Global Issue 2017 by AméricaEconomía

Digital transformation Multilatinas, version 4.0

Ranking MBA Best business Schools www.americaeconomia.com November 2017

Latin Americaâ&#x20AC;&#x2122;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.

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.

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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GLOBAL ISSUE

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

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.

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

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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

Mining Oil/Gas Food

24 26

Telecommunications Other

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

Chemicals & Pharmaceuticals

Petrochemicals Media

Agribusiness

and Gas, Mining, Cement, Manufacturing and Petrochemicals.

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

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.

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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

Brazil

211

212

226

223

215

210

201

203

195

190

Mexico

134

126

119

117

110

120

118

119

131

129

Chile

Argentina

Colombia

Venezuela

Peru

Ecuador

Chile/Brazil

Panama

Brazil/Paraguay

Uruguay

Costa Rica

Bolivia

El Salvador

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).

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

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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

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 yearâ&#x20AC;&#x2122;s ranking. However, this yearâ&#x20AC;&#x2122;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

Americaâ&#x20AC;&#x2122;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

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

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.

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

PDVSA

VEN

Petroleum/Gas

59,331.2

88,554.0

-33.0

N.A.

JBS

BRA

Food

52,324.1

45,707.3

14.5

115.5

1,301.8

-91.1

3,454.4

3,611.4

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.

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.

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.

PETROBRAS DISTRIBUIDORA

BRA

Petroleum/Gas

26,606.4

27,292.9

-2.5

-96.7

-325.7

70.3

142.8

-331.6

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.

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.

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.

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.

10 NISSAN MÉXICO

MEX

Automotive/Auto parts

19,382.2

20,067.2

-3.4

N.A.

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.

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.

35 ALMACENES ÉXITO

COL

Retail

17,210.7

10,393.4

65.6

14.5

178.4

-91.9

940.8

597.1

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.

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

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.

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 GENERAL MOTORS MÉXICO

MEX

Automotive/Auto parts

15,816.4

15,222.4

3.9

N.A.

19 CENCOSUD

CHI

Retail

15,446.0

15,495.9

-0.3

579.6

327.0

77.3

1,557.0

1,224.5

12 TECHINT ARGENTINA

ARG

Steel/Metallurgy

15,238.0

19,108.0

-20.3

N.A.

29 CARREFOUR BRASIL

BRA

Retail

15,079.7

11,980.4

25.9

N.A.

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

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

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.

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.

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.

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

25 CEMEX

MEX

Cement

12,125.9

12,737.0

-4.8

678.2

69.4

876.8

2,405.0

2,214.7

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

27 GERDAU

BRA

Steel/Metallurgy

11,562.9

12,227.1

-5.4

-887.8

-1,276.9

30.5

276.3

-170.5

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 BUNGE ALIMENTOS

BRA

Food

10,749.3

10,597.6

1.4

N.A.

339.8

N.A.

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

37 COPEC COMBUSTIBLES

CHI

Petroleum/Gas

10,249.5

9,941.4

3.1

N.A.

33 COCA-COLA BRASIL

BRA

Beverage/Liquor

10,212.4

10,805.5

-5.5

N.A.

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.

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.

41 CISCO MÉXICO

MEX

Software/IT

9,453.4

9,178.0

3.0

N.A.

36 VOLKSWAGEN MÉXICO

MEX

Automotive/Auto parts

9,348.0

10,255.0

-8.8

N.A.

50 GRUPO BAL

MEX

Multisector

9,303.0

8,496.0

9.5

N.A.

51 WALMART BRASIL

BRA

Retail

9,031.6

8,226.9

9.8

N.A.

38 LATAM AIRLINES GROUP

8,965.7

9,713.0

-7.7

69.0

-218.7

131.6

N.A.

48 FORD MOTOR COMPANY

MEX

Automotive/Auto parts

8,801.9

8,695.3

1.2

N.A.

54 OXXO (FEMSA COMERCIO)

MEX

Retail

8,588.8

8,807.9

-2.5

N.A.

2,733.9

N.A.

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.

45 FIAT AUTOMÓVEIS

BRA

Automotive/Auto parts

8,407.6

8,877.7

-5.3

N.A.

40 PETROECUADOR

ECU

Petroleum/Gas

8,174.1

9,284.0

-12.0

1,490.5

751.8

98.3

CH/BR Air transport

143.

57.

-4.

262.

-34.

N.A.

1,404.1 1,684.8 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.

State multilatina

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.

2,520.8

-10.1

-3,002.5

WEB SITE (www.)

RK 2017 1

pdvsa.com

Sí

friboi.com.br

State national

Sí

pemex.com

26.5

Private multilatina

Sí

americamovil.com

14.1

39.3

Private multilatina

Sí

vale.com

-1.0

-0.4

0.5

State multilatina

br.com.br

20.0

11.6

6.3

9.5

Multinational subsidiary

Sí

walmartmexico.com.mx

14,000

18.3

6.5

2.0

5.5

Private multilatina

Sí

ultra.com.br

28,000

28.8

9.8

2.2

5.0

Private national

raizen.com

1,362.0

2,903

27.3

8.6

1.8

4.7

Private national

ipiranga.com.br

N.A.

15,500

Multinational subsidiary

nissan.com.mx

26,368.9

10,240.9

266,144

10.0

3.9

5.3

11.7

Private multilatina

Sí

femsa.com

302.5

52,360.7

13,575.0

23,190

7.8

2.0

5.6

32.6

State multilatina

Sí

eletrobras.gov.br

597.1

57.6

20,829.5

2,573.5

42,400

0.6

0.1

5.5

Multinational subsidiary

Sí

exito.com.co

N.A.

69,315.2

24,578.1

69,603

74.4

26.4

107.2

State national

cfe.gob.mx

1,826.7

21,392.5

9,930.1

31,714

5.6

2.6

3.3

9.3

Private multilatina

Sí

empresascopec.cl

1,680.3

36.6

N.A.

0.5

14.4

Private national

Sí

cosan.com.br

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

N.A.

16,458

Multinational subsidiary

gm.com.mx

1,224.5

15,619.1

6,106.8

138,160

9.5

3.7

3.8

10.1

Private multilatina

Sí

cencosud.cl

N.A.

29,096.0

N.A.

48,530

Multinational subsidiary

techint.com

N.A.

80,021

Multinational subsidiary

carrefour.com.br

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

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

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

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

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

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

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

1,421.7

20,815.9

6,248.8

107,300

14.6

4.4

7.7

15.0

Private multilatina

Sí

falabella.cl

-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

-512.2

33,318.6

8,889.3

18,665

-3.1

-0.8

-2.4

21.1

State national

codelco.cl

N.A.

17,000

Multinational subsidiary

bunge.com.br

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

N.A.

Private national

Sí

copec.cl

N.A.

Multinational subsidiary

coca-cola.com

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

432.2

-63.7

3,910.3

1,205.6

9,451

17.1

5.3

2.1

1.6

Multinational subsidiary

cargill.com.br

N.A.

Multinational subsidiary

cisco.com/web/MX

N.A.

14,092

Multinational subsidiary

Sí

vw.com.mx

N.A.

35,217

Private national

bal.com.mx

N.A.

65,000

Multinational subsidiary

wal-martbrasil.com

N.A.

45,916

0.8

Private multilatina

Sí

lan.com

N.A.

8,800

Multinational subsidiary

ford.com.mx

N.A.

120,588

Private multilatina

gasnaturalmexico.com

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

N.A.

Multinational subsidiary

bodegaurrera.com.mx

N.A.

