy-
belongs to those with a clear vision of its
published by AméricaEconomía Intelli-
sis, help to provide online information
business in the digital age”.
gence, 90% of the 100 main entities of the
and tools, in order to predict behaviors,
region already offer three or four mobile
whether in operations, reliability, health
financial services.
and occupational safety, environment, or
As far as Latin American banking and its progress in digital transformation, according to the mobile banking and social
“In the short term and imminent-
network report carried out by software ma-
ly, banks must place their focus not on
nufacturer Latinia, based on the ranking
channels but on the customer. It is a matter
operational support. For Oropeza and Jansson, the cloud is also a key enabler in the sector, given NOVEMBER 2017
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/ SPECIAL DIGITAL TRANSFORMATION
mous operation are a vital part of his daily work, he explains, providing a competitive advantage in the market. “Digitalization of mining is a matter of survival. If you start a mining project, it must start from digitalization. The greatest challenges are in the older mines, where digital transformation has to navigate a cultural shift, which is more difficult to achieve”, said Orellana during MINExcellence 2017, held recently in Santiago. “What we have today in Codelco is a strategy that seeks to establish the competencies of the company and incorporate technologies accordingly. We can proudly say that for the past year we have contro-
“The way we do business has changed, the way that companies relate to each other has changed, the relationship with our employees has changed and these changes are more accelerated and disruptive”.
Digital healthcare
that the reduction in cost for the storage
be necessary to have an integrated center
street and you receive a call from a medical
and processing of the high volume of data
but rather a “virtual” integrated center of
center which you regularly visit and a kind
captured by the sensors, as well as the use
operations, where the operational, tactical
voice tells you that, according to results
of applications as services, are only possible
and strategic areas work collaboratively,
from an application on your mobile phone,
through cloud technology. They add that
with a capacity for anticipation.
your arterial pressure is very high and you
the combination of the cloud, big data and
“These are just examples of the appli-
lled a mine from Santiago, at a distance of 1,200 km. That shows that digital transformation requires persistence and is worth it”, says Orellana.
Imagine that you are walking down the
must immediately go to the nearest medical
data insight allows them to implement
cation of digital technology, which have
center or hospital for attention, as there is a
analysis tools for decision-making over a
become two of the fundamental pillars of
high probability that you may have a heart
short period and at a low cost. For exam-
digital transformation in the mining indus-
attack. You arrive in minutes to that hospital
ple, the processing of images captured by
try. Those mining companies that manage
where they are waiting for you and have
unmanned vehicles or aircraft to estimate
to implement these technologies efficiently
already read your electronic medical history.
irrigation inside leaching piles, identify
will gain a competitive edge”, they state.
areas of pooling, calculate volumes, etc.
That is precisely where the world’s largest
allow for an improvement in service which
producer of copper, Codelco, finds itself.
benefits the patient, but also simplifies
warn that the empowering of employees
Two years ago it launched the initiative
the management of medical institutions,
through collaboration and communica-
“Codelco Digital”, through which they defi-
making them more agile, efficient and eco-
tiontechnologies is changing the dynamics
ned IT as part of the company’s future.
nomical. Nevertheless, the example above
Likewise, the analysts from Microsoft
of work within mining operations, which
“Digital transformation opens up a
Digitalization in healthcare doesn’t just
is still a pipedream as there are still many
together with teleoperation and the demo-
new way of understanding mining”, says
walls to break down in the healthcare sec-
cratization of information allow the indus-
Marco Orellana, Codelco’s corporate
tor. And the obstacle is not in the technolo-
try to move toward integrated operational
manager of IT, Telecommunications and
gy –there are already systems that allow the
management. In the future, it may not even
Automation. Teleoperation and autono-
prevention of diseases by cross-referencing
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patient medical history– but in how health
ced the most in digital transformation are
phasize that while it is not possible to have
care centers are organized.
Clínica Las Condes, in Chile, and Hospital
digital transformation without technology,
According to Fernando Ansaldo,
Albert Einstein, in Brazil. In the case of the
it is not the only factor. “Leadership ability
managing director of the Andean Region
former, Ansaldo states that it already had a
is as important as technology and proper
for consulting firm Neoris, healthcare is
world-class medical file and in the last few
implementation, and the use of both is
the industry with the greatest challenges
years has completed implementation of the
what will allow us to reach a status of ‘Digi-
and which has made the least progress in
patient’s bank account.
tal Master’ just as George Westerman, Di-
terms of digital transformation. “In Europe
In Brazil, Hospital Albert Einstein im-
and the United States, almost every health
plemented a new US software to connect
care provider already has the groundwork
their internal sytems in January this year.
dier Bonnet and Andrew McAfee explain in their book Leading Digital”, they say. They add that the digital age poses
for digital transformation laid out. That
“In the beginning we had complaints about
enormous challenges for every sector of
is, they already have a back office, an
the time it took to refill the electronic me-
the economy. “The way we do business
electronic file and a patient bank account
dical files, but that was improved. Now it is
has changed, the way that companies
and share patient information amongst
very friendly and we reduced the time used
relate to each other has changed, the
different hospitals. In Latin America, there
for reports. For example, when I perform
relationship with our employees has chan-
are some advances in Chile, but in the rest
surgeries, the prescription I must fill in
ged and the most relevant thing is that
of the region, nothing. We are still fighting
already comes with a standard which I can
these changes are more accelerated and
over whether the hospital or the patient
modify”, explains the hospital’s president
disruptive”, they warn. “We have options,
own the clinical records”, says Ansaldo.
Sidney Krajner.
however. The invitation is to understand
In terms of managing hospitals from within, Ansaldo states that while Latin American medical centers have started
Leadership for growth Rafael Oropeza and Erick Jansson em-
how digital transformation allows us to evolve toward a model of opportunities and innovation”.
to hire engineers to implement processes and systems, paper still rules in most hospitals. “That is still pending in most hospitals. After that, they need to choose
Five benefits of implementing CRM
a patient file and business intelligence. A
Solutions for client relationship management (CRM) are one of the most
third phase, unfortunately still far off, is
important digital business tools available at present. They help organizationsguide
that of interoperability, that of being able
their strategies for achieving client satisfaction and loyalty, says Carlos Cáceres,
to integrate information between health
general manager of North Latin America for Avanxo, a Colombian provider of
centers and hospitals and for the patient to
cloud services.
be freely able to say ‘today I was attended
Cáceres states that the benefits of implementing a CRM are:
here, another day I had an emergency and
1. Greater knowledge of the market: ACRM lets you employ data gathering strate-
I was treated there, but everything is in my
gies and truly understand who your potential clients are, know their needs and
medical file”, says Ansaldo, for whom the
purchasing objectives.
great debt in the area of health care in La-
2. Understand your clients: With the data a CRM collects you can know the beha-
tin America is to start thinking about the
vior of users and consumers, an essential aspect for companies in any business.
patient and focus on the patient’s journey
3. Improve sales processes: With a database of companies, the sales force increases
from the moment of birth through the end
significantly, sales times decrease and sales executives are more effective.
of life, and for them to be able to be treated
4. Improve client loyalty campaigns: As we already knowwhen consumption
wherever they are. Many medical centers in the region already have applications to make an
increases, retention and loyalty campaigns toward the final consumer can be implemented proactively. 5. Market segmentation: Knowing the profile of each client and the possibility
appointment and make payments by mobi-
of knowing which people buy more lets you segment your campaigns in an
le phone. However, those that have advan-
optimal manner. NOVEMBER 2017
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GLOBAL ISSUE
/ INTRODUCTION LATIN AMERICA´S 500 LARGEST COMPANIES
The Fast and the Slow ILUSTRACIÓN: Patricio Otniel
BY Catherine Lacourt AND Andrés Almeida, AméricaEconomía Intelligence
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This list of Latin America’s 500 largest companies acts as a barometer for the region and gives a sense as to how the corporate landscape is evolving across different sectors. This panorama has become diverse, with growth increasingly concentrated in the sectors that power the knowledge economy.
f
or the first time in the ranking’s history, one of the region’s three largest companies is not an oil producer: Brazilian food company JBS has pushed Pemex into fourth place, bringing in what may be a new normal, in which the 500 sheds the grey tones of the indus-
in US$ millions Source: AméricaEconomía Intelligence
Year
Sales
Variation
Min. Sales
tries which have dominated since the first half of the
1991
324,069.8
3.9%
196.0
last century, and dons a color palette of the more
1992
375,102.7
15.7%
166.5
modern, more technological and knowledge-based sectors,
1993
402,867.2
7.4%
162.6
more representative of the second half of the 20th Century and
1994
512,087.0
27.1%
193.5
1995
544,318.2
6.3%
215.5
deep crisis, facing accusations that its chairman Joesley Batista
1996
553,580.3
1.7%
267.2
made bribes made to 1,800 Brazilian politicians, in a case that
1997
645,180.0
16.5%
350.4
has even tainted the country’s president Michel Temer. Despite
1998
629,847.0
-2.4%
316.0
this, JBS’s rise to become the world’s leading meat producer
1999
624,527.4
-0.8%
278.5
is indicative of a positive trend: the growing diversity of Latin
2000
881,208.1
41.1%
357.7
2001
855,427.7
-2.9%
331.7
2002
831,571.6
-2.8%
324.9
51st (Bimbo). Today, as well as JBS, three more food companies
2003
938,208.0
12.8%
362.0
appear in the top fifty. Even more noteworthy, the food sector
2004
1,122,496.6
19.6%
464.3
has grown more than any other. Between the 2007 and 2017
2005
1,364,398.2
21.6%
526.2
rankings, average sales per company grew by 218.6%, compa-
2006
1,581,618.0
15.9%
570.3
red to 27.7% for the ranking overall. In 2007, food accounted
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%
1.052.9
2015 and 2016, sales in this sector grew by 38.3%. There are 13
2011
2,457,750.9
5.1%
1.109.5
healthcare companies in the top 500, with average annual sales of
2012
2,637,714.0
7.3%
1.211.6
US$2.103 billion per company. That companies to just four in the
2013
2,599,177.6
-1.5%
1.256.1
2014
2,480,807.9
-4.6%
1.250.3
2015
2,028,778.8
-18.2%
947.4
2016
2,026,309.0
-0.1%
990.7
the first decades of the present one. Unfortunately JBS acquires this status while embroiled in a
America’s largest companies Ten years back, JBS was ranked just 173rd in the 2007 ranking. That year, the largest food company on the list was ranked
for just 2.4% of sales among the top 500. In 2016, it represented 7.1%. Only retail comes close, rising from 10.3% to 14.7% over the same period. Though still small, Healthcare also shows potential. Between ILUSTRACIÓN: Patricio Otniel
The 500 over the years
2007 ranking, with average sales of US$811 million. What do the Food and Health Services sectors have in common? They belong to a second batch of large Latin American industries, which are springing up more and more in the
NOVEMBER 2017
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/ INTRODUCTION LATIN AMERICA´S 500 LARGEST COMPANIES
From a set of 21 sectors selected due to their importance in both the 2007 and the 2017 rankings, the fastest growth (average company sales for each sector) is seen in the more hi-tech sectors. Led by Food (which requires complex logistics and biotech development) and Healthcare, this group also includes Media, Chemicals and Pharmaceuticals, Transport and Logistics, Software and Information Technology (IT), and Retail.
Fattening up
Number of companies in the 2007 and 2017 rankings, by sector Source: AméricaEconomía Intelligence
Energy
46
Mining Oil/Gas Food
24 26
Telecommunications Other
14
Multi-sector Manufacture
These new sectors are characterized as being more technology-
Transport & Logistics
and knowledge-intensive, and are more sophisticated in terms of their market development and organizational complexity. From a set of 21 sectors selected due to their importance in both the 2007 and the 2017 rankings, the fastest growth (average company sales for each sector) is seen in the more hi-tech sectors. Led by Food (which requires complex logistics and
Health Services
Pulp &Paper Construction
biotech development) and Healthcare, this group also includes
Software/IT
Media, Chemicals and Pharmaceuticals, Transport and Logis-
Cement
tics, Software and Information Technology (IT), and Retail. Each of these sectors has grown by more than 60% over the past decade. The exception here is the Pulp and Paper sector, whose rapid growth may be explained by its expansion into
4
Chemicals & Pharmaceuticals
Petrochemicals Media
1
43
26
8
Agribusiness
and Gas, Mining, Cement, Manufacturing and Petrochemicals.
53
72
39 32 34 36 33 35 29
Automotive/Aerospace
Beverage/Brewing nally dominated the economies of Latin America, such as Oil
2007 80
Retail
Iron & Steel 500, competing with the heavy industries that have traditio-
2017
22 22
36
21 19 18 28 16 19 16 15 13 11 17 9 13 9 10 7 6 8 6 13 4 7
several countries in the region at the start of this period. Particularly remarkable is the case of Software and IT. In
should be noted that this ranking includes parent companies
2007, it was represented by just one company: Intel in Costa
and subsidiaries, provided that each unit makes it onto the list
Rica. Today there are seven companies from the sector.
(the cut-off point for this year’s ranking was US$990.7 million),
Looking at it from a different perspective, the one hi-tech sector which not enjoyed accelerated growth is Telecommu-
which means there may be redundant sales figures. Another counter-intuitive case is that of Agribusiness,
nications (47%). This has much to do with the way that the
which accounts for a large part of the innovation within the
sector’s companies are registered and counted for the ranking.
500, but has maintained steady growth in the middle of the 21
Ten years ago, telecommunications companies published more
selected sectors. This may be because many Agribusiness com-
information about their subsidiaries, which resulted in more
panies have migrated to the Bioenergy or Food sectors. Those
redundant sales figures and more companies in the sector. It
left behind are primarily fertilizer and seed producers.
16
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/ INTRODUCTION LATIN AMERICA´S 500 LARGEST COMPANIES
The 500 by Country
The gap between the number of companies from Brazil and Mexico continues to close (albeit slowly) Source: AméricaEconomía Intelligence
RK 2017
Number of Companies
COUNTRY 2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1
Brazil
211
212
226
223
215
210
201
203
195
190
2
Mexico
134
126
119
117
110
120
118
119
131
129
3
Chile
55
60
55
65
73
71
66
65
64
68
4
Argentina
36
35
33
32
30
23
43
44
40
41
5
Colombia
31
28
30
26
28
30
26
24
28
31
6
Venezuela
7
7
6
3
3
3
3
3
2
2
7
Peru
15
21
19
22
30
32
31
30
28
28
8
Ecuador
3
3
3
3
2
3
3
3
3
4
9
Chile/Brazil
-
-
-
-
-
1
1
1
1
1
10
Panama
2
2
2
2
2
2
1
2
2
2
11
Brazil/Paraguay
-
-
-
1
1
1
2
1
1
1
12
Uruguay
2
2
2
2
2
2
2
2
2
2
13
Costa Rica
3
3
3
3
3
1
1
2
2
1
14
Bolivia
-
-
1
1
1
1
2
1
1
-
15
El Salvador
1
1
1
-
-
-
-
-
-
-
500
500
500
500
500
500
500
500
500
500
Total
It now looks like the decline in collective sales among Latin America’s 500 largest companies is at an end. This slide began in the 2014 ranking (which compared the variation in sales between 2012 and 2013) and ended with this edition (which compares 2015 and 2016).
1
Those losing weight They are, without a doubt, still an essential part of the 500, but have lost weight. Very little, of course, but they have lost some. While the list is still dominated by large companies in the extractive and manufacturing sectors, or the supply of mass services to the populace or other industries, as the years go by, new colors appear at the forefront. In a comparison between 2007 and 2017, the slowest growing sectors are Oil and Gas, Mining, Cement, Manufacturing and Petrochemicals, which have expanded by less than 30% over the last decade. In a year-over-year comparison of sales for 2016 and 2015, this trend is confirmed, as the list of sectors with the fastest growth and more than five companies includes Healthcare, at 38.3% (measured by average sales per company), followed by Bioenergy (22.3%) and Energy (19.6%). Although these did not stand out in the ten-year analysis, they will certainly do so ten years down the line, once we see payoffs in the production of
18
AMÉRICAECONOMÍA
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123RF
TOTAL SALES (US$ MILLIONS) 2007
2008
2009
2010
2011
2012
825,018.2
746,786.7
956,790.2
1,162,356.3
1,165,978.6
645,721.6
588,245.5
580,695.4
600,552.6
158,345.4
164,322.2
152,323.9
107,736.8
117,493.5
58,597.4
2016
% Var 16/15
% Partic. 2016
2013
2014
2015
1,171,167.5
1,126,034.2
1,085,673.6
830,848.3
872,114.1
5.0
43.0
598,752.7
724,353.5
713,031.8
676,428.2
614,126.3
582,616.1
-5.1
28.8
211,358.9
253,394.4
264,954.7
253,707.3
245,789.5
204,158.5
212,760.7
4.2
10.5
105,376.7
113,654.2
124,793.6
110,826.3
154,538.4
148,880.6
117,668.5
117,609.3
-0.1
5.8
59,484.0
65,998.8
74,797.4
97,268.4
113,769.3
101,894.8
90,218.1
76,951.1
94,935.0
23.4
4.7
109,557.5
147,586.6
85,001.7
101,218.6
132,027.2
133,967.5
125,446.3
112,273.7
90,054.1
60,747.2
-32.5
3.0
29,091.7
32,300.0
29,782.7
40,320.3
57,315.6
68,925.4
66,149.3
61,936.2
49,254.2
49,146.0
-0.2
2.4
9,444.4
13,182.6
10,525.2
12,057.7
3,091.3
19,069.5
20,159.9
19,924.0
13,235.7
13,060.1
-1.3
0.6
-
-
-
-
-
9,722.2
11,906.0
12,093.5
9,713.0
8,965.7
-7.7
0.4
2,756.5
3,273.9
3,253.4
3,423.2
4,191.6
4,521.2
4,984.8
5,029.0
4,691.0
4,585.8
-2.2
0.2
-
-
-
3,450.5
3,652.1
3,797.9
3,800.4
3,291.0
3,680.8
3,811.5
3.6
0.2
2,933.0
2,725.9
3,295.8
3,851.9
4,733.4
5,342.6
5,725.8
4,701.9
3,864.2
3,498.9
-9.5
0.2
5,594.2
6,180.8
6,624.3
7,051.9
7,450.2
3,096.1
5,739.8
5,597.5
4,649.7
2,458.5
-47.1
0.1
-
-
4,000.0
4,400.0
5,102.0
4,200.0
6,059.0
8,971.1
5,883.4
-
-
-
938.0
940.0
940.0
-
-
-
-
-
-
-
-
-
1,955,734.7
1,882,521.8
2,004,608.2
2,338,493.4
2,457,750.9
2,637,714.0
2,599,177.6
2,480,807.9
2,028,778.8 2,026,309.0
-18.2
100.0
nonconventional renewable energy, another sector which relies
of the average in this year’s ranking. However, this year’s ran-
heavily on technological development.
king is still a far cry from the best of times. Five years ago, in
A new normal It now looks like the decline in collective sales among Latin
the 2012 ranking (using results from 2011), the top 500 earned US$421.4 billion, six times more than in 2016. In terms of the countries, Colombia stands out when looking
America’s 500 largest companies is at an end. This slide began
at average sales per company. The 31 Colombian companies in
in the 2014 ranking (which compared the variation in sales
the ranking saw their sales rise by 19.9% on average. The Brazi-
between 2012 and 2013) and ended with this edition (which
lian recovery is also interesting, growing by an average of 7.8%
compares 2015 and 2016). The 500 companies that made the
per company. Conversely, those hitting the brakes on growth in-
list in 2017 sold practically the same as those in the 2016 ran-
clude Mexico, whose 126 companies shrunk by an average of 6%;
king, with a variation of -0.1%.
Ecuador, with four companies and -9.3%; and Venezuela, with
Profits have also bounced back. The 298 companies which
the PDVSA disaster. This company alone has seen its sales drop
reported profits totaling US$65.3 billion or an average of
33% from US$88.6 billion to US$59.3 billion, according to our
US$219 million, compared an average loss of US$37.8 million
preliminary estimations taken from per-barrel oil production
in the 2016 ranking. The 2016 ranking was marked by giant los-
numbers for the company in 2016 by Reuters and Bloomberg,
ses in the oil industry. Removing them the equation, however,
and the average real price of oil for the company, taken from
the average profit of US$49.5 million is still less than a quarter
data provided by Transparencia Venezuela. NOVEMBER 2017
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/ 500 INDEX LATIN AMERICA’S 500 LARGEST COMPANIES
INDEX FIRM A ACEITERA GENERAL DEHEZA ADM DO BRASIL AEROPUERTOS Y SERVICIOS AUXILIARES AES GENER AGROCOMERCIAL AS AGROSUPER AJE GROUP ALCOA ALESAT COMBUSTÍVEIS ALICORP ALKOSTO ALMACENES ÉXITO ALPARGATAS ALPEK ALSEA ALTOS HORNOS DE MÉXICO AMAGGI AMBEV AMÉRICA MÓVIL AMÉRICA MÓVIL PERÚ – CLARO AMERICAS MINING CORPORATION AMIL AMPLA AMRESORTS ANCAP ANGLO AMERICAN ANTOFAGASTA PLC APERAM ARAUCO ARCA CONTINENTAL ARCELORMITTAL ARCOR ARCOS DORADOS ARTERIS - EX OHL BRASIL ASOC. DE COOP. ARGENTINAS AT&T MÉXICO AURORA ALIMENTOS AUTOLIV MÉXICO AUTORIDAD DEL CANAL DE PANAMÁ AVIANCA – TACA AVON BRASIL AXION ENERGY ARGENTINA B B2W - CIA. GLOBAL DO VAREJO BASF BRASIL BAVARIA BAYER BRASIL BELCORP BIO PAPPEL BIOSEV BODEGA AURRERA BRF FOODS BUNGE ALIMENTOS BUNGE ARGENTINA BUPA CHILE C C. VALE CAMIL CAP CAPUFE CARAMURU ALIMENTOS CARBONES DEL CERREJÓN CARGILL ARGENTINA CARGILL BRASIL CARREFOUR ARGENTINA CARREFOUR BRASIL CASA LEY CASAS BAHIA CBMM CCHC (INVERSIONES LA CONSTRUCCIÓN) CCR RODOVIAS CCU CEDAE CELESC CELG D CELPA CELPE CELSIA CEMENTOS ARGOS CEMEX CEMIG CEMIG DISTRIBUIÇÃO CEMIG GERAÇÃO E TRANSMISSÃO CENCOSUD CENCOSUD BRASIL CENCOSUD COLOMBIA
20
COUNTRY RK 2017 ARG BRA MÉX CHI CHI CHI PER BRA BRA PER COL COL BRA MÉX MÉX MÉX BRA BRA MÉX PER MÉX BRA BRA MÉX URU CHI CHI BRA CHI MÉX MÉX ARG ARG BRA ARG MÉX BRA MÉX PAN COL BRA ARG
176 141 313 231 216 204 346 440 125 265 328 15 413 105 289 224 110 25 5 331 71 73 381 420 280 156 135 471 95 103 293 222 177 415 258 207 189 314 223 113 424 239
BRA BRA COL BRA PER MÉX BRA MÉX BRA BRA ARG CHI
186 200 221 214 470 482 253 48 35 34 375 466
BRA BRA CHI MÉX BRA COL ARG BRA ARG BRA MÉX BRA BRA CHI BRA CHI BRA BRA BRA BRA BRA COL COL MÉX BRA BRA BRA CHI BRA COL
250 347 320 385 446 418 260 39 123 23 302 93 386 463 155 226 394 281 445 374 365 407 174 30 69 148 255 21 187 458
CENTINELA CENTRAL NACIONAL UNIMED CERVECERÍA CUAUHTÉMOC – HEINEKEN CERVECERÍA Y MALT. QUILMES CGE CGE DISTRIBUCIÓN CHESF – CIA. HIDROELÊTRICA DO SÃO FRANCISCO CHEVRON PETROLEUM CHRYSLER CI PRODECO CÍA. DE MINAS BUENAVENTURA CIA. MINERA ANTAPACCAY (EX-XSTRATA TINTAYA) CIELO CINEPOLIS CISCO MEXICO CLARO ARGENTINA CLARO CHILE CLARO ECUADOR CLARO FIJO CLARO MÓVIL COLOMBIA (COMCEL) CLARO TELECOM CMPC PULP CNELEP CNH COAMO COCA - COLA FEMSA COCA COLA FEMSA (INDEGA) COCA-COLA BRASIL COCAMAR CODELCO CODELCO DIV. CHUQUICAMATA CODELCO DIV. EL TENIENTE CODELCO DIV. MIN. HALES CODELCO DIV. R. TOMIC CODENSA COELBA COELCE COLBÚN COLLAHUASI COMGAS COMISIÓN FEDERAL DE ELECTRICIDAD CONTINENTAL TIRE DE MÉXICO COOXUPÉ COPA AIRLINES COPASA COPEC COMBUSTIBLES COPEL COPERSUCAR CORPORATIVO FRAGUA CORREIOS E TELÉGRAFOS COSAN COSTCO MÉXICO COTO CPFL - COMPANHIIA PAULISTA DE FORÇA E LUZ CPFL ENERGÍA CR ALMEIDA CRESUD CSN-CIA SIDERURGICA NACIONAL CUERVO CULTIBA D DAIMLER MÉXICO DANONE MÉXICO DEACERO DIA BRASIL DOW BRASIL DOW QUÍMICA MEXICANA DPSP DROGARIAS DROGARIA SÃO PAULO DRUMMOND DUPONT BRASIL DURATEX E EASY EATON ECOPETROL EDP - ENERGIAS DO BRASIL EL PUERTO DE LIVERPOOL ELECTRICARIBE ELECTROLUX DO BRASIL ELEKTRO ELETROBRÁS ELETRONORTE ELETROPAULO EMBOTELLADORA ANDINA EMBRAER EMGESA EMP. CAROZZI
CHI BRA MÉX ARG CHI CHI BRA COL MÉX COL PER PER BRA MÉX MÉX ARG CHI ECU COL COL BRA CHI ECU BRA BRA MÉX COL BRA BRA CHI CHI CHI CHI CHI COL BRA BRA CHI CHI BRA MÉX MÉX BRA PAN BRA CHI BRA BRA MÉX BRA BRA MÉX ARG BRA BRA BRA ARG BRA MÉX MÉX
387 359 152 384 205 358 121 431 55 448 477 484 128 297 40 203 419 366 479 132 38 288 412 337 144 47 499 37 478 33 236 198 343 325 377 242 410 368 230 304 16 392 443 235 417 36 118 53 271 79 18 263 319 228 66 380 101 74 438 252
MÉX MÉX MÉX BRA BRA MÉX BRA BRA COL BRA BRA
279 450 326 238 202 402 211 350 317 456 429
CHI BRA COL BRA MÉX COL BRA BRA BRA BRA BRA CHI BRA COL CHI
497 421 19 173 89 323 376 361 14 183 136 185 61 447 465
EMP. CMPC EMPRESAS BANMÉDICA EMPRESAS COPEC ENAMI ENAP ENEL AMÉRICAS ENEL BRASIL-ENDESA BRASIL ENEL CHILE ENEL DISTRIBUCIÓN ENEL GENERACIÓN ENERGÍA ARGENTINA ENERGISA ENEX ENGIE BRASIL ENTEL ENTEL PCS EQUATORIAL ESCONDIDA EXXONMOBIL F FALABELLA CHILE FALABELLA PERÚ FARMACIAS DEL AHORRO FEMSA FEMSA COMBUSTIBLES FEMCO FEMSA DIVISIÓN SALUD FERREYROS FERROMEX FIAT AUTO ARGENTINA FIAT AUTOMÓVEIS FIBRIA FLEXTRONICS BRASIL FLEXTRONICS MANUFACTURING FORD ARGENTINA FORD BRASIL FORD MOTOR COMPANY FRESNILLO PLC FURNAS G GARBARINO GAS NATURAL FENOSA MÉXICO GE BRASIL GENERAL ELECTRIC MÉXICO GENERAL MOTORS ARGENTINA GENERAL MOTORS BRASIL GENERAL MOTORS MÉXICO GERDAU GERDAU AÇOMINAS GERDAU AÇOS LONGOS GLENCORE GLOBO COMUNICAÇÕES E PARTICIPAÇÕES GLORIA GOL GOLDCORP MÉXICO GPA - GRUPO PÃO DE AÇÚCAR GRAÑA Y MONTERO GRUMA GRUPO ACS GRUPO AEROMÉXICO GRUPO ALFA GRUPO ALGAR GRUPO ARCELOR MITTAL GRUPO ARGOS GRUPO AUTOFIN GRUPO BAL GRUPO BIMBO GRUPO BOSCH BRASIL GRUPO BRASIL KIRIN GRUPO CARSO GRUPO CHEDRAUI GRUPO CONDUMEX GRUPO COPPEL GRUPO DOW GRUPO ELEKTRA GRUPO EMPRESARIAL ÁNGELES GRUPO ENERGÍA DE BOGOTÁ GRUPO EPM GRUPO GIGANTE GRUPO ICE GRUPO INDITEX MÉXICO GRUPO INDUSTRIAL LALA GRUPO JUMEX GRUPO KUO GRUPO MARTINS GRUPO MÉXICO GRUPO NUTRESA GRUPO OMNILIFE GRUPO PALACIO DE HIERRO
CHI CHI CHI CHI CHI CHI BRA CHI CHI CHI ARG BRA CHI BRA CHI CHI BRA CHI COL
90 249 17 489 83 58 161 151 273 210 115 134 199 266 179 275 217 82 272
CHI PER MÉX MÉX MÉX MÉX PER MÉX ARG BRA BRA BRA MÉX ARG BRA MÉX MÉX BRA
31 150 390 13 378 251 363 401 495 49 169 287 133 284 127 45 277 63
ARG MÉX BRA MÉX ARG BRA MÉX BRA BRA BRA PER BRA PER BRA MÉX BRA PER MÉX MÉX MÉX MÉX BRA BRA COL MÉX MÉX MÉX BRA BRA MÉX MÉX MÉX MÉX ARG MÉX MÉX COL COL MÉX C.RI MÉX MÉX MÉX MÉX BRA MÉX COL MÉX MÉX
441 437 129 130 461 111 20 32 311 234 449 96 483 160 487 28 292 146 360 190 24 340 78 91 428 42 29 300 233 100 109 371 68 335 120 295 486 80 353 209 439 192 500 485 400 51 171 372 349
AMÉRICAECONOMÍA
022 INDICE 500 INT en inglés.indd 20
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GRUPO SALINAS GRUPO SANBORNS GRUPO SIMEC GRUPO TELEVISA GRUPO VILLACERO GRUPO VOTORANTIM GRUPO WONG (CENCOSUD) GRUPO XIGNUX GUARARAPES - RIACHUELO GyM H H-E-B MÉXICO HERINGER FERTILIZANTES HIPERMERCADOS LÍDER HIPERMERCADOS TOTTUS HOLCIM MEXICO HOME DEPOT MÉXICO HONDA BRASIL HONDA DE MÉXICO HP BRASIL HYPERMARCAS I IBERDROLA BRASIL IBERDROLA MÉXICO IBM BRASIL IBM MÉXICO INDUSTRIAS BACHOCO INDUSTRIAS CH INDUSTRIAS PEÑOLES INRETAIL PERÚ CORP y SUB INTERCEMENT BRASIL – EX CAMARGO CORRÊA CIMENTO INVEPAR IOCHPE-MAXION IPIRANGA PRODUTOS DE PETRÓLEO IRMAOS MUFFATO & CIA. ISA ITAIPÚ BINACIONAL IVECO J JABIL CIRCUIT JBS JOHNSON CONTROLS MÉXICO JSL JUMBO RETAIL ARGENTINA K KALUZ KANSAS CITY SOUTHERN MÉXICO KENWORTH MEXICANA KIMBERLY CLARK DE MÉXICO KIMBERLY-CLARK BRASIL KLABIN KOMATSU CUMMINS CHILE KROTON L LAR LATAM AIRLINES GROUP LEAR CORPORACIÓN MÉXICO LG BRASIL LG ELECTRONICS MÉXICO LÍDER EXPRESS LIGHT LIGHT SERVIÇOS DE ELETRICIDADE LIQUIGÁS LOCALIZA LOJAS AMERICANAS LOJAS CEM LOJAS RENNER LOJAS RIACHUELO LOS PELAMBRES LOUIS DREYFUS ARGENTINA LOUIS DREYFUS COMMODITIES BRASIL M M. DIAS BRANCO MABE MAGAZINE LUIZA MAGNA INTERNACIONAL MAKRO MARFRIG MATEUS SUPER MC DONALD`S BRASIL MERCEDES BENZ BRASIL METALSA MEXICHEM MINERA ANTAMINA MINERA CERRO VERDE MINERA LAS BAMBAS MINERA SPENCE MINERA VALPARAÍSO
MÉX MÉX MÉX MÉX MÉX BRA PER MÉX BRA PER
99 229 389 98 157 52 338 278 290 462
MÉX BRA CHI PER MÉX MÉX BRA MÉX BRA BRA
393 324 107 476 494 206 143 399 341 496
BRA MÉX BRA MÉX MÉX MÉX MÉX PER BRA BRA BRA BRA BRA COL BR/PY BRA
315 305 408 283 201 356 119 244 379 416 254 11 332 114 126 457
MÉX BRA MÉX BRA ARG
158 3 232 256 225
MÉX MÉX MÉX MÉX BRA BRA CHI BRA
67 460 329 309 492 243 480 322
BRA CH/BR MÉX BRA MÉX CHI BRA BRA BRA BRA BRA BRA BRA BRA CHI ARG BRA
404 44 181 453 473 433 166 184 468 382 72 395 264 396 286 354 87
BRA MÉX BRA MÉX BRA BRA BRA BRA BRA MÉX MÉX PER PER PER CHI CHI
318 180 170 86 188 65 262 388 97 364 75 246 220 351 498 342
MINERVA MOLINOS RÍO DE LA PLATA MONDELEZ MÉXICO MONSANTO BRASIL MOSAIC BRASIL MOVISTAR MÉXICO MRV N NACIONAL DE DROGAS NATURA NEMAK NEOENERGÍA NESTLÉ NESTLÉ CHILE NESTLÉ DE MÉXICO NIDERA ARGENTINA NIDERA SEMENTES BRASIL NISSAN MÉXICO NOVELIS BRASIL NUEVA EPS O OFFICE DEPOT DE MEXICO OLÍMPICA ORGANIZACIÓN SORIANA ORGANIZACIÓN TECHINT MÉXICO ORGANIZACIÓN TERPEL OSDE OXITENO OXXO (FEMSA COMERCIO) P PAGUE MENOS PAMPA ENERGÍA PAN AMERICAN ENERGY PANELES ARAUCO PARANAPANEMA PARIS PATAGONIA PDVSA PEMEX PEPSICO DE MÉXICO PEPSI-COLA BRASIL PERNAMBUCANAS PETROBRAS PETROBRAS CHILE PETROBRAS DISTRIBUIDORA PETROECUADOR PETROPERÚ PHILIP MORRIS MÉXICO PILGRIM'S PRIDE MEXICO POSTOBÓN PRIMAX PROCTER & GAMBLE DE MÉXICO PROFARMA PROMIGÁS Q QUIÑENCO R RAIA DROGASIL RAÍZEN COMBUSTÍVEIS RAIZEN ENERGÍA REDE D'OR REDE ENERGÍA REDECARD REFINERÍA LA PAMPILLA RENAULT ARGENTINA RENAULT BRASIL REPSOL COMERCIAL – RECOSAC RIPLEY CHILE RIPLEY CORP. S SABESP SALFACORP SAM´S CLUB SAMARCO MINERAÇÃO SAMSUNG BRASIL SAMSUNG ELECTRONICS MÉXICO SANMINA - SCI SYSTEMS MÉXICO SCHNEIDER ELECTRIC MÉXICO SDB COMÉRCIO DE ALIMENTOS SEARS SEGURO SOCIAL DE SALUD - ESSALUD SHELL CAPSA ARGENTINA SHELL CHILE SIDERAR SIEMENS BRASIL SIEMENS MÉXICO SIGDO KOPPERS SIGMA
BRA ARG MÉX BRA BRA MÉX BRA
165 208 474 367 248 357 398
MÉX BRA MÉX BRA BRA CHI MÉX ARG BRA MÉX BRA COL
145 212 124 102 116 414 197 426 195 12 362 306
MÉX COL MÉX MÉX COL ARG BRA MÉX
444 298 56 60 92 267 454 46
BRA ARG ARG CHI BRA CHI ARG VEN MÉX MÉX BRA BRA BRA CHI BRA ECU PER MÉX MÉX COL PER MÉX BRA COL
312 268 167 427 370 307 391 2 4 138 397 452 1 291 7 50 139 334 409 491 270 245 411 467
CHI
149
BRA BRA BRA BRA BRA BRA PER ARG BRA PER CHI CHI
137 10 117 213 154 294 196 475 81 436 330 219
BRA CHI MÉX BRA BRA MÉX MÉX MÉX BRA MÉX PER ARG CHI ARG BRA MÉX CHI MÉX
106 490 84 333 76 112 285 352 355 435 168 140 215 299 403 469 241 85
SKY SMU SODIMAC SODIMAC COLOMBIA SONDA SONDA SOTREQ SOUTHERN PERÚ COPPER CORP. SOUZA CRUZ SQM SUKARNE SUPERMERCADOS BH SUPERMERCADOS DÍA ARGENTINA SUPERMERCADOS JUMBO SUPERMERCADOS LA FAVORITA SUPERMERCADOS PERUANOS SUPERMERCADOS SANTA ISABEL SUPERMERCADOS UNIMARC SUZANO PAPEL E CELULOSE SYNGENTA AGRO MÉXICO SYNGENTA BRASIL T TAG TECHINT ARGENTINA TELECOM TELECOM PERSONAL TELEFÔNICA BRASIL TELEFÓNICA CHILE TELEFÓNICA DE ARGENTINA TELEFÓNICA DEL PERÚ TELEFÓNICA MÓVIL ARGENTINA TELEFÓNICA MÓVIL CHILE TELEFÓNICA MÓVIL VENEZUELA TELÉFONOS DE MÉXICO TELEMAR-OI TELEVISA CABLE Y TELECOMUNICACIONES TENARIS ARGENTINA TEREOS TERNIUM TERNIUM MÉXICO TETRA PAK BRASIL THYSSENKRUPP CSA BRASIL TIENDAS ELEKTRA TIM BRASIL TOYOTA ARGENTINA TOYOTA BRASIL TOYOTA MOTOR SALES DE MÉXICO TRAFIGURA PERU TRANSPETRO U UCP BACKUS & JOHNSTON ULTRAGAZ ULTRAPAR UNE EPM TELCOMUNICACIONES UNILEVER BRASIL UNILEVER DE MÉXICO UNIMED RIO USIMINAS UTE V VALE VALE FERTILIZANTES VALEO MÉXICO VIAKABLE VIAVAREJO VIGOR FOOD VOLARIS VOLKSWAGEN ARGENTINA VOLKSWAGEN BRASIL VOLKSWAGEN MÉXICO VOTORANTIM CIMENTOS VTR W WALMART ARGENTINA WALMART BRASIL WALMART CHILE WALMART DE MÉXICO Y CENTROAMÉRICA WALMART MÉXICO WEG WHIRLPOOL BRASIL WHITE MARTINS GASES INDUSTRIAIS Y YARA BRASIL YPF Z ZAFFARI E BOURBON
MÉX CHI CHI COL CHI BRA BRA PER BRA CHI MÉX BRA ARG CHI ECU PER CHI CHI BRA MÉX BRA
481 131 162 451 423 493 430 296 247 276 240 345 488 163 237 406 182 194 159 383 193
BRA ARG ARG ARG BRA CHI ARG PER ARG CHI VEN MÉX BRA MÉX ARG BRA ARG MÉX BRA BRA MÉX BRA ARG BRA MÉX PER BRA
274 22 142 259 27 464 432 178 269 373 369 88 54 339 108 153 57 104 257 261 422 94 227 59 336 459 218
PER BRA BRA COL BRA MÉX BRA BRA URU
425 316 9 310 77 434 327 191 321
BRA BRA MÉX MÉX BRA BRA MÉX ARG BRA MÉX BRA CHI
6 282 301 405 62 348 455 303 164 41 122 442
ARG BRA CHI MÉX MÉX BRA BRA BRA
308 43 70 8 64 172 175 472
BRA ARG
147 26
BRA
344
NOVEMBER 2017
022 INDICE 500 INT en inglés.indd 21
21
20/10/17 17:02
GLOBAL ISSUE
1 - 50
RK RK 2017 2016
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM
COUNTRY
SECTOR / CATEGORY
SALES 2016 US$ millons
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
180.
1
1
PETROBRAS
BRA
Petroleum/Gas
86,783.6
90,238.8
-3.8
-4,552.5
-9,773.6
53.4
19,969.3
7,122.3
2
2
PDVSA
VEN
Petroleum/Gas
59,331.2
88,554.0
-33.0
N.A.
N.A.
-
N.A.
N.A.
3
5
JBS
BRA
Food
52,324.1
45,707.3
14.5
115.5
1,301.8
-91.1
3,454.4
3,611.4
4
3
PEMEX
MEX
Petroleum/Gas
52,170.5
67,427.4
-22.6
-7,928.4
-36,070.8
78.0
23,955.8
N.A.
5
4
AMÉRICA MÓVIL
MEX
Telecommunications
47,139.8
51,694.7
-8.8
418.0
2,026.5
-79.4
12,475.2 15,442.7
-19.
6
8
VALE
BRA
Mining
29,062.0
23,987.7
21.2
4,088.0
-12,404.2
133.0
11,417.9 -4,165.8
374.
7
7
PETROBRAS DISTRIBUIDORA
BRA
Petroleum/Gas
26,606.4
27,292.9
-2.5
-96.7
-325.7
70.3
142.8
-331.6
8
6
WALMART DE MÉXICO Y CENTROAMÉRICA
MEX
Retail
25,544.8
27,312.9
-6.5
1,611.8
1,524.8
5.7
2,423.6
2,477.3
-2.