Multinational subsidiary

fiat.com.br

1,074.5

63.5

10,923.9

6,283.6

4,594

23.7

13.6

18.2

21.5

State national

petroecuador.com.ec

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

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 (%

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

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.

68 COPERSUCAR

BRA

Bio-energy

8,084.1

5,887.8

37.3

13.9

-3.1

552.8

55 TELEMAR-OI

BRA

Telecommunications

7,983.5

7,674.4

4.0

-2,132.4

-1,384.5

-54.0

49 CHRYSLER

MEX

Automotive/Auto parts

7,677.2

8,531.3

-10.0

N.A.

61 ORGANIZACIÓN SORIANA

MEX

Retail

7,226.1

6,323.3

14.3

202.3

215.4

-6.1

572.2

431.3

32.

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 ENEL AMÉRICAS

CHI

Energy

7,127.5

6,580.6

8.3

572.6

932.7

-38.6

2,310.1 2,211.6

67 TOYOTA BRASIL

BRA

Automotive/Auto parts

6,920.8

5,900.1

17.3

N.A.

56 ORGANIZACIÓN TECHINT MÉXICO

MEX

Steel/Metallurgy

6,788.8

7,416.2

-8.5

N.A.

72 EMBRAER

BRA

Aerospace

6,582.9

5,695.9

15.6

179.8

67.8

165.2

568.4

610.6

78 VIAVAREJO

BRA

Retail

6,086.4

5,405.8

12.6

-29.2

3.9

-842.8

287.4

263.2

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.

81 MARFRIG

BRA

Food

5,937.4

5,300.3

12.0

-208.6

-164.4

-26.9

453.9

480.0

-5.

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.

63 KALUZ

MEX

Multisector

5,840.5

6,214.0

-6.0

241.0

N.A.

64 GRUPO COPPEL

MEX

Retail

5,796.7

6,193.3

-6.4

N.A.

66 CEMIG

BRA

Energy

5,765.1

6,135.2

-6.0

102.7

692.6

-85.2

80 WALMART CHILE

CHI

Retail

5,621.9

5,377.7

4.5

N.A.

75 AMERICAS MINING CORPORATION

MEX

Mining

5,612.2

5,453.6

2.9

N.A.

89 LOJAS AMERICANAS

BRA

Retail

5,559.6

5,029.4

10.5

65.0

70.2

-7.4

821.5

694.8

94 AMIL

BRA

Health

5,426.2

4,509.4

20.3

-99.2

-32.1

-209.2

1,066.3

736.8

44.

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.

71 MEXICHEM

MEX

Petrochemicals

5,342.6

5,722.1

-6.6

238.1

135.5

75.7

882.6

907.5

76 SAMSUNG BRASIL

BRA

Consumer goods

5,341.4

5,449.2

-2.0

N.A.

79 UNILEVER BRASIL

BRA

Consumer goods

5,309.0

5,400.3

-1.7

N.A.

62 GRUPO ARCELORMITTAL

BRA

Steel/Metallurgy

5,295.6

6,240.1

-15.1

246.5

501.2

-50.8

734.1

726.9

85 CORREIOS E TELÉGRAFOS

BRA

Logistics

5,293.1

4,808.4

10.1

N.A.

103 GRUPO EPM

COL

Multisector

5,284.0

4,333.0

21.9

698.3

465.6

50.0

902.5

576.7

88 RENAULT BRASIL

BRA

Automotive/Auto parts

5,281.1

5,064.1

4.3

N.A.

59 ESCONDIDA

CHI

Mining

5,272.7

6,575.0

-19.8

983.6

1,094.0

-10.1

N.A.

60 ENAP

CHI

Petroleum/Gas

5,203.9

6,333.4

-17.8

180.8

168.5

7.4

697.9

266.5

73 SAM´S CLUB

MEX

Retail

5,192.2

5,650.3

-8.1

N.A.

77 SIGMA

MEX

Food

5,139.3

5,409.1

-5.0

237.7

366.2

-35.1

580.6

793.9

106 MAGNA INTERNACIONAL

MEX

Automotive/Auto parts

5,121.0

4,261.0

20.2

N.A.

96 LOUIS DREYFUS COMMODITIES BRASIL

BRA

Agro-industry

4,945.6

4,524.3

9.3

28.3

-124.6

122.7

N.A.

70 TELÉFONOS DE MÉXICO

MEX

Telecommunications

4,875.0

5,822.2

-16.3

-85.9

184.8

-146.5

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

92 EMP. CMPC

CHI

Cellulose/Papel

4,853.5

4,827.7

0.5

-17.3

-3.8

-355.9

648.9

970.3

121 GRUPO ARGOS

COL

Cement

4,850.3

3,951.8

22.7

377.3

201.7

87.0

1,206.5

819.9

98 ORGANIZACIÓN TERPEL

COL

Petroleum/Gas

4,809.8

4,429.5

8.6

65.5

33.0

98.5

N.A.

105 CASAS BAHIA

BRA

Retail

4,801.7

4,264.8

12.6

N.A.

93 TIM BRASIL

BRA

Telecommunications

4,796.1

4,808.5

-0.3

230.4

581.1

-60.3

84 ARAUCO

CHI

Cellulose/Papel

4,749.4

5,132.5

-7.5

213.3

361.7

-41.0

879.2

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

90 MERCEDES BENZ BRASIL

BRA

Automotive/Auto parts

4,688.6

4,905.5

-4.4

N.A.

87 GRUPO TELEVISA

MEX

Media

4,653.4

5,090.3

-8.6

179.8

630.1

-71.5

83 GRUPO SALINAS

MEX

Multisector

4,612.4

5,202.9

-11.3

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

51 - 100

/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES

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.

56.

-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.

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

1,953.5

-32.6

24,444.7

11,922.6

44,515

-3.2

-1.6

-4.7

16.3

Private multilatina

votorantim.com

167.7

23.6

2,342.7

141.3

N.A.

9.8

0.6

0.2

2.6

Private multilatina

copersucar.com.br

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

N.A.

11,000

Multinational subsidiary

chryslerdemexico.com.mx

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

1,073.1

44.3

8,322.9

5,166.6

16,700

13.7

8.5

9.8

21.4

Multinational subsidiary

ternium.com

2,211.6

16,864.0

6,204.2

10,324

9.2

3.4

8.0

32.4

Multinational subsidiary

Sí

enersis.cl

N.A.

Multinational subsidiary

Sí

toyota.com.br

N.A.

16,569

Multinational subsidiary

techint.com

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

263.2

9.2

5,382.6

862.3

49,836

-3.4

-0.5

4.7

Private national

Sí

pontofrio.com

-119.2

102.1

11,977.1

5,906.5

3,834

49.1

24.2

48.1

State national

furnas.com.br

N.A.

Multinational subsidiary

walmart.com.mx

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

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

N.A.

13,662.8

5,235.9

26,210

4.6

1.8

4.1

Private national

kaluz.com

N.A.

99,743

Private multilatina

Sí

coppel.com.mx

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

466.4

N.A.

Multinational subsidiary

Sí

dys.cl

N.A.

Private multilatina

gmexico.com

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

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

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

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/

N.A.

Multinational subsidiary

samsung.com/br/

N.A.

Multinational subsidiary

unilever.com.br

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

N.A.

State national

correios.com.br

576.7

56.5

14,310.8

6,593.5

N.A.

10.6

4.9

13.2

17.1

State multilatina

eeppm.com

N.A.

Multinational subsidiary

renault.com.br

N.A.

17,145.9

11,681.8

3,600

8.4

5.7

18.7

Multinational subsidiary

mineraescondida.cl

266.5

5,828.5

796.2

3,727

22.7

3.1

3.5

13.4

State national

enap.cl

N.A.

28,500

Multinational subsidiary

sams.com.mx

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

N.A.

25,000

Multinational subsidiary

magna.com

N.A.

3,963.2

689.0

9,148

4.1

0.7

0.6

Multinational subsidiary

Sí

ldcommodities.com.br

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

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

970.3

14,822.5

7,953.2

17,555

-0.2

-0.1

-0.4

13.4

Private multilatina

Sí

cmpc.cl

819.9

47.2

14,914.4

7,877.1

9,166

4.8

2.5

7.8

24.9

Private multilatina

argos.com.co

N.A.

1,377.1

528.8

N.A.

12.4

4.8

1.4

Private multilatina

terpel.com

N.A.

Private national

casasbahia.com.br

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

744.5

13,970.9

6,937.7

14,239

3.1

1.5

4.5

18.5

Private multilatina

celarauco.cl

1,062.6

-30.0

6,095.7

3,866.5

N.A.

15.5

9.9

12.8

15.8

Private multilatina

globopar.com.br

N.A.

Multinational subsidiary

mercedes-benz.com.br

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

N.A.

68,060

Private multilatina

gruposalinas.com.mx

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

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

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

104 102 TERNIUM MÉXICO

MEX

Steel/Metallurgy

4,477.6

4,354.8

2.8

N.A.

105

MEX

Petrochemicals

4,358.8

4,832.4

-9.8

175.2

158.9

10.3

600.4

569.0

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.

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.

111 109 GENERAL MOTORS BRASIL

BRA

Automotive/Auto parts

4,180.3

4,186.4

-0.1

N.A.

112 107 SAMSUNG ELECTRONICS MÉXICO

MEX

Consumer goods

4,165.6

4,249.7

-2.0

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

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.

116 114 NESTLÉ

BRA

Food

4,042.6

3,964.3

2.0

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

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.

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.

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.

130 127 GENERAL ELECTRIC MÉXICO

MEX

Consumer goods

3,762.6

3,570.8

5.4

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.

133 131 FLEXTRONICS MANUFACTURING

MEX

Automotive/Auto parts

3,645.4

3,512.8

3.8

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.

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.

141 125 ADM DO BRASIL

BRA

Multisector

3,371.3

3,660.9

-7.9

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.

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.

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.

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

Automotive/Auto parts

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.

-0.

-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.

10,158

Multinational subsidiary

ternium.com

104

569.0

5.5

4,422.0

1,791.6

4,812

9.8

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.

Multinational subsidiary

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.

Private national

grupomaggi.com.br

110

N.A.

Multinational subsidiary

chevrolet.com.br

111

N.A.

9,000

Multinational subsidiary

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

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

isa.com.co

114

N.A.

250

State national

enarsa.com.ar

115

N.A.

Multinational subsidiary

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

votorantim-cimentos.com

122

N.A.

20,453

Multinational subsidiary

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

alfa.com.mx

124

77.1

35.4

520.8

71.6

N.A.

28.5

3.9

0.5

2.7

Private national

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

itaipu.gov.py

126

N.A.

Multinational subsidiary

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.

Multinational subsidiary

ge.com/br

129

N.A.

11,800

Multinational subsidiary

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.

Multinational subsidiary

comcel.com.co

132

N.A.

21,500

Multinational subsidiary

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.

Private national

Sí

antofagasta.co.uk

135

270.3

-16.6

4,165.9

827.6

7,300

0.8

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.

41,000

Multinational subsidiary

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.

2,527

Multinational subsidiary

shell.com.ar

140

N.A.

Multinational subsidiary

Sí

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.

Multinational subsidiary

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

coamo.com.br

144

N.A.

6,000

Private national

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

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

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

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.

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.

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.

157 154 GRUPO VILLACERO

MEX

Steel/Metallurgy

3,056.8

2,862.1

6.8

N.A.

158 183 JABIL CIRCUIT

MEX

Manufacturing

3,043.6

2,555.5

19.1

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.

164 134 VOLKSWAGEN BRASIL

BRA

Automotive/Auto parts

2,972.0

3,500.0

-15.1

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

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

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.

177 150 ARCOS DORADOS

ARG

Entertainment

2,803.3

2,930.4

-4.3

79.0

-51.6

253.0

238.4

230.2

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.

1,054.3 1,519.7

-30.

68.

-4.

182 184 SUPERMERCADOS SANTA ISABEL

CHI

Retail

2,675.7

2,544.1

5.2

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.

188 181 MAKRO

BRA

Retail

2,629.7

2,606.8

0.9

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.

-41.

194 206 SUPERMERCADOS UNIMARC

CHI

Retail

2,552.8

2,379.2

7.3

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.

198 198 CODELCO DIV. EL TENIENTE

CHI

Mining

2,534.4

2,453.1

3.3

934.5

915.0

2.1

N.A.

199 205 ENEX

CHI

Petroleum/Gas

2,528.4

2,393.4

5.6

30.2

27.9

8.5

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

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.

16,000

Multinational subsidiary

147.6

48.8

4,441.0

1,551.8

24,000

-0.6

-0.2

-0.3

7.0

Multinational subsidiary

N.A.

996.5

62.2

7,541.1

1,199.0

N.A.

43.9

7.0

17.1

52.6

N.A.

7,354

N.A.

3,500

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

tereosinternacional.com.br

153

Private national

Sí

postosredeenergia.com.br

154

Private national

Sí

ccrnet.com.br

155

Multinational subsidiary

angloamerican.co.uk

156

Private national

villacero.com

157

Multinational subsidiary

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

endesabrasil.com.br

161

1,198.1

371.5

18,643

30.6

9.5

3.8

7.6

Private national

sodimac.cl

162

N.A.

Private national

jumbo.cl

163

N.A.

Multinational subsidiary

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

pan-energy.com

167

70.9

3,540.2

2,950.1

54,984

2.9

2.4

2.9

State national

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.

Private multilatina

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

mabe.com.mx

180

N.A.

48,700

Multinational subsidiary

lear.com

181

N.A.

14,290.0

Private national

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

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.

22,839

Multinational subsidiary

cencosud.com

187

N.A.

Multinational subsidiary

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

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.

Multinational subsidiary

syngenta.com

193

N.A.

Private national

unimarc.cl

194

21.8

-592.9

1,399.1

137.3

N.A.

-83.3

-8.2

-4.5

-4.2

Multinational subsidiary

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.

15,000

Multinational subsidiary

nestle.com.mx

197

N.A.

6,575.7

N.A.

4,524

14.2

36.9

State national

codelco.cl

198

N.A.

3,043

1.2

Private national

199

112.0

46.9

3,212.0

722.1

N.A.

-20.5

-4.6

-5.9

6.5

Multinational subsidiary

basf.com.br

200

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

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.

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.

207 273 AT&T MÉXICO

MEX

Telecommunications

2,472.0

2,050.0

20.6

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

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.

216

201 - 250

/ 500 LATIN AMERICA’S 500 LARGEST COMPANIES

REDE D'OR

AGROCOMERCIAL AS

24.

CHI

Agro-industry

2,417.0

2,115.6

14.2

160.1

247.3

-35.3

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

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.

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.

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.

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.

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.

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.

239 218 AXION ENERGY ARGENTINA

ARG

Petroleum/Gas

2,194.5

2,284.3

-3.9

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

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.

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.

246 222 MINERA ANTAMINA

PER

Mining

2,169.0

2,251.0

-3.6

N.A.