9
9
ULTRAPAR
BRA
Petroleum/Gas
23,755.2
21,225.9
11.9
479.6
421.8
13.7
1,295.0
1,109.1
16.
10
17 RAÍZEN COMBUSTÍVEIS
BRA
Bio-energy
20,926.8
17,230.0
21.5
453.3
347.3
30.5
1,048.5
706.1
48.
11
13 IPIRANGA PRODUTOS DE PETRÓLEO
BRA
Petroleum/Gas
20,327.6
18,302.4
11.1
372.3
284.8
30.7
946.0
724.2
30.
12
10 NISSAN MÉXICO
MEX
Automotive/Auto parts
19,382.2
20,067.2
-3.4
N.A.
N.A.
-
N.A.
N.A.
13
15 FEMSA
MEX
Beverage/Liquor
19,307.4
18,013.0
7.2
1,021.7
1,022.2
-0.1
2,265.8
2,520.8
-10.
14
42 ELETROBRÁS
BRA
Energy
18,656.1
9,143.1
104.0
1,052.1
-4,051.7
126.0
6,079.8 -3,002.5
302.
15
35 ALMACENES ÉXITO
COL
Retail
17,210.7
10,393.4
65.6
14.5
178.4
-91.9
940.8
597.1
16
16 COMISIÓN FEDERAL DE ELECTRICIDAD
MEX
Energy
17,067.6
17,618.5
-3.1
18,298.1
-6,852.7
367.0
N.A.
N.A.
17
14 EMPRESAS COPEC
CHI
Multisector
16,657.3
18,109.8
-8.0
552.8
537.8
2.8
1,550.0
1,826.7
18
22 COSAN
BRA
Bio-energy
15,935.2
13,383.9
19.1
85.4
113.9
-25.0
2,295.9
1,680.3
36.
19
18 ECOPETROL
COL
Petroleum/Gas
15,908.5
16,208.6
-1.9
521.5
-1,240.8
142.0
5,280.9
2,559.7
106.
20
20 GENERAL MOTORS MÉXICO
MEX
Automotive/Auto parts
15,816.4
15,222.4
3.9
N.A.
N.A.
-
N.A.
N.A.
21
19 CENCOSUD
CHI
Retail
15,446.0
15,495.9
-0.3
579.6
327.0
77.3
1,557.0
1,224.5
22
12 TECHINT ARGENTINA
ARG
Steel/Metallurgy
15,238.0
19,108.0
-20.3
N.A.
N.A.
-
N.A.
N.A.
23
29 CARREFOUR BRASIL
BRA
Retail
15,079.7
11,980.4
25.9
N.A.
N.A.
-
N.A.
N.A.
24
21 GRUPO ALFA
MEX
Multisector
14,197.9
14,932.3
-4.9
112.3
218.4
-48.6
1,989.2
2,079.3
25
24 AMBEV
BRA
Beverage/Liquor
14,004.6
13,107.8
6.8
3,853.1
3,485.6
10.5
6,330.1
6,132.0
3.
26
28 YPF
ARG
Petroleum/Gas
13,213.5
12,014.7
10.0
-1,775.9
352.4
-604.0
1,371.7
3,379.2
-59.
27
31 TELEFÔNICA BRASIL
BRA
Telecommunications
13,054.4
11,302.9
15.5
1,254.6
959.6
30.7
4,306.7
3,382.6
27.
28
11 GPA - GRUPO PÃO DE AÇÚCAR
BRA
Retail
12,730.6
19,390.9
-34.3
-148.0
74.3
-299.1
597.3
792.6
-24.
29
26 GRUPO BIMBO
MEX
Food
12,185.5
12,671.2
-3.8
285.1
299.0
-4.6
1,281.7
1,223.8
4.
30
25 CEMEX
MEX
Cement
12,125.9
12,737.0
-4.8
678.2
69.4
876.8
2,405.0
2,214.7
8.
31
32 FALABELLA CHILE
CHI
Retail
11,806.6
10,938.2
7.9
910.4
733.0
24.2
1,767.1
1,421.7
32
27 GERDAU
BRA
Steel/Metallurgy
11,562.9
12,227.1
-5.4
-887.8
-1,276.9
30.5
276.3
-170.5
33
30 CODELCO
CHI
Mining
11,507.7
11,661.1
-1.3
-274.7
-1,488.1
81.5
2,433.5
-512.2
34
34 BUNGE ALIMENTOS
BRA
Food
10,749.3
10,597.6
1.4
N.A.
339.8
-
N.A.
N.A.
35
43 BRF FOODS
BRA
Food
10,359.4
9,033.1
14.7
-112.8
878.4
-112.8
1,048.1
1,609.0
36
37 COPEC COMBUSTIBLES
CHI
Petroleum/Gas
10,249.5
9,941.4
3.1
N.A.
N.A.
-
N.A.
N.A.
37
33 COCA-COLA BRASIL
BRA
Beverage/Liquor
10,212.4
10,805.5
-5.5
N.A.
N.A.
-
N.A.
N.A.
38
39 CLARO TELECOM
BRA
Telecommunications
9,974.4
9,453.6
5.5
-263.4
-155.8
-69.1
2,747.1
2,775.7
-1.
39
44 CARGILL BRASIL
BRA
Agro-industry
9,922.9
9,002.5
10.2
205.6
116.6
76.3
156.8
432.2
-63.
40
41 CISCO MÉXICO
MEX
Software/IT
9,453.4
9,178.0
3.0
N.A.
N.A.
-
N.A.
41
36 VOLKSWAGEN MÉXICO
MEX
Automotive/Auto parts
9,348.0
10,255.0
-8.8
N.A.
N.A.
-
N.A.
N.A.
42
50 GRUPO BAL
MEX
Multisector
9,303.0
8,496.0
9.5
N.A.
N.A.
-
N.A.
N.A.
43
51 WALMART BRASIL
BRA
Retail
9,031.6
8,226.9
9.8
N.A.
N.A.
-
N.A.
N.A.
44
38 LATAM AIRLINES GROUP
8,965.7
9,713.0
-7.7
69.0
-218.7
131.6
N.A.
N.A.
45
48 FORD MOTOR COMPANY
MEX
Automotive/Auto parts
8,801.9
8,695.3
1.2
N.A.
N.A.
-
N.A.
N.A.
46
54 OXXO (FEMSA COMERCIO)
MEX
Retail
8,588.8
8,807.9
-2.5
N.A.
2,733.9
-
N.A.
N.A.
47
47 COCA-COLA FEMSA
MEX
Beverage/Liquor
8,588.8
8,807.9
-2.5
486.7
591.8
-17.8
BODEGA AURRERA
MEX
Retail
8,515.1
9,417.1
-9.6
N.A.
N.A.
-
49
45 FIAT AUTOMÓVEIS
BRA
Automotive/Auto parts
8,407.6
8,877.7
-5.3
N.A.
N.A.
-
50
40 PETROECUADOR
ECU
Petroleum/Gas
8,174.1
9,284.0
-12.0
1,490.5
751.8
98.3
48
22
-
CH/BR Air transport
143.
57.
-4.
262.
-34.
N.A.
1,404.1 1,684.8 N.A.
N.A.
N.A.
N.A.
1,757.4 1,074.5
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 22
-4.
20/10/17 17:12
-16.
63.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
7,122.3
180.4
247,200.0
76,846.1
68,829
-5.9
-1.8
-5.2
23.0
State multilatina
Sí
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
State multilatina
No
3,611.4
-4.3
31,574.9
7,300.2
237,061
1.6
0.4
0.2
6.6
Private multilatina
N.A.
-
107,237.9
-64,459.6
126,052
12.3
-7.4
-15.2
45.9
15,442.7
-19.2
73,219.1
10,096.5
194,193
4.1
0.6
0.9
-4,165.8
374.1
99,100.6
39,075.8
73,050
10.5
4.1
-331.6
143.1
9,642.4
2,275.6
N.A.
-4.3
2,477.3
-2.2
13,915.1
8,072.0
228,854
1,109.1
16.8
7,419.5
2,618.8
706.1
48.5
4,613.0
1,575.1
724.2
30.6
4,344.9
N.A.
-
N.A.
2,520.8
-10.1
-3,002.5
WEB SITE (www.)
RK 2017 1
pdvsa.com
2
Sí
friboi.com.br
3
State national
Sí
pemex.com
4
26.5
Private multilatina
Sí
americamovil.com
5
14.1
39.3
Private multilatina
Sí
vale.com
6
-1.0
-0.4
0.5
State multilatina
No
br.com.br
7
20.0
11.6
6.3
9.5
Multinational subsidiary
Sí
walmartmexico.com.mx
8
14,000
18.3
6.5
2.0
5.5
Private multilatina
Sí
ultra.com.br
9
28,000
28.8
9.8
2.2
5.0
Private national
No
raizen.com
10
1,362.0
2,903
27.3
8.6
1.8
4.7
Private national
No
ipiranga.com.br
11
N.A.
15,500
-
-
-
-
Multinational subsidiary
No
nissan.com.mx
12
26,368.9
10,240.9
266,144
10.0
3.9
5.3
11.7
Private multilatina
Sí
femsa.com
13
302.5
52,360.7
13,575.0
23,190
7.8
2.0
5.6
32.6
State multilatina
Sí
eletrobras.gov.br
14
597.1
57.6
20,829.5
2,573.5
42,400
0.6
0.1
0.1
5.5
Multinational subsidiary
Sí
exito.com.co
15
N.A.
-
69,315.2
24,578.1
69,603
74.4
26.4
107.2
-
State national
No
cfe.gob.mx
16
1,826.7
-
21,392.5
9,930.1
31,714
5.6
2.6
3.3
9.3
Private multilatina
Sí
empresascopec.cl
17
1,680.3
36.6
N.A.
N.A.
N.A.
-
-
0.5
14.4
Private national
Sí
cosan.com.br
18
2,559.7
106.3
40,430.0
14,555.9
33,600
3.6
1.3
3.3
33.2
State national
Sí
ecopetrol.com.co
19
N.A.
-
N.A.
N.A.
16,458
-
-
-
-
Multinational subsidiary
No
gm.com.mx
20
1,224.5
-
15,619.1
6,106.8
138,160
9.5
3.7
3.8
10.1
Private multilatina
Sí
cencosud.cl
21
N.A.
-
29,096.0
N.A.
48,530
-
-
-
-
Multinational subsidiary
No
techint.com
22
N.A.
-
N.A.
N.A.
80,021
-
-
-
-
Multinational subsidiary
No
carrefour.com.br
23
2,079.3
-4.3
16,845.4
3,662.1
80,485
3.1
0.7
0.8
14.0
Private multilatina
Sí
alfa.com.mx
24
6,132.0
3.2
25,747.8
13,765.8
53,250
28.0
15.0
27.5
45.2
Multinational subsidiary
Sí
ambev.com.br
25
3,379.2
-59.4
26,486.1
7,468.7
22,000
-23.8
-6.7
-13.4
10.4
Private multilatina
Sí
ypf.com.ar
26
3,382.6
27.3
31,344.7
21,265.1
34,918
5.9
4.0
9.6
33.0
Multinational subsidiary
Sí
vivo.com.br
27
792.6
-24.6
13,886.2
3,028.0
80,582
-4.9
-1.1
-1.2
4.7
Private national
Sí
grupopaodeacucar.com.br
28
1,223.8
4.7
11,848.4
3,452.1
130,913
8.3
2.4
2.3
10.5
Private multilatina
Sí
grupobimbo.com.mx
29
2,214.7
8.6
28,983.7
8,108.2
41,357
8.4
2.3
5.6
19.8
Private multilatina
Sí
cemex.com
30
1,421.7
-
20,815.9
6,248.8
107,300
14.6
4.4
7.7
15.0
Private multilatina
Sí
falabella.cl
31
-170.5
262.1
16,778.5
7,379.1
31,000
-12.0
-5.3
-7.7
2.4
Private multilatina
Sí
gerdau.com.br
32
-512.2
-
33,318.6
8,889.3
18,665
-3.1
-0.8
-2.4
21.1
State national
No
codelco.cl
33
N.A.
-
N.A.
N.A.
17,000
-
-
-
-
Multinational subsidiary
No
bunge.com.br
34
1,609.0
-34.9
13,188.5
3,752.6
114,955
-3.0
-0.9
-1.1
10.1
Private multilatina
Sí
perdigao.com.br
35
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
Sí
1
copec.cl
36
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
coca-cola.com
37
2,775.7
-1.0
19,674.3
2,458.3
N.A.
-10.7
-1.3
-2.6
27.5
Multinational subsidiary
Sí
claro.com.br
38
432.2
-63.7
3,910.3
1,205.6
9,451
17.1
5.3
2.1
1.6
Multinational subsidiary
No
cargill.com.br
39
N.A.
1
1
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
cisco.com/web/MX
40
N.A.
-
N.A.
N.A.
14,092
-
-
-
-
Multinational subsidiary
Sí
vw.com.mx
41
N.A.
-
N.A.
N.A.
35,217
-
-
-
-
Private national
No
bal.com.mx
42
N.A.
-
N.A.
N.A.
65,000
-
-
-
-
Multinational subsidiary
No
wal-martbrasil.com
43
N.A.
-
N.A.
N.A.
45,916
-
-
0.8
-
Private multilatina
Sí
lan.com
44
N.A.
-
N.A.
N.A.
8,800
-
-
-
-
Multinational subsidiary
No
ford.com.mx
45
N.A.
-
N.A.
N.A.
120,588
-
-
-
-
Private multilatina
No
gasnaturalmexico.com
46
1,684.8
-16.7
13,495.9
5,902.6
77,985
8.2
3.6
5.7
16.3
Private multilatina
Sí
cocacola-femsa.com.mx
47
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
bodegaurrera.com.mx
48
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
fiat.com.br
49
1,074.5
63.5
10,923.9
6,283.6
4,594
23.7
13.6
18.2
21.5
State national
No
petroecuador.com.ec
50
3
1
1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 23
1 - 50
petrobras.com 1
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
23
20/10/17 17:12
GLOBAL ISSUE
RK RK 2017 2016
FIRM
COUNTRY
SECTOR / CATEGORY
SALES 2016 US$ millons
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
51
52 GRUPO MÉXICO
MEX
Mining
8,162.5
8,198.6
-0.4
1,053.6
1,019.3
3.4
3,619.7 3,533.7
2.
52
46 GRUPO VOTORANTIM
BRA
Multisector
8,087.8
8,036.1
0.6
-383.9
107.2
-458.2
1,315.9 1,953.5
-32.
53
68 COPERSUCAR
BRA
Bio-energy
8,084.1
5,887.8
37.3
13.9
-3.1
552.8
54
55 TELEMAR-OI
BRA
Telecommunications
7,983.5
7,674.4
4.0
-2,132.4
-1,384.5
-54.0
55
49 CHRYSLER
MEX
Automotive/Auto parts
7,677.2
8,531.3
-10.0
N.A.
N.A.
-
N.A.
N.A.
56
61 ORGANIZACIÓN SORIANA
MEX
Retail
7,226.1
6,323.3
14.3
202.3
215.4
-6.1
572.2
431.3
32.
57
53 TERNIUM
ARG
Steel/Metallurgy
7,224.0
7,877.4
-8.3
706.9
59.8
1,082.6
1,548.6 1,073.1
44.
58
58 ENEL AMÉRICAS
CHI
Energy
7,127.5
6,580.6
8.3
572.6
932.7
-38.6
2,310.1 2,211.6
59
67 TOYOTA BRASIL
BRA
Automotive/Auto parts
6,920.8
5,900.1
17.3
N.A.
N.A.
-
N.A.
60
56 ORGANIZACIÓN TECHINT MÉXICO
MEX
Steel/Metallurgy
6,788.8
7,416.2
-8.5
N.A.
N.A.
-
N.A.
N.A.
61
72 EMBRAER
BRA
Aerospace
6,582.9
5,695.9
15.6
179.8
67.8
165.2
568.4
610.6
62
78 VIAVAREJO
BRA
Retail
6,086.4
5,405.8
12.6
-29.2
3.9
-842.8
287.4
263.2
9.
63
289 FURNAS
BRA
Energy
6,033.9
1,799.6
235.3
2,902.3
-19.7
14,804.8
2.5
-119.2
102.
167.7
23.
1,958.3 2,186.7
207.3
-10.
N.A.
-6.
MEX
Retail
6,022.9
6,827.4
-11.8
N.A.
N.A.
-
N.A.
N.A.
65
81 MARFRIG
BRA
Food
5,937.4
5,300.3
12.0
-208.6
-164.4
-26.9
453.9
480.0
-5.
66
74 CPFL ENERGÍA
BRA
Energy
5,869.4
5,669.0
3.5
276.7
242.7
14.0
1,266.9 1,051.8
20.
67
63 KALUZ
MEX
Multisector
5,840.5
6,214.0
-6.0
241.0
N.A.
-
N.A.
N.A.
68
64 GRUPO COPPEL
MEX
Retail
5,796.7
6,193.3
-6.4
N.A.
N.A.
-
N.A.
N.A.
69
66 CEMIG
BRA
Energy
5,765.1
6,135.2
-6.0
102.7
692.6
-85.2
70
80 WALMART CHILE
CHI
Retail
5,621.9
5,377.7
4.5
N.A.
N.A.
-
71
75 AMERICAS MINING CORPORATION
MEX
Mining
5,612.2
5,453.6
2.9
N.A.
N.A.
-
N.A.
N.A.
72
89 LOJAS AMERICANAS
BRA
Retail
5,559.6
5,029.4
10.5
65.0
70.2
-7.4
821.5
694.8
73
94 AMIL
BRA
Health
5,426.2
4,509.4
20.3
-99.2
-32.1
-209.2
1,066.3
736.8
44.
74
104 CSN-CIA SIDERÚRGICA NACIONAL
BRA
Steel/Metallurgy
5,403.4
4,301.5
25.6
-91.7
453.9
-120.2
1,522.0 1,782.8
-14.
75
71 MEXICHEM
MEX
Petrochemicals
5,342.6
5,722.1
-6.6
238.1
135.5
75.7
882.6
907.5
76
76 SAMSUNG BRASIL
BRA
Consumer goods
5,341.4
5,449.2
-2.0
N.A.
N.A.
-
N.A.
N.A.
77
79 UNILEVER BRASIL
BRA
Consumer goods
5,309.0
5,400.3
-1.7
N.A.
N.A.
-
N.A.
N.A.
78
62 GRUPO ARCELORMITTAL
BRA
Steel/Metallurgy
5,295.6
6,240.1
-15.1
246.5
501.2
-50.8
734.1
726.9
79
85 CORREIOS E TELÉGRAFOS
BRA
Logistics
5,293.1
4,808.4
10.1
N.A.
N.A.
-
N.A.
N.A.
80
103 GRUPO EPM
COL
Multisector
5,284.0
4,333.0
21.9
698.3
465.6
50.0
902.5
576.7
81
88 RENAULT BRASIL
BRA
Automotive/Auto parts
5,281.1
5,064.1
4.3
N.A.
N.A.
-
N.A.
N.A.
82
59 ESCONDIDA
CHI
Mining
5,272.7
6,575.0
-19.8
983.6
1,094.0
-10.1
N.A.
N.A.
83
60 ENAP
CHI
Petroleum/Gas
5,203.9
6,333.4
-17.8
180.8
168.5
7.4
697.9
266.5
84
73 SAM´S CLUB
MEX
Retail
5,192.2
5,650.3
-8.1
N.A.
N.A.
-
N.A.
N.A.
85
77 SIGMA
MEX
Food
5,139.3
5,409.1
-5.0
237.7
366.2
-35.1
580.6
793.9
86
106 MAGNA INTERNACIONAL
MEX
Automotive/Auto parts
5,121.0
4,261.0
20.2
N.A.
N.A.
-
N.A.
N.A.
87
96 LOUIS DREYFUS COMMODITIES BRASIL
BRA
Agro-industry
4,945.6
4,524.3
9.3
28.3
-124.6
122.7
N.A.
N.A.
88
70 TELÉFONOS DE MÉXICO
MEX
Telecommunications
4,875.0
5,822.2
-16.3
-85.9
184.8
-146.5
89
82 EL PUERTO DE LIVERPOOL
MEX
Retail
4,854.1
5,277.6
-8.0
492.5
532.5
-7.5
775.7
859.7
90
92 EMP. CMPC
CHI
Cellulose/Papel
4,853.5
4,827.7
0.5
-17.3
-3.8
-355.9
648.9
970.3
91
121 GRUPO ARGOS
COL
Cement
4,850.3
3,951.8
22.7
377.3
201.7
87.0
1,206.5
819.9
92
98 ORGANIZACIÓN TERPEL
COL
Petroleum/Gas
4,809.8
4,429.5
8.6
65.5
33.0
98.5
N.A.
N.A.
93
105 CASAS BAHIA
BRA
Retail
4,801.7
4,264.8
12.6
N.A.
N.A.
-
N.A.
N.A.
94
93 TIM BRASIL
BRA
Telecommunications
4,796.1
4,808.5
-0.3
230.4
581.1
-60.3
95
84 ARAUCO
CHI
Cellulose/Papel
4,749.4
5,132.5
-7.5
213.3
361.7
-41.0
879.2
96
97 GLOBO COMUNICAÇÕES E PARTICIPAÇÕES
BRA
Media
4,708.6
4,501.7
4.6
600.7
860.4
-30.2
743.6 1,062.6
97
90 MERCEDES BENZ BRASIL
BRA
Automotive/Auto parts
4,688.6
4,905.5
-4.4
N.A.
N.A.
-
98
87 GRUPO TELEVISA
MEX
Media
4,653.4
5,090.3
-8.6
179.8
630.1
-71.5
99
83 GRUPO SALINAS
MEX
Multisector
4,612.4
5,202.9
-11.3
N.A.
N.A.
-
N.A.
N.A.
100
86 GRUPO CARSO
MEX
Multisector
4,600.2
5,100.2
-9.8
460.3
358.2
28.5
764.5
703.7
64
51 - 100
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
24
-
WALMART MÉXICO
810.4 1,553.3 N.A.
1,002.9 1,372.2
1,599.8 1,853.4
N.A.
18.
-2.
1.
56.
-26.
-26.
-9.
47.
-13.
744.5
-30.
N.A.
1,622.8 1,931.2
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 24
-47.
466.4
20/10/17 17:12
-16.
8.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
WEB SITE (www.)
RK 2017
2.4
22,630.7
10,445.2
30,657
10.1
4.7
12.9
44.3
Private multilatina
Sí
gmexico.com
51
1,953.5
-32.6
24,444.7
11,922.6
44,515
-3.2
-1.6
-4.7
16.3
Private multilatina
No
votorantim.com
52
167.7
23.6
2,342.7
141.3
N.A.
9.8
0.6
0.2
2.6
Private multilatina
No
copersucar.com.br
53
2,186.7
-10.4
25,234.9
3,582.2
14,431
-59.5
-8.5
-26.7
24.5
Private multilatina
Sí
telemar.com.br
54
N.A.
-
N.A.
N.A.
11,000
-
-
-
-
Multinational subsidiary
No
chryslerdemexico.com.mx
55
431.3
32.7
6,238.0
2,612.9
103,500
7.7
3.2
2.8
7.9
Private national
Sí
soriana.com.mx
56
1,073.1
44.3
8,322.9
5,166.6
16,700
13.7
8.5
9.8
21.4
Multinational subsidiary
No
ternium.com
57
2,211.6
-
16,864.0
6,204.2
10,324
9.2
3.4
8.0
32.4
Multinational subsidiary
Sí
enersis.cl
58
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
Sí
1
toyota.com.br
59
N.A.
-
N.A.
N.A.
16,569
-
-
-
-
Multinational subsidiary
No
1
techint.com
60
610.6
-6.9
11,675.0
3,852.2
19,000
4.7
1.5
2.7
8.6
Private multilatina
Sí
embraer.com.br
61
263.2
9.2
5,382.6
862.3
49,836
-3.4
-0.5
-0.5
4.7
Private national
Sí
pontofrio.com
62
-119.2
102.1
11,977.1
5,906.5
3,834
49.1
24.2
48.1
-
State national
No
furnas.com.br
63
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
walmart.com.mx
64
480.0
-5.5
6,221.5
278.4
29,203
-74.9
-3.4
-3.5
7.6
Private multilatina
Sí
marfrig.com.br
65
1,051.8
20.4
12,950.8
2,447.6
10,211
11.3
2.1
4.7
21.6
Private national
Sí
cpfl.com.br
66
N.A.
-
13,662.8
5,235.9
26,210
4.6
1.8
4.1
-
Private national
No
kaluz.com
67
N.A.
-
N.A.
N.A.
99,743
-
-
-
-
Private multilatina
Sí
coppel.com.mx
68
1,553.3
-47.8
12,909.3
3,972.2
7,119
2.6
0.8
1.8
14.1
State national
Sí
cemig.com.br
69
466.4
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
Sí
dys.cl
70
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private multilatina
No
gmexico.com
71
694.8
18.2
6,380.3
611.3
N.A.
10.6
1.0
1.2
14.8
Private national
Sí
americanas.com.br
72
736.8
44.7
5,183.0
2,512.0
N.A.
-4.0
-1.9
-1.8
19.7
Private national
Sí
amil.com.br
73
1,782.8
-14.6
13,899.8
2,820.0
N.A.
-3.3
-0.7
-1.7
28.2
Private multilatina
Sí
csn.com.br
74
907.5
-2.7
8,794.1
2,975.1
18,897
8.0
2.7
4.5
16.5
Private multilatina
Sí
mexichem.com.mx/
75
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
samsung.com/br/
76
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
unilever.com.br
77
726.9
1.0
9,280.1
4,461.0
16,049
5.5
2.7
4.7
13.9
Multinational subsidiary
Sí
arcelormittal.com.br
78
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
State national
No
correios.com.br
79
576.7
56.5
14,310.8
6,593.5
N.A.
10.6
4.9
13.2
17.1
State multilatina
No
eeppm.com
80
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
renault.com.br
81
N.A.
-
17,145.9
11,681.8
3,600
8.4
5.7
18.7
-
Multinational subsidiary
No
mineraescondida.cl
82
266.5
-
5,828.5
796.2
3,727
22.7
3.1
3.5
13.4
State national
No
enap.cl
83
N.A.
-
N.A.
N.A.
28,500
-
-
-
-
Multinational subsidiary
No
sams.com.mx
84
793.9
-26.9
4,869.6
794.0
42,150
29.9
4.9
4.6
11.3
Private multilatina
Sí
gruposigma.com.mx
85
N.A.
-
N.A.
N.A.
25,000
-
-
-
-
Multinational subsidiary
No
magna.com
86
N.A.
-
3,963.2
689.0
9,148
4.1
0.7
0.6
-
Multinational subsidiary
Sí
ldcommodities.com.br
87
1,372.2
-26.9
6,303.0
865.4
N.A.
-9.9
-1.4
-1.8
20.6
Private multilatina
Sí
telmex.com.mx
88
1
1
1 1
859.7
-9.8
7,171.9
3,950.6
57,761
12.5
6.9
10.1
16.0
Private national
Sí
liverpool.com.mx
89
970.3
-
14,822.5
7,953.2
17,555
-0.2
-0.1
-0.4
13.4
Private multilatina
Sí
cmpc.cl
90
819.9
47.2
14,914.4
7,877.1
9,166
4.8
2.5
7.8
24.9
Private multilatina
No
argos.com.co
91
N.A.
-
1,377.1
528.8
N.A.
12.4
4.8
1.4
-
Private multilatina
No
terpel.com
92
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
casasbahia.com.br
93
1,853.4
-13.7
10,642.8
5,278.3
N.A.
4.4
2.2
4.8
33.4
Multinational subsidiary
Sí
tim.com.br
94
744.5
-
13,970.9
6,937.7
14,239
3.1
1.5
4.5
18.5
Private multilatina
No
celarauco.cl
95
1,062.6
-30.0
6,095.7
3,866.5
N.A.
15.5
9.9
12.8
15.8
Private multilatina
No
globopar.com.br
96
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
mercedes-benz.com.br
97
1,931.2
-16.0
14,936.0
4,049.5
42,288
4.4
1.2
3.9
34.9
Private multilatina
Sí
televisa.com.mx
98
N.A.
-
N.A.
N.A.
68,060
-
-
-
-
Private multilatina
No
gruposalinas.com.mx
99
703.7
8.6
5,294.6
3,067.5
74,517
15.0
8.7
10.0
16.6
Private multilatina
Sí
gcarso.com.mx
100
1
1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 25
51 - 100
3,533.7
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
25
20/10/17 17:14
GLOBAL ISSUE
RK RK 2017 2016 101
-
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM CRESUD
SECTOR / CATEGORY
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
ARG
Agro-industry
4,572.7
568.0
705.1
18.5
-34.4
153.7
593.8
267.8
121.
102 111 NEOENERGIA
BRA
Energy
4,557.3
4,164.9
9.4
117.8
126.1
-6.6
852.6
673.9
26.
103
MEX
Beverage/Liquor
4,526.7
4,419.8
2.4
436.6
418.9
4.2
1,012.3
941.7
7.
104 102 TERNIUM MÉXICO
MEX
Steel/Metallurgy
4,477.6
4,354.8
2.8
N.A.
N.A.
-
N.A.
N.A.
105
MEX
Petrochemicals
4,358.8
4,832.4
-9.8
175.2
158.9
10.3
600.4
569.0
5.
BRA
Sanitation
4,329.6
3,285.8
31.8
905.1
150.5
501.5
1,405.4 1,155.3
21.
99 ARCA CONTINENTAL 91 ALPEK
106 139 SABESP 107 133 HIPERMERCADOS LÍDER
CHI
Retail
4,295.3
4,153.8
3.4
N.A.
N.A.
-
N.A.
N.A.
108
57 TENARIS ARGENTINA
ARG
Steel/Metallurgy
4,293.6
6,903.1
-37.8
58.7
74.4
-21.1
603.4
824.6
-26.
109
95 GRUPO CHEDRAUI
MEX
Retail
4,278.4
4,546.6
-5.9
94.4
100.6
-6.2
279.4
289.1
-3.
BRA
Bio-energy
4,207.1
3,955.8
6.4
N.A.
N.A.
-
N.A.
N.A.
111 109 GENERAL MOTORS BRASIL
BRA
Automotive/Auto parts
4,180.3
4,186.4
-0.1
N.A.
N.A.
-
N.A.
N.A.
112 107 SAMSUNG ELECTRONICS MÉXICO
MEX
Consumer goods
4,165.6
4,249.7
-2.0
N.A.
N.A.
-
N.A.
N.A.
113 101 AVIANCA – TACA
COL
Air transport
4,138.3
4,361.3
-5.1
44.2
-139.5
131.7
842.5
767.1
9.
114 319 ISA
COL
Energy
4,045.3
1,640.0
146.7
712.1
218.3
226.2
2,973.9
893.5
232.
115 118 ENERGÍA ARGENTINA
ARG
Energy
4,044.7
3,911.4
3.4
N.A.
N.A.
-
N.A.
N.A.
116 114 NESTLÉ
BRA
Food
4,042.6
3,964.3
2.0
N.A.
N.A.
-
N.A.
N.A.
117 146 RAIZEN ENERGÍA
BRA
Energy
4,033.4
3,108.8
29.7
577.1
132.1
337.0
1,266.5
863.1
46.
118 112 COPEL
BRA
Energy
4,023.6
4,132.1
-2.6
294.4
334.6
-12.0
845.3
725.3
16.
119 122 INDUSTRIAS PEÑOLES
MEX
Mining
3,969.8
3,751.7
5.8
277.6
-50.1
654.5
1,350.0
710.2
90.
120 100 GRUPO ELEKTRA
MEX
Multisector
3,926.3
4,298.8
-8.7
257.8
-295.7
187.2
676.0
629.7
7.
121 449 CHESF – CIA. HIDROELÊTRICA DO SÃO FRANCISCO
BRA
Energy
3,916.9
1,133.4
245.6
1,223.9
-133.5
1,016.6
2,168.6
-152.2
1,524.
122 117 VOTORANTIM CIMENTOS
BRA
Cement
3,899.2
3,942.7
-1.1
129.1
224.7
-42.6
738.8
903.6
-18.
123 116 CARREFOUR ARGENTINA
ARG
Retail
3,860.0
3,943.0
-2.1
N.A.
N.A.
-
N.A.
N.A.
124 113 NEMAK
MEX
Automotive/Auto parts
3,829.7
4,098.2
-6.6
261.5
266.0
-1.7
717.6
759.0
-5.
125 142 ALESAT COMBUSTÍVEIS
BRA
Petroleum/Gas
3,815.8
3,184.7
19.8
20.4
9.5
115.9
104.4
77.1
35.
3,811.5
3,680.8
3.6
1,170.0
2,035.9
-42.5
1,842.4 2,423.2
-24.
3,788.7
4,182.0
-9.4
N.A.
N.A.
-
110 115 AMAGGI
101 - 150
COUNTRY
SALES 2016 US$ millons
126 124 ITAIPÚ BINACIONAL
BR/PY Energy
127 110 FORD BRASIL
BRA
128 144 CIELO
BRA
Software/IT
3,777.6
3,120.5
21.1
1,230.1
985.2
24.9
129 119 GE BRASIL
BRA
Consumer goods
3,777.0
3,844.1
-1.7
N.A.
N.A.
-
130 127 GENERAL ELECTRIC MÉXICO
MEX
Consumer goods
3,762.6
3,570.8
5.4
N.A.
N.A.
-
N.A.
N.A.
131 140 SMU
CHI
Retail
3,685.4
3,285.7
12.2
18.3
-52.5
134.8
199.3
175.1
132 129 CLARO MÓVIL COLOMBIA (COMCEL)
COL
Telecommunications
3,658.8
3,526.7
3.7
N.A.
N.A.
-
133 131 FLEXTRONICS MANUFACTURING
MEX
Automotive/Auto parts
3,645.4
3,512.8
3.8
N.A.
N.A.
-
N.A.
N.A.
134 138 ENERGISA
BRA
Energy
3,627.1
3,348.5
8.3
47.5
91.2
-47.9
559.0
439.0
135 136 ANTOFAGASTA PLC
CHI
Mining
3,621.7
3,394.6
6.7
N.A.
701.7
-
N.A.
890.7
136 120 ELETROPAULO
BRA
Energy
3,580.8
3,834.5
-6.6
6.4
28.4
-77.4
225.5
270.3
-16.
137 193 RAIA DROGASIL
BRA
Retail
3,456.9
2,496.4
38.5
137.5
95.4
44.0
301.0
204.4
47.
138 123 PEPSICO DE MÉXICO
MEX
Beverage/Liquor
3,431.0
3,687.0
-6.9
N.A.
N.A.
-
N.A.
N.A.
139 132 PETROPERÚ
PER
Petroleum/Gas
3,415.8
3,501.7
-2.5
53.0
147.8
-64.2
160.2
316.4
140 237 SHELL CAPSA ARGENTINA
ARG
Petroleum/Gas
3,393.3
2,138.1
58.7
N.A.
N.A.
-
N.A.
N.A.
141 125 ADM DO BRASIL
BRA
Multisector
3,371.3
3,660.9
-7.9
N.A.
N.A.
-
N.A.
N.A.
142 145 TELECOM
ARG
Telecommunications
3,353.6
3,119.6
7.5
250.0
261.9
-4.5
883.1
820.8
143 135 HONDA BRASIL
BRA
Automotive/Auto parts
3,327.6
3,404.7
-2.3
N.A.
N.A.
-
N.A.
N.A.
144 156 COAMO
BRA
Agro-industry
3,324.0
2,857.0
16.3
262.7
228.9
14.7
275.9
276.3
145 141 NACIONAL DE DROGAS
MEX
Retail
3,318.7
3,244.2
2.3
N.A.
N.A.
-
N.A.
N.A.
146 137 GRUMA
MEX
Food
3,296.3
3,369.1
-2.2
286.2
44.0
549.9
532.6
518.3
147 151 YARA BRASIL
BRA
Agro-industry
3,263.7
2,919.8
11.8
-145.1
-267.7
45.8
N.A.
N.A.
148 143 CEMIG DISTRIBUIÇÃO
BRA
Energy
3,254.2
3,475.2
-6.4
-99.5
103.9
-195.8
132.9
295.0
149 148 QUIÑENCO
CHI
Multisector
3,227.1
3,051.6
5.8
264.4
136.2
94.1
184.1
73.0
150 147 FALABELLA PERÚ
PER
Retail
3,188.0
3,057.1
4.3
240.4
162.4
48.1
466.4
368.0
26
Automotive/Auto parts
N.A.
N.A.
1,699.8 1,468.3 N.A.
N.A. 1,334.3
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 26
15.
N.A.
20/10/17 17:12
27.
-49.
7.
-0.
2.
-55.
26.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
WEB SITE (www.)
RK 2017
121.8
10,977.9
143.3
N.A.
12.9
0.2
0.4
13.0
Private national
Sí
cresud.com.ar
101
26.5
8,585.2
2,695.8
N.A.
4.4
1.4
2.6
18.7
Private national
Sí
neoenergia.com
102
941.7
7.5
6,714.0
3,451.8
49,850
12.6
6.5
9.6
22.4
Private multilatina
Sí
arcacontal.com
103
N.A.
-
N.A.
N.A.
10,158
-
-
-
-
Multinational subsidiary
No
ternium.com
104
569.0
5.5
4,422.0
1,791.6
4,812
9.8
4.0
4.0
13.8
Private multilatina
Sí
alfa.com.mx
105
1,155.3
21.6
11,284.5
4,735.3
14,137
19.1
8.0
20.9
32.5
State national
Sí
sabesp.com.br
106
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
lider.cl
107
824.6
-26.8
14,003.3
11,413.1
19,399
0.5
0.4
1.4
14.1
Multinational subsidiary
Sí
tenaris.com
108
289.1
-3.4
2,574.9
1,286.0
45,014
7.3
3.7
2.2
6.5
Private national
Sí
chedraui.com.mx
109
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
1
grupomaggi.com.br
110
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
chevrolet.com.br
111
N.A.
-
N.A.
N.A.
9,000
-
-
-
-
Multinational subsidiary
No
1
samsung.com.mx
112
767.1
9.8
6,351.3
1,420.3
21,061
3.1
0.7
1.1
20.4
Private multilatina
No
avianca.com.co
113
893.5
232.8
12,836.9
5,636.4
N.A.
12.6
5.5
17.6
73.5
State multilatina
No
isa.com.co
114
N.A.
-
N.A.
N.A.
250
-
-
-
-
State national
No
enarsa.com.ar
115
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
nestle.com.br
116
863.1
46.7
7,977.2
2,708.7
N.A.
21.3
7.2
14.3
31.4
Private national
Sí
raizen.com
117
725.3
16.5
9,346.4
4,564.8
N.A.
6.4
3.2
7.3
21.0
State national
Sí
copel.com.br
118
710.2
90.1
6,857.3
3,212.0
11,691
8.6
4.0
7.0
34.0
Private multilatina
Sí
penoles.com.mx
119
629.7
7.4
10,594.9
2,613.4
64,937
9.9
2.4
6.6
17.2
Private multilatina
Sí
grupoelektra.com.mx
120
-152.2
1,524.8
7,100.5
3,863.9
4,614
31.7
17.2
31.2
55.4
State national
Sí
chesf.gov.br
121
903.6
-18.2
8,977.4
2,413.5
N.A.
5.3
1.4
3.3
18.9
Private multilatina
No
votorantim-cimentos.com
122
N.A.
-
N.A.
N.A.
20,453
-
-
-
-
Multinational subsidiary
No
carrefour.com.ar
123
759.0
-5.5
4,441.0
1,791.6
22,491
14.6
5.9
6.8
18.7
Private multilatina
No
alfa.com.mx
124
77.1
35.4
520.8
71.6
N.A.
28.5
3.9
0.5
2.7
Private national
No
ale.com.br
125
2,423.2
-24.0
12,937.8
100.0
3,023 1,170.0
9.0
30.7
48.3
State national
No
itaipu.gov.py
126
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
ford.com.br
127
1,468.3
15.8
9,380.1
2,838.7
N.A.
43.3
13.1
32.6
45.0
Private national
Sí
cielo.com.br
128
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
ge.com/br
129
N.A.
-
N.A.
N.A.
11,800
-
-
-
-
Multinational subsidiary
No
1
ge.com.mx
130
175.1
-
2,700.7
523.2
28,677
3.5
0.7
0.5
5.4
Private national
Sí
smu.cl
131
1,334.3
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
comcel.com.co
132
N.A.
-
N.A.
N.A.
21,500
-
-
-
-
Multinational subsidiary
No
flextronics.com
133
439.0
27.3
6,149.0
1,130.7
N.A.
4.2
0.8
1.3
15.4
Private national
Sí
energisa.com.br
134
890.7
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
Sí
antofagasta.co.uk
135
270.3
-16.6
4,165.9
827.6
7,300
0.8
0.2
0.2
6.3
Multinational subsidiary
Sí
aeseletropaulo.com.br
136
204.4
47.2
1,738.0
893.6
N.A.
15.4
7.9
4.0
8.7
Private national
Sí
drogaraia.com.br
137
N.A.
-
N.A.
N.A.
41,000
-
-
-
-
Multinational subsidiary
No
pepsico.com
138
316.4
-49.4
4,189.2
1,119.3
2,504
4.7
1.3
1.6
4.7
State national
Sí
petroperu.com
139
N.A.
-
N.A.
N.A.
2,527
-
-
-
-
Multinational subsidiary
No
1
shell.com.ar
140
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
Sí
1
adm.com
141
820.8
7.6
3,013.4
1,216.1
10,900
20.6
8.3
7.5
26.3
Private national
Sí
telecom.com.ar
142
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
honda.com.br
143
276.3
-0.1
2,618.6
1,288.2
N.A.
20.4
10.0
7.9
8.3
Private national
No
coamo.com.br
144
N.A.
-
N.A.
N.A.