247 235 SOUZA CRUZ

BRA

Agro-industry

2,156.4

2,153.6

0.1

N.A.

248 238 MOSAIC BRASIL

BRA

Chemicals/Pharma

2,127.0

2,137.9

-0.5

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

AMÉRICAECONOMÍA

022 TABLA 500 INT en ingles.indd 30

20/10/17 17:12

-1.

-9.

1,140.

97.

-15.

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.

3,400

Multinational subsidiary

795.2

5.5

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.

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

cti.com.ar

203

Private national

agrosuper.cl

204

Private multilatina

Sí

cge.cl

205

Multinational subsidiary

homedepot.com.mx

206

60.7

Multinational subsidiary

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

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

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

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

bayer.com.br

214

N.A.

Multinational subsidiary

shell.cl

215

N.A.

2,336.1

1,472.4

N.A.

10.9

6.9

6.6

Private national

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

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

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

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.

19,000

Multinational subsidiary

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.

4,892

Multinational subsidiary

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.

2,067

21.9

Multinational subsidiary

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

johnsoncontrols.com

232

N.A.

39,000

Private national

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

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

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.

10,497

Private national

dia.com.br

238

1 1

N.A.

Multinational subsidiary

axionenergy.com

239

188.1

N.A.

12,000

Private national

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.

6,000

Multinational subsidiary

pg.com.mx

245

N.A.

2,827

Private national

antamina.com

246

N.A.

Multinational subsidiary

Sí

souzacruz.com.br

247

N.A.

Multinational subsidiary

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

cvale.com.br

250

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

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.

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.

258 259 ASOC. DE COOP. ARGENTINAS

ARG

Consumer goods

2,026.2

1,949.1

4.0

N.A.

259 285 TELECOM PERSONAL

ARG

Telecommunications

2,014.7

1,818.6

10.8

N.A.

260 219 CARGILL ARGENTINA

ARG

Agro-industry

2,008.0

2,279.1

-11.9

N.A.

261

BRA

Steel/Metallurgy

2,000.0

2,300.0

-13.0

N.A.

262 431 MATEUS SUPER

BRA

Retail

1,991.7

1,172.4

69.9

N.A.

263 247 COSTCO MÉXICO

MEX

Retail

1,987.9

2,046.1

-2.8

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

267

OSDE

ARG

Health

1,977.3

N.A.

268

PAMPA ENERGÍA

THYSSENKRUPP CSA BRASIL

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.

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.

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

-149.9

209.0

N.A.

283 228 IBM MÉXICO

MEX

Software/IT

1,874.9

2,192.9

-14.5

N.A.

284 270 FORD ARGENTINA

ARG

Automotive/Auto parts

1,871.9

1,902.8

-1.6

N.A.

285 255 SANMINA - SCI SYSTEMS MÉXICO

MEX

Manufacturing

1,869.7

1,979.1

-5.5

N.A.

286 288 LOS PELAMBRES

CHI

Mining

1,845.6

1,807.2

2.1

244.7

379.9

-35.6

N.A.

287 194 FLEXTRONICS BRASIL

BRA

Manufacturing

1,839.4

2,474.3

-25.7

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.

289 276 ALSEA

MEX

Entertainment

1,822.1

1,866.6

-2.4

48.2

56.7

-15.1

249.1

248.7

290 341 GUARARAPES - RIACHUELO

BRA

Manufacturing

1,818.6

1,545.1

17.7

97.5

98.3

-0.7

211.8

203.3

291 297 PETROBRAS CHILE

CHI

Petroleum/Gas

1,809.6

1,755.2

3.1

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.

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.

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.

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.

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.

21,246

Private national

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

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.

Multinational subsidiary

tetrapak.com/br

257

N.A.

2,000

Private national

acacoop.com.ar

258

N.A.

4,900

Private national

personal.com.ar

259

N.A.

4,400

Multinational subsidiary

cargill.com.ar

260

N.A.

Multinational subsidiary

thyssenkrupp-csa.com.br

261

N.A.

14,338

Private national

grupomateus.com.br

262

N.A.

10,000

Multinational subsidiary

costco.com.mx

263

336.1

17.6

1,988.5

809.8

N.A.

23.7

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.

6,000

Private national

osde.com.ar

267

335.8

-1.9

4,860.1

695.2

14,000

-0.1

0.0

16.7

Private national

Sí

pampaenergia.com

268

N.A.

9,700

Multinational subsidiary

movistar.com.ar

269

73.2

-3.8

766.9

256.1

4,066

2.1

0.7

0.3

3.6

Private national

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

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

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

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

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

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.

11.1

Private national

valefertilizantes.com

282

N.A.

4,400

Multinational subsidiary

ibm.com.mx

283

N.A.

4,280

Multinational subsidiary

ford.com.ar

284

N.A.

16,600

Multinational subsidiary

sanmina-sci.com

285

N.A.

3,590.8

2,219.2

899

11.0

6.8

13.3

Private national

lospelambres.cl

286

N.A.

Multinational subsidiary

flextronics.com

287

N.A.

5,007.7

N.A.

4,898

0.2

0.5

Private national

cmpc.cl

288

248.7

0.2

1,846.1

440.5

64,676

10.9

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.

Multinational subsidiary

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.

6,700

Multinational subsidiary

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

userede.com.br

294

N.A.

30,000

Private national

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.

30,000

Private multilatina

cinepolis.com

297

93.4

1,130.8

443.7

N.A.

6.7

2.6

1.7

Private national

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.

10,092

Multinational subsidiary

bosch.com.br

300

1 1

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

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.

302 260 CASA LEY

MEX

Retail

1,739.8

1,936.6

-10.2

N.A.

N.A. N.A.

303 250 VOLKSWAGEN ARGENTINA

ARG

Automotive/Auto parts

1,738.9

2,008.1

-13.4

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.

307 315 PARIS

CHI

Retail

1,733.1

1,662.1

4.3

N.A.

308 345 WALMART ARGENTINA

ARG

Retail

1,723.9

1,514.0

13.9

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

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.

314 344 AUTOLIV MÉXICO

MEX

Automotive/Auto parts

1,686.0

1,534.7

9.9

N.A.

315 253 IBERDROLA BRASIL

BRA

Energy

1,662.5

1,999.3

-16.8

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.

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.

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.

326 291 DEACERO

MEX

Steel/Metallurgy

1,584.4

1,792.1

-11.6

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

0.0

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.

276.1

409.1

332 440 IRMAOS MUFFATO & CIA.

BRA

Retail

1,559.5

1,149.1

35.7

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.

335 307 GRUPO DOW

ARG

Petrochemicals

1,550.2

1,708.0

-9.2

N.A.

336 366 TOYOTA MOTOR SALES DE MÉXICO

MEX

Automotive/Auto parts

1,550.0

1,402.9

10.5

N.A.

337 321 CNH

BRA

Automotive/Auto parts

1,543.0

1,634.0

-5.6

N.A.

338 364 GRUPO WONG (CENCOSUD)

PER

Retail

1,543.0

1,407.0

9.7

N.A.

125.8

108.4

339 318 TELEVISA CABLE Y TELECOMUNICACIONES

MEX

Media

1,541.3

1,646.9

-6.4

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.

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.

344 406 ZAFFARI E BOURBON

BRA

Retail

1,522.6

1,264.8

20.4

N.A.

345 453 SUPERMERCADOS BH

BRA

Retail

1,522.0

1,114.6

36.5

N.A.

346 340 AJE GROUP

PER

Beverage/Liquor

1,520.0

1,550.0

-1.9

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.

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

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.

KROTON

VIGOR FOOD

AMÉRICAECONOMÍA

022 TABLA 500 INT en ingles.indd 34

20/10/17 17:13

-2.

-32.

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.

8,500

Multinational subsidiary

valeo.com

301

N.A.

22,000

Private national

casaley.com.mx

302

N.A.

7,057

Multinational subsidiary

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

iberdrola.es

305

N.A.

3,005

-1.2

Private national

nuevaeps.com.co

306

N.A.

Private national

paris.cl

307

N.A.

Multinational subsidiary

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

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

paguemenos.com.br

312

N.A.

811.5

413.9

2,403

3.0

1.5

0.7

State national

asa.gob.mx

313

N.A.

12,000

Multinational subsidiary

autoliv.com

314

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

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

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.

17,000

Private national

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

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

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

codelco.cl

325

N.A.

7,490

Private multilatina

deacero.com

326

256.2

-2.0

663.7

-307.0

N.A.

-6.7

3.1

1.3

15.9

Private national

unimedrio.com.br

327

83.4

N.A.

3.3

Private national

alkosto.com.co

328

N.A.

2,186

Multinational subsidiary

kenmex.com

329

50.3

2,512.2

1,123.2

15,641

6.0

2.7

4.3

5.5

Private multilatina

ripley.cl

330

409.1

-32.5

N.A.

4,071

17.6

Multinational subsidiary

claro.com.pe

331

N.A.

11,013

Private national

supermuffato.com.br

332

311.7

N.A.

Multinational subsidiary

samarco.com.br

333

N.A.

18,000

Multinational subsidiary

pmintl.com.mx

334

N.A.

Multinational subsidiary

dow.com

335

N.A.

9,600

Multinational subsidiary

toyota.com.mx

336

N.A.

Multinational subsidiary

cnhbrasil.com.br

337

108.4

16.1

N.A.

13,966

8.2

Multinational subsidiary

cencosud.cl

338

Private multilatina

Sí

televisa.com.mx

339

Private national

Sí

algar.com.br

340

Multinational subsidiary

hp.com/br/pt/home

341

Private national

Sí

minera.cl

342

1 2

2 1

N.A.

214.6

16.0

N.A.

22,832

3.0

16.2

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

codelco.cl

343

N.A.

11,641

Private national

zaffari.com.br

344

N.A.

16,559

Private national

supermercadosbh.com.br

345

N.A.

Private multilatina

ajegroup.com

346

213.2

-21.2

1,176.4

417.9

N.A.

14.8

5.3

4.1

11.1

Private national

camil.com.br

347

N.A.

Private national

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

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

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.

352 327 SCHNEIDER ELECTRIC MÉXICO

MEX

Energy

1,491.7

1,609.3

-7.3

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.

EBITDA VARITATIO 16/15 (%

-12.

355 459 SDB COMÉRCIO DE ALIMENTOS

BRA

Retail

1,486.5

1,089.6

36.4

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.

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.

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.

363 313 FERRYCORP

PER

Multisector

1,446.9

1,533.0

-5.6

68.8

47.6

44.6

N.A.

364 347 METALSA

MEX

Automotive/Auto parts

1,442.5

1,506.2

-4.2

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.

584.0

367 301 MONSANTO BRASIL

BRA

Agro-industry

1,437.0

1,728.0

-16.8

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.

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.

372 399 GRUPO OMNILIFE

MEX

Health

1,403.1

1,279.7

9.6

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.

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.

379 311

CENTRAL NACIONAL UNIMED

1,038.

41.

-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.

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.

384 450 CERVECERÍA Y MALT. QUILMES

ARG

Beverage/Liquor

1,347.0

1,124.6

19.8

N.A.

385 377 CAPUFE

MEX

Transporte vial

1,345.1

1,355.7

-0.8

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.

388 376 MC DONALD`S BRASIL

BRA

Entertainment

1,333.2

1,362.0

-2.1

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.

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.

393

MEX

Retail

1,316.9

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.

396 445 LOJAS RIACHUELO

BRA

Retail

1,310.2

1,143.0

14.6

-29.4

-4.6

-544.8

N.A.

397 396 PEPSI-COLA BRASIL

BRA

Beverage/Liquor

1,305.0

1,289.0

1.2

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.

400 398 GRUPO MARTINS

BRA

Retail

1,284.6

1,280.0

0.4

N.A.

H-E-B MEXICO

AMÉRICAECONOMÍA

022 TABLA 500 INT en ingles.indd 36

20/10/17 17:13

-32.

-1.

-31.

11.

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.

Private national

N.A.

9,000

Multinational subsidiary

237.4

-12.2

1,954.0

941.4

26,874

14.3

6.9

9.0

14.0

Private national

Sí

N.A.

1,258

Multinational subsidiary

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.

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.

3,000

233.3

1.5

2,050.2

613.7

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

355

Private multilatina

Sí

industriasch.com.mx

356

Multinational subsidiary

movistar.com.mx

357

7.8

Private national

Sí

cge.cl

358

2.1

8.1

Private national

centralnacionalunimed.com.br

359

Multinational subsidiary

grupoacs.com

360

17.6

5.3

7.4

16.2

Multinational subsidiary

Sí

elektro.com.br

361

N.A.

Multinational subsidiary

novelis.com

362

571.5

6,662

12.0

4.8

Private national

Sí

ferreycorp.com.pe

363

N.A.

12,000

Private multilatina

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.

Multinational subsidiary

conecel.com.ec

366

N.A.

Multinational subsidiary

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.

2,582

Multinational subsidiary

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.

16,000

11.2

Private multilatina

condumex.com.mx

371

N.A.

4,000

Private multilatina

omnilife.com.mx

372

384.7

2,012.4

969.0

N.A.

13.1

6.3

9.1

25.9

Multinational subsidiary

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.

1,745

Multinational subsidiary

bungeargentina.com

375

40.7

-36.8

867.9

270.3

N.A.

-11.9

-3.7

-2.3

1.9

Multinational subsidiary

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

codensa.com.co

377

N.A.

176.3

N.A.

5,359

Private multilatina

378

366.0

-32.4

2,577.8

716.2

N.A.

-10.7

-3.0

-5.5

18.0

Private multilatina

cimentocaue.com.br

379

N.A.

Private national

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.

2,791

Multinational subsidiary

syngenta.com.mx

383

N.A.

5,278

Multinational subsidiary

quilmes.com.ar

384

N.A.

4,406

State national

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

cbmm.com.br

386

N.A.

5,378.9

2,897.9

1,986

6.3

3.4

13.6

Private national

387

174.1

-3.5

N.A.

12.6

Multinational subsidiary

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.

20,000

Private national

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.

18,000

Multinational subsidiary

continentaltire.com.mx

392

N.A.

10,500

Private national

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.

Private national

lojascem.com.br

395

N.A.

842.8

N.A.

-3.5

-2.2

Private national

riachuelo.com.br

396

N.A.

Multinational subsidiary

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.

7,600

Multinational subsidiary

honda.mx

399

N.A.

4,730

Private national

martins.com.br

400

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

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.

403 384 SIEMENS BRASIL

BRA

Consumer goods

1,274.5

1,333.5

-4.4

N.A.

404

BRA

Agro-industry

1,274.4

1,062.7

19.9

N.A.

35.0

N.A.

MEX

Manufacturing

1,270.9

1,542.4

-17.6

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

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.

409

MEX

Food

1,259.7

1,036.8

21.5

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.

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.

65.3

420 463 AMRESORTS

MEX

Entertainment

1,229.1

1,080.5

13.7

N.A.