6,000
-
-
-
-
Private national
No
nadro.com
145
518.3
2.7
2,723.7
1,153.7
19,933
24.8
10.5
8.7
16.2
Private multilatina
Sí
gruma.com
146
N.A.
-
2,249.4
602.5
4,548
-24.1
-6.5
-4.4
-
Multinational subsidiary
No
yarabrasil.com.br
147
295.0
-55.0
5,046.2
767.7
N.A.
-13.0
-2.0
-3.1
4.1
State national
Sí
cemig.com.br
148
73.0
-
55,011.9
4,482.4
21,356
5.9
0.5
8.2
5.7
Private national
Sí
quinenco.cl
149
368.0
26.7
4,316.5
1,724.8
29,699
13.9
5.6
7.5
14.6
Multinational subsidiary
Sí
sagafalabella.com
150
1
1
1 1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 27
101 - 150
267.8 673.9
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
27
20/10/17 17:12
GLOBAL ISSUE
RK RK 2017 2016
151 - 200
151
-
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM ENEL CHILE
COUNTRY
SECTOR / CATEGORY
SALES 2016 US$ millons
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
CHI
Energy
3,158.4
N.A.
-
474.7
N.A.
-
1,067.4
N.A.
152 171 CERVECERÍA CUAUHTÉMOC – HEINEKEN
MEX
Beverage/Liquor
3,141.3
2,717.1
15.6
N.A.
N.A.
-
N.A.
N.A.
153 177 TEREOS
BRA
Bio-energy
3,130.6
2,255.7
38.8
-8.9
-44.0
79.8
219.6
147.6
154 246 REDE ENERGÍA
BRA
Energy
3,073.2
2,872.3
7.0
N.A.
N.A.
-
N.A.
N.A.
155 207 CCR RODOVIAS
BRA
Construction/Engineering
3,069.8
2,378.8
29.0
526.3
245.3
114.6
1,615.9
996.5
156 128 ANGLO AMERICAN
CHI
Mining
3,066.0
3,448.0
-11.1
N.A.
N.A.
-
N.A.
N.A.
157 154 GRUPO VILLACERO
MEX
Steel/Metallurgy
3,056.8
2,862.1
6.8
N.A.
N.A.
-
N.A.
N.A.
158 183 JABIL CIRCUIT
MEX
Manufacturing
3,043.6
2,555.5
19.1
N.A.
N.A.
-
N.A.
N.A.
159 153 SUZANO PAPEL E CELULOSE
BRA
Cellulose/Papel
3,035.0
2,868.6
5.8
166.5
-64.7
357.4
833.6 1,251.2
-33.
160 168 GOL
BRA
Air transport
3,030.3
2,743.3
10.5
260.9
-1,251.6
120.8
351.4
66.2
430.
161 157 ENEL BRASIL-ENDESA BRASIL
BRA
Energy
3,026.0
2,863.2
5.7
220.8
164.7
34.0
581.8
496.4
17.
162 163 SODIMAC
CHI
Retail
2,990.8
2,781.9
7.5
113.8
125.6
-9.4
228.2
174.4
48.
62.
163 160 SUPERMERCADOS JUMBO
CHI
Retail
2,979.7
2,823.5
5.5
N.A.
N.A.
-
N.A.
N.A.
164 134 VOLKSWAGEN BRASIL
BRA
Automotive/Auto parts
2,972.0
3,500.0
-15.1
N.A.
N.A.
-
N.A.
N.A.
165 176 MINERVA
BRA
Food
2,963.1
2,672.3
10.9
59.9
-224.6
126.6
297.1
279.6
166 149 LIGHT
BRA
Energy
2,962.1
2,987.2
-0.8
-96.1
10.6
-1,006.1
310.0
307.3
0.
167 214 PAN AMERICAN ENERGY
ARG
Petroleum/Gas
2,959.3
2,331.0
27.0
369.6
152.8
141.8
1,519.6
904.3
68.
168 173 SEGURO SOCIAL DE SALUD - ESSALUD
PER
Health
2,953.2
2,703.8
9.2
84.9
29.4
188.7
N.A.
70.9
169 159 FIBRIA
BRA
Cellulose/Papel
2,952.7
2,828.2
4.4
508.2
96.0
429.3
170 189 MAGAZINE LUIZA
BRA
Retail
2,920.1
2,519.0
15.9
26.6
-18.4
244.5
219.5
130.4
171 195 GRUPO NUTRESA
COL
Food
2,891.8
2,472.3
17.0
131.9
133.2
-1.0
N.A.
303.6
172 170 WEG
BRA
Manufacturing
2,876.6
2,738.3
5.0
343.2
324.4
5.8
432.1
414.6
4.
173 158 EDP - ENERGIAS DO BRASIL
BRA
Energy
2,875.9
2,835.9
1.4
204.7
355.2
-42.4
670.2
810.4
-17.
174 196 CEMENTOS ARGOS
COL
Cement
2,838.7
2,461.9
15.3
140.0
152.9
-8.5
531.2
472.8
12.
175 180 WHIRLPOOL BRASIL
BRA
Manufacturing
2,831.1
2,633.7
7.5
95.8
80.5
19.0
190.6
192.8
-1.
176 179 ACEITERA GENERAL DEHEZA
ARG
Food
2,817.1
2,642.7
6.6
N.A.
N.A.
-
N.A.
N.A.
177 150 ARCOS DORADOS
ARG
Entertainment
2,803.3
2,930.4
-4.3
79.0
-51.6
253.0
238.4
230.2
3.
178 161 TELEFÓNICA DEL PERÚ
PER
Telecommunications
2,797.8
2,815.0
-0.6
260.4
-146.7
277.5
860.0
924.0
-6.
179 190 ENTEL
CHI
Telecommunications
2,791.9
2,516.0
11.0
51.1
-1.6
3,386.5
618.8
499.7
180 191 MABE
MEX
Manufacturing
2,743.6
2,740.6
0.1
49.7
59.7
-16.7
281.8
295.1
181 165 LEAR CORPORACIÓN MÉXICO
MEX
Automotive/Auto parts
2,684.4
2,777.3
-3.3
N.A.
N.A.
-
N.A.
N.A.
1,054.3 1,519.7
6.
-30.
68.
-4.
182 184 SUPERMERCADOS SANTA ISABEL
CHI
Retail
2,675.7
2,544.1
5.2
N.A.
N.A.
-
N.A.
N.A.
183 325 ELETRONORTE
BRA
Energy
2,673.8
1,620.8
65.0
979.3
28.5
3,333.1
1,239.3
236.2
424.
184 192 LIGHT SERVIÇOS DE ELETRICIDADE
BRA
Energy
2,658.8
2,735.7
-2.8
-56.8
-11.0
-416.0
252.3
211.2
19.
185 178 EMBOTELLADORA ANDINA
CHI
Beverage/Liquor
2,657.0
2,646.8
0.4
135.3
123.9
9.2
428.4
406.6
186 188 B2W - CIA. GLOBAL DO VAREJO
BRA
Retail
2,641.5
2,528.9
4.5
-149.2
-117.4
-27.1
200.5
183.0
187 187 CENCOSUD BRASIL
BRA
Retail
2,641.4
2,531.3
4.4
N.A.
N.A.
-
N.A.
N.A.
188 181 MAKRO
BRA
Retail
2,629.7
2,606.8
0.9
N.A.
N.A.
-
N.A.
N.A.
189 197 AURORA ALIMENTOS
BRA
Food
2,628.8
2,127.6
23.6
33.6
68.9
-51.3
60.7
104.0
190 172 GRUPO AEROMÉXICO
MEX
Air transport
2,606.1
2,714.0
-4.0
53.8
67.0
-19.7
319.3
320.5
-0.
191 155 USIMINAS
BRA
Steel/Metallurgy
2,596.3
2,857.7
-9.1
-205.8
-907.9
77.3
305.5
-650.2
147.
192 162 GRUPO INDUSTRIAL LALA
MEX
Food
2,584.0
2,785.5
-7.2
199.5
225.9
-11.7
331.6
393.7
-15.
193 199 SYNGENTA BRASIL
BRA
Agro-industry
2,555.1
2,443.4
4.6
N.A.
N.A.
-
N.A.
N.A.
9.
-41.
194 206 SUPERMERCADOS UNIMARC
CHI
Retail
2,552.8
2,379.2
7.3
N.A.
N.A.
-
N.A.
N.A.
195 242 NIDERA SEMENTES BRASIL
BRA
Agro-industry
2,552.5
2,356.2
8.3
-114.4
8.1
-1,504.1
-107.7
21.8
-592.
196 169 REFINERÍA LA PAMPILLA
PER
Petroleum/Gas
2,549.5
2,743.1
-7.1
44.5
30.7
45.0
111.8
72.0
55.
197 167 NESTLÉ DE MÉXICO
MEX
Food
2,547.2
2,773.7
-8.2
N.A.
N.A.
-
N.A.
N.A.
198 198 CODELCO DIV. EL TENIENTE
CHI
Mining
2,534.4
2,453.1
3.3
934.5
915.0
2.1
N.A.
N.A.
199 205 ENEX
CHI
Petroleum/Gas
2,528.4
2,393.4
5.6
30.2
27.9
8.5
N.A.
N.A.
200 201 BASF BRASIL
BRA
Chemicals/Pharma
2,523.7
2,428.5
3.9
-147.8
-108.9
-35.7
164.4
112.0
28
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 28
20/10/17 17:12
46.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
N.A.
-
8,070.1
N.A.
336
-
5.9
15.0
33.8
Multinational subsidiary
Sí
N.A.
-
N.A.
N.A.
16,000
-
-
-
-
Multinational subsidiary
No
147.6
48.8
4,441.0
1,551.8
24,000
-0.6
-0.2
-0.3
7.0
Multinational subsidiary
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
996.5
62.2
7,541.1
1,199.0
N.A.
43.9
7.0
17.1
52.6
N.A.
-
N.A.
N.A.
7,354
-
-
-
N.A.
-
N.A.
N.A.
3,500
-
-
N.A.
-
N.A.
N.A.
16,200
-
1,251.2
-33.4
9,060.3
1,064.9
N.A.
66.2
430.9
2,581.0
-1,120.9
496.4
17.2
5,027.3
174.4
-
N.A.
WEB SITE (www.)
RK 2017 151
ccm.com.mx
152
Si
tereosinternacional.com.br
153
Private national
Sí
postosredeenergia.com.br
154
Private national
Sí
ccrnet.com.br
155
-
Multinational subsidiary
No
angloamerican.co.uk
156
-
-
Private national
No
villacero.com
157
-
-
-
Multinational subsidiary
No
jabil.com
158
15.6
1.8
5.5
27.5
Private multilatina
Sí
suzano.com.br
159
N.A.
-23.3
10.1
8.6
11.6
Private multilatina
Sí
voegol.com.br
160
2,485.5
2,659
8.9
4.4
7.3
19.2
Multinational subsidiary
No
endesabrasil.com.br
161
1,198.1
371.5
18,643
30.6
9.5
3.8
7.6
Private national
No
sodimac.cl
162
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
jumbo.cl
163
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
volkswagen.com.br
164
279.6
6.3
2,751.4
159.9
N.A.
37.4
2.2
2.0
10.0
Private multilatina
Sí
minerva.ind.br
165
307.3
0.9
4,400.8
1,030.0
N.A.
-9.3
-2.2
-3.2
10.5
Private national
Sí
light.com.br
166
904.3
68.0
9,673.8
4,958.7
71,776
7.5
3.8
12.5
51.3
Private multilatina
No
pan-energy.com
167
70.9
-
3,540.2
2,950.1
54,984
2.9
2.4
2.9
-
State national
No
essalud.gob.pe
168
1,519.7
-30.6
10,576.7
4,223.0
N.A.
12.0
4.8
17.2
35.7
Private multilatina
Sí
fibria.com.br
169
130.4
68.3
1,900.1
217.5
N.A.
12.2
1.4
0.9
7.5
Private national
Sí
magazineluiza.com.br
170
303.6
-
4,565.9
2,781.8
45,084
4.7
2.9
4.6
-
Private multilatina
Sí
inversioneschocolates.com
171
414.6
4.2
4,148.7
1,831.2
N.A.
18.7
8.3
11.9
15.0
Private multilatina
Sí
weg.com.br
172
810.4
-17.3
5,909.8
2,310.4
16,277
8.9
3.5
7.1
23.3
Multinational subsidiary
Sí
energiasdobrasil.com.br
173
472.8
12.4
6,384.7
2,780.4
9,247
5.0
2.2
4.9
18.7
Private multilatina
Sí
argos.com.co
174
192.8
-1.2
2,017.4
781.5
N.A.
12.3
4.7
3.4
6.7
Multinational subsidiary
Sí
whirlpool.com.br
175
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private multilatina
No
agd.com.ar
176
230.2
3.6
1,505.1
351.6
90,000
22.5
5.2
2.8
8.5
Private multilatina
Sí
arcosdorados.net
177
924.0
-6.9
4,145.0
1,910.2
5,471
13.6
6.3
9.3
30.7
Multinational subsidiary
Sí
telefonica.com.pe
178
499.7
-
5,202.7
1,886.3
12,605
2.7
1.0
1.8
22.2
Private national
Sí
entel.cl
179
295.1
-4.5
2,217.6
475.6
18,489
10.5
2.2
1.8
10.3
Private multilatina
No
mabe.com.mx
180
N.A.
-
N.A.
N.A.
48,700
-
-
-
-
Multinational subsidiary
No
lear.com
181
N.A.
-
N.A.
N.A.
14,290.0
-
-
-
-
Private national
No
santaisabel.cl
182
236.2
424.7
8,316.3
4,636.2
3,335
21.1
11.8
36.6
46.3
State national
No
eletronorte.gov.br
183
211.2
19.5
3,636.6
763.5
N.A.
-7.4
-1.6
-2.1
9.5
Private national
Sí
light.com.br
184
406.6
-
3,287.3
1,226.7
16,296
11.0
4.1
5.1
16.1
Private multilatina
Sí
koandina.com
185
183.0
9.6
3,145.1
945.3
N.A.
-15.8
-4.7
-5.6
7.6
Private national
Sí
b2winc.com
186
N.A.
-
N.A.
N.A.
22,839
-
-
-
-
Multinational subsidiary
No
cencosud.com
187
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
makro.com.br
188
104.0
-41.6
1,509.5
508.0
26,392
6.6
2.2
1.3
2.3
Private national
No
aurora.com.br
189
320.5
-0.4
3,456.1
691.8
N.A.
7.8
1.6
2.1
12.3
Private multilatina
Sí
aeromexico.com
190
-650.2
147.0
8,062.9
4,156.8
4,012
-4.9
-2.6
-7.9
11.8
Private multilatina
Sí
usiminas.com.br
191
393.7
-15.8
1,973.3
1,385.2
34,866
14.4
10.1
7.7
12.8
Private multilatina
Sí
lala.com.mx
192
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
syngenta.com
193
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
1
unimarc.cl
194
21.8
-592.9
1,399.1
137.3
N.A.
-83.3
-8.2
-4.5
-4.2
Multinational subsidiary
No
niderasementes.com.br
195
72.0
55.3
1,555.0
533.9
663
8.3
2.9
1.7
4.4
Multinational subsidiary
Sí
relapasa.com.pe
196
N.A.
-
N.A.
N.A.
15,000
-
-
-
-
Multinational subsidiary
No
nestle.com.mx
197
N.A.
-
6,575.7
N.A.
4,524
-
14.2
36.9
-
State national
No
codelco.cl
198
N.A.
-
N.A.
N.A.
3,043
-
-
1.2
-
Private national
No
-
199
112.0
46.9
3,212.0
722.1
N.A.
-20.5
-4.6
-5.9
6.5
Multinational subsidiary
No
basf.com.br
200
1
1
1
1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 29
151 - 200
enelchile.cl 3
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
29
20/10/17 17:12
GLOBAL ISSUE
RK RK 2017 2016
FIRM
COUNTRY
SECTOR / CATEGORY
SALES 2016 US$ millons
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
-17.
201 175 INDUSTRIAS BACHOCO
MEX
Food
2,514.0
2,672.5
-5.9
190.7
220.4
-13.5
276.6
336.6
202 185 DOW BRASIL
BRA
Petrochemicals
2,511.7
2,544.0
-1.3
N.A.
N.A.
-
N.A.
N.A.
203 221 CLARO ARGENTINA
ARG
Telecommunications
2,507.4
2,262.4
10.8
N.A.
635.9
-
839.2
795.2
204 240 AGROSUPER
CHI
Food
2,495.9
2,120.2
17.7
257.2
162.0
58.7
440.7
231.2
205 152 CGE
CHI
Energy
2,492.8
2,902.6
-14.1
264.7
134.9
96.2
322.7
490.7
206 215 HOME DEPOT MÉXICO
MEX
Retail
2,473.0
2,314.2
6.9
N.A.
N.A.
-
N.A.
N.A.
207 273 AT&T MÉXICO
MEX
Telecommunications
2,472.0
2,050.0
20.6
N.A.
N.A.
-
1,500.0
N.A.
208 256 MOLINOS RÍO DE LA PLATA
ARG
Agro-industry
2,470.7
1,973.0
25.2
55.3
84.3
-34.3
125.6
121.9
3.
209 204 GRUPO ICE
C.RI
Energy
2,458.5
2,400.2
2.4
36.5
-3.6
1,101.7
779.5
594.1
31.
210 232 ENEL GENERACIÓN
CHI
Energy
2,451.5
2,171.1
12.9
706.4
553.9
27.5
1,024.7
748.2
211 257 DPSP DROGARIAS
BRA
Retail
2,437.1
1,956.6
24.6
32.0
22.8
40.2
129.0
103.4
212 227 NATURA
BRA
Chemicals/Pharma
2,430.0
2,216.1
9.7
91.1
144.1
-36.8
412.6
419.7
-1.
213
BRA
Health
2,429.9
1,810.2
34.2
250.6
210.5
19.1
496.1
415.1
19.
214 174 BAYER BRASIL
BRA
Chemicals/Pharma
2,426.8
2,713.4
-10.6
-45.3
178.5
-125.4
112.8
353.1
-68.
215 211 SHELL CHILE
CHI
Petroleum/Gas
2,421.3
2,348.5
3.1
N.A.
N.A.
-
N.A.
N.A.
216
201 - 250
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
-
-
REDE D'OR
AGROCOMERCIAL AS
5.
24.
CHI
Agro-industry
2,417.0
2,115.6
14.2
160.1
247.3
-35.3
N.A.
N.A.
217 251 EQUATORIAL
BRA
Energy
2,403.3
2,001.7
20.1
218.7
226.8
-3.6
430.6
284.5
51.
218 213 TRANSPETRO
BRA
Shipping
2,399.6
2,331.1
2.9
96.4
289.8
-66.7
594.0
571.2
4.
219 230 RIPLEY CORP.
CHI
Retail
2,390.0
2,173.3
10.0
171.1
-64.3
366.3
183.7
132.6
220 452 MINERA CERRO VERDE
PER
Mining
2,384.1
1,115.6
113.7
340.9
33.2
926.8
1,148.0
415.6
176.
221 248 BAVARIA
COL
Beverage/Liquor
2,379.4
2,026.5
17.4
437.5
627.2
-30.2
726.6 1,242.3
-41.
222 239 ARCOR
ARG
Food
2,378.1
2,120.2
12.2
68.3
61.7
10.8
223 200 AUTORIDAD DEL CANAL DE PANAMÁ
PAN
Ports/Airports
2,364.0
2,441.0
-3.2
1,163.4
1,360.8
-14.5
224 208 ALTOS HORNOS DE MÉXICO
MEX
Steel/Metallurgy
2,344.5
2,376.0
-1.3
-152.4
-249.0
38.8
225 225 JUMBO RETAIL ARGENTINA
ARG
Retail
2,344.4
2,245.6
4.4
N.A.
N.A.
-
N.A.
N.A.
226 241 CCU
CHI
Beverage/Liquor
2,330.3
2,112.4
10.3
177.1
170.3
4.0
412.3
415.9
227 229 TOYOTA ARGENTINA
ARG
Automotive/Auto parts
2,328.4
2,173.8
7.1
N.A.
N.A.
-
N.A.
N.A.
228 202 CPFL-COMPANHIIA PAULISTA DE FORÇA E LUZ
BRA
Energy
2,320.2
2,416.7
-4.0
78.4
83.7
-6.3
268.1
226.4
18.
229 182 GRUPO SANBORNS
MEX
Retail
2,300.1
2,567.5
-10.4
215.8
178.6
20.8
373.9
338.7
10.
230 254 COLLAHUASI
CHI
Mining
2,286.0
1,991.0
14.8
501.0
211.0
137.4
N.A.
N.A.
231 233 AES GENER
CHI
Energy
2,280.6
2,159.4
5.6
N.A.
264.1
-
770.9
666.4
232 108 JOHNSON CONTROLS MÉXICO
MEX
Automotive/Auto parts
2,259.7
4,191.8
-46.1
258.8
-80.0
423.7
486.1
245.6
233 274 GRUPO BRASIL KIRIN
BRA
Beverage/Liquor
2,244.8
1,876.9
19.6
N.A.
N.A.
-
N.A.
N.A.
234 220 GERDAU AÇOS LONGOS
BRA
Steel/Metallurgy
2,227.1
2,364.6
-5.8
-168.5
-627.5
73.2
-109.7
-185.7
40.
235 223 COPA AIRLINES
PAN
Air transport
2,221.8
2,250.1
-1.3
334.5
-225.0
248.7
556.1
-50.1
1,209.
236 234 CODELCO DIV. CHUQUICAMATA
CHI
Mining
2,209.9
2,156.6
2.5
447.6
183.9
143.5
N.A.
N.A.
237 212 SUPERMERCADOS LA FAVORITA
ECU
Retail
2,200.6
2,347.7
-6.3
157.2
187.5
-16.2
290.6
344.6
238 302 DIA BRASIL
BRA
Retail
2,199.6
1,724.8
27.5
N.A.
N.A.
-
N.A.
N.A.
239 218 AXION ENERGY ARGENTINA
ARG
Petroleum/Gas
2,194.5
2,284.3
-3.9
N.A.
N.A.
-
N.A.
N.A.
240 226 SUKARNE
MEX
Food
2,186.4
2,235.2
-2.2
N.A.
83.8
-
N.A.
188.1
241 203 SIGDO KOPPERS
CHI
Construction/Engineering
2,185.8
2,407.8
-9.2
84.8
134.6
-37.0
290.3
373.0
242 266 COELBA
BRA
Energy
2,178.8
1,913.1
13.9
93.4
108.4
-13.8
348.0
332.5
4.
243 330 KLABIN
BRA
Cellulose/Papel
2,177.6
1,595.7
36.5
762.2
-351.6
316.8
866.4
698.7
24.
5.
241.2
243.6
1,297.9 1,440.8 164.6
13.3
244 252 INRETAIL PERU CORP y SUB
PER
Retail
2,171.1
1,999.4
8.6
80.0
42.5
88.1
232.4
220.0
245 210 PROCTER & GAMBLE DE MÉXICO
MEX
Chemicals/Pharma
2,169.5
2,350.6
-7.7
N.A.
N.A.
-
N.A.
N.A.
246 222 MINERA ANTAMINA
PER
Mining
2,169.0
2,251.0
-3.6
N.A.
N.A.
-
N.A.
N.A.
247 235 SOUZA CRUZ
BRA
Agro-industry
2,156.4
2,153.6
0.1
N.A.
N.A.
-
N.A.
N.A.
248 238 MOSAIC BRASIL
BRA
Chemicals/Pharma
2,127.0
2,137.9
-0.5
N.A.
N.A.
-
N.A.
N.A.
249 275 EMPRESAS BANMÉDICA
CHI
Health
2,123.0
1,872.7
13.4
86.3
64.5
33.8
203.3
164.0
250 333 C. VALE
BRA
Agro-industry
2,122.6
1,585.6
33.9
23.0
38.7
-40.6
114.6
108.9
30
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 30
20/10/17 17:12
-1.
-9.
1,140.
97.
-15.
5.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
336.6
-17.8
2,179.1
1,530.2
25,725
12.5
8.8
7.6
11.0
Private national
Sí
N.A.
-
N.A.
N.A.
3,400
-
-
-
-
Multinational subsidiary
No
795.2
5.5
N.A.
N.A.
N.A.
-
-
-
33.5
Multinational subsidiary
231.2
-
2,337.1
1,589.1
13,920
16.2
11.0
10.3
17.7
490.7
-
5,000.6
2,295.8
3,281
11.5
5.3
10.6
12.9
N.A.
-
N.A.
N.A.
15,500
-
-
-
N.A.
-
7,570.0
N.A.
23,000
-
-
121.9
3.1
734.0
239.3
4,300
23.1
594.1
31.2
10,517.7
4,675.8
N.A.
748.2
-
5,081.9
2,542.6
103.4
24.7
963.1
419.7
-1.7
415.1
WEB SITE (www.)
RK 2017 201
dowbrasil.com
202
No
cti.com.ar
203
Private national
No
agrosuper.cl
204
Private multilatina
Sí
cge.cl
205
-
Multinational subsidiary
No
homedepot.com.mx
206
-
60.7
Multinational subsidiary
No
att.com.mx
207
7.5
2.2
5.1
Private national
Sí
molinos.com.ar
208
0.8
0.3
1.5
31.7
State national
No
grupoice.com
209
883
27.8
13.9
28.8
41.8
Multinational subsidiary
Sí
endesa.cl
210
349.6
N.A.
9.1
3.3
1.3
5.3
Private national
No
-
211
2,586.3
306.0
N.A.
29.8
3.5
3.7
17.0
Private multilatina
Sí
natura.com.br
212
19.5
3,776.7
1,371.7
N.A.
18.3
6.6
10.3
20.4
Private national
No
rededor.com.br
213
353.1
-68.1
3,701.3
898.2
N.A.
-5.0
-1.2
-1.9
4.6
Multinational subsidiary
No
bayer.com.br
214
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
shell.cl
215
N.A.
-
2,336.1
1,472.4
N.A.
10.9
6.9
6.6
-
Private national
No
-
216
284.5
51.4
4,366.8
1,235.8
N.A.
17.7
5.0
9.1
17.9
Private national
Sí
equatorialenergia.com.br
217
571.2
4.0
3,556.0
1,230.9
N.A.
7.8
2.7
4.0
24.8
State multilatina
No
transpetro.com.br
218
132.6
-
4,010.4
1,338.1
24,837
12.8
4.3
7.2
7.7
Private multilatina
Sí
ripley.cl
219
415.6
176.2
7,635.6
4,839.2
4,381
7.0
4.5
14.3
48.2
Multinational subsidiary
Sí
fcx.com
220
1,242.3
-41.5
2,840.6
1,401.9
4,994
31.2
15.4
18.4
30.5
Private national
Sí
bavaria.co
221
243.6
-1.0
1,562.8
439.5
6,600
15.5
4.4
2.9
10.1
Private multilatina
No
arcor.com.ar
222
1,440.8
-9.9
12,884.5
9,266.5
9,926
12.6
9.0
49.2
54.9
State national
No
pancanal.com
223
13.3
1,140.9
3,074.4
1,058.2
21,225
-14.4
-5.0
-6.5
7.0
Private national
Sí
ahmsa.com
224
N.A.
-
N.A.
N.A.
19,000
-
-
-
-
Multinational subsidiary
No
jumbo.com.ar
225
415.9
-
2,797.7
1,610.4
8,186
11.0
6.3
7.6
17.7
Private multilatina
Sí
ccu.cl
226
N.A.
-
N.A.
N.A.
4,892
-
-
-
-
Multinational subsidiary
No
toyota.com.ar
227
226.4
18.5
2,836.9
326.6
N.A.
24.0
2.8
3.4
11.6
Private national
Sí
cpfl.com.br
228
338.7
10.4
2,183.7
1,439.0
49,652
15.0
9.9
9.4
16.3
Private multilatina
Sí
sanborns.com.mx
229
N.A.
-
N.A.
N.A.
2,067
-
-
21.9
-
Multinational subsidiary
No
collahuasi.cl
230
666.4
-
7,829.1
2,420.6
1,330
-
-
-
33.8
Multinational subsidiary
Sí
gener.cl
231
245.6
97.9
14,411.9
6,605.4
12,623
3.9
1.8
11.5
21.5
Multinational subsidiary
No
johnsoncontrols.com
232
N.A.
-
N.A.
N.A.
39,000
-
-
-
-
Private national
No
brasilkirin.com.br
233
-185.7
40.9
4,216.7
2,300.9
N.A.
-7.3
-4.0
-7.6
-4.9
Private national
No
gerdau.com.br
234
-50.1
1,209.6
3,846.1
1,842.3
8,733
18.2
8.7
15.1
25.0
Private multilatina
Sí
copaair.com
235
N.A.
-
6,304.0
N.A.
5,921
-
7.1
20.3
-
State national
No
codelco.cl
236
344.6
-15.7
1,827.3
1,380.3
11,030
11.4
8.6
7.1
13.2
Private national
Sí
supermaxi.com
237
N.A.
-
N.A.
N.A.
10,497
-
-
-
-
Private national
No
dia.com.br
238
1
1
1 1
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
axionenergy.com
239
188.1
-
N.A.
N.A.
12,000
-
-
-
-
Private national
No
sukarne.com.mx
240
373.0
-
3,540.6
1,265.7
13,795
6.7
2.4
3.9
13.3
Private multilatina
Sí
sigdokoppers.cl
241
332.5
4.7
3,239.2
923.8
N.A.
10.1
2.9
4.3
16.0
Private national
Sí
coelba.com.br
242
698.7
24.0
9,002.3
2,180.5
18,000
35.0
8.5
35.0
39.8
Private national
Sí
klabin.com.br
243
220.0
5.6
2,480.4
1,007.1
N.A.
7.9
3.2
3.7
10.7
Private national
Sí
inretail.pe
244
N.A.
-
N.A.
N.A.
6,000
-
-
-
-
Multinational subsidiary
No
pg.com.mx
245
N.A.
-
N.A.
N.A.
2,827
-
-
-
-
Private national
No
antamina.com
246
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
Sí
souzacruz.com.br
247
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
mosaicco.com
248
164.0
-
1,736.7
428.1
22,781
20.2
5.0
4.1
9.6
Private national
Sí
empresasbanmedica.cl
249
108.9
5.3
1,549.9
437.3
N.A.
5.3
1.5
1.1
5.4
Private national
No
cvale.com.br
250
1
1 1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 31
201 - 250
bachoco.com.mx 1
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
31
20/10/17 17:12
GLOBAL ISSUE
RK RK 2017 2016 251
-
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
MEX
Health
2,098.0
N.A.
-
N.A.
N.A.
-
N.A.
N.A.
MEX
Beverage/Liquor
2,094.8
2,367.0
-11.5
43.7
8.2
430.3
194.8
196.0
-0.
253 298 BIOSEV
BRA
Bio-energy
2,094.3
1,754.9
19.3
-74.2
-153.7
51.7
567.4
660.2
-14.
254 264 IOCHPE-MAXION
BRA
Automotive/Auto parts
2,093.4
1,920.9
9.0
6.6
13.9
-52.4
244.5
210.7
16.
255 272 CEMIG GERAÇÃO E TRANSMISSÃO
BRA
Energy
2,091.1
2,069.7
1.0
21.5
649.9
-96.7
426.4 1,190.3
-64.
256 310 JSL
BRA
Transporte vial
2,069.7
1,680.5
23.2
-56.3
13.1
-528.5
321.2
306.4
257 243 TETRA PAK BRASIL
BRA
Manufacturing
2,027.4
2,103.7
-3.6
N.A.
N.A.
-
N.A.
N.A.
258 259 ASOC. DE COOP. ARGENTINAS
ARG
Consumer goods
2,026.2
1,949.1
4.0
N.A.
N.A.
-
N.A.
N.A.
259 285 TELECOM PERSONAL
ARG
Telecommunications
2,014.7
1,818.6
10.8
N.A.
N.A.
-
N.A.
N.A.
260 219 CARGILL ARGENTINA
ARG
Agro-industry
2,008.0
2,279.1
-11.9
N.A.
N.A.
-
N.A.
N.A.
261
BRA
Steel/Metallurgy
2,000.0
2,300.0
-13.0
N.A.
N.A.
-
N.A.
N.A.
262 431 MATEUS SUPER
BRA
Retail
1,991.7
1,172.4
69.9
N.A.
N.A.
-
N.A.
N.A.
263 247 COSTCO MÉXICO
MEX
Retail
1,987.9
2,046.1
-2.8
N.A.
N.A.
-
N.A.
N.A.
264 303 LOJAS RENNER
BRA
Retail
1,981.3
1,724.1
14.9
192.0
162.4
18.2
395.2
336.1
17.
265 261 ALICORP
PER
Food
1,978.7
1,935.4
2.2
90.2
46.3
94.8
231.4
205.4
12.
266
-
ENGIE BRASIL
BRA
Energy
1,978.5
1,827.0
8.3
475.2
421.0
12.9
937.2
870.9
7.
267
-
OSDE
ARG
Health
1,977.3
N.A.
-
N.A.
N.A.
-
N.A.
N.A.
268
-
PAMPA ENERGÍA
THYSSENKRUPP CSA BRASIL
4.
ARG
Energy
1,968.2
551.0
257.2
-0.7
235.9
-100.3
329.4
335.8
ARG
Telecommunications
1,967.0
2,774.0
-29.1
N.A.
N.A.
-
N.A.
N.A.
270 268 PRIMAX
PER
Petroleum/Gas
1,966.2
1,913.0
2.8
5.3
4.8
11.3
70.4
73.2
-3.
271 245 CORPORATIVO FRAGUA
MEX
Retail
1,960.8
2,069.0
-5.2
53.2
56.3
-5.4
112.1
122.0
-8.
272 280 EXXONMOBIL
COL
Petroleum/Gas
1,958.9
1,841.5
6.4
5.4
-0.5
1,208.6
N.A.
N.A.
273 296 ENEL DISTRIBUCIÓN
CHI
Energy
1,958.5
1,759.3
11.3
211.5
266.1
-20.5
279.5
249.2
274 262 TAG
BRA
Logistics
1,953.2
1,738.6
12.3
2,193.3
-567.6
486.4
275 282 ENTEL PCS
CHI
Telecommunications
1,946.8
1,828.7
6.5
179.3
206.6
-13.2
276 305 SQM
CHI
Mining
1,934.4
1,723.5
12.2
277.6
212.6
277 357 FRESNILLO PLC
MEX
Mining
1,905.5
1,444.4
31.9
425.0
69.4
278 231 GRUPO XIGNUX
MEX
Multisector
1,896.9
2,172.3
-12.7
12.2
20.2
279 306 DAIMLER MÉXICO
MEX
Automotive/Auto parts
1,894.0
1,714.7
10.5
43.9
280 186 ANCAP
URU
Petroleum/Gas
1,879.0
1,845.4
1.8
10.7
281 263 CELESC
BRA
Energy
1,876.0
1,926.0
-2.6
-3.0
282
BRA
Agro-industry
1,875.0
2,225.0
-15.7
N.A.
269 166 TELEFÓNICA MÓVIL ARGENTINA
251 - 300
SECTOR / CATEGORY
SALES 2015 US$ millons
252 209 CULTIBA
-
FEMSA DIVISIÓN SALUD
COUNTRY
SALES 2016 US$ millons
-
VALE FERTILIZANTES
2,052.4 1,436.7
-1.
42.
N.A.
480.0
30.6
N.A.
631.4
512.4
1,032.0
547.5
88.
-39.8
141.6
163.9
-13.
55.6
-21.0
145.6
147.4
-1.
-198.0
105.4
60.8
-53.7
213.
36.7
-108.2
101.1
100.1
1.
-149.9
-
209.0
N.A.
283 228 IBM MÉXICO
MEX
Software/IT
1,874.9
2,192.9
-14.5
N.A.
N.A.
-
N.A.
N.A.
284 270 FORD ARGENTINA
ARG
Automotive/Auto parts
1,871.9
1,902.8
-1.6
N.A.
N.A.
-
N.A.
N.A.
285 255 SANMINA - SCI SYSTEMS MÉXICO
MEX
Manufacturing
1,869.7
1,979.1
-5.5
N.A.
N.A.
-
N.A.
N.A.
286 288 LOS PELAMBRES
CHI
Mining
1,845.6
1,807.2
2.1
244.7
379.9
-35.6
N.A.
N.A.
287 194 FLEXTRONICS BRASIL
BRA
Manufacturing
1,839.4
2,474.3
-25.7
N.A.
N.A.
-
N.A.
N.A.
288 326 CMPC PULP
CHI
Cellulose/Papel
1,836.8
1,780.3
3.2
9.2
160.2
-94.3
N.A.
N.A.
289 276 ALSEA
MEX
Entertainment
1,822.1
1,866.6
-2.4
48.2
56.7
-15.1
249.1
248.7
0.
290 341 GUARARAPES - RIACHUELO
BRA
Manufacturing
1,818.6
1,545.1
17.7
97.5
98.3
-0.7
211.8
203.3
4.
291 297 PETROBRAS CHILE
CHI
Petroleum/Gas
1,809.6
1,755.2
3.1
N.A.
N.A.
-
N.A.
N.A.
292 217 GRAÑA Y MONTERO
PER
Multisector
1,807.5
2,306.4
-21.6
21.4
41.6
-48.6
162.0
192.4
293 267 ARCELORMITTAL
MEX
Steel/Metallurgy
1,806.0
1,913.0
-5.6
N.A.
N.A.
-
N.A.
N.A.
BRA
Software/IT
1,802.1
1,546.6
16.5
1,014.6
874.2
16.1
1,103.0
962.0
MEX
Health
1,797.8
1,723.6
4.3
N.A.
N.A.
-
N.A.
N.A.
296 249 SOUTHERN PERÚ COPPER CORP.
PER
Mining
1,794.3
2,021.2
-11.2
272.1
336.7
-19.2
621.4
863.2
297 269 CINEPOLIS
MEX
Entertainment
1,783.3
1,907.7
-6.5
N.A.
N.A.
-
N.A.
N.A.
294
-
REDECARD
295 304 GRUPO EMPRESARIAL ÁNGELES
298 353 OLÍMPICA
COL
Retail
1,772.9
1,462.3
21.2
29.9
24.4
22.7
N.A.
93.4
299 287 SIDERAR
ARG
Steel/Metallurgy
1,758.7
1,813.2
-3.0
232.9
135.2
72.3
405.7
321.5
300 331 GRUPO BOSCH BRASIL
BRA
Automotive/Auto parts
1,753.2
1,588.6
10.4
N.A.
N.A.
-
N.A.
N.A.
32
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 32
20/10/17 17:13
-15.
14.
-28.
26.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
WEB SITE (www.)
RK 2017
-
N.A.
N.A.
21,246
-
-
-
-
Private national
No
femsa.com
251
-0.6
1,627.1
820.0
37,715
5.3
2.7
2.1
9.3
Private national
Sí
-
252
660.2
-14.0
2,854.0
-142.2
N.A.
52.2
-2.6
-3.5
27.1
Multinational subsidiary
Sí
biosev.com
253
210.7
16.0
2,167.2
547.9
N.A.
1.2
0.3
0.3
11.7
Private multilatina
Sí
iochpe-maxion.com.br
254
1,190.3
-64.2
5,062.3
1,407.5
N.A.
1.5
0.4
1.0
20.4
State national
Sí
cemig.com.br
255
306.4
4.8
2,723.5
187.0
N.A.
-30.1
-2.1
-2.7
15.5
Private national
Sí
juliosimoeslogistica.com.br
256
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
tetrapak.com/br
257
N.A.
-
N.A.
N.A.
2,000
-
-
-
-
Private national
No
1
acacoop.com.ar
258
N.A.
-
N.A.
N.A.
4,900
-
-
-
-
Private national
No
1
personal.com.ar
259
N.A.
-
N.A.
N.A.
4,400
-
-
-
-
Multinational subsidiary
No
1
cargill.com.ar
260
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
thyssenkrupp-csa.com.br
261
N.A.
-
N.A.
N.A.
14,338
-
-
-
-
Private national
No
grupomateus.com.br
262
N.A.
-
N.A.
N.A.
10,000
-
-
-
-
Multinational subsidiary
No
costco.com.mx
263
336.1
17.6
1,988.5
809.8
N.A.
23.7
9.7
9.7
19.9
Private national
Sí
lojasrenner.com.br
264
205.4
12.7
1,831.1
769.6
N.A.
11.7
4.9
4.6
11.7
Private multilatina
Sí
alicorp.com.pe
265
870.9
7.6
4,428.3
2,030.3
N.A.
23.4
10.7
24.0
47.4
Multinational subsidiary
Sí
engie.com.br
266
N.A.
-
N.A.
N.A.
6,000
-
-
-
-
Private national
No
osde.com.ar
267
335.8
-1.9
4,860.1
695.2
14,000
-0.1
0.0
0.0
16.7
Private national
Sí
pampaenergia.com
268
N.A.
-
N.A.
N.A.
9,700
-
-
-
-
Multinational subsidiary
No
movistar.com.ar
269
73.2
-3.8
766.9
256.1
4,066
2.1
0.7
0.3
3.6
Private national
No
primax.com.pe
270
122.0
-8.1
890.0
484.6
32,567
11.0
6.0
2.7
5.7
Private national
Sí
farmaciasguadalajara.com.mx
271
N.A.
-
368.0
89.6
N.A.
6.0
1.5
0.3
-
Multinational subsidiary
No
exxon.com
272
249.2
-
1,605.9
1,058.9
688
20.0
13.2
10.8
14.3
Multinational subsidiary
Sí
chilectra.cl
273
1,436.7
42.8
6,092.9
2,722.1
N.A.
80.6
36.0
112.3
105.1
Private national
Sí
tag.com.br
274
480.0
-
1,644.2
730.3
N.A.
24.6
10.9
9.2
-
Private national
No
entelpcs.cl
275
631.4
-
4,208.0
2,240.4
165
12.4
6.6
14.3
-
Private national
Sí
sqm.cl
276
547.5
88.5
4,289.8
2,716.4
4,293
15.6
9.9
22.3
54.2
Multinational subsidiary
No
fresnilloplc.com
277
163.9
-13.6
1,786.2
362.4
20,345
3.4
0.7
0.6
7.5
Private multilatina
Sí
xignux.com
278
147.4
-1.2
2,637.9
470.3
6,826
9.3
1.7
2.3
7.7
Multinational subsidiary
No
daimler.com.mx
279
-53.7
213.2
1,965.0
731.0
N.A.
1.5
0.5
0.6
3.2
State national
No
ancap.com.uy
280
100.1
1.0
2,649.9
637.5
N.A.
-0.5
-0.1
-0.2
5.4
State national
Sí
celesc.com.br
281
N.A.
-
N.A.
N.A.
N.A.
-
-
-
11.1
Private national
No
valefertilizantes.com
282
N.A.
-
N.A.
N.A.
4,400
-
-
-
-
Multinational subsidiary
No
ibm.com.mx
283
N.A.
-
N.A.
N.A.
4,280
-
-
-
-
Multinational subsidiary
No
ford.com.ar
284
N.A.
-
N.A.
N.A.
16,600
-
-
-
-
Multinational subsidiary
No
sanmina-sci.com
285
N.A.
-
3,590.8
2,219.2
899
11.0
6.8
13.3
-
Private national
No
lospelambres.cl
286
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
flextronics.com
287
N.A.
-
5,007.7
N.A.
4,898
-
0.2
0.5
-
Private national
No
cmpc.cl
288
248.7
0.2
1,846.1
440.5
64,676
10.9
2.6
2.6
13.7
Private multilatina
Sí
alsea.com.mx
289
203.3
4.2
2,371.1
1,110.6
N.A.
8.8
4.1
5.4
11.6
Private national
Sí
lojasriachuelo.com.br
290
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
petrobras.com
291
192.4
-15.8
2,845.0
932.7
N.A.
2.3
0.8
1.2
9.0
Private multilatina
Sí
gym.com.pe
292
N.A.
-
N.A.
N.A.
6,700
-
-
-
-
Multinational subsidiary
No
arcelormittal.com
293
962.0
14.7
19,258.9
6,227.5
N.A.
16.3
5.3
56.3
61.2
Private national
No
userede.com.br
294
N.A.
-
N.A.
N.A.
30,000
-
-
-
-
Private national
No
863.2
-28.0
5,046.5
4,358.0
4,810
6.2
5.4
15.2
34.6
Multinational subsidiary
Sí
southernperu.com
296
N.A.
-
N.A.
N.A.
30,000
-
-
-
-
Private multilatina
No
3
cinepolis.com
297
93.4
-
1,130.8
443.7
N.A.
6.7
2.6
1.7
-
Private national
No
2
olimpica.com.co
298
321.5
26.2
2,413.0
1,806.1
5,500
12.9
9.7
13.2
23.1
Private multilatina
Sí
siderar.com.ar
299
N.A.
-
N.A.
N.A.
10,092
-
-
-
-
Multinational subsidiary
No
bosch.com.br
300
3
1
2
1 1
1
3
grupoempresarialangeles.com 295
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 33
251 - 300
N.A. 196.0
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
33
20/10/17 17:13
GLOBAL ISSUE
301 - 350
RK RK 2017 2016
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM
COUNTRY
SECTOR / CATEGORY
SALES 2016 US$ millons
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
301 324 VALEO MÉXICO
MEX
Automotive/Auto parts
1,740.4
1,627.8
6.9
N.A.
N.A.
-
N.A.
302 260 CASA LEY
MEX
Retail
1,739.8
1,936.6
-10.2
N.A.
N.A.
-
N.A.
N.A. N.A.
303 250 VOLKSWAGEN ARGENTINA
ARG
Automotive/Auto parts
1,738.9
2,008.1
-13.4
N.A.
N.A.
-
N.A.
N.A.
304 279 COMGAS
BRA
Petroleum/Gas
1,737.3
1,850.9
-6.1
276.7
196.1
41.1
603.5
429.4
40.
305 271 IBERDROLA MÉXICO
MEX
Energy
1,735.0
1,773.0
-2.1
200.6
232.5
-13.7
541.7
553.7
-2.
306 403 NUEVA EPS
COL
Health
1,734.2
1,277.0
35.8
-21.3
-26.7
20.4
N.A.
N.A.
307 315 PARIS
CHI
Retail
1,733.1
1,662.1
4.3
N.A.
N.A.
-
N.A.
N.A.
308 345 WALMART ARGENTINA
ARG
Retail
1,723.9
1,514.0
13.9
N.A.
N.A.
-
N.A.
N.A.
309 277 KIMBERLY CLARK DE MÉXICO
MEX
Cellulose/Papel
1,723.4
1,861.8
-7.4
231.7
250.5
-7.5
464.9
508.9
310 316 UNE EPM TELCOMUNICACIONES
COL
Telecommunications
1,715.0
1,656.8
3.5
-63.5
-96.3
34.0
448.6
446.8
0.
311 334 GERDAU AÇOMINAS
BRA
Steel/Metallurgy
1,714.5
1,584.8
8.2
99.7
-50.9
295.9
281.4
214.4
31.
312 380 PAGUE MENOS
BRA
-15.
-8.
Retail
1,702.0
1,299.1
31.0
12.8
8.7
47.7
63.3
74.7
313 281 AEROPUERTOS Y SERVICIOS AUXILIARES MEX
Ports/Airports
1,694.8
1,841.0
-7.9
12.6
-34.0
136.9
N.A.
N.A.
314 344 AUTOLIV MÉXICO
MEX
Automotive/Auto parts
1,686.0
1,534.7
9.9
N.A.
N.A.
-
N.A.
N.A.
315 253 IBERDROLA BRASIL
BRA
Energy
1,662.5
1,999.3
-16.8
N.A.
N.A.
-
N.A.
N.A.
316 393 ULTRAGAZ
BRA
Petroleum/Gas
1,647.8
1,296.5
27.1
88.6
60.0
47.6
137.2
100.2
36.
317 379 DRUMMOND
COL
Mining
1,641.0
1,349.5
21.6
84.3
-164.0
151.4
255.7
137.2
86.
318 392 M. DIAS BRANCO
BRA
Food
1,636.3
1,296.8
26.2
240.9
169.4
42.2
282.3
192.6
46.
319 372 COTO
ARG
Retail
1,634.0
1,380.1
18.4
N.A.
N.A.
-
N.A.
N.A.
320 352 CAP
CHI
Steel/Metallurgy
1,631.5
1,471.2
10.9
60.1
2.1
2,706.2
432.4
279.8
321 385 UTE
URU
Energy
1,619.8
1,327.3
22.0
417.6
194.8
114.4
N.A.
N.A.
322
BRA
Educación
1,610.7
1,477.2
9.0
572.6
391.7
46.2
678.1
526.1
28.
323 383 ELECTRICARIBE
COL
Energy
1,604.3
1,333.5
20.3
-64.3
14.8
-534.5
280.7
242.8
15.
324 293 HERINGER FERTILIZANTES
BRA
Chemicals/Pharma
1,595.4
1,769.9
-9.9
13.3
-94.3
114.1
76.7
55.6
37.
325 323 CODELCO DIV. R. TOMIC
CHI
Mining
1,588.1
1,630.5
-2.6
405.0
410.3
-1.3
N.A.
N.A.
326 291 DEACERO
MEX
Steel/Metallurgy
1,584.4
1,792.1
-11.6
N.A.
N.A.
-
N.A.
N.A.
327 295 UNIMED RIO
BRA
Health
1,580.9
1,419.8
11.3
20.5
8.4
143.2
251.1
256.2
328 390 ALKOSTO
COL
Retail
1,572.7
1,300.5
20.9
51.9
41.5
25.2
N.A.
83.4
329 336 KENWORTH MEXICANA
MEX
Automotive/Auto parts
1,572.2
1,572.2
0.0
N.A.
N.A.
-
N.A.
N.A.
330 359 RIPLEY CHILE
CHI
Retail
1,568.2
1,440.9
8.8
67.0
59.8
12.1
86.9
50.3
331 339 AMÉRICA MÓVIL PERÚ – CLARO
PER
Telecommunications
1,565.3
1,557.0
0.5
N.A.
N.A.
-
276.1
409.1
332 440 IRMAOS MUFFATO & CIA.
BRA
Retail
1,559.5
1,149.1
35.7
N.A.
N.A.
-
N.A.
N.A.
333 286 SAMARCO MINERAÇÃO
BRA
Mining
1,559.2
1,818.5
-14.3
N.A.
-1,637.5
-
N.A.
311.7
334 358 PHILIP MORRIS MÉXICO
MEX
Agro-industry
1,558.4
1,443.0
8.0
N.A.
N.A.
-
N.A.
N.A.
335 307 GRUPO DOW
ARG
Petrochemicals
1,550.2
1,708.0
-9.2
N.A.
N.A.
-
N.A.
N.A.
336 366 TOYOTA MOTOR SALES DE MÉXICO
MEX
Automotive/Auto parts
1,550.0
1,402.9
10.5
N.A.
N.A.
-
N.A.
N.A.
337 321 CNH
BRA
Automotive/Auto parts
1,543.0
1,634.0
-5.6
N.A.
N.A.
-
N.A.
N.A.
338 364 GRUPO WONG (CENCOSUD)
PER
Retail
1,543.0
1,407.0
9.7
N.A.
N.A.
-
125.8
108.4
339 318 TELEVISA CABLE Y TELECOMUNICACIONES
MEX
Media
1,541.3
1,646.9
-6.4
N.A.
N.A.
-
N.A.
N.A.
340 378 GRUPO ALGAR
BRA
Multisector
1,538.9
1,354.1
13.6
46.7
56.2
-16.9
249.1
214.6
341 320 HP BRASIL
BRA
Software/IT
1,536.5
1,639.3
-6.3
N.A.
N.A.
-
N.A.
N.A.
342 368 MINERA VALPARAÍSO
CHI
Multisector
1,531.9
1,397.8
9.6
124.9
127.5
-2.0
625.7
626.4
343 317 CODELCO DIV. MIN. HALES
CHI
Mining
1,523.0
1,653.0
-7.9
148.0
108.8
36.0
N.A.
N.A.
344 406 ZAFFARI E BOURBON
BRA
Retail
1,522.6
1,264.8
20.4
N.A.
N.A.
-
N.A.
N.A.
345 453 SUPERMERCADOS BH
BRA
Retail
1,522.0
1,114.6
36.5
N.A.
N.A.
-
N.A.
N.A.
346 340 AJE GROUP
PER
Beverage/Liquor
1,520.0
1,550.0
-1.9
N.A.
N.A.
-
N.A.
N.A.
347 391 CAMIL
BRA
Food
1,519.5
1,186.5
28.1
61.9
31.1
99.1
168.0
213.2
348
BRA
Food
1,513.4
1,464.4
3.3
N.A.
N.A.
-
N.A.
N.A.
349 348 GRUPO PALACIO DE HIERRO
MEX
Retail
1,505.9
1,504.1
0.1
43.4
44.3
-2.2
127.4
124.7
2.
350 429 DROGARIA SÃO PAULO
BRA
Retail
1,500.0
1,171.3
28.1
13.5
14.7
-7.9
85.3
73.9
15.
34
-
-
KROTON
VIGOR FOOD
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 34
20/10/17 17:13
-2.
-32.
16.
16.
-21.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
WEB SITE (www.)
RK 2017
-
N.A.
N.A.
8,500
-
-
-
-
Multinational subsidiary
No
valeo.com
301
N.A.
-
N.A.
N.A.
22,000
-
-
-
-
Private national
No
3
casaley.com.mx
302
N.A.
-
N.A.
N.A.
7,057
-
-
-
-
Multinational subsidiary
No
1
volkswagen.com.ar
303
429.4
40.6
2,662.2
795.6
1,000
34.8
10.4
15.9
34.7
Private national
Sí
comgas.com.br
304
553.7
-2.2
4,712.7
1,873.3
874
10.7
4.3
11.6
31.2
Multinational subsidiary
No
iberdrola.es
305
N.A.
-
N.A.
N.A.
3,005
-
-
-1.2
-
Private national
No
nuevaeps.com.co
306
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
paris.cl
307
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
walmart.com.ar
308
508.9
-8.6
1,966.9
338.3
8,389
68.5
11.8
13.4
27.0
Multinational subsidiary
Sí
kimberly-clark.com.mx
309
446.8
0.4
2,471.9
659.2
N.A.
-9.6
-2.6
-3.7
26.2
Private national
No
une.com.co
310
214.4
31.3
3,274.0
1,893.8
N.A.
5.3
3.0
5.8
16.4
Private national
Sí
gerdau.com.br/gerdauacominas 311
74.7
-15.2
852.0
269.6
20,000
4.8
1.5
0.8
3.7
Private national
No
paguemenos.com.br
312
N.A.
-
811.5
413.9
2,403
3.0
1.5
0.7
-
State national
No
asa.gob.mx
313
N.A.
-
N.A.
N.A.
12,000
-
-
-
-
Multinational subsidiary
No
autoliv.com
314
N.A.
-
N.A.
N.A.
3,742
-
-
-
-
Multinational subsidiary
Sí
iberdrola.es
315
100.2
36.9
709.0
N.A.
3,610
-
12.5
5.4
8.3
Private national
No
ultragaz.com.br
316
137.2
86.4
3,094.6
2,312.1
N.A.
3.6
2.7
5.1
15.6
Multinational subsidiary
No
drummondco.com
317
192.6
46.6
1,744.6
1,330.9
N.A.
18.1
13.8
14.7
17.3
Private national
Sí
mdiasbranco.com.br
318
N.A.
-
N.A.
N.A.
17,000
-
-
-
-
Private national
No
coto.com.ar
319
279.8
-
5,616.2
1,895.5
4,119
3.2
1.1
3.7
26.5
Private national
Sí
cap.cl
320
N.A.
-
7,999.6
4,229.3
N.A.
9.9
5.2
25.8
-
State national
No
ute.com.uy
321
526.1
28.9
5,405.3
4,253.2
N.A.
13.5
10.6
35.6
42.1
Private national
SÍ
kroton.com.br
322
242.8
15.6
1,862.3
597.6
N.A.
-10.8
-3.5
-4.0
17.5
Multinational subsidiary
No
eletricaribe.com
323
55.6
37.8
876.9
88.8
N.A.
14.9
1.5
0.8
4.8
Multinational subsidiary
Sí
heringer.com.br
324
N.A.
-
2,761.9
N.A.
1,228
-
14.7
25.5
-
State national
No
codelco.cl
325
N.A.
-
N.A.
N.A.
7,490
-
-
-
-
Private multilatina
No
deacero.com
326
256.2
-2.0
663.7
-307.0
N.A.
-6.7
3.1
1.3
15.9
Private national
No
unimedrio.com.br
327
83.4
-
N.A.
N.A.
N.A.
-
-
3.3
-
Private national
No
2
alkosto.com.co
328
N.A.
-
N.A.
N.A.
2,186
-
-
-
-
Multinational subsidiary
No
1
kenmex.com
329
50.3
-
2,512.2
1,123.2
15,641
6.0
2.7
4.3
5.5
Private multilatina
No
ripley.cl
330
409.1
-32.5
N.A.
N.A.
4,071
-
-
-
17.6
Multinational subsidiary
No
claro.com.pe
331
N.A.
-
N.A.
N.A.
11,013
-
-
-
-
Private national
No
supermuffato.com.br
332
311.7
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
samarco.com.br
333
N.A.
-
N.A.
N.A.
18,000
-
-
-
-
Multinational subsidiary
No
pmintl.com.mx
334
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
dow.com
335
N.A.
-
N.A.
N.A.
9,600
-
-
-
-
Multinational subsidiary
No
1
toyota.com.mx
336
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
cnhbrasil.com.br
337
108.4
16.1
N.A.
N.A.
13,966
-
-
-
8.2
Multinational subsidiary
No
cencosud.cl
338
Private multilatina
Sí
televisa.com.mx
339
Private national
Sí
algar.com.br
340
Multinational subsidiary
No
hp.com/br/pt/home
341
Private national
Sí
minera.cl
342
1 2
1
2 1
2
1
1
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
214.6
16.0
N.A.
N.A.
22,832
-
-
3.0
16.2
3
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
626.4
-
10,515.9
4,350.0
2,811
2.9
1.2
8.2
40.8
N.A.
-
4,039.7
N.A.
767
-
3.7
9.7
-
State national
No
codelco.cl
343
N.A.
-
N.A.
N.A.
11,641
-
-
-
-
Private national
No
zaffari.com.br
344
N.A.
-
N.A.
N.A.
16,559
-
-
-
-
Private national
No
supermercadosbh.com.br
345
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private multilatina
No
ajegroup.com
346
213.2
-21.2
1,176.4
417.9
N.A.
14.8
5.3
4.1
11.1
Private national
No
camil.com.br
347
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
vigorfoodservice.com.br
348
124.7
2.2
1,654.3
850.6
12,461
5.1
2.6
2.9
8.5
Private national
Sí
elpalaciodehierro.com.mx
349
73.9
15.3
616.7
187.7
N.A.
7.2
2.2
0.9
5.7
Private national
Sí
drogariasaopaulo.com.br
350
1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 35
301 - 350
N.A.
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
35
20/10/17 17:13
GLOBAL ISSUE
RK RK 2017 2016
351 - 400
351
-
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM MINERA LAS BAMBAS
COUNTRY
SECTOR / CATEGORY
SALES 2016 US$ millons
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
PER
Mining
1,498.0
N.A.
-
N.A.
N.A.
-
N.A.
N.A.
352 327 SCHNEIDER ELECTRIC MÉXICO
MEX
Energy
1,491.7
1,609.3
-7.3
N.A.
N.A.
-
N.A.
N.A.
353 343 GRUPO GIGANTE
MEX
Retail
1,491.3
1,538.4
-3.1
134.8
86.5
55.9
208.6
237.4
354 332 LOUIS DREYFUS ARGENTINA
ARG
Agro-industry
1,489.0
1,587.1
-6.2
N.A.
N.A.
-
N.A.
N.A.
EBITDA VARITATIO 16/15 (%
-12.
355 459 SDB COMÉRCIO DE ALIMENTOS
BRA
Retail
1,486.5
1,089.6
36.4
N.A.
N.A.
-
N.A.
N.A.
356 308 INDUSTRIAS CH
MEX
Steel/Metallurgy
1,485.7
1,655.7
-10.3
212.0
-165.6
228.0
283.3
-30.2
357 278 MOVISTAR MÉXICO
MEX
Telecommunications
1,485.5
1,948.0
-23.7
N.A.
N.A.
-
N.A.
N.A.
358 387 CGE DISTRIBUCIÓN
CHI
Energy
1,477.9
1,313.8
12.5
52.6
37.1
41.7
114.6
95.4
359
BRA
Health
1,463.5
1,168.5
25.2
30.8
8.8
250.1
118.5
84.0
360 300 GRUPO ACS
MEX
Construction/Engineering
1,461.3
1,744.9
-16.3
N.A.
N.A.
-
N.A.
N.A.
361 337 ELEKTRO
BRA
Energy
1,460.3
1,565.2
-6.7
108.0
104.1
3.7
236.7
233.3
362 351 NOVELIS BRASIL
BRA
Manufacturing
1,448.0
1,482.0
-2.3
N.A.
N.A.
-
N.A.
N.A.
363 313 FERRYCORP
PER
Multisector
1,446.9
1,533.0
-5.6
68.8
47.6
44.6
N.A.
N.A.
364 347 METALSA
MEX
Automotive/Auto parts
1,442.5
1,506.2
-4.2
N.A.
N.A.
-
N.A.
N.A.
365 394 CELPE
BRA
Energy
1,441.8
1,295.5
11.3
N.A.
19.9
-
131.9
130.2
366 329 CLARO ECUADOR
ECU
Telecommunications
1,438.0
1,604.0
-10.3
N.A.
N.A.
-
N.A.
584.0
367 301 MONSANTO BRASIL
BRA
Agro-industry
1,437.0
1,728.0
-16.8
N.A.
N.A.
-
N.A.
N.A.
368 388 COLBÚN
CHI
Energy
1,432.6
1,310.2
9.3
200.9
204.1
-1.6
582.7
582.2
369 350 TELEFÓNICA MÓVIL VENEZUELA
VEN
Telecommunications
1,416.0
1,500.1
-5.6
N.A.
N.A.
-
N.A.
N.A.
370 346 PARANAPANEMA
BRA
Mining
1,408.5
1,507.8
-6.6
-114.6
37.8
-403.0
33.3
74.5
371 292 GRUPO CONDUMEX
MEX
Manufacturing
1,403.9
1,558.0
-9.9
157.0
128.7
22.0
N.A.
N.A.
372 399 GRUPO OMNILIFE
MEX
Health
1,403.1
1,279.7
9.6
N.A.
N.A.
-
N.A.
N.A.
373 381 TELEFÓNICA MÓVIL CHILE
CHI
Telecommunications
1,398.5
1,337.9
4.5
126.9
175.2
-27.6
362.2
384.7
374 430 CELPA
BRA
Energy
1,386.0
1,174.8
18.0
108.0
145.9
-26.0
226.4
130.5
375 284 BUNGE ARGENTINA
ARG
Agro-industry
1,385.7
1,821.2
-23.9
N.A.
N.A.
-
N.A.
N.A.
376 361 ELECTROLUX DO BRASIL
BRA
Manufacturing
1,384.7
1,413.7
-2.1
-32.3
-24.6
-31.4
25.7
40.7
-36.
377 442 CODENSA
COL
Energy
1,383.2
1,147.6
20.5
180.9
160.8
12.5
469.8
385.4
21.
378 469 FEMSA COMBUSTIBLES FEMCO
MEX
Petroleum/Gas
1,383.0
1,070.1
29.2
N.A.
82.1
-
N.A.
N.A.
-
379 311
CENTRAL NACIONAL UNIMED
1,038.
41.
1.
1.
-55.
73.
BRA
Cement
1,378.4
1,677.2
-17.8
-76.3
-25.8
-195.9
247.5
366.0
380 401 CR ALMEIDA
BRA
Construction/Engineering
1,375.8
1,277.7
7.7
N.A.
N.A.
-
N.A.
N.A.
381 354 AMPLA
BRA
Energy
1,371.8
1,452.6
-5.6
-68.1
-9.9
-589.7
122.8
103.3
18.
382 458 LOCALIZA
BRA
Logistics
1,363.3
1,102.1
23.7
125.7
112.9
11.3
311.9
262.3
18.
383 360 SYNGENTA AGRO MÉXICO
MEX
Agro-industry
1,353.1
1,418.8
-4.6
N.A.
N.A.
-
N.A.
N.A.
384 450 CERVECERÍA Y MALT. QUILMES
ARG
Beverage/Liquor
1,347.0
1,124.6
19.8
N.A.
N.A.
-
N.A.
N.A.
385 377 CAPUFE
MEX
Transporte vial
1,345.1
1,355.7
-0.8
N.A.
N.A.
-
N.A.
N.A.
386 370 CBMM
BRA
Mining
1,344.8
1,382.8
-2.7
529.4
416.8
27.0
791.1
802.9
387 405 CENTINELA
CHI
Mining
1,338.9
1,266.1
5.7
182.6
-230.0
179.4
N.A.
N.A.
388 376 MC DONALD`S BRASIL
BRA
Entertainment
1,333.2
1,362.0
-2.1
N.A.
N.A.
-
168.1
174.1
-3.
389 355 GRUPO SIMEC
MEX
Steel/Metallurgy
1,329.8
1,414.9
-6.0
139.4
-70.2
298.6
234.7
-48.6
582.
390 356 FARMACIAS DEL AHORRO
MEX
Retail
1,329.0
1,445.3
-8.0
N.A.
N.A.
-
N.A.
N.A.
INTERCEMENT BRASIL - EX CAMARGO CORRÊA CIMENTO
391 312 PATAGONIA
ARG
Retail
1,322.2
1,674.0
-21.0
23.4
41.1
-43.0
57.2
83.3
392 374 CONTINENTAL TIRE DE MÉXICO
MEX
Automotive/Auto parts
1,321.7
1,375.6
-3.9
N.A.
N.A.
-
N.A.
N.A.
393
MEX
Retail
1,316.9
N.A.
-
N.A.
N.A.
-
N.A.
N.A.
394 447 CEDAE
BRA
Sanitation
1,314.8
1,138.3
15.5
116.5
69.8
66.8
278.5
248.9
395 407 LOJAS CEM
BRA
Retail
1,314.2
1,262.5
4.1
N.A.
N.A.
-
N.A.
N.A.
396 445 LOJAS RIACHUELO
BRA
Retail
1,310.2
1,143.0
14.6
-29.4
-4.6
-544.8
N.A.
N.A.
397 396 PEPSI-COLA BRASIL
BRA
Beverage/Liquor
1,305.0
1,289.0
1.2
N.A.
N.A.
-
N.A.
N.A.
398 382 MRV
BRA
Construction/Engineering
1,304.9
1,336.3
-2.4
171.1
153.6
11.4
152.4
150.2
399 419 HONDA DE MÉXICO
MEX
Automotive/Auto parts
1,286.2
1,204.5
6.8
N.A.
N.A.
-
N.A.
N.A.
400 398 GRUPO MARTINS
BRA
Retail
1,284.6
1,280.0
0.4
N.A.
N.A.
-
N.A.
N.A.
36
-
H-E-B MEXICO
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 36
20/10/17 17:13
-32.
-1.
-31.
11.
1.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
N.A.
-
N.A.
N.A.
9,000
-
-
-
-
Multinational subsidiary
No
237.4
-12.2
1,954.0
941.4
26,874
14.3
6.9
9.0
14.0
Private national
Sí
N.A.
-
N.A.
N.A.
1,258
-
-
-
-
Multinational subsidiary
No
N.A.
-
N.A.
N.A.
8,957
-
-
-
-
Private national
-30.2
1,038.6
2,367.4
1,618.5
4,965
13.1
9.0
14.3
19.1
N.A.
-
N.A.
N.A.
2,829
-
-
-
-
95.4
-
1,566.8
788.2
933
6.7
3.4
3.6
84.0
41.0
413.7
137.0
1,402
22.5
7.4
N.A.
-
N.A.
N.A.
3,000
-
233.3
1.5
2,050.2
613.7
N.A.
N.A.
-
N.A.
N.A.
N.A.
-
1,423.7
N.A.
-
130.2
WEB SITE (www.)
RK 2017 351
schneider-electric.com.mx
352
grupogigante.com.mx
353
ldc.com.ar
354
No
-
355
Private multilatina
Sí
industriasch.com.mx
356
Multinational subsidiary
No
movistar.com.mx
357
7.8
Private national
Sí
cge.cl
358
2.1
8.1
Private national
No
centralnacionalunimed.com.br
359
-
-
-
Multinational subsidiary
No
grupoacs.com
360
17.6
5.3
7.4
16.2
Multinational subsidiary
Sí
elektro.com.br
361
N.A.
-
-
-
-
Multinational subsidiary
No
novelis.com
362
571.5
6,662
12.0
4.8
4.8
-
Private national
Sí
ferreycorp.com.pe
363
N.A.
N.A.
12,000
-
-
-
-
Private multilatina
No
metalsa.com.mx
364
1.3
1,700.5
492.5
N.A.
-
-
-
9.2
Private national
Sí
celpe.com.br
365
584.0
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
conecel.com.ec
366
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
monsanto.com
367
582.2
-
6,805.4
3,567.4
1,011
5.6
3.0
14.0
40.7
Private national
Sí
colbun.cl
368
N.A.
-
N.A.
N.A.
2,582
-
-
-
-
Multinational subsidiary
No
movistar.com.ve
369
74.5
-55.3
1,088.5
78.9
N.A.
-145.2
-10.5
-8.1
2.4
Private national
Sí
paranapanema.com.br
370
N.A.
-
N.A.
N.A.
16,000
-
-
11.2
-
Private multilatina
No
condumex.com.mx
371
N.A.
-
N.A.
N.A.
4,000
-
-
-
-
Private multilatina
No
omnilife.com.mx
372
384.7
-
2,012.4
969.0
N.A.
13.1
6.3
9.1
25.9
Multinational subsidiary
No
telefonicachile.cl
373
130.5
73.5
2,392.9
650.4
N.A.
16.6
4.5
7.8
16.3
Private national
Sí
celpa.com.br
374
N.A.
-
N.A.
N.A.
1,745
-
-
-
-
Multinational subsidiary
No
bungeargentina.com
375
40.7
-36.8
867.9
270.3
N.A.
-11.9
-3.7
-2.3
1.9
Multinational subsidiary
No
electrolux.com.br
376
385.4
21.9
1,911.2
848.6
1,340
21.3
9.5
13.1
34.0
Multinational subsidiary
No
codensa.com.co
377
N.A.
-
176.3
N.A.
5,359
-
-
-
-
Private multilatina
No
-
378
366.0
-32.4
2,577.8
716.2
N.A.
-10.7
-3.0
-5.5
18.0
Private multilatina
No
cimentocaue.com.br
379
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
cralmeida.com.br
380
103.3
18.8
2,488.8
697.1
N.A.
-9.8
-2.7
-5.0
9.0
Multinational subsidiary
Sí
ampla.com
381
262.3
18.9
2,277.9
674.7
6,324
18.6
5.5
9.2
22.9
Private multilatina
Sí
localiza.com
382
N.A.
-
N.A.
N.A.
2,791
-
-
-
-
Multinational subsidiary
No
1
syngenta.com.mx
383
N.A.
-
N.A.
N.A.
5,278
-
-
-
-
Multinational subsidiary
No
1
quilmes.com.ar
384
N.A.
-
N.A.
N.A.
4,406
-
-
-
-
State national
No
1
capufe.gob.mx
385
802.9
-1.5
1,995.5
640.4
N.A.
82.7
26.5
39.4
58.8
Private national
No
cbmm.com.br
386
N.A.
-
5,378.9
2,897.9
1,986
6.3
3.4
13.6
-
Private national
No
-
387
174.1
-3.5
N.A.
N.A.
N.A.
-
-
-
12.6
Multinational subsidiary
No
mcdonalds.com.br
388
-48.6
582.7
2,012.4
1,610.1
3,973
8.7
6.9
10.5
17.6
Private multilatina
Sí
gsimec.com.mx
389
N.A.
-
N.A.
N.A.
20,000
-
-
-
-
Private national
No
fahorro.com
390
83.3
-31.3
511.8
160.1
10,100
14.6
4.6
1.8
4.3
Private national
Sí
laanonima.com.ar
391
N.A.
-
N.A.
N.A.
18,000
-
-
-
-
Multinational subsidiary
No
1
continentaltire.com.mx
392
N.A.
-
N.A.
N.A.
10,500
-
-
-
-
Private national
No
3
heb.com.mx
393
248.9
11.9
4,166.1
1,785.2
N.A.
6.5
2.8
8.9
21.2
State national
Sí
cedae.com.br
394
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
lojascem.com.br
395
N.A.
-
N.A.
842.8
N.A.
-3.5
-
-2.2
-
Private national
No
riachuelo.com.br
396
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
pepsico.com.br
397
150.2
1.5
3,785.6
1,591.9
N.A.
10.7
4.5
13.1
11.7
Private national
Sí
mrv.com.br
398
N.A.
-
N.A.
N.A.
7,600
-
-
-
-
Multinational subsidiary
No
1
honda.mx
399
N.A.
-
N.A.
N.A.
4,730
-
-
-
-
Private national
No
1
martins.com.br
400
1
1
1
1
3 1
3
1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 37
351 - 400
lasbambas.com 1
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
37
20/10/17 17:13
GLOBAL ISSUE
RK RK 2017 2016
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM
SECTOR / CATEGORY
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
11.
401 369 FERROMEX
MEX
Transporte vial
1,281.4
1,384.4
-7.4
280.1
224.9
24.5
488.2
436.4
402 417 DOW QUÍMICA MEXICANA
MEX
Petrochemicals
1,278.3
1,212.0
5.5
N.A.
N.A.
-
N.A.
N.A.
403 384 SIEMENS BRASIL
BRA
Consumer goods
1,274.5
1,333.5
-4.4
N.A.
N.A.
-
N.A.
N.A.
404
BRA
Agro-industry
1,274.4
1,062.7
19.9
N.A.
35.0
-
N.A.
N.A.
MEX
Manufacturing
1,270.9
1,542.4
-17.6
N.A.
N.A.
-
N.A.
N.A.
-
LAR
405 342 VIAKABLE
401 - 450
COUNTRY
SALES 2016 US$ millons
406 427 SUPERMERCADOS PERUANOS
PER
Retail
1,266.0
1,198.8
5.6
21.1
8.0
164.4
79.6
73.2
8.
407 441 CELSIA
COL
Energy
1,264.8
1,148.7
10.1
57.0
-3.1
1,920.1
343.7
212.7
61.
408 365 IBM BRASIL
BRA
Software/IT
1,264.0
1,404.2
-10.0
N.A.
N.A.
-
N.A.
N.A.
409
MEX
Food
1,259.7
1,036.8
21.5
N.A.
N.A.
-
N.A.
N.A.
410 437 COELCE
BRA
Energy
1,258.3
1,158.8
8.6
120.7
101.9
18.5
224.0
185.5
411 496 PROFARMA
BRA
Retail
1,254.4
972.2
29.0
N.A.
-5.9
-
38.0
22.3
70.
412
ECU
Energy
1,247.4
1,154.2
8.1
25.6
41.6
-38.5
206.7
102.2
102.
413 438 ALPARGATAS
BRA
Manufacturing
1,245.1
1,157.7
7.6
111.0
76.4
45.4
176.9
132.0
34.
414
NESTLÉ CHILE
CHI
Food
1,244.9
1,211.9
2.7
N.A.
N.A.
-
N.A.
N.A.
415 467 ARTERIS - EX OHL BRASIL
BRA
Transporte vial
1,244.5
1,074.0
15.9
79.7
41.9
90.3
474.4
353.0
34.
416 335 INVEPAR
BRA
Construction/Engineering
1,240.5
1,580.1
-21.5
125.6
-268.3
146.8
1,261.0
446.5
182.
417 465 COPASA
BRA
Health
1,238.5
1,075.8
15.1
133.3
-3.3
4,197.2
428.7
242.6
76.
418 483 CARBONES DEL CERREJÓN
COL
Mining
1,236.5
1,028.4
20.2
158.2
-12.3
1,390.4
410.8
264.4
55.
419
CLARO CHILE
CHI
Telecommunications
1,234.8
1,063.6
16.1
N.A.
N.A.
-
N.A.
65.3
420 463 AMRESORTS
MEX
Entertainment
1,229.1
1,080.5
13.7
N.A.
N.A.
-
N.A.
N.A.
421 395 EATON
BRA
Manufacturing
1,222.7
1,291.3
-5.3
N.A.
N.A.
-
N.A.
N.A.
422 375 TIENDAS ELEKTRA
MEX
Retail
1,221.3
1,364.9
-10.5
N.A.
N.A.
-
N.A.
N.A.
423 409 SONDA
CHI
Software/IT
1,220.0
1,256.3
-2.9
39.5
60.4
-34.7
132.0
170.9
424 410 AVON BRASIL
BRA
Chemicals/Pharma
1,215.0
1,252.6
-3.0
N.A.
N.A.
-
N.A.
N.A.
425 434 UCP BACKUS & JOHNSTON
PER
Beverage/Liquor
1,213.4
1,161.0
4.5
223.3
347.1
-35.7
461.1
590.0
426 436 NIDERA ARGENTINA
ARG
Agro-industry
1,213.3
1,158.9
4.7
N.A.
N.A.
-
N.A.
N.A.
427
-
-
-
-
PILGRIM'S PRIDE MÉXICO
CNELEP
CHI
Cellulose/Papel
1,208.0
563.6
114.3
70.3
16.1
335.8
N.A.
N.A.
428 402 GRUPO AUTOFIN
MEX
Automotive/Auto parts
1,207.4
1,277.5
-5.5
5.7
14.1
-59.5
N.A.
N.A.
429 455 DURATEX
BRA
Manufacturing
1,200.7
1,111.9
8.0
8.1
53.8
-85.0
209.1
234.8
430 373 SOTREQ
BRA
Automotive/Auto parts
1,198.7
1,375.9
-12.9
N.A.
N.A.
-
N.A.
144.6
431 439 CHEVRON PETROLEUM
COL
Petroleum/Gas
1,194.1
1,157.6
3.2
77.0
71.6
7.6
139.6
N.A.
432 349 TELEFÓNICA DE ARGENTINA
ARG
Telecommunications
1,193.7
1,503.3
-20.6
N.A.
N.A.
-
N.A.
N.A.
433
CHI
Retail
1,190.3
1,141.5
4.3
N.A.
N.A.
-
N.A.
N.A.
434 415 UNILEVER DE MÉXICO
MEX
Chemicals/Pharma
1,189.2
1,217.8
-2.3
N.A.
N.A.
-
N.A.
N.A.
435 386 SEARS
MEX
Retail
1,187.0
1,318.3
-10.0
N.A.
N.A.
-
N.A.
N.A.
436 299 REPSOL COMERCIAL – RECOSAC
PER
Petroleum/Gas
1,184.7
1,336.1
-11.3
N.A.
N.A.
-
N.A.
N.A.
437 460 GAS NATURAL FENOSA MÉXICO
MEX
Petroleum/Gas
1,184.6
1,086.7
9.0
N.A.
N.A.
-
N.A.
N.A.
438
MEX
Beverage/Liquor
1,179.0
1,068.0
10.4
152.1
306.9
-50.4
293.6
480.4
439 338 GRUPO INDITEX MÉXICO
MEX
Manufacturing
1,178.5
1,562.2
-24.6
N.A.
N.A.
-
N.A.
N.A.
440 397 ALCOA
BRA
Steel/Metallurgy
1,176.9
1,283.3
-8.3
N.A.
N.A.
-
N.A.
N.A.
441
-
GARBARINO
ARG
Consumer goods
1,175.3
792.6
48.3
N.A.
N.A.
-
N.A.
N.A.
442
-
VTR
CHI
Telecommunications
1,165.1
1,117.7
4.2
N.A.
N.A.
-
N.A.
N.A.
443
-
COOXUPÉ
BRA
Agro-industry
1,164.4
1,123.0
3.7
53.8
37.9
42.1
77.3
61.1
444 416 OFFICE DEPOT DE MÉXICO
MEX
Retail
1,163.2
1,213.6
-4.1
N.A.
N.A.
-
N.A.
N.A.
445 404 CELG D
BRA
Energy
1,162.5
1,183.9
-1.8
21.5
-286.5
107.5
N.A.
6.1
446
BRA
Food
1,161.6
935.8
24.1
21.3
6.8
214.2
-3.6
164.7
447 485 EMGESA
COL
Energy
1,161.6
1,016.9
14.2
251.2
275.5
-8.8
N.A.
N.A.
448
-46.5
-
-
-
LÍDER EXPRESS
CUERVO
CARAMURU ALIMENTOS
COL
Mining
1,157.9
930.3
24.5
57.2
-10.8
631.1
N.A.
449 444 GLENCORE
PER
Mining
1,157.0
1,144.6
1.1
N.A.
N.A.
-
N.A.
N.A.
450 413 DANONE MÉXICO
MEX
Food
1,156.0
1,224.3
-5.6
N.A.
N.A.
-
N.A.
N.A.
38
-
PANELES ARAUCO
CI PRODECO
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 38
20/10/17 17:13
20.
-21.
-10.
-38.
26.
-102.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
WEB SITE (www.)
RK 2017
11.9
1,646.7
1,203.0
7,560
23.3
17.0
21.9
38.1
Private national
No
ferromex.com.mx
401
N.A.
-
N.A.
N.A.
952
-
-
-
-
Multinational subsidiary
No
1
dow.com/es/mexico
402
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
siemens.com.br
403
N.A.
-
N.A.
N.A.
8,758
-
-
-
-
Private national
No
1
lar.ind.br
404
N.A.
-
N.A.
N.A.
5,513
-
-
-
-
Private national
No
viakable.com
405
73.2
8.8
870.1
299.7
16,939
7.0
2.4
1.7
6.3
Private national
Sí
supermercadosperuanos.com.pe 406
212.7
61.6
3,247.5
1,464.6
N.A.
3.9
1.8
4.5
27.2
Private multilatina
No
celsia.com
407
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
ibm.com.br
408
N.A.
-
N.A.
N.A.
9,750
-
-
-
-
Multinational subsidiary
No
pilgrims.com.mx
409
185.5
20.8
1,512.1
710.5
N.A.
17.0
8.0
9.6
17.8
Multinational subsidiary
Sí
coelce.com.br
410
22.3
70.4
832.9
233.1
7,904
-
-
-
3.0
Private national
Sí
profarma.com.br
411
102.2
102.2
2,904.9
1,781.8
9,200
1.4
0.9
2.1
16.6
State national
No
cnelep.gob.ec
412
132.0
34.0
1,161.5
606.8
N.A.
18.3
9.6
8.9
14.2
Private multilatina
Sí
alpargatas.com.br
413
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
nestle.cl
414
353.0
34.4
3,497.0
1,390.7
N.A.
5.7
2.3
6.4
38.1
Multinational subsidiary
Sí
ohlbrasil.com.br
415
446.5
182.4
7,856.2
963.1
N.A.
13.0
1.6
10.1
101.6
Private national
Sí
invepar.com.br/es
416
242.6
76.7
3,362.0
1,824.1
N.A.
7.3
4.0
10.8
34.6
State national
Sí
copasa.com.br
417
264.4
55.4
2,048.1
1,255.1
N.A.
12.6
7.7
12.8
33.2
Multinational subsidiary
No
cerrejon.com
418
65.3
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
clarochile.cl
419
N.A.
-
N.A.
N.A.