421 395 EATON

BRA

Manufacturing

1,222.7

1,291.3

-5.3

N.A.

422 375 TIENDAS ELEKTRA

MEX

Retail

1,221.3

1,364.9

-10.5

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.

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.

427

PILGRIM'S PRIDE MÉXICO

CNELEP

CHI

Cellulose/Papel

1,208.0

563.6

114.3

70.3

16.1

335.8

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.

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.

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.

433

CHI

Retail

1,190.3

1,141.5

4.3

N.A.

434 415 UNILEVER DE MÉXICO

MEX

Chemicals/Pharma

1,189.2

1,217.8

-2.3

N.A.

435 386 SEARS

MEX

Retail

1,187.0

1,318.3

-10.0

N.A.

436 299 REPSOL COMERCIAL – RECOSAC

PER

Petroleum/Gas

1,184.7

1,336.1

-11.3

N.A.

437 460 GAS NATURAL FENOSA MÉXICO

MEX

Petroleum/Gas

1,184.6

1,086.7

9.0

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.

440 397 ALCOA

BRA

Steel/Metallurgy

1,176.9

1,283.3

-8.3

N.A.

441

GARBARINO

ARG

Consumer goods

1,175.3

792.6

48.3

N.A.

442

VTR

CHI

Telecommunications

1,165.1

1,117.7

4.2

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.

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.

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.

450 413 DANONE MÉXICO

MEX

Food

1,156.0

1,224.3

-5.6

N.A.

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

ferromex.com.mx

401

N.A.

952

Multinational subsidiary

dow.com/es/mexico

402

N.A.

Multinational subsidiary

siemens.com.br

403

N.A.

8,758

Private national

lar.ind.br

404

N.A.

5,513

Private national

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

celsia.com

407

N.A.

Multinational subsidiary

ibm.com.br

408

N.A.

9,750

Multinational subsidiary

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

2,904.9

1,781.8

9,200

1.4

0.9

2.1

16.6

State national

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.

Multinational subsidiary

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

cerrejon.com

418

65.3

N.A.

Multinational subsidiary

clarochile.cl

419

N.A.

26,552

Multinational subsidiary

amresorts.com

420

N.A.

Multinational subsidiary

eaton.com

421

N.A.

Private national

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.

Multinational subsidiary

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

backus.com.pe

425

N.A.

Multinational subsidiary

nidera.com.ar

426

N.A.

2,081.3

1,849.1

N.A.

3.8

3.4

5.8

Private national

arauco.cl

427

N.A.

1,575.5

686.1

9,122

0.8

0.4

0.5

Private national

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

sotreq.com.br

430

N.A.

418.1

45.4

N.A.

169.5

18.4

6.4

11.7

Multinational subsidiary

texaco.com.co

431

N.A.

5,891

Multinational subsidiary

Sí

telefonica.com.ar

432

N.A.

Multinational subsidiary

433

N.A.

6,000

Multinational subsidiary

unilever.com.mx

434

N.A.

18,521

Multinational subsidiary

sears.com.mx

435

N.A.

1,950

Multinational subsidiary

repsol.com/pe_es

436

N.A.

1,085

Multinational subsidiary

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

N.A.

Multinational subsidiary

inditex.com

439

N.A.

Multinational subsidiary

alcoa.com/brasil

440

N.A.

Private national

garbarino.com

441

N.A.

Private national

vtr.com

442

61.1

26.6

1,236.5

274.1

N.A.

19.6

4.4

4.6

6.6

Private national

cooxupe.com.br

443

N.A.

7,400

Multinational subsidiary

officedepot.com.mx

444

6.1

1,698.8

-266.5

N.A.

-8.1

1.3

1.9

Private national

celg.com.br

445

164.7

-102.2

821.7

185.6

N.A.

11.5

2.6

1.8

-0.3

Private national

caramuru.com

446

N.A.

3,012.0

1,165.2

N.A.

21.6

8.3

21.6

Multinational subsidiary

emgesa.com.co

447

-46.5

N.A.

4.9

Private national

grupoprodeco.com.co

448

N.A.

Multinational subsidiary

glencorexstrata.com

449

N.A.

16,500

Multinational subsidiary

danone.com.mx

450

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

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.

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.

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.

460 466 KANSAS CITY SOUTHERN MÉXICO

MEX

Transporte vial

1,123.4

1,170.4

-4.0

N.A.

461 462 GENERAL MOTORS ARGENTINA

ARG

Automotive/Auto parts

1,120.6

1,083.9

3.4

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.

470 426 BELCORP

PER

Chemicals/Pharma

1,093.5

1,185.5

-7.8

N.A.

471 425 APERAM

BRA

Steel/Metallurgy

1,093.3

1,186.3

-7.8

N.A.

472 457 WHITE MARTINS GASES INDUSTRIAIS

BRA

Petrochemicals

1,091.0

1,107.0

-1.4

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.

474

MEX

Food

1,072.3

924.3

16.0

N.A.

475 497 RENAULT ARGENTINA

ARG

Automotive/Auto parts

1,070.4

954.7

12.1

N.A.

476

HIPERMERCADOS TOTTUS

PER

Retail

1,069.9

967.1

10.6

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.

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.

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

484 487 CIA. MINERA ANTAPACCAY (EX-XSTRATA TINTAYA)

PER

Mining

1,048.0

1,002.1

4.6

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.

488

ARG

Retail

1,044.0

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.

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.

494

HOLCIM MÉXICO

MEX

Cement

1,014.9

925.0

9.7

N.A.

495 484 FIAT AUTO ARGENTINA

ARG

Automotive/Auto parts

1,012.5

1,017.9

-0.5

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.

498 432 MINERA SPENCE

CHI

Mining

1,002.8

1,170.3

-14.3

0.1

0.2

-33.3

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.

AMÉRICAECONOMÍA

022 TABLA 500 INT en ingles.indd 40

20/10/17 17:13

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

88.5

57.0

1,603.1

430.6

N.A.

4.2

1.1

1.6

12.1

Private national

N.A.

Multinational subsidiary

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.

25,000

45.5

10.7

2,081.6

1,557.1

N.A.

1.1

N.A.

77.8

-28.0

149.4

WEB SITE (www.)

RK 2017 451

pernambucanas.com.br

452

lg.com/br

453

ultrapar.com

454

Private multilatina

Sí

volaris.com

455

19.2

Multinational subsidiary

dupont.com.br

456

Multinational subsidiary

iveco.com/brasil

457

0.8

1.5

4.5

Multinational subsidiary

carrefour.com.co

458

Private national

trafigura.com

459

4,000

Private national

Sí

kcsouthern.com/es-mx

460

N.A.

10,000

Multinational subsidiary

chevrolet.com.ar

461

N.A.

0.0

5.0

Private national

gym.com.pe

462

12,203.1

1,132.1

N.A.

3.9

0.4

4.0

Private national

cchc.cl

463

345.3

2,391.0

1,002.8

4382

2.9

1.2

2.6

34.1

Multinational subsidiary

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

promigas.com

467

67.3

58.9

405.6

297.1

3,321

20.7

15.2

5.6

9.7

Private national

liquigas.com.br

468

N.A.

6,133

Multinational subsidiary

siemens.com

469

N.A.

Private multilatina

belcorp.biz

470

N.A.

2,055

Multinational subsidiary

aperam.com

471

N.A.

Multinational subsidiary

whitemartins.com.br

472

N.A.

257.9

58.1

5,000

- -1,646.6

-396.0

Multinational subsidiary

lg.com/mx

473

N.A.

6,500

Multinational subsidiary

mx.mondelezinternational.com 474

N.A.

3,126

Multinational subsidiary

renault.com.ar

475

N.A.

627.2

262.2

11,091

Multinational subsidiary

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

cocamar.com.br

478

N.A.

1,403.8

963.7

N.A.

7.7

5.3

7.0

Multinational subsidiary

claro.com.co

479

248.2

N.A.

4,876

9.7

20.1

Multinational subsidiary

kcl.cl

480

N.A.

Private multilatina

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.

1,318

Multinational subsidiary

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

grupoenergiadebogota.com

486

N.A.

5,310

Multinational subsidiary

goldcorp.com

487

N.A.

Private national

supermercadosdia.com.ar

488

-45.1

807.8

329.3

1,289

-12.8

-5.2

-4.0

State national

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

postobon.com

491

N.A.

Multinational subsidiary

kimberly-clark.com.br

492

N.A.

9,910

Private national

sondadelivery.com.br

493

N.A.

4,000

Multinational subsidiary

holcim.com.mx

494

N.A.

2,412

Multinational subsidiary

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.

Private national

easy.cl

497

N.A.

4,894.3

4,417.2

1,030

0.0

Multinational subsidiary

spence.cl

498

37.3

209.2

1,065.2

441.5

N.A.

11.0

4.6

4.9

11.6

Multinational subsidiary

coca-colafemsa.com

499

N.A.

5,200

Private national

grupojumex.mx

500

3 1 1

3 3

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

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

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Itaú

Brazil

1.41

81.3

9.6

69.7

14.7

65.9

0.0

64.2

6.2

BBVA Bancomer

Mexico

2.91

70.6

8.4

65.2

23.5

80.6

2.4

72.5

12.8

De Occidente (Colombia) Colombia

1.82

87.6

12.1

78.4

14.4

68.8

2.8

61.9

Interbank

Peru

3.18

76.6

9.5

69.5

22.9

82.0

1.7

Industrial (Guatemala)

Guatemala

2.19

81.9

6.4

56.9

22.8

74.8

0.7

Agrícola

N.A.

86.6

13.1

81.6

11.7

63.3

1.7

75.3

31.9

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

90.0

98,064.4

80.0

74.70

9.3

90.0

10,924.5

50.0

74.62

77.6

33.5

80.0

11,832.7

50.0

74.09

85.0

19.1

90.0

9,843.6

50.0

73.57

80.0

4,258.1

30.0

72.92 100

100.0

53,093.5

70.0

72.91

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

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

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

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

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

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

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

Caixa Economica Federal

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

Bradesco

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

Santander (Brazil)

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

BBVA Bancomer

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

Santander (Mexico)

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

BTG Pactual

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

Banamex

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

Santander (Chile)

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

Banorte

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

Estado

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

HSBC Bank Brasil, BM

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

De Chile

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

Itaú (Chile)

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

BCI

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

Safra

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

Bancolombia

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

Crédito (Peru)

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

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

HSBC (Mexico)

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)

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

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)

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

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

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

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)

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

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

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

BBVA (Colombia)

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)

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)

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

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

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

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

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

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

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

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

Interbank

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

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)

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

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)

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)

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)

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)

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

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

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

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

Bank deposits June 2016 (US$ mill)

Itaú

Portfolio variation 16/15 (%)

Do Brasil

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)

BANK

COUNTRY

RK RK 16 15

PROPERTY

Foreign private

NOVEMBER 2017

042 RK BANCOS en ingles.indd 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

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

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

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

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

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

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

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

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

Nación (Perú)

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

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

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

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

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

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

7,179.7

11.8

4,248.5

6.5

5,834.9

13.0

752.6

134.4

1.8

21.7

Local private

68 70

ABC Brasil

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

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

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

Azteca

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)

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

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

Bank of America

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

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

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

Rabobank (Brazil)

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)

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

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

6,006.9

12.4

5,076.8

15.3

3,608.2

12.3

482.4

54.2

62.1

11.2

Volkswagen

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)

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

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

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)

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

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)

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)

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)

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)

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

BMG

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

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

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

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

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

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)

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

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

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

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

92 99

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

Portfolio variation 16/15 (%)

Pichincha

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

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)

102 97

BANK

COUNTRY

101 115 Monex

RK RK 16 15

PROPERTY

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

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)

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

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

4,024.3

1,616.2

667.4

385.6

-140.4

-36.4

Foreign private

108 94

Bank of China (Argentina)

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

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

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

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.

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

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)

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

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

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

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

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

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

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

3,503.7

-20.8

471.2

-71.8

795.2

74.3

-27.1

9.3

122 137 Caja de Ahorros

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)

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

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)

3,290.9

4.0

20.7

-81.1

425.6

50.2

-21.9

11.8

Foreign private

126 121 Mi Banco

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

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 -

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

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)

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)

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

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

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)

3,019.2

-16.1

255.8

49.1

80.5

28.6

Foreign private

135 140 The Bank of Nova Scotia

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

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

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

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

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)

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

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)

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

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

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 -

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

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

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

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 -

2,496.0

45.7

166.3

-41.0

630.4

48.0

200.6

13.0

822.4

6.5

Foreign private

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

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)

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

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)

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)

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)

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

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

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

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

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 -

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

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

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

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)

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)

2,082.7

-42.8

212.4

24.8

-11.4

15.0

Foreign private

169 161 Scotiabank (El Salvador)

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

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

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

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)

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)

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)

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)

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 -

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

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

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

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

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

1,773.8

1,164.0

954.3

431.9

38.9

0.2

9.0

Local private

183 182 Cibanco

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

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

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

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

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

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

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

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

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)

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

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)

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

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

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

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

1,511.3

-11.5

1,275.5

-12.7

245.8

28.0

549.2

11.4

Foreign private

200 197 Falabella (Perú)

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

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

Annual profit 2016 (US$ mill)

Loan portfolio June 2016 (US$ mill)

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)

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

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

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

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

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)

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

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

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)

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

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)

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

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)

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

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

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)

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

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

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

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

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

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

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

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

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

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

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 -

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

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

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

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.

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)

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

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

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)

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

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

1,073.3

4.0

788.1

21.0

847.3

0.7

208.6

23.1

-4.6

11.1

Foreign private

240 -

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

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

1,052.8

7.5

733.4

1.7

874.8

8.6

95.8

5.4

37.4

5.7

Local private

243 -

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

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

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

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

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

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

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

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

Deposits variation 16/15 (%)

Portfolio variation 16/15 (%)

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

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

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

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

and curricular innovations aimed at improving the educational experience and skills development. can business schools are reviewing and restructuring their MBA

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

20/10/17 18:16

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

56,8

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

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

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 schoolâ&#x20AC;&#x2122;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

N.D.