26,552
-
-
-
-
Multinational subsidiary
No
3
amresorts.com
420
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
eaton.com
421
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
1
elektra.com.mx
422
170.9
-
1,320.2
751.8
18,324
5.2
3.0
3.2
10.8
Private multilatina
Sí
sonda.cl
423
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
avon.com.br
424
590.0
-21.8
1,146.2
536.5
4,048
41.6
19.5
18.4
38.0
Multinational subsidiary
No
backus.com.pe
425
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
nidera.com.ar
426
N.A.
-
2,081.3
1,849.1
N.A.
3.8
3.4
5.8
-
Private national
No
arauco.cl
427
N.A.
-
1,575.5
686.1
9,122
0.8
0.4
0.5
-
Private national
No
autofin.com.mx
428
234.8
-10.9
2,868.6
1,403.7
11,055
0.6
0.3
0.7
17.4
Private multilatina
Sí
duratex.com.br
429
144.6
-
756.7
186.6
4,781
-
-
-
-
Private national
No
sotreq.com.br
430
N.A.
-
418.1
45.4
N.A.
169.5
18.4
6.4
11.7
Multinational subsidiary
No
texaco.com.co
431
N.A.
-
N.A.
N.A.
5,891
-
-
-
-
Multinational subsidiary
Sí
telefonica.com.ar
432
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
-
433
N.A.
-
N.A.
N.A.
6,000
-
-
-
-
Multinational subsidiary
No
1
unilever.com.mx
434
N.A.
-
N.A.
N.A.
18,521
-
-
-
-
Multinational subsidiary
No
sears.com.mx
435
N.A.
-
N.A.
N.A.
1,950
-
-
-
-
Multinational subsidiary
No
repsol.com/pe_es
436
N.A.
-
N.A.
N.A.
1,085
-
-
-
-
Multinational subsidiary
No
gasnaturalmexico.com
437
480.4
-38.9
2,208.0
1,354.3
N.A.
11.2
6.9
12.9
24.9
Private national
Sí
cuervo.com
438
2
1
2
1
2
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
inditex.com
439
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
alcoa.com/brasil
440
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
1
garbarino.com
441
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
1
vtr.com
442
61.1
26.6
1,236.5
274.1
N.A.
19.6
4.4
4.6
6.6
Private national
No
cooxupe.com.br
443
N.A.
-
N.A.
N.A.
7,400
-
-
-
-
Multinational subsidiary
No
officedepot.com.mx
444
6.1
-
1,698.8
-266.5
N.A.
-8.1
1.3
1.9
-
Private national
No
celg.com.br
445
164.7
-102.2
821.7
185.6
N.A.
11.5
2.6
1.8
-0.3
Private national
No
caramuru.com
446
N.A.
-
3,012.0
1,165.2
N.A.
21.6
8.3
21.6
-
Multinational subsidiary
No
emgesa.com.co
447
-46.5
-
N.A.
N.A.
N.A.
-
-
4.9
-
Private national
No
grupoprodeco.com.co
448
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
glencorexstrata.com
449
N.A.
-
N.A.
N.A.
16,500
-
-
-
-
Multinational subsidiary
No
danone.com.mx
450
3
2
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 39
401 - 450
436.4
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
39
20/10/17 17:13
GLOBAL ISSUE
RK RK 2017 2016
/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES
FIRM
SECTOR / CATEGORY
SALES 2015 US$ millons
NET SALES PROFITS VARIATION 2016 US$ 16/15 (%) millons
NET PROFITS 2015 US$ millons
PROFIT VARIATION 16/15 (%)
EBITDA 2016 US$ millons
EBITDA 2015 US$ millons
EBITDA VARITATIO 16/15 (%
451 486 SODIMAC COLOMBIA
COL
Retail
1,152.2
1,014.3
13.6
52.2
45.3
15.3
124.8
106.0
17.
452 411 PERNAMBUCANAS
BRA
Retail
1,151.6
1,250.7
-7.9
18.0
0.8
2,142.5
138.9
88.5
57.
453 422 LG BRASIL
BRA
Consumer goods
1,144.7
1,199.2
-4.5
N.A.
N.A.
-
N.A.
N.A.
454 443 OXITENO
BRA
Petroleum/Gas
1,136.5
1,145.4
-0.8
94.6
162.6
-41.8
141.0
207.6
455 475 VOLARIS
MEX
Air transport
1,136.3
1,051.0
8.1
170.1
142.4
19.4
158.3
171.5
-7.
456 471 DUPONT BRASIL
BRA
Chemicals/Pharma
1,136.0
1,069.1
6.3
148.1
-133.3
211.1
218.1
-196.3
211.
457 420 IVECO
BRA
Automotive/Auto parts
1,132.7
1,201.8
-5.8
N.A.
N.A.
-
N.A.
N.A.
458 423 CENCOSUD COLOMBIA
COL
Retail
1,130.3
1,189.4
-5.0
16.8
3.3
413.4
50.3
45.5
459 424 TRAFIGURA PERÚ
PER
Mining
1,128.0
1,188.0
-5.1
N.A.
N.A.
-
N.A.
N.A.
460 466 KANSAS CITY SOUTHERN MÉXICO
MEX
Transporte vial
1,123.4
1,170.4
-4.0
N.A.
N.A.
-
N.A.
N.A.
461 462 GENERAL MOTORS ARGENTINA
ARG
Automotive/Auto parts
1,120.6
1,083.9
3.4
N.A.
N.A.
-
N.A.
N.A.
462 314 GyM
PER
Construction/Engineering
1,113.4
1,717.9
-35.2
0.5
-19.2
102.8
56.0
77.8
463 435 CCHC (INVERSIONES LA Construction/Engineering)
CHI
Construction/Engineering
1,112.9
1,160.6
-4.1
44.1
111.1
-60.3
N.A.
149.4
464
-
TELEFÓNICA CHILE
465 495 EMP. CAROZZI
CHI
Telecommunications
1,112.9
1,013.8
9.8
29.3
34.7
-15.6
379.1
345.3
CHI
Food
1,109.3
973.7
13.9
65.2
85.2
-23.5
145.1
163.6
-32.
10.
-28.
466
-
BUPA CHILE
CHI
Health
1,108.3
926.4
19.6
7.3
1.5
395.7
47.5
33.3
467
-
PROMIGÁS
COL
Petroleum/Gas
1,104.8
870.6
26.9
205.5
148.7
38.2
363.6
312.8
16.
468
-
LIQUIGÁS
BRA
Petroleum/Gas
1,102.3
924.7
19.2
61.6
32.1
92.0
106.9
67.3
58.
MEX
Consumer goods
1,094.1
1,123.4
-2.6
N.A.
57.8
-
N.A.
N.A.
470 426 BELCORP
PER
Chemicals/Pharma
1,093.5
1,185.5
-7.8
N.A.
N.A.
-
N.A.
N.A.
471 425 APERAM
BRA
Steel/Metallurgy
1,093.3
1,186.3
-7.8
N.A.
N.A.
-
N.A.
N.A.
472 457 WHITE MARTINS GASES INDUSTRIAIS
BRA
Petrochemicals
1,091.0
1,107.0
-1.4
N.A.
N.A.
-
N.A.
N.A.
473 389 LG ELECTRONICS MÉXICO
MEX
Consumer goods
1,072.6
1,308.1
-18.0
-4,247.0
568.0
-847.7
N.A.
N.A.
474
MEX
Food
1,072.3
924.3
16.0
N.A.
N.A.
-
N.A.
N.A.
475 497 RENAULT ARGENTINA
ARG
Automotive/Auto parts
1,070.4
954.7
12.1
N.A.
N.A.
-
N.A.
N.A.
476
-
HIPERMERCADOS TOTTUS
PER
Retail
1,069.9
967.1
10.6
N.A.
N.A.
-
N.A.
N.A.
477
-
CÍA. DE MINAS BUENAVENTURA
PER
Mining
1,068.7
929.5
15.0
-327.0
-375.0
12.8
138.6
34.7
299.
478
-
COCAMAR
BRA
Agro-industry
1,067.5
906.6
17.7
36.9
34.3
7.3
48.3
14.1
243.
479
-
CLARO FIJO
COL
Telecommunications
1,062.2
906.5
17.2
74.5
47.8
56.0
N.A.
N.A.
480 421 KOMATSU CUMMINS CHILE
CHI
Multisector
1,061.7
1,200.6
-11.6
103.3
122.0
-15.3
213.0
248.2
481 454 SKY
MEX
Media
1,060.4
1,113.0
-4.7
N.A.
N.A.
-
N.A.
N.A.
482 490 BIO PAPPEL
MEX
Cellulose/Papel
1,056.6
981.3
7.7
-17.1
6.8
-350.2
179.2
155.4
15.
483 480 GLORIA
PER
Food
1,054.9
1,035.0
1.9
64.5
62.9
2.5
140.1
129.2
8.
484 487 CIA. MINERA ANTAPACCAY (EX-XSTRATA TINTAYA)
PER
Mining
1,048.0
1,002.1
4.6
N.A.
N.A.
-
N.A.
N.A.
485 448 GRUPO KUO
MEX
Multisector
1,044.8
1,134.3
-7.9
52.2
33.0
58.1
148.4
169.2
-12.
486 472 GRUPO ENERGÍA DE BOGOTÁ
COL
Energy
1,044.1
1,064.0
-1.9
429.6
144.4
197.5
492.3
443.1
11.
487 258 GOLDCORP MÉXICO
MEX
Mining
1,044.0
1,961.0
-46.8
N.A.
N.A.
-
N.A.
N.A.
488
ARG
Retail
1,044.0
N.A.
-
N.A.
N.A.
-
N.A.
N.A.
489 418 ENAMI
CHI
Mining
1,043.6
1,209.9
-13.7
-42.3
-53.0
20.3
N.A.
-45.1
490
-
SALFACORP
CHI
Construction/Engineering
1,041.7
881.7
18.1
37.6
32.2
17.0
68.0
74.2
491
-
POSTOBÓN
COL
Beverage/Liquor
1,032.7
843.6
22.4
86.5
68.5
26.2
203.2
191.7
492 474 KIMBERLY-CLARK BRASIL
BRA
Consumer goods
1,029.2
1,051.2
-2.1
N.A.
N.A.
-
N.A.
N.A. N.A.
469 451 SIEMENS MÉXICO
451 - 500
COUNTRY
SALES 2016 US$ millons
-
-
MONDELEZ MÉXICO
SUPERMERCADOS DÍA ARGENTINA
493
-
SONDA
BRA
Retail
1,022.9
872.8
17.2
N.A.
N.A.
-
N.A.
494
-
HOLCIM MÉXICO
MEX
Cement
1,014.9
925.0
9.7
N.A.
N.A.
-
N.A.
N.A.
495 484 FIAT AUTO ARGENTINA
ARG
Automotive/Auto parts
1,012.5
1,017.9
-0.5
N.A.
N.A.
-
N.A.
N.A.
496
-
HYPERMARCAS
BRA
Chemicals/Pharma
1,010.0
829.5
21.8
360.7
157.1
129.6
350.4
278.0
497
-
EASY
CHI
Retail
1,004.1
965.5
4.0
N.A.
N.A.
-
N.A.
N.A.
498 432 MINERA SPENCE
CHI
Mining
1,002.8
1,170.3
-14.3
0.1
0.2
-33.3
N.A.
N.A.
499
-
COCA COLA FEMSA (INDEGA)
COL
Beverage/Liquor
995.9
831.1
19.8
48.5
22.2
118.4
115.5
37.3
500
-
GRUPO JUMEX
MEX
Beverage/Liquor
990.7
N.A.
-
N.A.
N.A.
-
N.A.
N.A.
40
AMÉRICAECONOMÍA
022 TABLA 500 INT en ingles.indd 40
20/10/17 17:13
6.
26.
209.
EBITDA VARITATION 16/15 (%)
TOTAL ASSETS 2016 US$ millons
EQUITY ROE 2016 EMPLOYEES (%) US$ millons 2016 2016
ROA (%) 2016
NET MARGIN (%) 2016
EBITDA MARGIN (%) 2016
TYPE OF FIRM
PRESENCE ON STOCK EXCHANGE NOTES
106.0
17.7
763.6
346.8
7,670
15.1
6.8
4.5
10.8
Multinational subsidiary
No
88.5
57.0
1,603.1
430.6
N.A.
4.2
1.1
1.6
12.1
Private national
No
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
207.6
-32.1
1,951.6
N.A.
1,903
-
4.8
8.3
12.4
Private multilatina
171.5
-7.7
1,052.7
521.7
4,550
32.6
16.2
15.0
13.9
-196.3
211.1
1,949.5
587.5
N.A.
25.2
7.6
13.0
N.A.
-
N.A.
N.A.
25,000
-
-
45.5
10.7
2,081.6
1,557.1
N.A.
1.1
N.A.
-
N.A.
N.A.
N.A.
N.A.
-
N.A.
N.A.
N.A.
-
N.A.
77.8
-28.0
149.4
2
WEB SITE (www.)
RK 2017 451
pernambucanas.com.br
452
lg.com/br
453
No
ultrapar.com
454
Private multilatina
Sí
volaris.com
455
19.2
Multinational subsidiary
No
dupont.com.br
456
-
-
Multinational subsidiary
No
1
iveco.com/brasil
457
0.8
1.5
4.5
Multinational subsidiary
No
3
carrefour.com.co
458
-
-
-
-
Private national
No
trafigura.com
459
4,000
-
-
-
-
Private national
Sí
kcsouthern.com/es-mx
460
N.A.
10,000
-
-
-
-
Multinational subsidiary
No
chevrolet.com.ar
461
N.A.
N.A.
N.A.
-
-
0.0
5.0
Private national
No
gym.com.pe
462
-
12,203.1
1,132.1
N.A.
3.9
0.4
4.0
-
Private national
No
cchc.cl
463
345.3
-
2,391.0
1,002.8
4382
2.9
1.2
2.6
34.1
Multinational subsidiary
No
telefonicachile.cl
464
163.6
-
1,416.0
645.7
10,047
10.1
4.6
5.9
13.1
Private multilatina
Sí
carozzi.cl
465
33.3
-
861.8
275.5
7978
2.6
0.8
0.7
4.3
Private national
Sí
bupa.cl
466
312.8
16.2
3,087.9
984.8
N.A.
20.9
6.7
18.6
32.9
Private national
No
promigas.com
467
67.3
58.9
405.6
297.1
3,321
20.7
15.2
5.6
9.7
Private national
No
liquigas.com.br
468
N.A.
-
N.A.
N.A.
6,133
-
-
-
-
Multinational subsidiary
No
siemens.com
469
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private multilatina
No
belcorp.biz
470
N.A.
-
N.A.
N.A.
2,055
-
-
-
-
Multinational subsidiary
No
aperam.com
471
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
whitemartins.com.br
472
N.A.
-
257.9
58.1
5,000
- -1,646.6
-396.0
-
Multinational subsidiary
No
lg.com/mx
473
N.A.
-
N.A.
N.A.
6,500
-
-
-
-
Multinational subsidiary
No
3
mx.mondelezinternational.com 474
N.A.
-
N.A.
N.A.
3,126
-
-
-
-
Multinational subsidiary
No
1
renault.com.ar
475
N.A.
-
627.2
262.2
11,091
-
-
-
-
Multinational subsidiary
No
1
tottus.com.pe
476
34.7
299.4
4,266.4
3,047.2
2,296
-10.7
-7.7
-30.6
13.0
Multinational subsidiary
Sí
buenaventura.com.pe
477
14.1
243.2
835.8
280.4
N.A.
13.1
4.4
3.5
4.5
Private national
No
cocamar.com.br
478
N.A.
-
1,403.8
963.7
N.A.
7.7
5.3
7.0
-
Multinational subsidiary
No
claro.com.co
479
248.2
-
N.A.
N.A.
4,876
-
-
9.7
20.1
Multinational subsidiary
No
kcl.cl
480
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private multilatina
No
sky.com.mx
481
155.4
15.3
1,328.6
543.7
10,682
-3.1
-1.3
-1.6
17.0
Private multilatina
Sí
biopappel.com
482
129.2
8.4
933.4
476.6
N.A.
13.5
6.9
6.1
13.3
Private multilatina
Sí
grupogloria.com/gloria
483
N.A.
-
N.A.
N.A.
1,318
-
-
-
-
Multinational subsidiary
No
antapaccay.com.pe
484
169.2
-12.3
1,432.8
471.3
19,660
11.1
3.6
5.0
14.2
Private national
Sí
kuo.com.mx
485
443.1
11.1
7,828.8
3,883.8
N.A.
11.1
5.5
41.1
47.2
State multilatina
No
grupoenergiadebogota.com
486
N.A.
-
N.A.
N.A.
5,310
-
-
-
-
Multinational subsidiary
No
goldcorp.com
487
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
supermercadosdia.com.ar
488
-45.1
-
807.8
329.3
1,289
-12.8
-5.2
-4.0
-
State national
No
enami.cl
489
74.2
-
1,416.2
520.1
19,934
7.2
2.7
3.6
6.5
Private national
Sí
salfacorp.cl
490
191.7
6.0
1,450.1
1,082.8
N.A.
8.0
6.0
8.4
19.7
Private national
No
3
postobon.com
491
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Multinational subsidiary
No
1
kimberly-clark.com.br
492
N.A.
-
N.A.
N.A.
9,910
-
-
-
-
Private national
No
1
sondadelivery.com.br
493
N.A.
-
N.A.
N.A.
4,000
-
-
-
-
Multinational subsidiary
No
3
holcim.com.mx
494
N.A.
-
N.A.
N.A.
2,412
-
-
-
-
Multinational subsidiary
No
1
fiat.com.ar
495
278.0
26.1
3,527.2
2,705.8
N.A.
13.3
10.2
35.7
34.7
Private multilatina
Sí
hypermarkas.com.br
496
N.A.
-
N.A.
N.A.
N.A.
-
-
-
-
Private national
No
easy.cl
497
N.A.
-
4,894.3
4,417.2
1,030
0.0
0.0
0.0
-
Multinational subsidiary
No
spence.cl
498
37.3
209.2
1,065.2
441.5
N.A.
11.0
4.6
4.9
11.6
Multinational subsidiary
No
3
coca-colafemsa.com
499
N.A.
-
N.A.
N.A.
5,200
-
-
-
-
Private national
No
3
grupojumex.mx
500
1
1
3 1 1
3 3
1
1
NOVEMBER 2017
022 TABLA 500 INT en ingles.indd 41
451 - 500
homecenter.com.co
(1)AméricaEconomía Intelligence estimate / (2) Press information / (3) Data estimated by Expansión (MX) or Semana (CO) Rankings
EBITDA 2015 US$ millons
41
20/10/17 17:13
GLOBAL ISSUE
/ SPECIAL BEST BANKS RANKING
PhoTOGRaphy: 123RF
Still in Limbo While the 250 largest banks did make a rebound in terms of quantity of assets, their profits took a hit. In this ranking, the clear standouts are banks from Paraguay and Bolivia, while the once invincible Venezuelan armada could only get four onto the list. Banco de Chile reaches the top spot on the list of the region’s 25 Best Banks. BY Catherine Lacourt y Carlos Alcántara, AméricaEconomía Intelligence
a
fter a 2015 to forget, the large Latin American banks on the
they have bucked last year’s trend. Brazilian banks explain much of this
rate is no longer such a factor. It is most likely the result of the restructuring which
Ranking of the Largest Banks
recovery. After seeing their assets drop in
of Latin America have regained
value by 21% in 2015, they regained 4% in
volume in terms of assets. With
the first six months of the year as the slide
pest among the Uruguayan and Paraguayan
the big blow that last year’s
in the value of the real ended allowing the
banks (down 56.3% and 13.9%, respecti-
exchange rate meant for these banks now
value of total Brazil assets to rise. This is
vely), in terms of absolute volume, the worst
behind them, the region’s 250 largest banks
the first time that this has happened in
off banks are the Brazilians (which earned
regained some weight, with assets measu-
three years.
US$3.6921 billion less than in 2015).
took place after the debacle of 2015. Although the drop in profits was shar-
red in dollars growing by 2.9%. Although
This recovery, however, comes at a
this may not be a considerable increase, it
cost: profits for the 250 fell by 16%, a signi-
(with the exception of Panama), Argentina
is without a doubt good news, as it means
ficant drop considering that the exchange
and Colombia all saw their profits rise.
42
Meanwhile, banks in Central America
AMÉRICAECONOMÍA
042 RK BANCOS en ingles.indd 42
20/10/17 17:18
PhoTOGRaphy: 123RF
Key data*
Key data* Default portfolio / loan portfolio and provisions / portfolio at risk
Liquidity Key data
%
Score
Score
Key data
Size
Score
Assets quality
Total assets
Profitability
Score
COUNTRY
Net worth / assets
BANK
Score
RK 16
admin. expenses / total assets and personnel expenses / loan portfolio
Key data*
Score
Capital adequacy Key data
Efficiency
ROE
BANK’S TOP 25
FINAL RK INDEX 250 16
1
De Chile
Chile
1.02
91.0
9.0
67.6
20.3
76.3
1.3
83.2
5.3
80.0
45,581.7
70.0
78.99
14
2
De Bogotá
Colombia
3.97
57.5
19.7
100.0
42.4
100.0
2.6
59.9
11.5
90.0
25,909.1
60.0
78.36
23
3
Bancolombia
Colombia
2.08
78.9
16.7
92.1
14.4
74.9
2.7
65.6
8.4
90.0
38,692.9
60.0
77.98
18
4
Bice
Chile
0.49
98.0
7.8
62.7
17.3
68.0
0.2
88.4
13.3
90.0
8,086.1
50.0
77.91
60
5
Santander (Chile)
Chile
0.63
96.4
7.6
62.0
17.8
68.5
2.1
72.2
10.7
90.0
53,101.9
70.0
77.03
10
6
Scotiabank (Peru)
Peru
2.27
86.0
12.4
79.3
16.7
74.7
2.1
76.2
31.9
80.0
16,182.3
50.0
76.71
33
7
Interacciones
Mexico
1.06
93.7
7.1
59.8
16.2
64.4
0.1
89.3
15.6
100.0
9,605.2
50.0
76.67
50
8
Bradesco
Brazil
1.69
73.2
10.1
71.8
17.0
71.8
8.9
68.2
17.9
100.0 290,896.7
90.0
76.25
4
9
Safra
Brazil
0.80
82.1
7.0
59.4
17.5
66.9
1.0
95.6
10.9
90.0
41,354.4
70.0
76.14
17
10
Bci
Chile
0.71
94.6
8.1
64.1
13.4
60.5
1.4
81.5
7.6
80.0
43,682.3
70.0
75.80
16
11
BBVA Continental
Peru
2.08
88.4
8.2
64.4
20.4
74.8
0.6
98.8
47.0
60.0
23,263.5
50.0
75.76
25
12
Crédito (Peru)
Peru
2.47
82.8
10.0
71.3
23.4
84.0
1.6
75.4
40.7
60.0
36,379.0
19
13
Itaú
Brazil
1.41
81.3
9.6
69.7
14.7
65.9
0.0
64.2
6.2
14
BBVA Bancomer
Mexico
2.91
70.6
8.4
65.2
23.5
80.6
2.4
72.5
12.8
15
De Occidente (Colombia) Colombia
1.82
87.6
12.1
78.4
14.4
68.8
2.8
61.9
16
Interbank
Peru
3.18
76.6
9.5
69.5
22.9
82.0
1.7
17
Industrial (Guatemala)
Guatemala
2.19
81.9
6.4
56.9
22.8
74.8
0.7
18
Agrícola
SV
N.A.
86.6
13.1
81.6
11.7
63.3
1.7
75.3
31.9
19
Banorte
Mexico
2.91
70.6
11.0
74.7
12.6
62.9
2.3
71.5
15.7
Colombia
2.08
87.4
12.4
79.2
8.9
54.6
2.2
74.2
8.9
90.0
20 Popular (Colombia)
75.09 75.07
2
90.0
98,064.4
80.0
74.70
6
9.3
90.0
10,924.5
50.0
74.62
46
77.6
33.5
80.0
11,832.7
50.0
74.09
41
85.0
19.1
90.0
9,843.6
50.0
73.57
48
80.0
4,258.1
30.0
72.92 100
100.0
53,093.5
70.0
72.91
11
6,641.8
40.0
72.73
72 49
Mexico
2.41
79.6
9.0
67.6
12.3
59.2
1.4
81.7
15.3
100.0
9,629.0
50.0
72.51
22 Santander (Mexico)
Mexico
2.15
82.3
9.1
68.1
12.5
60.2
3.1
60.9
14.7
100.0
67,513.8
70.0
72.37
7
23 Security
Chile
0.96
93.5
8.0
63.5
12.9
59.1
1.5
68.9
13.0
90.0
8,270.2
50.0
72.24
59
24 Itaú (Chile)
Chile
0.55
100.0
11.2
75.5
2.1
25.8
1.4
70.8
10.8
90.0
45,147.9
70.0
71.88
15
25 Bac. San José
Costa Rica
2.63
82.7
13.1
81.6
16.1
74.4
2.6
50.9
24.5
90.0
4,556.3
30.0
71.53
96
21
Del Bajío
60.0
80.0 402,901.4 100.0
* It expresses one of the data considered in the analysis dimension, but not all of it.
On an aggregate basis no country suffered
the Venezuelan banks reduced their parti-
logy note at http://rankings.americaecono-
losses during the first half of last year, whi-
cipation to just four banks, down from six
mia.com/2016/mejores-bancos), which have
le only twelve individual banks reported
last year. This has occurred even using the
improved our ranking of the 25 best.
losses over the same period.
Simadi dollar, the exchange rate which is
This year’s list is led by Banco de Chile,
used to take money out of Venezuela and is
which reached the top position by demons-
on the ranking, the noteworthy moves
less than the official dollar, although much
trating equilibrium in each of the variables
were made by the Paraguayan and Bolivian
higher than the black market rate.
of the Camel methodology. Like all of the
Regarding the presence of countries
banks. While the Paraguayans enter the ranking with six (from 124th to 243rd), the Bolivians keep adding banks to the list, two
The 25 Best This year we have introduced important
Chilean banks, it stands out primarily in efficiency, a variable that was represented this year through an indicator that measu-
by two, over the last two years, reaching a
changes to the methodology used in measu-
res both administrative expenses in relation
total of eleven this year. On the flip side,
ring the quality of the banks (see Methodo-
to total assets, and personnel expenses as a NOVEMBER 2017
042 RK BANCOS en ingles.indd 43
43
20/10/17 17:18
GLOBAL ISSUE
/ SPECIAL BEST BANKS RANKING
Black hole sun
Money peaks
Half-yearly average profit of banks, by country (US$ millons)
Evolution of the assets of the 250 largest banks in Latin America, according to countries (current US $ million) Source: AméricaEconomía Intelligence 5,000.000
225.2
Source: AméricaEconomía Intelligence 250
1S 2015 1S 2016
Chile
Panama
Others
Colombia
Argentina
Venezuela
1,500.000 9.5 9.1
26.1 11.4
45.6 22.9
27.5 23.7
2,000.000
1,000.000
Ch ile an Pe ru via n M ex ica n Am Ce er ntra ica l Ec n ua do ria n Pa ra gu ay an Ve ne zu ela n Ur ug ua ya n Bo liv ian
Co lom bia n Br az ilia n Ar ge nt ine
20.1 24.4
2,500.000
25.9 25.1
50 0
Mexico
Peru
3,000.000
112.6 96.0
118.6 97.7
106.0 102.4
100
Brazil
3,500.000 93.4 117.1
126.7
150
4,000.000
158.4
158.9
200
4,500.000
percentage of the loan portfolio. In both indicators the Chilean banks have much better ratios, not because their
500.000 0 2000
2002
which combines high levels of competitive
2004
2006
2008
2010
2012
2014
2016
Upon analyzing this year’s list, the
efficiency with high capital adequacy.
limited presence of Brazilian banks stands
The Peruvian banks have strong
out. This is primarily due to the modifica-
assets are particularly valuable, but becau-
indicators, which is why four of them have
tions in the way that size factors into our
se their expenses are significantly lower
made it onto this list (between the 6th and
methodology (its weighting was reduced
than those of banks in other countries.
16th spots). This number is doubly im-
from 20% to 10%). In addition, Brazilian
This is a key factor in explaining why
pressive, given that it represents the total
banks tend to have lower profitability and
Chile has the largest number of banks in
number of Peruvian banks eligible to be
a greater proportion of default portfolios
the Top 25: six in total.
on the list (all private commercial banks
than their Latin American peers.
After the Chilean banks come the
with sales of US$4 billion and enough,
Colombians. Four of them have made this
normalized data to be measured with
has a high standard of management. The
list, but two have made it to the podium.
Camel, of which there were 67 total). Only
difference in the final index between the 1st
This is the case of Banco de Bogotá (2nd),
67% of eligible Chilean banks made it,
and the 25th bank is just 7.5 points, which
of Grupo Aval, which this year registered
and only 33% of Colombian and Central
shows the high level of competition in this
the highest return on net assets, for a net
American banks did so.
segment. Nevertheless, there are significant
profit of more than US$1 billion, and the
Of the four from Peru, the highest
In any case, every bank on this list
differences in the group of banks pre-qua-
best capital adequacy ratio, which is the
ranked is Scotiabank (6th), but also no-
lified to make this ranking: the lowest one
relationship between net worth and assets.
teworthy is BBVA Continental, which has
lies 34.1 points behind the leader, which is
Then comes third-placed Bancolombia,
the best assets quality of the 25.
a significant gap.
Methodology THE 250 LARGEST BANKS: The information presented is from June 2016. The criteria for selecting the 250 largest banks is the amount of total assets. The loan portfolios are gross and made up of current portfolio plus default portfolio (or net portfolio of provisions plus provisions). The profits are from the January-June period, broken down into semesters in the case of balances that cover other periods. They are then annualized in order to calculate profitability. The conversion of the different items to present-value dollars is done using the exchange rate on June 30th, 2016 and June 30th, 2015, except in the case of the Venezuelan banks, for which we used the Sistema Marginal de Divisas (Simadi) published by
44
Banco Central de Venezuela. THE 25 BEST BANKS: This list measures the management of banks, considering every commercial bank in Latin America with total assets of more than US$4 billion, whose countries have information systems offering minimum quantities of required data, which in this edition means that Argentinean and Panamanian banks were excluded. The Camel method is applied using these categories of data: • C: Capital adequacy • A: Assets quality • M: Management E: Earnings
• L: Liquidity The indicators are weighted as shown below: 1. Capital adequacy (20%): net worth / assets 2. Assets quality (15%): default portfolio / loan portfolio and provisions / portfolio at risk 3. Efficiency (25%): administrative expenses / total assets and personnel expenses / loan portfolio 4. Profitability (20%): ROE and ROA 5. Liquidity (10%): available / deposits 6. Size (10%): total assets
l The complete version of the ranking can be downloaded at www.americaeconomia.com
AMÉRICAECONOMÍA
042 RK BANCOS en ingles.indd 44
20/10/17 17:18
Profit before taxes/ Heritage 16 (%)
-4.4
134,671.0
-4.7
22,347.3
2,977.2
-46.3
3.5
13.3
State-owned
136,532.0
7.3
105,746.4
8.2
38,607.8
5,683.4
-19.1
12.1
14.7
Local private
3
3
Caixa Economica Federal
BR
369,430.6
4.3
206,815.3
2.5
140,950.7
4.4
7,879.9
1,212.2
-31.5
1.4
15.4
State-owned
4
4
Bradesco
BR
290,896.7
5.9
93,229.8
-8.7
54,857.8
-12.2
29,515.1
5,029.4
-9.1
8.9
17.0
Local private
5
5
Santander (Brazil)
BR
200,853.9
3.5
62,993.6
-8.4
41,202.8
-9.7
18,840.0
1,561.7
-47.7
9.3
8.3
Foreign private
6
6
BBVA Bancomer
MX
98,064.4
-2.6
50,327.8
-2.4
54,365.0
-2.1
8,226.6
1,930.9
5.7
2.4
29.8
Foreign private
7
8
Santander (Mexico)
MX
67,513.8
1.1
29,521.9
3.7
31,711.3
-3.4
6,177.4
775.2
-6.2
3.1
16.5
Foreign private
8
12
BTG Pactual
BR
60,039.4
18.9
12,513.0
130.1
17,747.4
196.7
6,339.9
1,224.3
-13.3
-
19.3
Local private
9
7
Banamex
MX
58,904.7
-16.9
29,425.8
-0.4
35,308.8
-5.6
8,129.5
752.3
-28.3
1.5
13.4
Foreign private
10
11
Santander (Chile)
CL
53,101.9
4.3
38,808.8
1.9
29,747.1
3.3
4,021.5
713.8
-5.9
2.1
21.5
Foreign private
11
9
Banorte
MX
53,093.5
-8.8
28,496.2
-2.7
30,973.3
-3.4
5,842.7
735.0
-7.4
2.3
16.7
Local private
12
15
Estado
CL
48,019.1
10.9
30,393.4
9.8
31,618.8
7.9
2,229.4
290.0
43.4
3.2
18.6
State-owned
13
10
HSBC Bank Brasil, BM
BR
45,994.8
-18.5
16,355.6
-9.7
17,694.4
2.6
3,009.2
-449.5 -2.331.9
7.9
-14.9
Foreign private
14
13
De Chile
CL
45,581.7
-0.5
36,880.0
1.2
27,143.5
1.1
4,102.8
833.5
-6.9
1.3
23.7
Local private
15
38
Itaú (Chile)
CL
45,147.9 260.8
32,152.1 220.4
25,209.4
244.1
5,071.3
106.0
-21.0
1.4
2.8
Foreign private
16
20
BCI
CL
43,682.3
21.7
30,979.6
19.8
26,239.7
29.8
3,533.8
475.0
-10.9
1.4
17.6
Local private
17
14
Safra
BR
41,354.4
-8.5
11,593.9
-22.4
2,637.5
-18.5
2,879.8
505.3
-10.0
0.4
17.5
Local private
18
16
Bancolombia
CO
38,692.9
-2.1
27,418.6
-2.3
26,051.9
-4.8
6,472.7
929.6
-8.8
2.7
14.4
Local private
19
17
Crédito (Peru)
PE
36,379.0
-7.2
22,172.1
-7.6
20,914.7
-9.7
3,648.1
855.1
-17.5
1.6
30.8
Local private
20 22
Votorantim
BR
32,892.3
0.4
13,437.7
-14.3
1,128.4
-29.2
2,520.3
118.3
-30.2
3.1
4.7
Local private
21
HSBC (Mexico)
MX
32,845.5
-13.8
13,543.4
0.0
15,853.2
-15.3
2,524.1
111.5
-39.8
4.4
4.5
Foreign private
22 18
Nación (Argentina)
AR
31,599.0
-17.8
10,660.6
-26.8
23,437.3
-22.5
4,708.0
1,615.5
-46.2
-
34.3
State-owned
23 23
De Bogotá
CO
25,909.1
-5.4
16,508.8
-6.6
18,014.4
-8.2
5,106.2
2,163.9
128.6
2.6
42.4
Local private
24 25
Citibank (Brazil)
BR
24,709.6
10.4
4,465.1
15.2
5,480.1
21.7
2,511.1
220.1
-4.3 24.4
8.8
Foreign private
25 24
BBVA Continental
PE
23,263.5
-8.9
14,279.2
-11.0
13,508.7
-12.5
1,901.6
388.4
-17.9
0.6
27.5
Foreign private
26 26
Davivienda
CO
22,630.5
1.5
17,580.6
6.3
17,398.9
-0.1
2,663.8
493.8
8.6
3.1
18.5
Local private
27 28
Banrisul
BR
20,285.8
1.7
8,474.8
-8.6
12,166.9
5.7
1,960.8
237.1
10.2
0.7
12.1
State-owned
28 30
BBVA (Chile)
CL
19,704.4
1.8
13,217.2
0.9
9,723.9
4.0
1,162.7
81.6
-45.2
1.4
7.7
Foreign private
29 29
Inbursa
MX
19,576.9
0.2
13,312.6
4.0
12,191.0
-2.2
4,506.2
280.9
-70.4
2.7
7.1
Local private
30 27
Scotiabank Inverlat
MX
18,721.4
-9.5
11,714.3
0.1
11,913.3
-1.5
2,005.4
238.0
23.0
2.7
14.2
Foreign private
31
BBVA (Colombia)
CO
16.,72.1
-0.3
12,652.8
1.0
14,249.3
-0.8
1,252.8
184.6
-24.0
2.6
14.7
Foreign private
32 34
Scotiabank (Chile)
CL
16,694.8
16.3
12,554.2
10.9
8,782.9
32.2
1,285.0
160.6
53.6
2.4
15.2
Foreign private
33 31
Scotiabank (Peru)
PE
16,182.3
-11.5
10,635.7
-9.0
9,650.2
-9.3
2,004.1
335.3
0.6
2.1
21.5
Foreign private
34 33
Rep. Oriental del Uruguay
UY
15,163.1
4.9
8,058.5
2.9
13,932.8
5.2
1,230.3
108.6
-49.1
1.3
19.0
State-owned
35 35
General
PA
14,359.4
10.6
9,271.6
12.8
10,701.9
8.6
1,101.1
262.8
11.4
-
23.9
Local private
36 36
Do Nordeste
BR
12,987.7
1.1
3,780.7
-8.7
3,071.7
-15.8
923.6
137.3
37.1
0.5
14.9
State-owned
37 39
Provincia
AR
12,776.2
5.2
5,991.2
-13.3
11,207.1
4.5
715.5
212.4
-29.8
-
29.7
State-owned
38 44
BNP Paribas
BR
12,749.2
13.6
2,183.1
3.9
1,507.9
13.5
848.8
15.4
-86.3
27.9
1.8
Foreign private
39 48
JP Morgan
BR
12,229.0
22.1
258.0
-20.6
793.9
13.9
1,327.5
139.2
43.5
-
10.5
Foreign private
40 53
Sicredi
BR
11,896.2
30.4
3,892.4
-2.9
3,073.6
-11.9
380.8
31.2
-24.3
-
8.2
Local private
41
Interbank
PE
11,832.7
-6.4
7,410.0
-8.1
6,954.8
-6.4
1,125.1
257.4
-16.1
1.7
31.3
Local private
42 45
Galicia
AR
11,612.4
5.6
5,525.1
-4.8
7,866.9
-0.3
1,078.3
307.8
-40.4
-
28.5
Local private
43 46
Nacional (Costa Rica)
CR
11,109.0
9.1
6,849.7
11.8
7,285.0
8.9
1,016.9
108.0
33.3
3.2
10.6
State-owned
44 42
Santander Río
AR
11,048.7
-3.9
6,266.0
-1.9
8,337.2
-2.1
1,229.4
295.0
-41.8
-
24.0
Foreign private
45 49
Nacional (Panama)
PA
10,991.4
12.0
3,640.8
16.5
9,941.0
12.3
771.0
112.9
19.4
-
14.6
State-owned
46 41
De Occidente (Colombia)
CO
10,924.5
-5.8
8,494.3
-3.6
8,279.5
-5.1
1,322.3
189.8
-6.8
2.8
14.4
Local private
47 43
Corpbanca (Colombia)
CO
10,319.2
-8.2
7,151.9
-10.3
7,927.9
-8.9
1,263.0
59.1
-58.4
2.5
4.7
48 54
Industrial (Guatemala)
GT
9,843.6
8.5
5,295.1
8.3
6,683.3
11.2
628.0
143.0
-5.3
0.7
24.1
Local private
49 55
Del Bajío
MX
9,629.0
8.4
5,972.9
-0.6
5,609.9
-2.1
866.8
106.2
16.0
1.4
16.2
Local private
50 51
Interacciones
MX
9,605.2
0.2
4,887.7
-4.1
4,864.6
-1.8
677.9
109.7
-5.3
0.1
20.8
Local private
19
32
37
Profit variation 16/15 (%)
199,575.4
11.2
Annual profit 2016 (US$ mill)
1.7
402,901.4
Deposits variation 16/15 (%)
451,146.0
BR
Bank deposits June 2016 (US$ mill)
BR
Itaú
Portfolio variation 16/15 (%)
Do Brasil
2
Loan portfolio June 2016 (US$ mill)
Due portfolio/ Loan portfolio 16 (%)
Banking heritage June 2016 (US$ mill.)
Total assets variation 16/15 (%)
Total assets jJune 2016 (US$ mill)
1
2
BANK
COUNTRY
1
RK RK 16 15
PROPERTY
Foreign private
NOVEMBER 2017
042 RK BANCOS en ingles.indd 45
45
20/10/17 17:18
65.5
-65.5
406.0
-23.0
78.1
-
-5.7
Foreign private
-7.8
7,577.8
-0.2
879.9
40.7
-46.5
1.5
8.0
Local private
53 65
Bancoob
BR
9,229.4
14.7
2,918.1
3.4
6,876.6
14.1
333.1
43.3
20.9
13.3
13.0
Local private
54 58
Banistmo
PA
9,042.6
3.8
6,836.3
4.8
6,514.3
6.7
951.0
53.8
-29.4
-
5.7
Local private
55 56
BBVA, Francés
AR
8,697.8
-1.0
4,289.5
-8.2
6,207.6
-0.6
1.000.2
284.9
-45.5
-
28.5
Foreign private
56 66
De Reservas
DO
8,510.1
6.8
5,335.9
8.4
4,031.8
9.2
572.4
135.4
-0.6
1.0
24.9
Local private
57 60
Panamericano
BR
8,343.5
0.4
5,221.7
-3.2
4,158.8
11.3
1,041.3
-136.6
-134.6
10.0
-13.1
Local private
58 57
Agrario
CO
8,274.6
-5.7
4,125.4
-0.4
5,437.3
-4.0
677.1
190.5
36.5
6.3
28.1
State-owned
59 64
Security
CL
8,270.2
2.2
6,186.8
3.1
4,835.1
-0.5
657.5
84.9
-15.7
1.5
15.6
Local private
60 67
Bice
CL
8,086.1
3.0
5,974.9
-1.1
4,928.2
-1.3
627.4
108.4
25.9
0.2
21.1
Local private
61
50
Nación (Perú)
PE
8,072.0
-16.0
3,018.6
2.2
6,570.5
-15.9
611.0
299.2
-19.6
0.3
60.0
State-owned
62 72
De Costa Rica
CR
7,820.0
10.9
4,647.5
4.3
5,429.5
11.5
812.3
89.6
159.8
8.6
11.0
State-owned
63 61
Macro
AR
7,782.4
-5.4
4,359.1
-7.5
5,405.6
-6.0
1.256.8
430.1
-31.4
-
34.2
Local private
64 59
Bladex
PA
7,706.8
-8.3
6,479.7
-6.3
3,206.3
-0.9
1,069.2
93.0
-4.3
-
8.7
Local private
65 63
Colpatria
CO
7,355.0
-9.8
6,232.5
-7.8
5,691.3
-12.8
628.8
118.2
7.4
4.4
18.8
Foreign private
66 62
Afirme
MX
7,315.8
-10.8
969.4
-16.8
1,626.1
7.6
201.9
16.6
120.1
4.3
11.0
Local private
67 75
Del Desarrollo Rural
GT
7,179.7
11.8
4,248.5
6.5
5,834.9
13.0
752.6
134.4
1.8
1.8
21.7
Local private
68 70
ABC Brasil
BR
6,921.9
-5.3
2,936.4
-15.6
1,142.9
-29.7
818.2
118.8
10.2
-
14.5
Local private
69 81
Popular Dominicano
DO
6,841.3
10.1
4,347.4
9.8
4,644.8
10.3
680.6
123.6
7.6
0.7
24.8
Local private
70 71
GNB Sudameris
CO
6,784.9
-5.4
2,490.0
-9.4
5,876.8
-5.2
463.3
66.0
-6.4
1.7
14.2
Foreign private
71
Azteca
MX
6,697.9
-9.2
2,654.6
-4.5
5,216.9
-9.8
733.1
72.5
-9.5
3.2
13.6
Local private
72 73
Popular (Colombia)
CO
6,641.8
-2.1
5,175.0
-0.6
5,422.0
-0.1
820.6
73.4
-48.5
2.2
8.9
Local private
73 74
BAC Internacional
PA
6,583.5
1.1
3,255.3
8.5
3,446.0
-10.0
2,384.9
347.4
13.3
-
14.6
Foreign private
74
Bank of America
MX
6,454.1
1.6
249.7
9.4
684.4
72.8
320.6
5.0
-88.4
0.6
1.9
Foreign private
75 80
G & T Continental
GT
6,289.7
0.6
3,133.5
3.5
4,511.2
1.9
472.1
89.0
16.2
1.7
19.3
Local private
76 76
Daycoval
BR
6,289.5
-1.9
3,351.0
-5.3
1,477.4
4.0
868.7
94.0
-21.2
1.8
10.8
Local private
77
Rabobank (Brazil)
BR
6,280.9
6.4
3,744.9
9.4
38.8
17.1
517.7
56.9
15.9
-
11.0
Foreign private
78 47
Deutsche Bank (Brazil)
BR
6,262.7
-38.1
777.6
-5.4
572.0
-13.2
510.0
-19.8
-136.1
-
-3.9
Foreign private
79 95
Bofa Merrill Lynch
BR
6,230.6
30.9
202.4
52.6
1,436.7
162.1
540.5
132.4
96.2
-
24.5
Foreign private
80 86
Global Bank
PA
6,006.9
12.4
5,076.8
15.3
3,608.2
12.3
482.4
54.2
62.1
-
11.2
81
Volkswagen
BR
5,988.1
-20.4
5,138.4
-20.4
448.3
-46.2
797.5
11.3
-89.0
-
1.4
Foreign private
82 85
Santander (Uruguay)
UY
5,741.7
6.1
3,325.6
-15.4
5,386.8
6.8
355.0
15.2
-48.7
0.5
9.5
Foreign private
83 89
Banestes
BR
5,633.4
10.4
1,048.9
-11.7
2,878.6
2.3
368.9
51.5
-1.2
6.5
14.0
State-owned
84 98
J. P. Morgan
MX
5,396.7
19.8
227.2
37.0
358.3
29.4
417.0
8.7
-49.4
-
4.2
Foreign private
85 90
Bancolombia (Panama)
PA
5,284.1
4.7
3,339.5
5.6
3,202.8
-9.0
1,080.5
-2.9
-101.4
-
-0.3
Foreign private
86 78
Banregio
MX
5,283.8
-16.6
3,839.5
15.4
3,456.1
12.9
620.7
117.8
6.5
1.6
26.3
Local private
87 114 Tokyo-Mitsubishi UFJ (Brazil)
BR
5,245.6
35.2
212.0
-24.7
563.8
0.7
412.9
32.3
48.8
-
7.8
Foreign private
88 91
Popular (Costa Rica)
CR
5,239.4
5.8
3,641.0
17.4
2,474.8
2.2
1,027.1
69.4
-3.1
11.4
6.8
Local private
89 83
HSBC (Argentina)
AR
5,211.5
-8.6
2,477.6
-21.3
3,654.4
-13.4
621.7
179.6
-4.6
-
28.9
Foreign private
90 79
Bank of China (Panama)
PA
5,120.9
-18.6
2,590.1
2.4
4,994.2
-3.8
111.3
31.2
-9.8
-
28.0
Foreign private
91
BMG
BR
4,981.8
-8.9
2,504.8
3.3
1,628.6
-8.1
898.1
20.2
-54.1
53.6
2.2
Local private
Pacífico
EC
4,925.9
11.0
2,626.3
0.5
3,676.9
11.2
524.4
35.4
-35.1
1.5
6.8
Local private
93 102 Comercial BHD
DO
4,906.7
12.0
2,525.2
14.1
2,132.0
9.5
537.6
126.8
3.1
2.2
30.4
Local private
94 88
Ciudad
AR
4,789.8
-6.4
2,696.5
-17.4
4,035.8
-2.6
464.4
127.9
-28.9
-
27.5
Local private
95 87
Credicoop
AR
4,725.9
-9.2
1,810.3
-23.4
4,164.9
-8.8
340.6
169.2
-48.1
-
49.7
Local private
96 108 BAC. San José
CR
4,556.3
9.8
3,459.6
9.9
3,076.0
11.6
597.9
96.3
37.3
2.6
16.1
Foreign private
97 110 Itaú (Uruguay)
UY
4,441.6
7.6
2,546.6
6.0
4,088.7
8.3
353.0
33.3
-62.1
0.4
15.0
Foreign private
98 104 Multiva
MX
4,438.9
3.2
2,811.5
6.1
3,000.2
1.8
260.0
27.5
-10.4
0.7
14.3
Local private
99 116 Consorcio
CL
4,265.7
11.5
2,455.4
17.4
2,272.7
-0.5
462.2
67.6
22.1
0.4
17.8
Local private
100 105 Agrícola
SV
4,258.1
0.9
2,894.7
7.1
2,758.9
-0.4
558.3
65.1
-17.4
1.7
11.7
Local private
69
77
82
68
84
92 99
46
Profit before taxes/ Heritage 16 (%)
Annual profit 2016 (US$ mill)
-70.5
5,015.4
Due portfolio/ Loan portfolio 16 (%)
Banking heritage June 2016
158.1
-0.6
Profit variation 16/15 (%)
Deposits variation 16/15 (%)
-22.1
9,258.3
Bank deposits June 2016 (US$ mill)
9,381.4
EC
40
Portfolio variation 16/15 (%)
BR
Pichincha
51
BANK
Loan portfolio June 2016 (US$ mill)
Societe Generale
52 52
RK RK 16 15
COUNTRY
Total assets variation 16/15 (%)
/ SPECIAL BEST BANKS RANKING Total assets jJune 2016 (US$ mill)
GLOBAL ISSUE
PROPERTY
Local private
AMÉRICAECONOMÍA
042 RK BANCOS en ingles.indd 46
20/10/17 17:18
Due portfolio/ Loan portfolio 16 (%)
Profit before taxes/ Heritage 16 (%)
33.7
1,180.3
26.8
371.7
48.6
27.7
0.5
17.7
Local private
-7.2
852.5
1.0
848.4
2.1
199.1
20.5
-13.3
2.0
11.4
Local private
103 96
BCSC (Caja Social)
Local private
Profit variation 16/15 (%)
853.8
4,197.1
Annual profit 2016 (US$ mill)
Deposits variation 16/15 (%)
Bank equity June 2016
Bank deposits June 2016 (US$ mill)
9.4
MX
Loan portfolio June 2016 (US$ mill)
4,227.8
Invex
Total assets variation 16/15 (%)
Portfolio variation 16/15 (%)
Total assets jJune 2016 (US$ mill)
MX
102 97
BANK
COUNTRY
101 115 Monex
RK RK 16 15
PROPERTY
CO
4,146.0
-9.5
3,365.7
-7.0
3,474.3
-10.3
504.9
123.4
0.9
4.2
24.4
104 109 De Brasilia, Brb
BR
4,117.2
-0.7
2,908.5
-2.1
2,720.2
-3.2
332.6
25.2
27.3
0.0
7.6
State-owned
105 112 Citibank (Colombia)
CO
4,045.3
3.3
2,393.3
-7.3
3,3332.1
8.0
559.3
90.0
-16.0
2.9
16.1
Foreign private
106 123 Multibank
PA
4,025.1
12.0
2,537.8
11.4
2,615.8
11.1
388.3
48.6
-2.5
-
12.5
Local private
107 -
CCB
BR
4,024.3
-
1,616.2
-
667.4
-
385.6
-140.4
-
-
-36.4
Foreign private
108 94
Bank of China (Argentina)
AR
4,019.6
-17.0
2,208.8
-12.8
2,474.8
-23.0
528.7
193.7
-2.7
-
36.6
Foreign private
109 106 Av Villas
CO
4,013.8
-6.6
2,870.8
-5.2
3,413.0
-5.0
431.4
66.0
-12.0
3.0
15.3
Local private
110 103 Alfa
BR
3,995.6
-8.6
1,971.3
-10.5
37.2
-76.3
671.9
38.9
-1.4
-
5.8
Foreign private
111 93
AR
3,990.5
-17.8
2,363.9
-5.1
2,801.5
-17.9
616.0
210.9
-34.0
-
34.2
Local private
112 118 Banesco S.A.
PA
3,970.3
5.7
2,660.8
12.1
3,411.2
2.2
327.4
47.5
22.1
-
14.5
Foreign private
113 113 Da Amazonia
BR
3,910.2
0.0
1,154.1
-2.5
910.6
-17.1
598.8
51.7
-23.4
-
8.6
State-owned
114 107 Citibank N.A (Argentina)
AR
3,846.4
-8.6
2,101.8
-11.6
2,286.4
-13.3
703.4
296.5
-17.0
-
42.1
Foreign private
115 129 Mercantil Santa Cruz
BO
3,793.2
19.0
2,170.3
23.2
3,174.8
25.9
222.2
21.0
25.1
0.7
15.7
Local private
116 101 GMAC
BR
3,754.0
-14.9
2,946.3
-17.9
983.5
-20.8
533.1
53.5
-16.7
-
10.0
Foreign private
117 111
BR
3,652.7
-10.3
2,190.8
-17.3
2,297.0
-11.0
274.2
11.7
-63.8
2.4
4.3
Local private
118 119 Produbanco
EC
3,647.6
-1.5
1,934.2
-4.0
3,097.4
-2.0
309.1
17.1
-41.2
1.1
8.2
Local private
119 117 Guayaquil
EC
3,639.0
-3.7
1,966.5
-10.3
2,724.9
-5.4
396.2
196.0
366.7
2.3
49.5
Local private
120 125 Interamericano de Finanzas
PE
3,576.6
1.0
2,451.5
-3.3
2,202.0
-4.6
256.6
30.1
-11.7
1.0
16.6
Local private
121 100 Morgan Stanley
BR
3,503.7
-20.8
-
-
471.2
-71.8
795.2
74.3
-27.1
-
9.3
122 137 Caja de Ahorros
PA
3,400.2
19.1
2,226.8
8.0
2,967.8
21.7
311.7
9.1
-65.7
-
2.9
State-owned
123 128 BBVA (Uruguay)
UY
3,335.8
2.8
2,226.5
-0.8
3,146.3
3.1
189.5
8.9
-40.7
0.2
10.2
Foreign private
124 -
Patagonia
Mercantil do Brasil
Continental
Foreign private
PY
3,314.6
2.6
2,212.8
-2.2
2,123.8
4.8
344.2
71.1
0.0
2.2
20.7
Local private
125 131 Goldman Sachs do BM (Brazil)
BR
3,290.9
4.0
-
-
20.7
-81.1
425.6
50.2
-21.9
-
11.8
Foreign private
126 121 Mi Banco
PE
3,263.7
-10.1
2,284.1
-5.9
1,709.0
-0.4
398.8
73.4
113.8
4.3
23.7
Local private
127 132 Falabella
CL
3,262.4
3.5
2,168.2
2.6
2,169.2
4.3
286.9
79.2
-7.9
3.6
34.5
Local private
128 -
PY
3,242.6
-5.5
2,018.0
8.2
2,357.2
-4.5
434.1
102.2
-28.0
2.0
23.5
Foreign private
129 138 Unión
BO
3,222.9
14.1
1,617.3
15.7
1,923.8
-1.4
199.1
15.2
-14.7
0.4
10.4
Local private
130 124 Crédito del Perú (Panama)
PA
3,196.8
-9.8
2,815.7
-11.3
6.9
-43.6
338.1
8.6
-41.9
-
2.5
Foreign private
131 162 Scotiabank (Uruguay)
UY
3,150.4
55.0
1,466.7
11.8
2,980.9
56.1
169.5
-6.9
-2.553.4
0.9
-4.1
Foreign private
132 134 Ficohsa
HN
3,091.7
-0.1
2,123.7
1.4
1,811.7
-5.3
352.1
36.2
-20.3
2.2
10.3
Local private
133 135 Atlántida
HN
3,029.4
0.7
1,828.9
8.4
2,173.7
3.9
283.0
34.7
-3.3
2.2
12.3
Local private
134 122 Barclays (Mexico)
MX
3,019.2
-16.1
-
-
-
-
255.8
49.1
80.5
-
28.6
Foreign private
135 140 The Bank of Nova Scotia
PA
2,981.6
10.2
2,388.1
8.2
2,830.7
10.1
88.0
28.4
-29.2
-
32.3
Foreign private
136 136 Agromercantil
GT
2,960.3
2.5
2,088.0
13.9
1,983.5
0.3
286.4
32.4
715.7
1.6
13.4
Local private
137 176 Crédit Agricole
BR
2,949.4
59.6
158.5
12.4
150.7
11.8
253.1
5.3
410.0
-
2.1
138 142 Nacional de Bolivia
BO
2,901.0
9.0
1,727.9
10.2
2,505.8
8.5
198.7
30.2
2.8
0.7
20.1
Local private
139 126 Mercedes-Benz
BR
2,862.8
-18.3
2,417.2
-19.2
44.9
-77.3
448.9
-0.7
-102.6
-
-0.1
Foreign private
140 145 Scotiabank (Costa Rica)
CR
2,860.6
10.3
2,221.2
13.4
1,846.3
5.6
298.4
17.4
43.6
3.7
5.8
Foreign private
141 157 ING Bank
BR
2,849.8
29.1
212.7
-5.3
139.2
-47.6
254.6
3.4
-85.3
-
1.3
Foreign private
142 141 Internacional (Ecuador)
EC
2,806.8
4.3
1,587.3
-3.5
2,347.8
2.1
247.2
25.2
-25.1
0.4
10.2
Local private
143 147 De Córdoba
AR
2,721.9
6.9
1,217.4
-14.0
2,357.8
9.5
148.1
35.6
-14.6
-
24.0
Foreign private
144 143 Bolivariano
EC
2,696.2
3.7
1,316.0
-7.7
2,244.6
2.7
238.9
18.7
-33.9
0.9
7.8
145 -
PY
2,677.6
-3.7
1,826.3
-6.6
1,814.5
-3.2
230.4
38.5
1.9
2.4
16.7
Foreign private
146 148 Mifel
MX
2,670.8
6.7
1,633.6
-4.6
1,255.2
-7.3
214.7
31.6
13.3
1.6
16.2
Local private
147 139 Financiero
PE
2,571.1
-5.3
1,787.3
-8.5
1,356.5
-10.1
205.9
10.0
-56.6
2.1
7.2
Local private
148 130 Pine
BR
2,558.8
-19.4
1,017.8
-32.8
607.7
23.5
354.6
0.8
-93.5
0.0
0.2
Privada local
149 -
BR
2,496.0
45.7
166.3
-41.0
630.4
48.0
200.6
13.0
822.4
-
6.5
Foreign private
AR
2,479.8
-4.4
1,539.4
-1.3
1,811.5
-8.4
347.6
33.3
-32.3
-
9.6
Local private
Itaú (Paraguay)
Regional
Bes
150 144 Supervielle
Foreign private
Local private
NOVEMBER 2017
042 RK BANCOS en ingles.indd 47
47
20/10/17 17:18
-24.9
1,204.0
-34.2
389.3
50.2
-47.0
-
12.9
Local private
1,504.2
2.7
1,648.7
5.4
235.0
22.1
-28.5
-
9.4
Local private
153 151 De Occidente (Honduras)
HN
2,415.2
0.3
1,101.1
3.4
1,816.6
0.0
225.7
28.5
-14.5
3.9
12.6
Local private
154 156 Bisa
BO
2,394.1
6.6
1,308.8
17.1
1,958.8
6.2
242.9
26.3
13.3
0.5
17.8
Local private
155 173 Davivienda (Costa Rica)
CR
2,367.9
25.4
1,611.1
26.3
1,454.9
30.4
194.2
15.2
17.7
3.9
7.8
Foreign private
156 158 Davivienda (El Salvador)
SV
2,341.2
6.1
1,601.2
5.0
1,413.6
2.7
296.1
22.0
-19.9
2.5
7.4
Foreign private
157 250 De América Central (Guatemala)
GT
2,300.6
144.7
1,598.2
174.8
1,814.9
138.0
245.3
28.2
321.8
1.6
14.2
Foreign private
158 174 Ve Por Más
MX
2,282.2
21.6
1,385.8
21.3
1,049.3
37.5
173.1
6.1
-28.8
1.1
5.1
Local private
159 152 Nuevo de Santa Fe
AR
2,267.2
-5.2
1,244.8
-19.9
1,728.2
2.3
356.5
120.3
-23.5
-
33.7
Local private
160 179 Original
BR
2,253.9
25.4
729.8
-8.8
630.1
101.2
671.0
11.7
-66.7
0.8
1.7
Local private
161 163 De los Trabajadores
GT
2,230.3
11.6
1,167.9
18.6
1,766.7
11.5
219.9
53.8
-10.2
2.7
28.1
Local private
162 -
BR
2,182.8
1.9
1,782.8
2.7
15.4
-23.3
491.3
6.0
47.1
-
1.2
State-owned
163 127 De Venezuela Santander
VE
2,173.1
-36.1
1,150.1
-27.8
1,810.2
-41.3
170.6
74.9
-47.4
0.2
72.4
State-owned
164 165 Bancoppel
MX
2,163.7
9.5
675.5
0.9
1,834.9
9.4
293.7
91.0
60.5
21.7
44.6
Local private
165 167 De América Central (Honduras) HN
2,107.8
7.1
1,414.7
6.3
1,474.5
13.3
221.2
26.0
4.8
0.7
11.7
Foreign private
166 149 CNH Capital
BR
2,102.7
-14.8
1,853.1
-3.5
187.8
-15.8
369.7
46.3
-0.4
-
12.5
Foreign private
167 172 Crédito (Bolivia)
BO
2,090.4
9.7
1,431.0
21.7
1,716.3
11.5
162.4
25.2
25.1
0.7
20.2
Foreign private
168 120 Deutsche Bank (México)
MX
2,082.7
-42.8
-
-
-
-
212.4
24.8
-11.4
-
15.0
Foreign private
169 161 Scotiabank (El Salvador)
SV
2,076.8
1.3
1,518.0
2.1
1,345.6
3.5
303.9
14.6
-20.5
3.8
4.8
Foreign private
170 160 Fibra
BR
2,024.6
-1.7
687.6
-25.4
701.5
-2.5
308.3
1.0
100.8
2.1
0.3
Local private
171 171 Classico
BR
2,023.7
5.5
-
-
0.0
284.5
1,515.6
13.1
-9.7
-
0.9
Local private
172 168 De la Producción
NI
2,011.5
3.4
1,169.6
11.5
1,632.9
4.3
192.1
41.2
4.6
0.6
33.6
Local private
173 153 HSBC (Chile)
CL
2,006.7
-14.7
349.3
-11.3
1,190.1
-21.1
129.8
19.8
110.2
-
19.1
Foreign private
174 159 Citibank (Perú)
PE
1,954.5
-9.7
753.0
-2.1
1,413.8
-8.6
315.2
30.9
-80.0
-
13.1
Foreign private
175 175 Internacional (Chile)
CL
1,940.7
4.2
1,262.8
2.0
1,457.7
8.4
138.9
11.7
640.9
2.0
9.7
Local private
176 180 De América Central (El Salvador)
SV
1,919.6
7.0
1,350.1
7.4
1,320.8
6.5
220.2
17.8
-24.1
1.1
8.1
Foreign private
177 -
PY
1,876.1
-3.8
1,234.7
-9.0
1,453.0
5.4
157.9
22.5
-9.3
4.0
14.2
Foreign private
178 181 Bicsa
PA
1,863.4
5.4
1,479.9
5.9
878.1
9.6
210.1
11.4
-43.9
-
5.4
Foreign private
179 184 Credit Suisse
MX
1,815.1
5.9
31.0
20.5
293.0
162.2
109.4
-15.5
-516.5
- -20.3
Foreign private
180 190 Del País
HN
1,798.1
9.1
1,199.4
7.0
1,083.1
11.6
186.5
25.5
-1.9
0.5
13.7
Local private
181 -
Fassil
BO
1,787.3
54.8
1,264.3
78.2
1,464.9
60.8
139.2
12.3
-55.8
0.1
9.2
Local private
182 -
Paraná
BR
1,773.8
-
1,164.0
-
954.3
-
431.9
38.9
-
0.2
9.0
Local private
183 182 Cibanco
MX
1,754.7
0.0
374.6
-2.2
881.4
-1.7
101.7
12.1
-17.9
1.8
17.7
Local private
184 185 John Deere
BR
1,743.9
2.0
1,744.1
2.9
16.1
-79.9
262.5
23.3
-36.7
-
8.9
Foreign private
185 221 Sumitomo Mitsui Brasileiro
BR
1,735.4
39.8
400.7
34.6
543.7
29.8
257.4
13.4
-47.7
-
5.2
Foreign private
186 164 San Juan
AR
1,734.6
-12.3
309.1
-17.4
1,160.1
-13.2
483.8
186.5
-21.9
-
38.5
187 189 Banpará
BR
1,718.1
4.0
1,083.7
5.8
1,253.8
-4.2
229.2
45.1
54.3
1.5
19.7
State-owned
188 198 Panameños de la Vivienda
PA
1,710.3
11.7
1,182.3
9.4
1,230.7
13.9
142.7
13.8
30.8
-
9.7
Local private
189 183 Toyota
BR
1,705.9
-1.3
1,083.3
-11.0
129.2
59.0
183.6
5.2
-74.3
-
2.8
Foreign private
190 192 Credicorp
PA
1,699.6
6.5
1,086.7
7.7
1,224.3
0.7
202.9
30.2
20.4
-
14.9
Foreign private
191 191 Lafise Bancentro
NI
1,668.7
2.3
1,131.5
13.5
1,172.4
-0.2
185.6
42.5
8.1
0.7
34.4
Local private
192 199 HSBC Bank (Uruguay)
UY
1,634.4
7.2
1,103.8
5.1
1,542.1
7.8
92.3
-0.4
-102.9
0.8
2.3
Foreign private
193 187 Hipotecario
UY
1,619.7
-3.4
1,523.5
-1.5
907.2
-8.2
712.5
0.9
-85.9
1.5
3.7
Local private
194 203 De América Central (Nicaragua) NI
1,610.8
11.3
1,120.0
16.1
1,218.8
2.9
221.1
46.2
22.2
0.6
32.0
Local private
195 195 Santander (Peru)
PE
1,564.7
-0.3
853.6
-4.0
926.3
-5.2
173.5
20.1
-20.8
0.4
16.7
Foreign private
196 146 Banesco
VE
1,562.9
-39.5
810.5
-28.3
1,368.3
-40.5
105.0
44.4
-53.2
0.2
67.2
Local private
197 204 CSF
BR
1,541.9
7.1
676.1
21.7
51.0
57.6
498.0
123.3
-18.4
-
24.8
Local private
198 209 Tokyo-Mitsubishi
MX
1,521.7
15.2
483.6
-18.1
998.3
17.3
213.0
3.7
-12.9
-
3.1
Foreign private
199 186 Lage de Landen
BR
1,511.3
-11.5
1,275.5
-12.7
-
-
245.8
28.0
549.2
-
11.4
Foreign private
200 197 Falabella (Perú)
PE
1,505.6
-2.2
1,087.8
-4.3
939.8
1.2
204.1
30.3
-20.3
4.9
21.1
Foreign private
48
BDMG
BBVA (Paraguay)
Profit before taxes/ Heritage 16 (%)
1,387.6
4.8
Due portfolio/ Loan portfolio 16 (%)
Bank deposits June 2016 (US$ mill)
-20.1
2,427.7
Profit variation 16/15 (%)
Portfolio variation 16/15 (%)
2,478.2
PA
Annual profit 2016 (US$ mill)
Loan portfolio June 2016 (US$ mill)
AR
152 154 Aliado
BANK
Bank equity June 2016 (US$ mill.)
Total assets variation 16/15 (%)
151 133 Hipotecario
RK RK 16 15
Deposits variation 16/15 (%)
Total assets jJune 2016 (US$ mill)
/ SPECIAL BEST BANKS RANKING
COUNTRY
GLOBAL ISSUE
PROPERTY
Local private
AMÉRICAECONOMÍA
042 RK BANCOS en ingles.indd 48
20/10/17 17:18
Profit variation 16/15 (%)
Due portfolio/ Loan portfolio 16 (%)
798.3
-10.2
1,270.0
2.4
145.4
8.2
-51.8
2.6
5.6
-22.8
887.5
-26.3
954.7
-25.9
200.0
52.0
-0.9
-
26.0
Foreign private
203 206 De Bogotá (Panamá)
PA
1,482.1
4.8
363.7
1.7
1,401.3
4.5
75.2
10.5
27.4
-
14.0
Foreign private
204 232 St. George Bank & Company
PA
1,481.5
30.1
993.4
18.5
1,325.9
29.9
105.7
14.0
13.7
-
13.2
Local private
205 193 Compartamos
MX
1,479.9
-7.1
1,189.1
-8.0
513.2
-16.6
510.9
176.9
1.8
3.5
49.7
Local private
206 210 Solidario
BO
1,468.4
11.3
1,167.7
12.2
1,001.7
6.6
139.2
25.1
-4.6
0.5
30.6
Local private
207 196 Fidis
BR
1,467.1
-5.9
1,215.5
-11.4
681.7
-23.4
192.8
7.4
-52.2
-
3.8
Local private
208 178 Rabobank (Chile)
CL
1,450.4
-19.6
1,216.0
-13.4
39.1
-92.3
106.2
-16.4
-213.4
1.8
-20.7
Foreign private
209 188 GNB
PE
1,442.1
-13.5
1,079.0
-11.5
1,105.1
-10.7
186.5
15.8
17.9
0.8
11.5
Foreign private
210 218 BIE-FIE
BO
1,432.7
14.4
1,159.5
15.7
1,086.5
21.4
113.3
12.1
-22.6
1.1
13.1
Local private
211 194 Citibank (El Salvador)
SV
1,399.2
-11.7
873.5
-12.2
1,084.0
-10.0
258.6
0.4
-89.0
4.0
0.2
Foreign private
212 222 Sofisa
BR
1,375.5
12.8
539.0
-2.1
888.3
29.5
218.4
9.4
-56.6
0.0
4.3
Local private
213 216 Scotiabank (Rep. Dominicana)
DO
1,373.9
8.2
931.2
14.5
1,011.4
8.0
281.4
23.8
-27.9
1.1
11.9
Foreign private
214 228 Ganadero
BO
1,338.1
15.9
902.9
24.9
1,058.2
10.9
79.3
10.7
20.6
0.5
23.3
Local private
215 211 Davivienda (Panamá)
PA
1,334.8
1.6
865.2
-2.1
1,139.5
1.8
151.2
7.3
-59.4
-
4.8
Local private
216 214 Capital Bank, INC - BNP
PA
1,296.6
1.0
982.0
4.1
984.7
-5.2
96.4
1.4
-86.5
-
1.5
Foreign private
217 150 IBM
BR
1,288.3
-47.2
354.1
-13.6
1,018.5
-53.5
136.5
25.9
145.9
-
19.0
Foreign private
218 207 Volvo (Brasil)
BR
1,282.4
-4.8
1,160.3
-7.9
5.3
-59.5
212.2
5.6
12.0
-
2.7
Foreign private
219 213 Ripley
CL
1,282.2
-1.3
1,072.5
-4.2
642.3
7.9
289.5
56.4
13.6
4.6
23.0
Local private
220 243 BBM
BR
1,258.5
24.7
376.6
25.5
230.4
225.5
177.8
12.5
17.6
-
7.0
Local private
221 166 Provincial
VE
1,251.4
-36.5
719.7
-32.0
1,077.7
-36.7
88.6
37.9
-43.4
0.3
67.0
222 225 Ahorro Famsa
MX
1,234.2
3.5
866.9
-2.2
1,056.0
4.8
162.3
5.7
57.6
10.0
3.1
Local private
223 235 Metrobank
PA
1,214.0
9.5
763.4
10.2
994.4
4.8
126.5
12.0
-15.4
-
9.5
Local private
224 217 Banese
BR
1,207.1
-4.2
615.4
1.5
893.0
-7.5
91.1
13.7
-11.9
15.1
15.0
State-owned
225 -
Nacional de Fomento
PY
1,206.0
8.3
403.9
3.1
874.6
14.2
204.4
35.7
-11.8
2.2
17.5
State-owned
226 -
Mizuho
BR
1,189.2
32.4
117.8
38.6
547.7
210.8
170.5
8.8
190.2
-
5.1
Foreign private
227 241 Ecnómico
BO
1,188.8
16.4
865.7
19.7
963.4
13.1
71.6
10.4
-1.9
0.3
25.7
Local private
228 231 Agrícola de Cartago
CR
1,179.5
3.4
736.4
3.7
832.3
15.3
120.3
0.4
-88.5
9.1
0.3
Local private
229 -
CR
1,170.2
29.6
868.1
29.9
819.8
34.1
98.0
12.5
0.5
4.4
12.8
Foreign private
230 233 Honda
BR
1,162.1
3.2
1,055.2
0.2
771.9
-3.0
200.0
10.0
-76.1
-
5.0
Local private
231 212 Bansi
MX
1,158.9
-11.6
559.5
-18.5
502.4
4.4
98.0
9.8
-5.6
1.9
16.6
Local private
232 215 Comafi
AR
1,157.5
-9.3
548.8
-12.7
814.2
-10.6
113.3
55.1
-35.5
-
48.6
Local private
233 220 Citibank N.A.
PA
1,133.7
-9.1
278.1
-16.2
995.1
-10.3
85.4
6.3
-56.5
-
7.4
Foreign private
234 229 Davivienda (Honduras)
HN
1,119.5
-2.2
747.5
-1.1
730.6
-5.2
115.4
13.6
36.9
0.7
11.8
Foreign private
235 205 Indusval
BR
1,112.1
-21.9
329.5
-42.9
544.6
-16.8
167.6
-26.4
70.5
-
-15.7
Local private
236 169 Mercantil
VE
1,110.5
-42.8
620.5
-43.0
1,004.7
-42.2
73.0
25.8
-57.5
0.3
49.0
Local private
237 230 Coomeva (Bancoomeva)
CO
1,100.3
-3.8
997.0
-4.5
937.4
-5.2
97.7
10.2
-24.1
5.3
10.4
Foreign private
238 237 GTC Bank
PA
1,082.4
0.1
759.3
3.0
926.6
-0.9
120.4
19.9
35.9
-
16.5
Foreign private
239 239 Popular Bank
PA
1,073.3
4.0
788.1
21.0
847.3
0.7
208.6
23.1
-4.6
-
11.1
Foreign private
240 -
BO
1,067.5
10.6
841.9
12.1
876.2
10.6
85.0
12.3
4.9
0.6
19.6
Local private
241 246 Promérica
SV
1,053.6
7.7
738.8
8.1
796.5
6.0
95.1
12.3
13.8
1.6
13.0
Local private
242 245 Towerbank
PA
1,052.8
7.5
733.4
1.7
874.8
8.6
95.8
5.4
37.4
-
5.7
Local private
243 -
PY
1,046.1
3.8
714.7
7.4
796.0
12.1
85.8
14.2
2.6
2.5
16.6
Foreign private
244 242 Nuevo de Entre Ríos
AR
1,042.7
3.1
545.6
-16.3
821.8
8.8
113.5
43.0
-19.0
-
37.9
Local private
245 226 Pichincha
CO
1,040.7
-10.4
859.5
-9.2
768.9
-11.3
107.8
8.5
-17.4
4.9
7.9
Foreign private
246 -
Panamá
PA
1,037.0
16.7
701.9
20.7
728.7
16.9
118.5
11.7
-99.1
-
9.9
Local private
247 -
Base
MX
1,036.7
17.7
152.4
56.5
219.9
71.0
77.4
6.4
-57.9
1.2
11.5
Local private
248 227 Actinver
MX
1,025.6
-11.3
484.3
12.0
674.4
9.6
100.6
0.1
-92.5
0.9
-0.4
Local private
249 223 Caterpillar
BR
1,006.0
-17.1
868.9
-20.7
17.7
-
209.9
2.6
156.3
-
1.2
Foreign private
250 238 De La Pampa
AR
1,001.3
-3.3
384.4
-12.3
824.4
-7.4
88.3
17.6
-34.2
-
19.9
State-owned
Promerica
Prodem
Sudameris Bank
Profit before taxes/ Heritage 16 (%)
Annual profit 2016 (US$ mill)
1.1
1,487.4
Bank equity June 2016 (US$ mill.)
Bank deposits June 2016 (US$ mill)
1,496.2
AR
Deposits variation 16/15 (%)
Portfolio variation 16/15 (%)
EC
202 170 Itaú (Argentina)
BANK
Loan portfolio June 2016 (US$ mill)
Total assets jJune 2016 (US$ mill)
Total assets variation 16/15 (%)
COUNTRY
201 202 Austro
RK RK 16 15
PROPERTY
Local private
Foreign private
NOVEMBER 2017
042 RK BANCOS en ingles.indd 49
49
20/10/17 17:18
GLOBAL ISSUE
/ RANKING best latin american business schools
EGADE RETAINS THE TOP SPOT ONCE AGAIN In another year of dueling with Chilean Adolfo Ibáñez for first place, EGADE claims the summit for the fourth time in the 20th edition of this ranking. Also, we delve into the curricular innovations that the different business schools are undertaking in order to adapt to Changing times and market requirements. BY Fernando Valencia, Fanny Acevedo y Cristóbal Sáez, AméricaEconomía Intelligence
Y
nuevaAnd once again, Mexican business school EGA-
The top 5 also includes Pontificia Universidad Católica de Chile
DE stands at the top of the Ranking of Latin American
(PUC), as it climbs to the 3rd spot, displacing Fundação Getúlio
MBA’s, beating out Universidad Adolfo Ibáñez (UAI) by
Vargas. The Chilean school reigns supreme in Academic Stren-
less than two tenths of a point.
gth, but its rise is due primarily to a significant increase in its
And it returns to the top spot amid a plethora of
Internationalization and Diversity scores, along with good results
arguments. For example, EGADE continues to lead on
in exchange agreements with world-class universities, and the
internationalization and improved on research, both in produc-
academic qualification of its visiting professors. In terms of the
tion and in knowledge diffusion. However, the Mexican business
research area, it has also considerably increased the average impact
school only outdid UAI by an ever-shrinking margin of 1.5 points,
factor of its ISI papers, which went from 1.8 in 2016 to 2.4 in 2017,
highlighting the fierce battle between the two for first place over
a rise of nine points.
the last few years
There may be significant moves at the top, but not everything is
50
AMÉRICAECONOMÍA
050 RK MBA LATAM 0.indd 50
20/10/17 18:16
cold numbers organized in an index. In this edition of the ranking, the research team asked participating schools about academic
1
and curricular innovations aimed at improving the educational experience and skills development. can business schools are reviewing and restructuring their MBA
2
curricula in an attempt to both attract the best teachers and appli3
cants, and to update the profiles of their graduates and thereby compete with the demands of the dynamic world of business. The main innovation strategy of the schools is to design study programs that are increasingly focused on developing skills rather than knowledge, with a significant increase in specific, elective workshops on innovation and entrepreneurship, and performance learning courses that put directive, communications and leadership skills to the test. Such is the case of Strategic Management at ICESI, in which students use simulations to apply and integrate knowledge and tools in a competitive environment, taking into
Photography: EGADE Business School
It is no secret, and shouldn’t come as a surprise that Latin Ameri-
ON THE TOP. 1. La mexicana EGADE keeps the first position for the constant improvement of its Internationalization indexes. 2 y 3. MBA Students from the 28 international schools in Global Network Week in EGADE.
account specific market, political and social contexts. Outdoor leadership and conflict resolution workshops have also been developed, such as what PUC is doing with its Trekking workshop. Another path to academic innovation is provided in coaching events, which are growing in scale and becoming more formalized,
The Tower of Babel One aspect that has grown in importance in MBA’s is mul-
as in the case promoted by UAI to help develop soft skills in its
ticultural experience; such that students come into daily contact
students, and in the implementation of competency evaluation
with different ways of living, values and knowledge that enrich the
models to measure the learning objectives of its MBA students in
educational and personal experience, and then go on to handle
order to ensure that it is achieving the graduate profile as proposed
increasingly complex work environments.
by the program, as in the case of FGV and its AOL (Assurance
In this way, business schools have taken advantage of and
of Learning) program. Design Thinking is another area that
strengthened their agreements with large foreign companies
is coming on strong. This model, imported from the School of
and universities to perform consulting assignments, providing
Engineering at Stanford in the middle of the past decade, has been
opportunities and even making it obligatory for students to have
applied to MBA courses as a method of resolving any type of orga-
cultural, academic and business experiences overseas.
nizational challenge through the generation of ideas, collaboration
Hence the importance of participating in associations that
and experimentation, providing innovative solutions.
bring business schools together. For example, Global Network
And while we’re talking about innovation, we would be remiss
for Advanced Management (GNAM), an organization formed by
if we left out technology, with the implementation of new appli-
28 prestigious universities around the world, which offers Small
cations aimed at the classroom, such as Flipped Classroom, put
Network Online Courses, virtual courses taught by and academic
forward by ESAN and Universidad Privada Boliviana, which
member of the network and open to all students from associated
consist of transferring part of the learning process out of the class-
schools. In this way, students from different schools can collabora-
room, with recorded video conferences available to students which
te on team projects, develop teamwork skills and adopt intercultu-
are then discussed in classes with the teacher, applying them to
ral perspectives.
real cases. Or the use of tablets as digital blackboards and the use
This organization also offers the Global Network Week model,
of apps in mobile devices to facilitate group work.
which consists of a mini course taught by one of the schools,
Other initiatives are starting to gravitate toward being eco-friend-
according to its topic, schedule and experience, offering MBA
ly, such as initiatives by PUC, Universidad Federico Santa María
students the opportunity to study intensively in another school in
and IDE Business School with the digitalization of its contents and
the network.
materials in order to reduce the use of paper.