64,4

60,0

21,0

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

20/10/17 18:16

GLOBAL ISSUE

FIELD

Economy

Entrepreneurship and Innovation

Strategy and Ethics

Finance

/ 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

U. de Chile

1.145

1,76

2,1

100,0

PUC - Chile

710

1,72

2,3

92,1

U. Adolfo Ibáñez

820

1,27

1,0

84,2

U. Diego Portales

625

1,61

1,6

80,6

U. Torcuato di Tella

320

1,26

1,9

68,1

U. de Santiago de Chile

435

1,09

1,4

67,7

U. del Desarrollo

600

1,10

0,5

66,7

U. del Pacífico

450

1,04

0,8

66,6

EGADE Business School

400

0,96

0,5

60,8

U. de Talca

480

0,86

0,9

60,1

U. del Desarrollo

620

2,17

1,2

100,0

PUC - Chile

100

2,88

1,0

87,7

EGADE Business School

330

2,61

1,1

85,9

ESAN

305

2,35

0,4

78,4

U. del Norte

280

1,45

1,0

70,2

Uniandes

185

2,08

1,4

69,0

U. Adolfo Ibáñez

205

1,90

0,4

68,8

FEA (FIA) U. São Paulo

250

1,21

0,3

61,8

IESA

2,02

1,0

54,7

U. Torcuato di Tella

Uniandes

PUC - Chile

EGADE Business School

U. Adolfo Ibáñez

IAE Austral

U. del Pacífico

8 9

1,92

2,0

53,9

495

3,35

1,5

100,0

410

3,76

2,0

98,7

420

2,16

2,8

98,7

380

2,85

2,3

95,6

425

2,23

0,8

86,1

565

1,23

0,5

85,1

U. de Chile

345

2,11

0,8

75,5

FGV - EAESP

260

0,85

1,0

75,1

U. del Desarrollo

155

1,57

1,0

65,7

ESPM

125

0,98

1,5

54,8

U. de Chile

750

1,21

1,6

100,0

U. Adolfo Ibáñez

530

2,02

1,6

97,8

U. Torcuato di Tella

535

1,47

0,8

88,8

FGV - EAESP

390

0,91

1,8

88,7

PUC - Chile

250

2,14

1,4

85,5

EGADE Business School

705

1,14

0,2

82,5

ESAN

490

1,03

0,6

80,4

IESA

255

1,47

1,2

72,9

Uniandes

2,30

2,5

69,7

ICESI

235

1,85

0,7

67,7

AMÉRICAECONOMÍA

050 RK MBA LATAM 0.indd 54

20/10/17 18:16

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

U. de Chile

495

1,53

1,3

100,0

EGADE Business School

480

1,94

1,1

96,5

U. Adolfo Ibáñez

300

2,27

1,1

84,2

PUC - Chile

130

2,01

3,3

84,0

FGV - EAESP

265

1,33

0,5

78,6

Uniandes

2,27

4,5

78,3

3,5

75,1 73,5

U. Torcuato di Tella

2,01

ICESI

260

0,33

0,5

U. de Talca

0,92

3,0

59,3

Universidad del Turabo

0,99

3,0

48,6

U. de Chile

740

2,43

2,1

100,0

FGV - EAESP

780

2,06

1,1

94,7

U. Adolfo Ibáñez

305

1,95

2,1

78,8

EGADE Business School

185

2,29

2,0

74,3

1,2

71,8

UTFSM

330

3,03

U. Torcuato di Tella

185

1,46

1,5

67,0

U. del Norte

485

2,05

0,4

63,9

UDLAP

325

0,78

0,4

62,2

FEA (FIA) U. São Paulo

170

2,07

0,5

60,4

U. de Talca

175

3,18

0,4

53,7

U. Torcuato di Tella

165

6,00

5,0

100,0

PUC - Chile

300

2,61

0,9

97,6

0,97

0,7

94,8

1,70

1,7

94,4

FGV - EAESP

280

U. de Chile

245

U. Adolfo Ibáñez

210

2,83

1,0

90,9

EGADE Business School

220

1,77

0,8

86,5

FEA (FIA) U. São Paulo

250

1,85

0,9

86,0

Uniandes

150

2,81

1,8

85,8

IESA

235

1,63

0,3

82,1

U. de Santiago de Chile

185

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

20/10/17 18:17

GLOBAL ISSUE

/ RANKING best latin american business schools

Patriarchal schools

Locals rule

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

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

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

39,3

2 0

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

20/10/17 18:17

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

400

23.7

24.9

25.0

4 0

28.8

240

29.3

260

46.0

291

100

60.3

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

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

AMÉRICAECONOMÍA

058 RK MBA GLOBAL.indd 58

20/10/17 17:36

Multicultural classrooms

International zone

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

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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GLOBAL ISSUE

/ RÁNKING BEST GLOBAL BUSINESS SCHOOLS

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.

8 5 3 5 3 20 6 1 2

12 5 1 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

es es gdom

es es gdom tes

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.

NOVEMBER 2017

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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

Schulich

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

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

rva

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

AMÉRICAECONOMÍA

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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

Hult

LBS

70 68

Harvard 64

IESE

Chapman

1.00

ESIC

0.95

Bath

0.91

EAE

0.84

Tuck

0.77

ESADE

Questrom

0.77

HEC Paris

Yale

0.76

Yale

Fuqua

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.

NOVEMBER 2017

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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

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

RK 2015

BV 2016: US$ 20,574 BV 2015: US$ 19,703

Brand rating: AAA

China

RK 2016

2nd

BV 2016: US$ 7,087

for investment and leading more

RK 2015

BV 2015: US$ 6,314

12%

Brand rating: AA

tourists to visit us”.

RK 2016

BV: Brand Value AMÉRICAECONOMÍA

064 ESP MARCA 1 PAÍS en ingles.indd 64

20/10/17 18:26

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

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

064 ESP MARCA 1 PAÍS en ingles.indd 65

20/10/17 18:26

GLOBAL ISSUE

/ SPECIAL COUNTRY BRANDS

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

MEXICO

915

-16%

1,091

A+

BRAZIL

820

-30%

1,171

A-

ARGENTINA

236

14%

208

CHILE

239

218

COLOMBIA

181

166

A+

PERU

139

22%

114

A+

GUATEMALA

19%

A+

COSTA RICA

AA-

A+

PANAMA

20%

AA-

A+

ECUADOR

URUGUAY

-24%

AA-

EL SALVADOR

BOLIVIA

-8%

A-

BBB

PARAGUAY

A-

HONDURAS

A+

A-

NICARAGUA

A-

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

AMÉRICAECONOMÍA

068 RK MULTILATINAS eningles.indd 68

20/10/17 18:31

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

Argentina -1

results of Latin America’s

increases in total sales with 31 of them

Guatemala = Panama =

Peru =

100 most globalized companies, whose sales rose – finally! – by 4% between the

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%

downturn in sales registered by the region’s 100 most globalized companies

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

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

dest, it is better than the performance

Brazil =

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

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.

Cement =

three increased, while 16 decreased (there is no data for six of them).

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

nificant stake), and the highest-ranked Colombian firm. Another significant riser in the 1st

Beverage/ = Liquor

8 5

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

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

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

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

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

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

DIMENSIONS OF ANALYSIS DIMENSIONES DE ANÁLISIS

Hispanic South America

% abroad 2016

SIGNIFICANT DATA COUNTRIES AND GEOGRAPHICAL AREAS (2016) Presence

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

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

ü ü ü ü ü ü

ü ü ü

ü ü ü ü ü ü

ü ü ü

ü ü

ü ü ü ü

ü ü

ü ü ü

ü ü ü ü ü

ü ü ü ü

ü ü ü ü ü ü ü ü ü

ü ü ü ü 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

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

Geographic coverage

ü ü

Employees abroad

ü ü ü ü ü ü ü ü

Commercial Strength

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

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

Hispanic South America

% abroad 2016

SIGNIFICANT DATA COUNTRIES AND GEOGRAPHICAL AREAS (2016) Presence

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

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

1°-25°

26°-50°

longer in the ranking following a change in our methodology.

51°-75°

76°-100°

1°-25°

20 15

Decreased

26°-50°

Source: AméricaEconomía Intelligence Brazil

Increased

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.

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

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

International contraction and expansion

of Argentina. Meanwhile, larger compa-

Venezuelan state oil giant has dropped

are located outside of its home country

The starkest case is that of PDVSA. The

Positive

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-

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

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