Along with the other participants in the course, the students NOVEMBER 2017
050 RK MBA LATAM 0.indd 51
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GLOBAL ISSUE
/ RANKING best latin american business schools NETWORK
ACADEMIC STRENGTH RK RK 17 16
N° full time prof. in MBA
Prof. FT MBA MBA PhD Students / from global Prof. full top World time schools
Index 17
Score for historical graduates
31 43 30 28 48 10 22 22 25 11 14 2 18 12 15 15 10 4 9 2 0 13 2 4 5 3 8 4 7 5 6 1 2
86,3 96,6 100,0 98,6 98,9 85,7 87,3 94,4 86,9 74,8 94,3 85,3 86,2 84,8 82,4 84,6 84,9 82,6 76,6 74,9 77,7 81,4 76,2 65,3 73,7 76,8 73,2 71,8 74,7 71,1 73,5 65,2 63,6
108 118 105 114 94 115 128 109 111 100 80 106 89 95 83 86 70 82 68 74 78 71 77 86 70 81 103 84 76 75 52 55 68
16 6 3 9 7 1 15 6 11 2 1 1 1 1 1 2 2 1 2 6 1 2 1 1 1 1 1 3 1 1 1 1 1
4.08 3.86 4.50 80 13.14 12.84 15.31 2.35 8.67 72 1.33 1.20 4.80 1.46 57 1.20 10 2.74 1.05 39 49 1.53 47 2.53 N.D 48 31 72 48 4.17 62 28 N.D
11,6
0
56,8
54
1
N.D
6,2 8,2 10,6 52,0 6,2 4,0 20,6 27,6 9,7 10,3
1 2 1 0 1 1 0 8 0 0
56,8 71,1 63,3 65,2 70,2 66,1 56,5 67,0 62,0 56,4
73 44 64 45 69 77 76 36 55 30
1 1 1 1 1 3 1 1 1 1
7.60 39 N.D N.D N.D 9 64 5 N.D N.D
ESCUELA
PAÍS
CIUDAD
EGADE Business School U. Adolfo Ibáñez PUC - Chile FGV - EAESP U. de Chile Uniandes IAE Business School - U. Austral U. Torcuato di Tella ESAN IESA U. del Desarrollo FEA (FIA) U. São Paulo U. del Pacífico ICESI U. Técnica Federico Santa María U. Diego Portales U. de Santiago de Chile ESPAE-ESPOL U. del Norte ORT Graduate School of Business - U. Palermo EGEA - U. Privada Boliviana U. Alberto Hurtado EAFIT Prime Business School - U.S. Arboleda- EE.UU. ESAI Business School - UEES UDLAP U. Externado Colombia U. San Francisco de Quito IDE Business School U. de Talca EGEU Universidade Fumec
Mexico Chile Chile Brazil Chile Colombia Argentina Argentina Peru Venezuela Chile Brazil Peru Colombia Chile Chile Chile Ecuador Colombia Uruguay Argentina Bolivia Chile Colombia Colombia Ecuador Mexico Colombia Ecuador Ecuador Chile Chile Brazil
DF / Monterrey Santiago Santiago São Paulo Santiago Bogotá Buenos Aires Buenos Aires Lima Caracas Santiago São Paulo Lima Cali Santiago / Concepcion Santiago Santiago Guayaquil Barranquilla Montevideo Buenos Aires Cochabamba / La Paz Santiago Medellín Bogotá Guayaquil Puebla Bogotá Quito Quito / Guayaquil Talca / Santiago Santiago Belo Horizonte
66 60 42 46 89 25 38 35 38 32 36 37 41 31 47 27 29 8 56 14 29 47 7 29 33 17 28 36 14 15 34 21 32
24,1 9,2 11,6 3,3 10,7 13,7 13,3 15,5 25,8 14,6 5,7 3,5 14,6 9,4 1,9 5,3 5,3 22,0 4,0 5,2 4,9 5,0 1,7 11,7 13,4 7,7 12,7 7,0 5,6 24,7 2,0 1,9 9,8
34 -
Escuela de Negocios y Empresarismo Universidad del Turabo
Puerto Rico
Gurabo
20
35 36 37 38 39 40 41 42 43 44
U. Rosario U de Las Américas U.Nal.Litoral Santa Fe ESPM CUCEA- U. de Guadalajara U. de Belgrano U. Americana CETYS Graduate School of Business UNITAU U. Gabriela Mistral
Colombia Ecuador Argentina Brazil Mexico Argentina Paraguay Mexico Brazil Chile
Bogotá Quito Santa Fe São Paulo Guadalajara Buenos Aires Asunción Mexicali Taubate Santiago
12 16 13 33 28 27 14 46 11 3
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
52
1 2 4 3 6 7 8 9 11 10 13 15 12 17 18 14 21 20 23 25 28 27 26 29 33 22 19 24 36 32 30
31 38 34 37 35 39 40 -
Alumni associations
AMÉRICAECONOMÍA
050 RK MBA LATAM 0.indd 52
POWER
20/10/17 18:16
NETWORK
POWER
INTERNATIONALIZATION AND DIVERSITY
PRODUCTION OF KNOWLEDGE
Associates
Index 17
Dual degree graduates 2016
Exchange agreements with Top 100 schools
Visiting professors
Foreign students
% of women in school’s management positions
Index 17
ISI Papers 2014 -2017
Average impact factor
Productivity rates papers ISI per profesor FT
Index 17
16 6 3 9 7 1 15 6 11 2 1 1 1 1 1 2 2 1 2 6 1 2 1 1 1 1 1 3 1 1 1 1 1
4.083 3.862 4.500 800 13.141 12.848 15.315 2.354 8.677 728 1.338 1.200 4.800 1.463 571 1.206 107 2.742 1.057 394 490 1.536 476 2.532 N.D. 482 314 720 489 4.170 625 284 N.D.
99,2 96,6 94,3 96,4 80,8 90,2 100,0 92,3 91,7 89,8 74,8 87,7 79,0 84,9 76,7 71,3 66,0 76,3 69,3 67,7 74,5 68,3 72,1 67,1 71,1 72,9 76,0 76,4 66,4 80,7 52,2 63,2 62,5
106 87 N.D. 13 77 N.D. N.D. 1 18 N.D. 4 24 34 46 23 28 40 0 N.D. N.D. 24 53 N.D. N.D. 140 0 1 34 0 0 0 22 N.D.
12 31 20 41 18 12 20 18 7 9 11 4 9 0 9 2 1 0 6 4 0 1 0 2 1 1 0 2 0 1 0 0 0
0 10 11 11 16 12 20 11 38 0 8 23 28 10 1 13 4 3 26 17 6 4 0 4 21 2 0 20 2 19 1 4 0
434 106 329 44 85 38 121 50 16 6 12 17 21 11 6 6 24 3 88 5 121 0 4 9 5 2 59 37 2 15 0 7 0
19,0 17,1 12,5 29,8 13,8 45,8 8,1 16,7 27,3 16,7 53,3 16,7 66,7 36,4 11,1 25,0 14,3 73,3 30,0 27,3 40,0 40,9 28,6 40,9 20,0 50,0 66,7 47,1 0,0 15,4 N.D. 22,2 33,3
100,0 86,7 68,5 88,9 63,9 74,9 68,1 36,0 58,8 73,0 34,7 40,0 60,7 50,5 27,7 21,9 23,6 24,1 30,6 25,2 16,8 21,4 18,0 29,6 25,3 7,1 15,6 14,9 6,6 8,2 2,7 12,1 4,1
71 83 84 47 152 54 13 58 23 12 31 15 19 16 17 42 27 4 19 14 13 5 15 14 1 1 8 3 5 1 20 3 4
2,01 2,10 2,41 1,39 1,77 2,71 2,80 3,07 1,61 1,63 1,87 1,82 1,21 1,18 2,58 1,90 1,43 4,53 1,83 1,92 3,17 2,15 0,98 1,40 0,94 3,96 0,92 1,45 1,86 1,13 1,18 2,40 2,01
1,03 1,12 1,79 1,02 1,68 1,96 0,26 1,43 0,39 0,28 0,72 0,16 0,36 0,52 0,19 1,44 0,86 0,50 0,23 0,50 0,14 0,11 2,00 0,45 0,03 0,06 0,29 0,08 0,36 0,07 0,59 0,14 0,13
98,3 86,7 98,5 65,4 100,0 99,9 73,8 97,9 50,1 60,9 65,6 55,7 40,8 37,4 74,2 68,3 52,0 35,4 48,0 54,2 45,6 25,4 25,8 40,4 21,3 27,3 16,5 18,8 25,9 8,2 40,1 18,2 28,1
94,37 92,86 92,01 90,28 87,58 87,16 84,27 82,79 76,03 75,77 72,48 71,68 71,35 69,66 68,61 65,90 62,14 61,07 60,58 59,54 59,12 56,31 54,71 54,26 54,18 53,19 52,44 52,29 50,48 49,93 48,19 45,88 45,21
1
N.D.
64,4
0
0
1
10
60,0
21,0
3
0,99
0,15
14,7
44,17
1 1 1 1 1 3 1 1 1 1
7.600 390 N.D. N.D. N.D. 93 640 50 N.D. N.D.
60,0 61,9 67,6 52,1 59,6 57,7 69,3 47,0 46,9 42,2
3 70 11 14 0 28 N.D. 0 N.D. 0
3 0 0 2 8 0 1 0 0 0
1 1 15 0 0 0 0 3 0 0
6 0 8 1 17 20 0 118 0 0
57,1 20,0 50,0 25,0 31,9 25,0 50,0 50,0 N.D. N.D.
12,1 7,7 8,7 6,5 5,3 10,9 4,6 3,7 0,6 8,2
3 0 0 7 0 0 0 0 0 0
4,15 0,00 0,00 1,10 0,00 0,00 0,00 0,00 0,00 0,00
0,25 0,00 0,00 0,21 0,00 0,00 0,00 0,00 0,00 0,00
30,5 0,0 1,6 22,2 1,5 0,0 0,0 4,8 0,1 0,0
44,06 43,70 42,67 42,67 42,54 41,39 39,45 38,44 35,10 33,34
Alumni ssociations
FINAL INDEX 17
NOVEMBER 2017
050 RK MBA LATAM 0.indd 53
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GLOBAL ISSUE
FIELD
Economy
Entrepreneurship and Innovation
Strategy and Ethics
Finance
54
/ RANKING best latin american business schools
SUB SUB RK RK 17 16
SCHOOL
N° FT prof.
Pct. FT Prof. Training
N° ISI Papers (2013-2016)
Average journal impact factor
ISI Papers/ FT Prof.
INDEX
1
2
U. de Chile
25
1.145
52
1,76
2,1
100,0
2
1
PUC - Chile
15
710
34
1,72
2,3
92,1
3
3
U. Adolfo Ibáñez
17
820
17
1,27
1,0
84,2
4
4
U. Diego Portales
14
625
23
1,61
1,6
80,6
5
5
U. Torcuato di Tella
7
320
13
1,26
1,9
68,1
6
6
U. de Santiago de Chile
10
435
14
1,09
1,4
67,7
7
9
U. del Desarrollo
14
600
7
1,10
0,5
66,7
8
-
U. del Pacífico
10
450
8
1,04
0,8
66,6
9
8
EGADE Business School
10
400
5
0,96
0,5
60,8
10
-
U. de Talca
12
480
11
0,86
0,9
60,1
1
1
U. del Desarrollo
16
620
19
2,17
1,2
100,0
2
2
PUC - Chile
2
100
9
2,88
1,0
87,7
3
3
EGADE Business School
8
330
9
2,61
1,1
85,9
4
4
ESAN
7
305
3
2,35
0,4
78,4
5
5
U. del Norte
8
280
8
1,45
1,0
70,2
6
9
Uniandes
5
185
7
2,08
1,4
69,0
7
7
U. Adolfo Ibáñez
5
205
2
1,90
0,4
68,8
8
10
FEA (FIA) U. São Paulo
7
250
2
1,21
0,3
61,8
9
-
IESA
3
90
3
2,02
1,0
54,7
10
-
U. Torcuato di Tella
1
2
Uniandes
2
5
PUC - Chile
3
4
EGADE Business School
4
6
U. Adolfo Ibáñez
5
3
IAE Austral
6
7
U. del Pacífico
7
-
8 9
1
35
2
1,92
2,0
53,9
12
495
18
3,35
1,5
100,0
9
410
18
3,76
2,0
98,7
10
420
28
2,16
2,8
98,7
8
380
18
2,85
2,3
95,6
10
425
8
2,23
0,8
86,1
14
565
7
1,23
0,5
85,1
U. de Chile
9
345
7
2,11
0,8
75,5
8
FGV - EAESP
6
260
6
0,85
1,0
75,1
9
U. del Desarrollo
4
155
4
1,57
1,0
65,7
10
-
ESPM
4
125
6
0,98
1,5
54,8
1
1
U. de Chile
18
750
29
1,21
1,6
100,0
2
3
U. Adolfo Ibáñez
11
530
18
2,02
1,6
97,8
3
2
U. Torcuato di Tella
12
535
10
1,47
0,8
88,8
4
7
FGV - EAESP
8
390
14
0,91
1,8
88,7
5
4
PUC - Chile
5
250
7
2,14
1,4
85,5
6
-
EGADE Business School
17
705
4
1,14
0,2
82,5
7
5
ESAN
11
490
7
1,03
0,6
80,4
8
8
IESA
6
255
7
1,47
1,2
72,9
9
6
Uniandes
2
80
5
2,30
2,5
69,7
10
7
ICESI
6
235
4
1,85
0,7
67,7
AMÉRICAECONOMÍA
050 RK MBA LATAM 0.indd 54
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FIELD
Marketing
Operations
Human Resources and Organizational Development
SUB RK 17
SUB RK 16
SCHOOL
N° FT Prof.
Pct. FT Prof. Training
N° ISI papers (2013-16)
Average jorunal ISI Papers / impact FT Prof. factor
INDEX
1
1
U. de Chile
12
495
16
1,53
1,3
100,0
2
9
EGADE Business School
12
480
13
1,94
1,1
96,5
3
4
U. Adolfo Ibáñez
7
300
8
2,27
1,1
84,2
4
2
PUC - Chile
3
130
10
2,01
3,3
84,0
5
10
FGV - EAESP
6
265
3
1,33
0,5
78,6
6
6
Uniandes
2
85
9
2,27
4,5
78,3
3,5
75,1 73,5
7
5
U. Torcuato di Tella
2
85
7
2,01
8
3
ICESI
6
260
3
0,33
0,5
9
-
U. de Talca
2
70
6
0,92
3,0
59,3
10
-
Universidad del Turabo
1
30
3
0,99
3,0
48,6
1
1
U. de Chile
17
740
35
2,43
2,1
100,0
2
2
FGV - EAESP
17
780
18
2,06
1,1
94,7
3
4
U. Adolfo Ibáñez
7
305
15
1,95
2,1
78,8
4
-
EGADE Business School
4
185
8
2,29
2,0
74,3
1,2
71,8
5
9
UTFSM
9
330
11
3,03
6
3
U. Torcuato di Tella
4
185
6
1,46
1,5
67,0
7
5
U. del Norte
14
485
5
2,05
0,4
63,9
8
-
UDLAP
8
325
3
0,78
0,4
62,2
9
-
FEA (FIA) U. São Paulo
4
170
2
2,07
0,5
60,4
10
-
U. de Talca
5
175
2
3,18
0,4
53,7
1
10
U. Torcuato di Tella
4
165
20
6,00
5,0
100,0
2
9
PUC - Chile
7
300
6
2,61
0,9
97,6
5
0,97
0,7
94,8
10
1,70
1,7
94,4
3
1
FGV - EAESP
7
280
4
2
U. de Chile
6
245
5
7
U. Adolfo Ibáñez
5
210
5
2,83
1,0
90,9
6
8
EGADE Business School
5
220
4
1,77
0,8
86,5
7
3
FEA (FIA) U. São Paulo
7
250
6
1,85
0,9
86,0
8
4
Uniandes
4
150
7
2,81
1,8
85,8
9
-
IESA
6
235
2
1,63
0,3
82,1
10
-
U. de Santiago de Chile
5
185
4
2,54
0,8
79,8
attend classes, visit local businesses and
quantity of students receiving scholars-
interesting. For example, of the 380 total
meet with experts according to the chosen
hips, the geographic diversity of the home
foreign teachers distributed between the 44
topic and the relevance to their own pro-
countries of foreign students and teachers,
participating schools in this version, 62.1%
ject or professional specialization.
the geographic diversity of the schools or
of them come from outside of Latin Ame-
In light of these initiatives, this version
universities where full-time professors
rica, which seems to indicate a strong bent
of the MBA ranking has made the In-
earned their highest degree, and the gender
toward intercultural experiences which
ternationalization area more complex,
balance of the school’s senior executives
involve a more extreme counterpart who
integrating the variable of Diversity, which
and academic faculty.
does not necessarily share a similar culture
was evaluated with indicators such as the
The results obtained in this study are
or language. NOVEMBER 2017
050 RK MBA LATAM 0.indd 55
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GLOBAL ISSUE
/ RANKING best latin american business schools
Patriarchal schools
Locals rule
Source: AméricaEconomía Intelligence
Source: AméricaEconomía Intelligence
Percentage of men and women in relation to the total full time professors from the participating schools
Percentage of local and foreing students from the participating schools
11,9% Foreign
22,5% Women
77,5%
88,1%
Men
Locals
Gender parity?
The 10 schools with the highest percentage of full time women professors Source: AméricaEconomía Intelligence
Men
Women
100 16.7 80
36.4 50.0
53.6
60
61.5
62.5
63.0
64.3
64.5
68.8
38.5
37.5
37,0
35.7
35.5
31.3
U. del Norte
ICESI
IESA
83.3 40
63.6 50.0
46.4
2 0
U. del Rosario
UNITAU
U. del Turabo
U. de Guadalajara
U. Nacional ESPAE - ESPOL FGV - EAESP del Litoral
Visiting players
The 10 schools with higher percentage of foreign students % foreign
Source: AméricaEconomía Intelligence
% locals
100 14,8 80
32,6 60,7
60
66,7
70,7
72,7
76,1
80,7
81,3
82,5
27,3
23,9
19,3
18,7
17,5
EGADE
IAE Business School
U. Adolfo Ibáñez
U. Belgrano
EGEU
85,2 67,4
40
39,3
2 0
56
U. de Palermo PUC - Chile
U. del Norte
33,3
U. Alberto Hurtado
29,3
FGV - EAESP
AMÉRICAECONOMÍA
050 RK MBA LATAM 0.indd 56
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Scholarship office
Percentage of granted students by type of MBA of participating schools Source: AméricaEconomía Intelligence
29,6% Executive MBA
20,6%
48,7%
Full time MBA
Part time MBA
1,1% Other MBA Global diversity
Number and origin of foreign students from participating schools Source: AméricaEconomía Intelligence
366 visiting professors have the 44 ranking’s schools.
488 students come from Europe.
3 Chilean schools are in the top 5 of this report.
Social responsibility
The 10 schools with the highest percentage of granted students in MBA (%) Source: AméricaEconomía Intelligence 100
600 500
80
400
23.7
24.9
25.0
4 0
28.8
20
240
29.3
260
46.0
291
100
60.3
40
488
200
68.3
584
76.9
60 80.1
300
Data:
0 South America
Europe
North America
Africa and Asia
Central America and Mexico
Oceania
Cetys UDLAP Graduate School of Business
EGADE
U. de Talca
U. T. F. U. de U. ORT U. Alberto IDE ESAI Santa GuadalaHurtado Business Business María jara School School - UEES
Methodology of the Latin America MBA Ranking 2017 Academic Strength (37,5%): This was evaluated according to two criteria: the quantity of full-time teachers and the quality of their academic formation; and the quantity of part-time teachers and their experience in the field of business. 80% corresponds to academic résumés and proportion of full-time teachers, broken down as: academic formation, measured by the highest academic degree obtained (10%); student-teacher ratio (15%); average of faculty quality divided by the quantity of students (75%). The other 20% corresponds to the quality of work experience of the part-time teachers. For the evaluation, the participating schools selected their 10 best part-time teachers according to their CV, using as an indicator the last three executive positions of these teachers. Each of those executive positions was assigned a score according to the company and the position, which was then added up and set to a base of 100. Knowledge Production (17,5%): This area takes into account the tri-annual production and productivity of ISI papers (a Thomson Reuters company) whose affiliation corresponds to business schools
(80%). Then Knowledge Diffusion is evaluated by the gross production of books, case studies and book chapters, which completes the remaining 20%. Internationalization and Diversity (20%): Internationalization (95%) is composed of: agreements for dual degrees with foreign universities and quantity of students benefitting from such agreements (30%); accreditations (AMBA, EQUIS, AACSB) and licenses (such as SAQS) that the university or business school has (40%); memberships (AACSB, ALADEN, AMBA, BALAS, CEMS, CFA, CLADEA, EFMD, EMBA, Global Advances, Management, NIBES, PIM, PRME, SEKN, SUMAQ and UNICON) that the business school holds(10%); quantity of overseas locations (10%); and direct exchange agreements with top 100 universities (10%). Diversity (5%) is made up of the quantity of students that receive scholarships (5%); the geographic diversity of foreign students and teachers, and the geographic diversity of the schools or universities from which the full-time teachers obtained their highest academic degree (47,5%; and the balance of genders in the upper
executive positions and academic faculty (47.5%). Network Strength (25%): This area evaluates the executive positions and career paths attained by graduates of each school (90%), according to the three best executive positions attained by each one of the 10 best graduates over the last three years (35%); the career paths attained by the 10 best graduates historically according to their three best executive positions attained (40%); and a survey on satisfaction for graduates of the MBA programs of each participating school (25%). The remaining 10% of this area is obtained by considering the existence of alumni associations and placement centers. SUBRANKINGS Each one of the subrankings was evaluated considering the quantity and quality of formation of the full-time specialist professors (75%), the quantity of ISI papers published tri-annually in academic journals (20%) and the productivity of such specialist faculty measured by the quantity of ISI papers per full-time teacher (5%).
NOVEMBER 2017
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GLOBAL ISSUE
/ RÁNKING BEST GLOBAL BUSINESS SCHOOLS
Flying over
the
antiglobal wave
Although recent events, such as the election of Trump and Brexit, threaten trends such as globalization and multiculturalism, this has not yet happened in business education. In fact, the number of Latin Americans who are going global when they study MBAs programs is growing day by day. BY Daniela Jara y Carolina Aguilera, AméricaEconomía Intelligence
t
he international context is
and multiculturalism of previous decades,
Reviews on 2015, and the Institute of
marked by an especially com-
the trends remain strong in education.
International Education for 2016).
plicated cultural and political
At least in Latin America, there is no
While the number of Latin Americans
climate, with the US divided
sign that the flow of recent years has been
studying abroad is marginal (just 6%,
over President Donald Trump
reversed. The number of Latin Americas
according to World Education News and
and the UK’s decision to leave
seeking postgraduate programs outside
Reviews), the expectation is that the figu-
the European Union. But while this
of Latin America has risen (according to
re will continue to grow over the coming
appears a step back from the globalization
data from World Education News and
years. The pressure to seek social mobility
58
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Multicultural classrooms
International zone
Source: AméricaEconomía Intelligence
Source: AméricaEconomía Intelligence
Las 10 escuelas con mayor cantidad de estudiantes extranjeros en la última cohorte de MBA
The 10 schools with the highest percentage of foreign students (%)
613
IE 396
EAE
97.8
IMD Grenoble
95.8 95.4
LBS
381
ESMT
Hult
378
ESADE
94.2
Hult
94.0
329
Harvard 289
IESE 210
HEC Paris
EDHEC
92.4
Leipzig
91.3
ESADE
178
EAE
91.0
Fuqua
176
Bath
90.9
IE
90.6
152
Yale
through education and the opportunities
schools’ efforts to train professionals with
taken by Spain’s IESE, displacing the US
which mass access to higher education
skills and knowledge related to this field,
schools Harvard University and Hass
promises have been strengthened by
which is considered key by employers in
(Berkeley) into second and third place
public policies in countries like Brazil,
Latin America.
respectively. IESE’s stronger performance
Chile, Colombia and Mexico, which tend
The focus on innovation is a phe-
reflected the increased presence of Latin
to invest in professional training abroad.
nomenon which takes various forms,
American students and teachers and the
making it difficult to compare as no two
school’s multiple efforts to develop ne-
education around the world is pressuring
schools can agree on what innovation
tworks. London Business School and HEC
programs to redefine their segments while
means (this does not only happen in busi-
Paris also made it into the top five. These
they discover new sectors which could be
ness schools). While some see it as central
same five topped the ranking in 2016.
potential niches. In the case of business
to their content and include it on their
schools, they are also responding to or an-
curriculum and specialize in it, others see
Yale, Tuck and Warwick. Of these, only
ticipating an international context which
it as an implicit guiding principle of the
Yale and Warwick joined this selective
is constantly changing.
discipline, which should be present in all
bunch this year. What is the secret of the-
tasks. For some, innovation is generic,
se ten business schools? They offer a range
ved on analyzing the offers made by the
for others, it should result in concrete
of MBAs but they share some common
world’s top business schools to a total of
applications, such as digital transforma-
elements: they are highly selective and do
1,369 Latin Americans studying fulltime
tion and entrepreneurship. However, it is
well in international rankings. They are
MBA programs at one of the 49 schools
possible to find schools where innovation
schools capable of mobilizing prestige and
which made it onto this year’s ranking.
is supported through an institutional set-
guarantee a transformative educational
up, and forms parts of programs, funds,
experience.
The growing demand for postgraduate
All these phenomenon can be obser-
This year, the ranking considers five
The top ten also include IE, ESADE,
areas for analysis: Multicultural Expe-
laboratories, and a wide range of concrete
rience, Networking for Latin Americans,
initiatives. Here we found (and measured)
program and a vision of the role of the
Selectivity, International Profile and Focus
a range of serious and sustained efforts.
executive in global societies but also a sig-
on Innovation. This last area is the latest addition and seeks to evaluate business
This year, the top ten of the ranking was relatively stable, but first place was
This requires a rigorous academic
nificant international components which is expressed in the class room through NOVEMBER 2017
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RK 17
RK 16
SCHOOL
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49
2 1 4 3 5 6 7 11 10 12 9 8 19 25 22 17 23 20 26 16 15 24 34 41 33 38 43 18 37 28 40 42 31 32 46 44 14 49 39 35 47
IESE Business School Harvard Business School Haas London Business School (LBS) HEC Paris School of Management IE Business School Esade Business School Yale School of Management Tuck School of Business Warwick Business School The Fuqua School of Business IMD McCombs School of Business Samuel Curtis Johnson Graduate School of Management Mc Donough School of Business Kenan-Flagler Business School Hult International Business School ESIC Business and Marketing School (3) EDHEC Business School Tepper School of Business European School of Management and Technology (ESMT) Cass Business School Grenoble Ecole de Management Mannheim Business School Kelley School of Business Owen Graduate School of Management Copenhagen Business School Schulich School fo Business Questrom School of Business School of Management Bath Katz Graduate School of Business EAE Business School (4) Jones Graduate Business School Mendoza College HEC Montréal (5) Marriot School of Management Krannert School of Management School of Business Administration School of Business Administration Chapman Graduate School Novasbe and Catolica Lisbon: The Lisbon MBA (6) Cox School of Business Brandeis International Business school HHL Leipzig Graduate School of Management MBA Center and Global Management Education Institute (SHU MBA) Leeds School of Business Freeman School of Business Eller College of Managment Weatherhead School of Management
UNIVERSITY Universidad de Navarra Harvard University University of California, Berkeley HEC Paris IE University Universidad Ramón Llull Yale University Dartmouth College University of Warwick Duke Uniersity The University of Texas at Austin Cornell University Georgetown University University of North Carolina
Carnegie Mellon University City University
Indiana University Vanderbilt University York University Boston University University of Bath University of Pittsburgh Rice University University of Notre Dame Brigham Young University Purdue University University of Miami University of San Diego Florida International University Southern Methodist University Brandeis University Shanghai University University of Colorado at Boulder Tulane University University of Arizona Case Western Reserve University
COUNTRY Spain United States United States United Kingdom France Spain Spain United States United States United Kingdom United States Swissland United States United States United States United States United States Spain France United States Germany United Kingdom France Alemania United States United States Dinamarca Canadá United States United Kingdom United States Spain United States United States Canada United States United States United States United States United States Portugal United States United States Germany China United States United States United States United States
1 =It contains representative data from the dimensions of analysis, but does not correspond to all variables evaluated. 2 =All of the dimensions of analysis, except International Positioning, include data from the last enrolled cohort in a MBA. 3 = Afiliated to Universidad Juan Carlos de Madrid, among other universities.
60
8 5 3 5 3 20 6 1 2
5
1
2
12 5 1 1 1
1
1
28
1
1
4 = Afilia 5 = Afilia 6 = Afilia * This da
AMÉRICAECONOMÍA
058 RK MBA GLOBAL.indd 60
Latin Am stud
20/10/17 17:37
RY
es es gdom
es es gdom tes
es es es es es
es
gdom
es tes
tes gdom tes
es es
es es es es es
es es
es es es es
DIMENSIONS OF ANALYSIS (2)
SIGNIFICANT DATA (1) Latin American students
Academics
Average GMAT score
% Latin American graduates
81 55 32 50 35 206 62 14 20 5 54 9 10 17 21 17 129 57 18 15 14 6 16 5 8 8 8 11 12 6 3 287 6 5 6 10 5 4 3 12 2 3 2 11 1 5 0 0 3
73 218 85 100 105 112 83 76 54 120 105 42 93 61 112 121 64 45 98 102 27 143 154 103 75 47 21 87 155 92 89 447 64 60 43 136 125 66 77 13 115 79 34 17 114 116 59 52 68
690 730* 717 707 690 685 668 725 717 653 695 679 699 700 692 700 615 678 635 686 640 641 720 673 670 691 600 665 682 s/i 613 633 690 683 636 672 640 654 608 562 597 662 610 650 s/i 600 651 655 632
2,5 2,0 1,6 2,4 2,5 2,5 2,0 2,7 2,9 2,9 3,4 2,3 2,9 1,0 2,2 1,5 2,6 2,3 1,4 2,5 2,2 2,6 1,6 2,7 2,1 2,4 1,8 2,3 1,8 2,8 2,0 2,1 0,5 1,7 2,3 1,5 1,8 1,9 2,0 1,4 2,0 1,6 2,0 1,4 2,3 1,7 1,6 1,5 1,6
Network Multicultural experience power in Latin America
97,7 70,4 79,4 91,3 77,1 78,1 88,7 79,4 74,9 76,0 67,3 73,0 75,9 64,1 72,7 63,2 94,7 92,4 75,7 64,4 78,8 75,8 71,4 66,6 57,8 56,9 79,9 75,8 63,0 76,5 64,8 81,9 59,1 44,4 59,0 54,9 61,1 60,9 68,2 74,8 59,1 51,4 64,6 65,7 53,3 53,0 50,8 42,1 51,0
84,6 62,7 68,3 46,0 63,3 79,6 65,4 62,9 78,4 56,8 74,4 43,8 74,3 45,7 64,0 54,9 71,2 76,0 36,5 37,0 47,1 42,6 54,6 35,9 43,6 50,5 35,5 37,3 53,6 48,7 60,0 70,4 22,7 36,4 44,6 29,6 26,7 66,5 66,0 47,9 54,2 41,4 52,0 21,9 44,0 44,7 37,8 38,2 38,5
Selectivity
innovation focus
International positioning
INDEX 17
86,7 98,7 87,4 82,9 88,4 89,2 85,8 88,0 87,4 91,5 87,1 94,2 82,2 87,0 80,6 82,3 83,1 94,1 89,5 82,9 85,9 82,0 99,2 91,1 80,4 83,5 81,9 94,5 81,6 77,4 76,6 67,6 86,8 83,7 90,2 91,5 80,8 79,9 74,3 80,6 80,5 80,6 75,0 84,4 86,8 76,9 80,5 83,6 75,1
100,0 96,0 100,0 100,0 100,0 100,0 100,0 80,0 100,0 100,0 100,0 96,0 100,0 84,0 80,0 100,0 84,0 84,0 84,0 100,0 92,0 84,0 100,0 84,0 92,0 100,0 80,0 84,0 100,0 100,0 92,0 100,0 80,0 84,0 96,0 88,0 96,0 72,0 84,0 76,0 96,0 92,0 88,0 100,0 80,0 100,0 92,0 100,0 96,0
79,2 100,0 89,9 91,4 85,5 65,8 65,0 77,8 61,2 64,1 60,3 54,3 42,9 61,9 43,6 47,1 14,1 0,0 35,7 45,0 27,2 38,8 10,3 36,8 43,0 33,3 27,4 15,5 21,7 14,8 21,3 0,0 32,7 36,1 0,0 12,4 16,5 4,8 0,0 0,0 0,0 12,0 0,0 1,4 0,0 0,0 0,0 0,0 1,7
90,8 89,9 87,3 86,0 85,1 82,6 81,8 81,4 79,9 78,9 77,2 74,0 73,0 71,0 68,6 68,4 67,7 67,0 65,9 65,7 65,6 65,6 64,9 64,4 63,1 62,9 61,9 61,9 61,0 60,4 60,1 58,0 58,0 57,1 54,8 54,6 54,6 54,5 54,4 54,3 53,5 52,8 52,2 52,1 50,8 50,1 48,8 48,5 48,3
4 = Afiliated to Barcelona Universitat Politècnica de Catalunya and Universidad Rey Juan Carlos. 5 = Afiliated to Université de Montréal. 6 = Afiliated to Universidade Nova and Universidade Católica. * This data corresponds to averages.
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GLOBAL ISSUE
/ RÁNKING BEST GLOBAL BUSINESS SCHOOLS
long cues
Carta fuerte
Top 10’s schools with the largest number of MBA applicants, last call
The 10 schools with best accepted student’s ratio (%) Fuente: AméricaEconomía Intelligence
Fuente: AméricaEconomía Intelligence 10000 9.759
8000
Grenoble
96
Schulich
95
Harvard 6000
90 88
ESIC 4.031
4000
3.737 3.649 2.623 2.614 2.530 2.425 2.289 2.239
2000
HEC Montréal
86
Warwick
86 84
EDHEC 79
Marriot Mannheim Hu lt
IES E
IE M cC om bs Lo nd on
Tu ck
Ya le
Fu qu a
Ha as
Ha
rva
rd
0
77 71
Chapman
Many schools have made important strides in internationalization, through an offer which pushes their students to leave the cloister for other countries so that they can build networks.internationalization, through an offer which pushes their students to leave the cloister for other countries so that they can build networks.
cloister for other countries so that they build networks and careers based on the students’ own decisions in line with their tastes and preferences in a framework of a broad simultaneous offer of alternative international experiences, through internships, exchanges, joint degree programs and the use of alternate campuses, etc. However some leading schools are going the other way by strengthening their on-campus experience by bringing
students and teachers of different nationa-
more qualitative factor: the multicultural
internationalization to the classroom.
lities and fieldwork in a range of locations.
program. This indicator analyzed the
One does not have go out into the world
In percentage terms, the MBA programs
options available to students to obtain in-
to discover. The two models repre-
which attract most foreign students in-
ternational training experiences. Here we
sent two different ways of producing
clude IMD, Grenoble, ESMT, Esade, Hult,
found some interesting surprises. Firstly,
multiculturalism.
EDHEC, HHL Leipzig, EAE and Bath.
we found that the overwhelming majority
This ranking takes both models into
of schools seek postgraduate students who
account, by measuring the internationa-
are keen to have significant multicultural
lization of the students and teachers and
Multiculturalism on the menu But multiculturalism, while ena-
life experiences. One can see that schools
initiatives to mobilize students. We award
bled through an international presence,
understand the gap between life experien-
schools which do both, such as ESIC,
requires other elements. This version of
ces and professional training is shrinking.
IESE, ESADE, MC Combs and Hult.
the ranking uses eminently quantitative
In line with this profile, many schools on
The leading in gender equality are
indicators such as the number of different
the ranking have made important strides
Chapman (Florida), Bath and ESIC, with
nationalities present in a cohort, gender
in internationalization, through an offer
gender ratios of between 1.0 and 0.9,
equality in the same cohort, as well as a
which pushes their students to leave the
meaning two men for every women. The
62
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DIVERSITY OF STUDENTS
ATTENTION WOMAN
The 10 schools with the largest number of student’s nationalities
The 10 schools more equitable: male/female relationship Source: AméricaEconomía Intelligence
Source: AméricaEconomía Intelligence IE
77
Hult
74
LBS
70 68
Harvard 64
IESE
Chapman
1.00
ESIC
0.95
Bath
0.91
EAE
0.84
Tuck
0.77
ESADE
48
Questrom
0.77
HEC Paris
47
Yale
0.76
46
Yale
45
Fuqua
44
IMD
Harvard
0.74
EDHEC
0.74
Freeman
average for the group as a whole is 0.54.
most global companies. Fuqua achie-
In terms of cultural diversity, IE,
ved the highest score on this indicator,
Hult, LBS, Harvard and IESE lead in the
followed by IESE, McCombs, HEC Paris,
number of nationalities present in the
IE, Bath, Warwick, Cass, Mannheim,
last cohort of MBA students: There is a
and Tepper. The fact that a large number
remarkable gap with other schools, which
of schools achieved high scores on this
have only between 3 and 9 nationalities
indicator is excellent news as it means
represented in the classroom.
that studying an MBA at a global school
The Network Power indicator seeks those schools that made the greatest efforts to provide and produce networks
makes Latin American students more employable. Selectivity and International Profile
for and with Latin Americans, which
measures two sides of the same coin:
help students to improve their profes-
Brand.
sional situation once they graduate.
This time the most remarkable
Some schools have taken the lead here
development was the ratio between the
by positioning their students through
number of applicants and the number
consulting work, holding job fairs or
who were accepted. In English, this is
organizing study trips to the region.
known as yield and describes the behavior
Leaders include IESE, IE, Tuck, ESIC,
of applicants in their final choice of the
Fuqua, McCombs, Hult, EAE, Haas and
program. Grenoble, Schuluch and Har-
the University of Miami.
vard obtained the best scores, followed by
Network Power also measures the
ESIC, HEC Montreal, Warwick, EDHEC,
careers of 10 Latin American students
Marriot, Mannheim and Chapman. These
who graduated less than five years ago,
schools have found their niche because
awarding points for professionals holding
they are preferred by applicants once they
senior positions at the world’s largest and
have been accepted.
0.69
Metodología 1. Experiencia Multicultural y Diversidad (22,5%) • % de estudiantes extranjeros matriculados en primer año (25%) • Número de nacionalidades (20%) • % de académicos extranjeros enseñando en el programa (20%) • Relación mujeres/hombres (10%) • Puntaje en Escala de Programa Multicultural (25%) 2. Potencial de Redes para Latinoamericanos (12,5%) • % de académicos latinoamericanos enseñando en el programa (15%) % estudiantes latinoamericanos en relación a estudiantes extranjeros (15%) • Puntaje de trayectoria de egresados latinoamericanos (35%) • Puntaje de actividades que promueven redes con América Latina (35%) 3. Selectividad (27,5%) • GMAT (60%) • Relación entre estudiantes matriculados y aceptados (40%) 4. Foco en Innovación (10%) • Puntaje en Institucionalización de la Innovación (40%) • Prácticas de innovación (40%) • Flexibilidad curricular (20%) 5. International Positioning (27,5%) • Posicionamientos alcanzados en ránkings de The Economist, Financial Times y QS.
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GLOBAL ISSUE
/ SPECIAL COUNTRY BRANDS
Branding that leaves a mark More than just a marketing campaign, country brands have become a key development strategy for Latin American nations looking to attract not only tourists, but investors, as well. by Natalia Vera, Lima
f
riendly, beauty, culture, gas-
Accordingly, in order to garner more
position from becoming
tronomy, kindness and nature.
global recognition and visibility, many Latin
diluted across an array of
These are some of the words that
American countries have also rolled out a
disjointed and incoherent
travelers who visited Colom-
country brand strategy. However, positio-
initiatives. It also helps with
bia used to describe the land of
ning in target markets is not the
Gabriel García Márquez, according
only thing they are after.
to the Country Brand Index, developed by
For Gustavo Koniszczer,
FutureBrand. Left behind are the images of
managing director of FutureBrand Hispa-
violence and drug trafficking that defined
noamérica (the consultancy that publishes
this country’s international image for so
the Country Brand Report), the importance
many years. “Colombia has consistently im-
of having a country brand strategy links
proved its reputation on the different scales
up with many aspects, such as
of international perception”, says José Pablo
creating synergy by con-
Arango, manager of Marca Colombia.
centrating and focusing
This change started in 2005, after the
branding efforts. “Its
launch of the Colombia es Pasión (Co-
existence pre-
lombia is Passion) campaign, a strategy
vents efforts
financed by Proexport and private busi-
to commu-
ness, and which in 2012 was replaced by
nicate and
Marca Colombia. “The country brand advertising strategy, implemented by ProColombia, is all-encompassing and long-term: it seeks to close the gap between the perception and the reality of our country and reflect
High yield brands
Mexico and Brazil are the only Latin American brands in the top 20 (US$ millions). Source: Brand Finance
United States
1st
the lesser-known positive aspects of Colombia”, says Arango. “The actions carried out have contributed to improving the competitiveness of our products, making us more attractive
1
RK 2015
1
BV 2016: US$ 20,574 BV 2015: US$ 19,703
4%
Brand rating: AAA
China
RK 2016
2nd
BV 2016: US$ 7,087
for investment and leading more
2
RK 2015
2
BV 2015: US$ 6,314
12%
Brand rating: AA
tourists to visit us”.
64
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integration as the brand becomes a binding
Investment magnet Beyond simply rekindling national
element that exists to jointly communicate
a rate of 12%, three times the worldwide average”, says Arango. “Tourism is now the
aspects related with business, tourism, cul-
pride amongst the populace of each
economy’s second-largest source of foreign
ture, and investment promotion”, he says.
country, a well-managed country brand
revenue and is attracting new companies
can become a key strategy in the country’s
to our regions. In 2016, tourism employed
its own brand. “Since 2011, the year in
economic development, especially in terms
1.8 million people, generated US$5.688 bi-
which Brand Peru was introduced, until
of investment in different sectors. Tourism
llion in foreign revenue and attracted more
today, the perception of the country at the
and exports are the two that benefit the
than five million foreign travelers”.
international level has improved. Similarly,
most in the majority of cases.
Peru has also joined the club of having
“According to Chile’s Undersecretary
there has been such wide acceptance of the
Likewise, Brand Peru, in addition to tourism, has given the export sector a
country brand within the Peruvian popula-
of Tourism, the number of tourists coming
boost. “Three sector-specific brands for the
tion that it has become a source of affection.
to Chile rose by 26% between 2015 and
promotion of exports are managed under
According to Country RepTrak, published
2016, suggesting greater interest in visiting
the umbrella of Brand Peru Perú: Alpaca
by the Reputation Institute, the perception
Chile and reflects the work carried out
del Perú, Perú Textiles and Superfoods
of Peru has been improving and
through the brand to position our coun-
Perú, each one advocating for a specific
we now have a score of 72 (versus
try’s distinguishing attributes. In 2016,
industry”, says Isabella Falco. Another
69.12 points in 2012), which has lif-
Chile attracted a record number of foreign
industry that has performed well over the
ted us from 18th to 8th in those years,” says
tourists: 5.6 million”, says Myriam Gomez,
last few years is that of gastronomy. One
Isabella Falco, director of communications
executive director of Imagen de Chile.
only needs to look at the multiple interna-
The case of Colombia is similar to that
and country image at PromPerú.
of Chile. “Without a doubt, the results in tourism are con-
tional recognitions garnered to see proof of this trend. According to Gustavo Koniszczer, whi-
vincing. Showing
le country brands alone are not designed
Colombia’s true
to change the course of direct, large-scale
image has boosted
foreign investment-as this is guided more
the number of visitors coming to the country, which over the last 10 years increased at
by the macro-politics of capital attraction-, they do work together to make a country more visible and associate it with specific issues or agendas. “In this sense it becomes a useful and competitive tool in this area, and should be part of a collective communicational effort”, he says. Nevertheless, not everyone can have a country brand. “In the 2012
Mexico
14th
edition of the Country Brand
RK 2016
14
RK 2015 15
BV 2016: US$ 915 BV 2015: US$ 1,091
Report we see a central,
-16%
which indicates that not every
Brand rating: A+
Brazil
15th
technical aspect within the country brand discipline, country has a country brand. We can de-
RK 15 RK 11 2016 2015 BV 2016: US$ 820 BV 2015: US$ 1,171 Brand rating: A+
termine that if you consider the force
-30%
with which people associate a given country with certain characteristics (for example, quality of life, value system, potential for business), we would NOVEMBER 2017
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GLOBAL ISSUE
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be facing a country that, according to the FurtureBrand methodology, can be classified as a status country”, says Koniszczer. Even good management cannot shield country brands from recent news from Latin America, including political scandals
Chile: “Our work in managing the country brand aims to consolidate our country as an attractive destination for commerce, investment, tourism, among others, as an asset that directly impacts competitiveness and economic growth”.
fit to be made into thrillers or spy movies. The most emblematic case is that of Brazil.
trend will continue. Perceptions of corrup-
Not even hosting the Olympic Games
tion climbed by 0.5% and the IMF predicts
ning factor in selecting a destination for
could prevent the collapse of its brand
a decline of 8% in the GDP before the close
investment, but it is definitely an impor-
value: according to British consultancy
of 2017, reflecting the pessimistic econo-
tant element that can work for or against
Brand Finance, the value of its brand fell
mic outlook”, says Brand Finance in its
a given country. “Our work in managing
from US$1.117 billion to US$820 million
report on the world’s most valuable nation
the country brand aims to consolidate our
to 2016.
brands in 2016.
country as an attractive destination for
Despite this difficult situation, Brazil
“The value of Brazil’s country brand
Reputation may not be a determi-
commerce, investment, tourism, among
fell 30%. In taking stock of the problems,
remains in the top 20 of this report, sitting
others, as an asset that directly impacts
we see the corruption scandal, with money
in 15th place, behind Mexico. If we look
competitiveness and economic growth.
laundering and corporate and even gover-
strictly at this region, for FutureBrand’s
Even when it is not possible to determine
nmental corruption related to Petrobras,
Country Brand Report Latin America,
the specific effect in certain sectors, given
which was discovered through Operation
Brand Brazil is the undisputable leader.
that additional variables are at play in
Lava Jato”, says the report. “Certain key
The top 5 is rounded out by Argentina,
the strategy, the positioning of Chile as a
indicators suggest that this downward
Mexico, Chile and Peru.
stable, rigorous, and reliable country is, without a doubt, a favorable business card
Latin American brand
when attracting investment, exporting our
Latin American countries in Global Ranking Source: Brand Finance
products or influencing the travel decisions of a tourist”, says Myriam Gómez.
Country Country brand Change brand value 2016 % value 2015 (US$ millions) (US$ millions)
Brand strength 2016 (rating)
Brand strength 2015 (rating)
RK 2016
RK 2015
14
13
MEXICO
915
-16%
1,091
A+
A
15
11
BRAZIL
820
-30%
1,171
A
A-
37
39
ARGENTINA
236
14%
208
A
BB
38
38
CHILE
239
5%
218
AA
AA
41
45
COLOMBIA
181
9%
166
A+
A
50
52
PERU
139
22%
114
A+
A
62
70
GUATEMALA
50
19%
42
A+
A
63
66
COSTA RICA
49
6%
46
AA-
A+
65
72
PANAMA
48
20%
40
AA-
A+
71
-
ECUADOR
39
-
-
A
-
78
74
URUGUAY
28
-24%
37
AA-
A
87
-
EL SALVADOR
18
-
-
A
-
88
84
BOLIVIA
17
-8%
19
A-
BBB
89
-
PARAGUAY
16
-
-
A-
-
95
94
HONDURAS
12
8%
11
A+
A-
98
-
NICARAGUA
10
-
-
A-
-
66
Country
Chile leads Latin America in terms of foreign direct investment (FDI). It is also the only South American economy in the Organization for Economic Cooperation and Development (OECD). Similarly, Peru’s reputation with investors has improved and the country’s application to join the OECD will better position it in the international market, says Isabella Falco. Colombia has not fallen behind. “We have a good product in Colombia, which today is a different and larger country for investment, business and tourism. The work done in country branding is to simply show this new reality in a way that is as convincing and creative as possible”, says José Pablo Arango. The challenge now will be to maintain the good image and prevent the political situation from spoiling the celebration.
AMÉRICAECONOMÍA
064 ESP MARCA 1 PAÍS en ingles.indd 66
20/10/17 18:26
Únase al selecto grupo de empresas y profesionales que se adelantan y marcan tendencias a través de AméricaEconomía Media Group. Los negocios de Latinoamérica atencionclientes@americaeconomia.com
Encuéntrenos
GLOBAL ISSUE
/ SPECIAL MULTILATINAS RANKING
‘MULTIlatina’ RESILIENCE Latin America’s most globalized companies are seeing an upswing in their sales and profits. But the top rank of multiLatinas are among the ones that have also suffered the most.
123RF
BY Catherine Lacourt y Andrés Almeida, AméricaEconomía Intelligence
68
AMÉRICAECONOMÍA
068 RK MULTILATINAS eningles.indd 68
20/10/17 18:31
D
espacito, suave, suavecito.
The ranking’s intermediate tiers tell
The 100 Multilatinas and their flags
The catchy refrain from Luis Fonsi’s hit Latin song is hardly economic analysis. But “the real slow, real easy” part could aptly describe the
a different story. Of the 50 companies
Source: AméricaEconomía Intelligence
that occupy spots 26 through 75, 34 show
Colombia +1
posted overseas growth. The 4th tier has
1
Argentina -1
results of Latin America’s
increases in total sales with 31 of them
Guatemala = Panama =
1
Peru =
100 most globalized companies, whose sales rose – finally! – by 4% between the
6
2016 and 2017 rankings. While this figure is still rather moof the region’s 500 largest companies, whose sales grew by just 0.9% this year. And it is an improvement on the 18.8%
19
downturn in sales registered by the region’s 100 most globalized companies
30
rule. For example, take Colombia’s ISA, and foreign sales following its purchase of a controlling stake in Brazilian power firm Taesa for US$309 million. ISA is planning to invest US$3.908 billion between 2017 and 2021 in Co-
Mexico +1
Chile =
Profits are also rising. Of the top 100
Shooting stars
which posted major gains in both total
27
in last year’s ranking.
yet still more than the first tier.
There are always exceptions to the
The 2017 Multilatinas by country and variation from 2016
11
dest, it is better than the performance
Brazil =
5
less of an increase than the middle tiers,
lombia, Peru, Brazil, Chile, Bolivia and Argentina, with Brazil seeing the largest
Latin American multinationals, or ‘mul-
tilatinas,’ 84 posted positive net margins, compared to 75 in 2016. However, upon
Good news: Profits are rising. Of the 100 Multilatinas in the ranking, 84 posted positive net margins, compared to 75 in 2016.
breaking the ranking down into four tiers of 25 companies each, significant differences can be observed in the levels of total annual sales. Strong downturns are seen in the first tier, which represents the 25 most
The 100 Multilatinas and their productive vocations
intensely internationalized companies. This is due to the fact that this ranking emphasizes the intensity of a company’s
Source: AméricaEconomía Intelligence
that measure international sales, overseas
Others +1
employees, geographic dispersion and the Technology = Retail =
companies of the region (1st tier), only five posted increases in total
Oil/Gas -2
sales, while 20 registered overseas sales (revenues from subsidiaries, not exports), only
4 4 4 5
5
Multiple sectors = Forestry/Cellulose +1
that ISA has jumped from 18th to 14th place in the ranking, becoming the highest-ranked state-controlled company (although private investors hold a sig-
The 2017 Multilatinas by sector and variation from 2016.
4
Cement =
three increased, while 16 decreased (there is no data for six of them).
4
Finance +1
declines in revenue. As for
Food = 28
potential for growth in each company’s Of the 25 most global
multilatina is developing an electrical interconnection between Colombia and Panama in 2019. No coincidence, then,
internationalization through indicators
international markets.
single splurge: US$1,549 billion. The
14
nificant stake), and the highest-ranked Colombian firm. Another significant riser in the 1st
8
Beverage/ = Liquor
8 5
7
climbed from 9th to 4th place. In a market of
Manufacturing +1 Steel/Metallurgy -1
Air transport -1
tier is Aje Group, which
falling sales and job cuts, the company has not performed as badly as the majority of companies in the top tier, pushing it up NOVEMBER 2017
068 RK MULTILATINAS eningles.indd 69
69
20/10/17 18:31
GLOBAL ISSUE
RK RK 17 16
1 2 3 4 5 6 7 8 9
1 2 3 9 8 4 5 12 10
10
11
11 12 13 14 15
13 39 14 18 20
16 15 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50
70
22 43 21 16 19 6 17 25 7 28 31 44 24 30 26 47 33 32 42 35 23 36 34 40 29 37 79 75 49 48 45 46 53
/ ESPECIAL MULTILATINAS RANKING
FIRM
MEXICHEM CEMEX LATAM AJE GROUP ARCOS DORADOS GRUPO JBS (1) GRUMA GRUPO ALFA AMÉRICA MÓVIL TENARIS (1)(2) GRUPO BIMBO VALE TERNIUM (1)(2) ISA SONDA NEMAK (2) MARFRIG GRUPO BELCORP (2) COPA AIRLINES EMBOTELLADORA ANDINA GERDAU AVIANCA MASISA (2) CENCOSUD SIGMA COCA-COLA FEMSA VOTORANTIM CIMENTOS METALFRIO AMBEV VIÑA CONCHA Y TORO GLOBANT (1) FIBRIA (2) WEG EMBRAER EMPRESAS COPEC GRUPO ARGOS SIGDO KOPPERS ARAUCO AEROMÉXICO (2) CMPC GRUPO SURA FALABELLA CAROZZI GRUPO MÉXICO BRF FOODS FEMSA GRUPO NUTRESA BLUE STAR GROUP ARCOR (1) BANCO ITAÚ
COUNTRY OF ORIGIN
SECTOR
MEXICO MEXICO CHILE/BRAZIL* PERU ARGENTINA BRAZIL MEXICO MEXICO MEXICO ARGENTINA MEXICO BRAZIL ARGENTINA COLOMBIA CHILE MEXICO BRAZIL PERU PANAMA CHILE BRAZIL COLOMBIA/EL SALVADOR* CHILE CHILE MEXICO MEXICO BRAZIL BRAZIL BRAZIL CHILE ARGENTINA BRAZIL BRAZIL BRAZIL CHILE COLOMBIA CHILE CHILE MEXICO CHILE COLOMBIA CHILE CHILE MEXICO BRAZIL MEXICO COLOMBIA ARGENTINA ARGENTINA BRAZIL
Petrochemicals Cement Air transport Beverage/Liquor Entertaintment Food Food Multiple Sectors Telecommunications Steel/Metallurgy Food Mining Steel/Metallurgy Electrical Energy Technology Automotive/Auto parts Food Chemicals Air transport Beverage/Liquor Steel/Metallurgy Air transport Forestry/Cellulose Retail Food Beverage/Liquor Cement Manufacturing Beverage/Liquor Beverage/Liquor Technology Forestry/ Manufacturing Aerospace Multiple sectors Cement Construction/Engineering Forestry/Cellulose Air transport Forestry/ Finance Retail Food Mining Food Beverage/Liquor Food Manufacturing Food Finance
SALES (US$ millon) Totals Abroad Total 2016
Var. 15-16 (%)
Abroad 2016
5,350.0 12,125.9 8,965.7 1,520.0 2,803.3 52,324.1 3,296.3 14,197.9 47,139.8 4,293.6 12,185.5 29,062.0 7,224.0 4,045.3 1,220.0 3,829.7 5,937.4 1,093.5 2,221.8 2,657.0 11,562.9 4,138.3 959.8 15,446.0 5,139.3 8,588.8 3,899.2 311.6 14,004.6 989.7 260.0 2,952.7 2,876.6 6,582.9 16,657.3 4,850.3 2,191.3 4,749.4 2,606.1 4,853.5 6,323.0 11,806.6 1,109.3 8,162.5 10,359.4 19,307.4 2,891.5 256.0 2,379.5 36,475.9
-4.7 -4.8 -7.7 -1.9 -4.3 14.5 -2.2 -4.9 -8.8 -37.8 -3.8 21.2 -8.3 146.7 -2.9 -6.6 12.0 -7.7 -1.3 0.4 -5.4 -5.1 -8.8 -0.3 -5.0 -2.5 -1.1 9.1 6.8 10.3 2.4 4.4 5.0 15.6 -8.0 22.7 -9.2 -7.5 -4.0 0.5 36.2 7.9 13.9 -0.4 14.7 7.2 -0.1 -6.8 12.2 41.3
5,151.0 9,536.6 7,457.0 1,155.2 2,410.0 39,243.1 2,457.4 8,376.8 32,361.9 3,005.5 8,286.1 17,900.5 4,912.3 3,397.4 680.0 1,983.4 3,681.2 878.9 1,706.4 1,849.3 7,989.8 2,307.1 782.5 8,954.8 3,040.2 4,294.4 1,957.1 177.7 6,344.1 800.6 231.4 2,647.3 1,639.7 5,870.3 6,968.4 2,400.5 905.4 1,904.5 1,490.4 2,184.1 3,031.0 4,658.2 680.4 4,897.5 4,547.5 6,368.4 1,087.0 115.5 690.1 4,028.8
SIGNIFICANT DATA DATOS SIGNIFICATIVOS Totals
EMPLOYEES Abroad
% Var. abroad 15-16 2016 (%)
Total 2016
Var. 15-16 (%)
Abroad 2016
Var. 15-16 (%)
4.9 -6.3 -8.4 -10.2 -5.5 N.A. -0.2 -1.6 -9.1 N.A. 0.6 N.A. N.A. 204.0 -10.4 -17.1 17.7 N.A. -5.2 -3.7 -8.0 N.A. -7.2 -7.3 -2.0 1.5 12.8 16.3 10.9 9.9 1.8 2.9 5.0 17.5 -2.0 40.7 -7.1 9.1 -1.9 14.4 49.4 1.4 N.A. N.A. 0.3 26.3 -1.1 1.7 N.A. 61.5
18,897 41,853 45,916 7,193 82,040 237,061 19,933 81,084 194,193 19,076 130,913 73,100 16,700 3,796 18,324 21,000 29,203 8,223 8,733 16,296 30,014 21,061 5,150 138,160 42,152 101,652 13,733 2,424 53,250 3,486 5,855 17,701 29,194 18,506 31,714 11,419 10,383 14,239 14,085 17,145 24,431 98,900 10,047 30,657 111,868 266,144 45,618 4,507 21,000 94,779
0.5 -2.9 -8.9 -52.0 -1.6 4.4 4.3 11.8 -0.7 -12.1 3.0 -1.3 N.A. 1.1 -6.8 N.A. -3.5 -5.0 -6.1 -1.4 -33.3 -0.9 -0.3 -1.6 5.4 21.4 -10.2 -13.1 1.0 1.0 16.1 5.8 -5.7 -4.5 18.8 23.5 -7.4 -3.5 5.2 -2.4 -18.9 -6.3 N.A. 2.9 5.8 8.1 1.2 2.8 N.A. 4.9
14,958 31,995 34,245 5,800 67,896 109,285 11,929 29,190 103,887 N.A. 57,683 16,082 N.A. 2,129 14,916 N.A. 17,464 N.A. 2,271 12,773 15,054 8,403 3,245 81,728 14,624 57,123 5,824 1,356 19,462 852 2,541 N.A. 8,933 2,499 9,514 4,836 4,259 5,134 N.A. 9,556 10,374 47,689 3,114 7,440 16,114 65,779 12,311 2,775 8,000 13,908
-2.1 -4.8 -9.4 -52.6 -0.7 9.0 0.5 11.8 -2.9 N.A. 22.6 -1.3 N.A. -11.0 -7.5 N.A. -4.1 N.A. -18.6 0.2 -25.7 N.A. -0.3 -3.5 N.A. 31.6 -7.2 21.5 7.5 -2.2 16.2 N.A. 6.7 5.6 18.3 13.2 -27.2 -7.4 N.A. 20.9 N.A. -12.2 2.4 0.6 207.2 12.4 -2.2 14.7 N.A. 103.4
96.3 78.6 83.2 76.0 86.0 75.0 74.6 59.0 68.7 70.0 68.0 61.6 68.0 84.0 55.7 51.8 62.0 80.4 76.8 69.6 69.1 55.7 81.5 58.0 59.2 50.0 50.2 57.0 45.3 80.9 89.0 89.7 57.0 89.2 41.8 49.5 41.3 40.1 57.2 45.0 47.9 39.5 61.3 60.0 43.9 33.0 37.6 45.1 29.0 11.0
% abroad 2016
79.2 76.4 74.6 80.6 82.8 46.1 59.8 36.0 53.5 N.A. 44.1 22.0 N.A. 56.1 81.4 N.A. 59.8 N.A. 26.0 78.4 50.2 39.9 63.0 59.2 34.7 56.2 42.4 55.9 36.5 24.4 43.4 N.A. 30.6 13.5 30.0 42.4 41.0 36.1 N.A. 55.7 42.5 48.2 31.0 24.3 14.4 24.7 27.0 61.6 38.1 14.7
AMÉRICAECONOMÍA
068 RK MULTILATINAS eningles.indd 70
20/10/17 18:31
38 32 19 20 13 17 18 27 19 14 23 26 14 7 10 12 9 15 30 4 13 22 10 5 17 10 14 6 14 11 11 6 12 10 16 8 16 14 22 8 10 6 10 7 12 12 14 5 14 18
ü ü
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1.3 1.1 0.6 N.A. 0.8 1.0 1.6 1.3 0.7 2.8 0.9 2.0 1.5 1.5 1.6 1.1 1.3 N.A. 1.2 1.3 2.1 0.6 1.4 1.0 1.3 1.1 1.7 1.4 0.8 1.8 N.A. 1.9 2.8 2.1 1.9 0.9 1.6 2.0 0.6 2.5 N.A. 1.4 1.2 3.7 1.5 1.4 1.2 1.4 1.4 1.6
4.4 5.6 0.8 N.A. 2.8 0.2 8.7 0.8 0.9 1.4 2.3 14.1 9.8 17.6 3.2 6.8 -3.5 N.A. 15.1 5.1 -7.7 1.1 0.0 3.8 4.6 5.7 3.3 3.0 27.5 7.3 N.A. 17.2 11.9 2.7 3.3 7.8 3.9 4.5 2.1 -0.4 8.8 7.7 5.9 12.9 -1.1 5.3 4.6 2.4 2.9 19.9
100.0 88.2 91.0 79.9 89.8 89.7 81.0 72.7 84.2 78.1 79.6 77.0 78.0 89.3 62.6 62.8 72.5 82.4 81.6 76.3 80.4 66.3 82.9 72.1 69.8 63.7 61.5 59.6 61.3 82.5 85.0 92.9 66.3 94.9 58.9 61.6 52.4 53.7 66.1 57.9 61.1 55.9 66.9 71.9 59.2 51.8 50.0 49.1 42.0 33.5
95.6 92.4 90.1 97.4 100.0 55.7 72.3 43.5 64.6 78.5 53.2 26.6 78.5 67.8 98.4 72.5 72.3 78.5 31.4 94.7 60.6 48.2 76.1 71.5 41.9 67.9 51.2 67.6 44.2 29.5 52.4 6.0 37.0 16.3 36.2 51.2 49.6 43.6 18.1 67.3 51.3 58.3 37.5 29.3 17.4 29.9 32.6 74.4 46.0 17.7
100.0 96.1 80.6 79.5 56.0 80.8 81.7 92.0 68.5 77.6 78.0 93.8 65.2 41.6 50.2 76.9 66.0 61.1 76.9 28.1 63.2 74.1 49.5 33.0 76.9 54.8 74.4 57.1 59.2 70.4 64.1 58.6 73.3 71.6 72.8 48.0 69.8 74.4 79.9 44.6 50.2 37.1 52.3 50.9 73.6 58.1 62.8 29.8 65.2 80.4
100.0 74.1 66.1 56.3 54.4 70.7 59.3 79.9 66.2 52.6 72.0 84.3 58.8 73.5 57.9 59.6 55.7 43.2 71.3 53.7 54.1 68.7 47.3 70.6 66.3 60.4 59.5 58.6 74.9 59.3 40.5 73.7 59.9 54.4 66.9 68.4 61.7 59.5 65.5 53.4 58.3 64.1 58.1 56.9 61.4 66.8 61.5 49.2 54.2 74.8
MULTILATINA INDEX
98.91 86.61 81.23 77.12 74.96 73.71 72.48 71.41 70.76 70.44 70.43 69.94 69.82 69.63 67.65 67.09 66.10 65.40 65.04 64.49 64.12 64.06 63.85 63.66 63.20 62.01 60.91 60.79 60.68 59.88 59.34 58.57 58.44 58.44 58.40 58.30 57.94 57.02 56.70 56.22 55.65 55.17 53.99 52.57 52.30 52.09 51.68 51.59 51.33 51.32
www
mexichem.com cemexmexico.com latam.com ajegroup.com arcosdorados.com jbs.com.br gruma.com alfa.com.mx americamovil.com tenaris.com grupobimbo.com vale.com ternium.com isa.co sonda.com nemak.com marfrig.com.br belcorp.biz copaair.com koandina.com gerdau.cl avianca.com masisa.com cencosud.com sigma-alimentos.com coca-colafemsa.com votorantimcimentos.com.br refrigeracionmetalfrio.com ambev.com.br conchaytoro.com globant.com fibria.com.br weg.net embraer.com empresascopec.cl grupoargos.com sigdokoppers.cl arauco.cl aeromexico.com cmpc.com gruposura.com falabella.com carozzicorp.com gmexico.com brf-global.com femsa.com gruponutresa.com bsg.global arcor.com.ar itau.com.br NOVEMBER 2017
068 RK MULTILATINAS eningles.indd 71
(*) = For measurement effects the country first mentioned is classed as the country of origin / N.A. = Not available / (1) Estimates on sales data / (2) Estimates on employment data
ü ü ü
Expansion
Africa
ü ü ü
Geographic coverage
Western and Central Asia
ü
Employees abroad
Asia-Pacific
ü ü ü ü ü ü ü ü ü ü ü
Commercial Strength
Europe
ü ü
Net operating income 2016
United States
ü
Liquidity 2016
Canada
ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü
Oceania
Mexico
Yes No Yes No Yes No No Yes No No No No No No Yes No Yes No No No No No No No No No Yes No No No No Yes No No Yes Yes Yes No No No Yes No No No Yes No No No No No
Central America and the Caribbean
Add countries (Yes/No)
38 32 19 20 13 17 18 27 19 14 23 26 14 7 10 12 9 15 30 4 13 22 10 5 17 10 14 6 14 11 11 6 12 10 16 8 16 14 22 8 10 6 10 7 12 12 14 5 14 18
Brazil
N° of countries
79.2 76.4 74.6 80.6 82.8 46.1 59.8 36.0 53.5 N.A. 44.1 22.0 N.A. 56.1 81.4 N.A. 59.8 N.A. 26.0 78.4 50.2 39.9 63.0 59.2 34.7 56.2 42.4 55.9 36.5 24.4 43.4 N.A. 30.6 13.5 30.0 42.4 41.0 36.1 N.A. 55.7 42.5 48.2 31.0 24.3 14.4 24.7 27.0 61.6 38.1 14.7
DIMENSIONS OF ANALYSIS DIMENSIONES DE ANÁLISIS
Hispanic South America
% abroad 2016
SIGNIFICANT DATA COUNTRIES AND GEOGRAPHICAL AREAS (2016) Presence
71
20/10/17 18:31
GLOBAL ISSUE
RK RK 17 16
51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100
72
38 65 57 56 62 41 84 94 52 67 55 91 89 58 63 51 69 64 60 68 74 54 61 71 73 50 66 70 76 72 85 80 86 87 82 93 95 83 88 90 92 97 99 -
/ ESPECIAL MULTILATINAS RANKING
FIRM
SOFTTEK MARCOPOLO POLLO CAMPERO (1)(2) ALSEA SQM ALICORP MABE SUZANO PAPEL E CELULOSE EMP. DE ENER. DE BOGOTÁ (1)(2) NATURA BRASKEM COPERSUCAR (2) MINERVA TERPEL BANCOLOMBIA LOGICALIS PETROBRAS RIPLEY MOLYMET XIGNUX (2) BANMÉDICA COLOMBINA ALPARGATAS GRUPO EPM GRUPO ELEKTRA GRUPO CARSO (2) ARCA CONTINENTAL (1) GRUPO SIMEC (1)(2) VITRO INDUSTRIAS CH ENAP (1) CCU CINÉPOLIS (2) INTERCEMENT (1)(2) FERREYCORP GRUPO GLORIA (1)(2) ULTRAPAR KLABIN (1)(2) INTERCERAMIC GOL (2) GENTERA RANDON PART (1) GRUPO TELEVISA TV AZTECA (1) LOCALIZA (2) DURATEX COSAN (2) EUCATEX (2) SALFACORP TECNOQUÍMICAS
COUNTRY OF ORIGIN
MEXICO BRAZIL GUATEMALA MEXICO CHILE PERU MEXICO BRAZIL COLOMBIA BRASIL BRAZIL BRAZIL BRAZIL COLOMBIA COLOMBIA BRAZIL BRAZIL CHILE CHILE MEXICO CHILE COLOMBIA BRAZIL COLOMBIA MEXICO MEXICO MEXICO MEXICO MEXICO MEXICO CHILE CHILE MEXICO BRAZIL PERU PERU BRAZIL BRAZIL MEXICO BRAZIL MEXICO BRAZIL MEXICO MEXICO BRAZIL BRAZIL BRAZIL BRAZIL CHILE COLOMBIA
SECTOR
Technology Automotive/Auto parts Food Entertaintment Mining Food Manufacturing Forestry/Cellulose Electrical Energy Chemicals Petrochemicals Agroindustry Food Oil/Gas Finance Technology Oil/Gas Retail Steel/Metallurgy Steel/Metallurgy Health Food Manufacturing Multiple sectors Retail Multiple sectors Beverages/Liquors Steel/Metallurgy Manufacturing Steel/Metallurgy Oil/Gas Beverages/Liquors Entertaintment Cement Multiple sectors Food Oil/Gas Forestry/Cellulose Manufacturing Air transport Finance Automotive/Auto parts Media Media Logistics Manufacturing Bioenergy Construction/Engineering Construction/Engineering Health
SALES (US$ millon) Totals Abroad Total 2016
Var. 15-16 (%)
Abroad 2016
549.4 790.5 473.4 1,822.1 1,939.3 1,978.7 2,743.6 3,035.0 1,044.1 2,430.0 13,700.0 8,084.1 2,963.1 4,809.8 5,254.0 424.4 86,783.6 2,390.0 699.9 1,896.9 2,123.0 575.4 1.245,1 5,284.0 3,926.3 4,600.2 4,526,.7 1,329.8 1,051.0 1,485.7 5,203.9 2,330.3 1,783.3 1,378.4 1,446.9 1,054.9 23,755.2 2,177.6 445.2 3,030.3 968.2 806.6 4,653.4 686.7 1,363.3 1,200.7 15,935.2 351.8 1,041.7 478.3
2.0 2.9 0.8 -2.4 12.2 2.2 0.1 5.8 -1.9 9.7 3.3 37.3 10.9 8.6 49.8 2.0 -3.8 10.0 -2.0 -12.7 13.4 -1.0 7.6 21.9 -8.7 -9.8 2.4 -6.0 28.3 -10.3 -17.8 10.3 -6.5 -17.8 -5.6 1.9 11.9 36.5 -5.9 10.5 -3.1 -7.2 -8.6 -7.6 23.7 8.0 19.1 9.7 18.1 13.5
384.6 256.7 331.4 765.3 830.4 658.8 830.0 2,014.0 195.7 784.9 3,924.2 5,692.4 1,982.3 441.7 1,273.8 173.7 13,846.6 821.8 304.9 815.7 694.4 210.0 435.3 1,688.9 1,088.4 855.0 1,539.1 465.4 173.0 593.9 2,081.6 570.9 267.5 537.6 168.7 158.2 1,187.8 435.5 132.6 452.0 123.8 N.D. 674.0 144.3 170.1 150.0 863.6 58.6 62.5 36.5
SIGNIFICANT DATA DATOS SIGNIFICATIVOS Totals
% Var. abroad 15-16 2016 (%)
2.0 63.7 N.A. 6.5 9.2 -14.6 N.A. 1.2 -1.9 31.2 47.9 N.A. N.A. -7.8 19.0 N.A. -29.8 11.6 -15.4 -14.7 16.8 8.0 6.2 10.9 -5.3 4.2 2.1 N.A. 657.4 -12.5 -19.1 -0.2 -6.5 -19.9 -19.5 N.A. N.A. N.A. -5.9 45.4 N.A. N.A. -3.8 -7.6 54.4 32.1 29.0 41.4 -29.1 -8.0
70.0 32.5 70.0 42.0 42.8 33.3 30.3 66.4 18.7 32.3 28.6 70.4 66.9 9.2 24.2 40.9 16.0 34.4 43.6 43.0 32.7 36.5 35.0 32.0 27.7 18.6 34.0 35.0 16.5 40.0 40.0 24.5 15.0 39.0 11.7 15.0 5.0 20.0 29.8 14.9 12.8 N.D. 14.5 21.0 12.5 12.5 5.4 16.6 6.0 7.6
EMPLOYEES Abroad
Total 2016
Var. 15-16 (%)
Abroad 2016
Var. 15-16 (%)
12,242 12,813 7,000 67,340 4,751 7,113 18,489 7,484 1,826 6,397 7,656 30,000 12,825 2,892 31,843 1,394 68,829 24,890 1,629 20,021 22,781 9,721 22,341 11,708 64,937 74,517 118,180 3,973 11,407 4,965 3,727 8,186 41,370 7,734 6,534 1,074 15,173 18,514 4,874 13,998 21,184 7,375 42,288 6,011 6,324 11,055 10,976 2,486 17,924 6,106
14.4 2.7 -17.6 8.9 11.8 54.8 0.5 -59.6 N.A. -2.9 -4.2 -5.6 -1.3 28.4 -7.6 0.9 -12.3 -2.6 -3.3 3.6 13.6 4.8 30.2 3.4 -0.6 1.5 138.5 -22.4 6.2 -19.0 1.1 1.1 21.7 -8.5 -1.9 -5.0 3.9 47.9 3.2 -15.0 5.0 -13.6 -3.7 1.3 2.2 -9.3 -16.2 4.5 3.0 -1.9
3,623 1,921 N.A. 22,988 216 2,626 3,759 161 752 1,490 1,680 N.A. 2,921 1,595 8,679 505 3,638 9,242 328 N.A. 8,505 1,498 4,073 2,103 14,785 745 16,304 N.A. 1,597 1,346 419 1,990 N.A. N,D, 1,021 N.A. 681 N.A. 639 280 3,931 375 894 962 398 526 N.A. N.A. 1,614 454
-15.4 15.3 N.A. 28.2 6.9 1.1 N.A. -74.5 N.A. 3.5 5.4 N.A. 5.9 57.1 2.3 1.0 -46.9 -2.0 -3.8 N.A. 9.5 -3.0 -3.4 3.3 -6.2 69.2 -2.7 N.A. 244.9 -25.2 0.7 -1.0 N.A. N.A. -1.4 N.A. 8.8 N.A. 0.6 -14.9 35.2 -16.3 -6.8 8.1 2.2 -6.2 N.A. N.A. 47.1 -6.4
% abroad 2016
29.6 15.0 N.A. 34.1 4.5 36.9 20.3 2.2 41.2 23.3 21.9 N.A. 22.8 55.2 27.3 36.2 5.3 37.1 20.1 N.A. 37.3 15.4 18.2 18.0 22.8 1.0 13.8 N.A. 14.0 27.1 11.2 24.3 N.A. N.A. 15.6 N.A. 4.5 N.A. 13.1 2.0 18.6 5.1 2.1 16.0 6.3 4.8 N.A. N.A. 9.0 7.4
AMÉRICAECONOMÍA
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8 22 6 6 17 8 15 7 6 8 11 3 4 6 8 10 19 3 8 7 3 14 7 7 7 19 5 3 13 4 4 6 13 8 10 6 8 4 5 8 3 13 5 6 7 5 4 3 4 3
Oceania
ü
ü ü ü ü ü
ü
ü
ü
ü ü ü
ü
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ü ü ü ü ü ü ü ü ü
ü ü ü ü ü
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ü
N.A. 8.5 N.A. 2.6 14.5 4.6 1.8 5.5 41.1 3.7 N.A. 0.2 2.0 1.4 18.8 4.6 -5.2 7.2 20.0 0.6 4.1 3.3 8.9 13.2 6.6 10.0 9.6 10.5 16.4 14.3 3.5 7.6 N.A. -5.5 4.8 6.1 2.0 35.0 5.5 8.6 17.0 -2.6 3.9 -19.8 9.2 0.7 0.5 2.9 3.6 6.4
71.9 41.7 71.5 52.4 53.3 45.2 43.6 74.1 30.3 45.0 47.0 80.3 74.5 25.4 40.2 47.1 41.0 46.7 50.8 53.3 44.9 44.2 45.3 47.0 42.4 34.7 48.3 45.5 28.2 50.1 53.9 38.0 28.4 49.0 24.4 26.8 25.2 33.7 37.7 29.9 24.4 15.0 30.8 31.2 25.1 24.7 24.5 25.1 17.1 16.7
35.8 18.1 49.8 41.2 5.5 44.6 24.6 2.6 49.8 28.1 26.5 6.0 27.5 66.6 32.9 43.8 6.4 44.9 24.3 29.0 45.1 18.6 22.0 21.7 27.5 1.2 16.7 42.3 16.9 32.8 13.6 29.4 30.2 6.0 18.9 26.6 5.4 1.8 15.8 2.4 22.4 6.1 2.6 19.3 7.6 5.7 6.0 6.0 10.9 9.0
60.6 78.7 48.7 45.5 82.1 44.6 61.1 61.5 42.7 53.0 64.1 39.5 28.1 39.5 44.6 49.5 81.0 34.4 62.8 45.5 21.8 62.4 60.6 42.7 46.3 71.3 39.5 35.8 68.1 40.6 38.3 37.1 64.5 63.2 49.5 38.3 57.1 42.7 46.3 48.0 26.2 75.9 40.6 43.6 40.6 45.5 28.1 39.5 29.8 24.1
Expansion
Africa
ü
N.A. 1.8 N.A. 0.7 4.0 1.3 0.9 2.1 0.9 1.1 N.A. 1.0 2.0 1.4 1.1 1.4 1.8 1.0 2.9 1.4 0.8 1.0 2.3 0.2 1.2 1.5 1.0 4.2 2.4 5.7 1.0 1.5 N.A. 0.9 1.6 1.8 2.4 2.4 2.8 0.4 1.4 2.5 1.7 1.3 1.2 2.7 0.2 0.9 0.9 2.0
40.2 64.5 33.1 53.8 57.8 55.8 62.0 54.5 63.2 61.5 52.8 58.5 52.7 53.2 65.0 46.5 58.9 52.7 47.3 50.1 59.4 54.9 51.0 61.5 56.9 68.4 61.5 42.9 56.9 42.5 54.9 55.2 41.1 44.1 53.9 52.5 56.2 61.1 43.1 56.9 54.4 42.1 54.6 38.1 54.6 49.4 59.0 49.5 51.5 45.1
MULTILATINA INDEX
51.11 50.04 49.98 48.64 48.46 48.10 47.83 47.82 47.51 47.33 47.04 47.04 46.91 46.88 46.71 46.57 45.70 45.60 45.55 44.72 44.71 44.68 44.23 44.15 43.81 43.75 42.60 41.99 41.98 41.57 40.99 40.83 39.86 39.65 36.88 36.77 35.93 35.73 35.58 34.75 33.26 33.10 32.83 32.79 32.68 31.54 30.96 30.53 28.39 24.79
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068 RK MULTILATINAS eningles.indd 73
(*) = For measurement effects the country first mentioned is classed as the country of origin / N.A. = Not available / (1) Estimates on sales data / (2) Estimates on employment data
ü
ü ü ü
Geographic coverage
ü ü
ü
Employees abroad
ü ü ü ü ü ü ü ü
ü
Commercial Strength
ü ü ü ü ü ü ü ü
ü
ü
ü
ü ü
ü ü
Net operating income 2016
ü
ü ü ü ü ü ü
ü
ü ü ü
ü ü
ü
Liquidity 2016
ü ü ü ü ü ü ü ü ü ü ü ü ü ü ü
ü ü ü
Western and Central Asia
ü ü
Asia-Pacific
ü ü ü
Europe
ü ü
DIMENSIONS OF ANALYSIS DIMENSIONES DE ANÁLISIS
United States
ü ü ü ü ü ü ü ü ü ü ü
Canada
Mexico
No No No No Yes Yes No No No Yes No No No No No No No No No No No Yes No No No No No No Yes No No No No No Yes No No Yes Yes No Yes No Yes No No Yes No No No No
Central America and the Caribbean
Add countries (Yes/No)
8 22 6 6 17 8 15 7 6 8 11 3 4 6 8 10 19 3 8 7 3 14 7 7 7 19 5 3 13 4 4 6 13 8 10 6 8 4 5 8 3 13 5 6 7 5 4 3 4 3
Brazil
N° of countries
29.6 15.0 N.A. 34.1 4.5 36.9 20.3 2.2 41.2 23.3 21.9 N.A. 22.8 55.2 27.3 36.2 5.3 37.1 20.1 N.A. 37.3 15.4 18.2 18.0 22.8 1.0 13.8 N.A. 14.0 27.1 11.2 24.3 N.A. N.A. 15.6 N.A. 4.5 N.A. 13.1 2.0 18.6 5.1 2.1 16.0 6.3 4.8 N.A. N.A. 9.0 7.4
Hispanic South America
% abroad 2016
SIGNIFICANT DATA COUNTRIES AND GEOGRAPHICAL AREAS (2016) Presence
73
20/10/17 18:31
GLOBAL ISSUE
/ ESPECIAL MULTILATINAS RANKING
the ranking. This despite plans to withdraw from Brazil and Mexico. Aje has also released more information on its foreign investment, which places it in a better light if only in terms of transparency: projects outside of Peru account for 75%
MUltilatina Progress
Overseas Profits
Source: AméricaEconomía Intelligence
Source: AméricaEconomía Intelligence
Decreased
Negative
Number of companies whose total sales rose from 2015 to 2016, by tier* from the ranking Increased
of its total investments. 9
Making the cut This ranking is designed to let compafooting (although they must have annual example, although Brazilian firm Metalfrio has annual sales of just US$311.6 million, it took 28th place on the ranking, because it has significant sales and a large workforce outside of Brazil, and is present in five of six different geographic zones. Blue Start Group, a company that makes and sells clothing, made sales of just US$256 million, but is ranked 48th as nearly half of its sales and employees
16
1°-25°
26°-50°
longer in the ranking following a change in our methodology.
3
7
23
13
17
51°-75°
76°-100°
1°-25°
8
20 15
Decreased
26°-50°
Source: AméricaEconomía Intelligence Brazil
Increased
7
Chile
Colombia
Peru
Others
67.4
44.5
21.6
1,998.0
629.6
345.5
2,422.8
648.5
278.7
96.1
421.7
11 18
3,423.7 13
2,101.5 8
2,305.0
3 1°-25°
76°-100°
Assets, sales and Ebitda in 2016.
4
16
51°-75°
International overview of ISA
Source: AméricaEconomía Intelligence
out of the list, as it does not make enough indicators. Empresas ICA of Mexico is no
18
Number of companies with decreased or increased overseas sales from 2015 to 2016, by tier* from the ranking.
nies are disappearing from the ranking.
information available to calculate the
2
12
International contraction and expansion
of Argentina. Meanwhile, larger compa-
Venezuelan state oil giant has dropped
7
5
are located outside of its home country
The starkest case is that of PDVSA. The
Positive
20
nies of different sizes compete on an equal sales of more than US$250 million). For
Number of companies with positive and negative net margins obtained in 2016, by tier* from the ranking
4,937.4 26°-50°
51°-75°
76°-100°
*Note: The tiers do not add up to 25, as there are companies that did not release data in 2015.
Assets
Sales
Ebitda
How we put together the Multilatinas 2017 Ranking The ranking considers companies from Latin America with annual sales greater than US$250 million in the 2016 fiscal year, with significant operations in at least two countries other than that of its home country. The multilatina index is composed of four indicators that express their capacity to go extend national borders and broaden their influence in the region and the world: Commercial Strength (25%): Considers the percentage of annual sales obtained outside the multilatina’s country of origin. Overseas Employees (25%): Considers the per-
74
centage of employees outside the multilatina’s country of origin. Geographic Coverage (20%): The markets in which the multilatinas operate are weighted according to the geographic zone to which they belong, according to a scale associated with the difficulty of entry: level 3 (Europe, Asia, Africa, Oceania, and Middle East); level 2 (United States and Canada); level 1: Latin America. Expansion (30%): Evaluates the factors that affect expansion, considering: the total sales volume for the same year, the annual variation in the number of countries in which it
operates; liquidity status for 2016; net profits; and a perceptual evaluation by the team at AméricaEconomía Intelligence using market and press information. In some duly noted cases, estimations were made from historical data or news reports. Where information was not available, minimum values were employed, except in the case of foreign investment, where the score was set at zero. In the case of binational companies arising out of mergers, the country of origin is considered to be whichever presently houses the multilatina’s main headquarters.
AMÉRICAECONOMÍA
068 RK MULTILATINAS eningles.indd 74
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