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The Top 500 companies in Latin America.



It takes a lot to run a big company: Lots of cash, lots of brains, lots of energy, and more than a little luck Here we present the biggest Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies.  has to offer. Our new, improved ranking moves the bar up to 500 (!) companies and includes both privately held and publicly traded companies publicly traded company

A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market.
, as well as the largest state-run companies.

But we didn't did·n't  

Contraction of did not.


didn't did not
didn't do
 stop at merely big. In our Forecast 100--a LATIN TRADE Latin Trade is a monthly magazine covering global business in Latin America and the Caribbean. Similar to Forbes and Fortune Magazine in coverage, the magazine was founded in 1993 and now publishes 87,000 copies 1 each month in Spanish, Portuguese, and English.  exclusive--you'll find which among the publicly traded companies is the best run, too. Driven in part by China's spectacular demand for raw materials, Latin Lat·in  
n.
1.
a. The Indo-European language of the ancient Latins and Romans and the most important cultural language of western Europe until the end of the 17th century.

b.
 America's biggest publicly traded companies are seeing a bonanza Bonanza

saga of the Cartwright family. [TV: Terrace, I, 111–112]

See : Wild West
 year: up 27% in sales, and 62% on net income.

The good times will continue, according to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 our forecast of the 100 companies tracked by global banks, but at a slowing pace into 2005 and 2006.
FORECAST 100

SALES

2004       27.3%
2005F       9.7%
2006F       1.9%

Note: Table made from bar graph.

NET INCOME

2004       61.7%
2005F      21.5%
2006F       5.1%

Note: Table made from bar graph.


[GRAPHICS OMITTED]

Where They Stand

Latin America's 500 largest companies are fairly reliable indicators of their home countries' strengths--and weaknesses--as global economies. While Mexican companies This is a List of Mexican companies:
  • Aero California, airline
  • Aerolitoral, airline
  • Aeroméxico, airline
  • Aeromexpress, cargo airline
  • Alestra, telecommunications
  • Alfa, conglomerate
  • Alpek, petrochemicals
  • Alpura, dairy
  • América Móvil
 on the whole outweigh out·weigh  
tr.v. out·weighed, out·weigh·ing, out·weighs
1. To weigh more than.

2. To be more significant than; exceed in value or importance: The benefits outweigh the risks.
 the Brazilians This is a list of well known Brazilians (by nationality or citizenship), ordered alphabetically within categories: Actors

Main article: List of Brazilian actors
  • Ana Paula Arósio (born 1975), actress
 in terms of revenues, Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America.  is growing faster. Chalk that up to Mexico's dependence on the slow-growing United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Foreign trade is helping Brazil grow too, but it's it's  

1. Contraction of it is.

2. Contraction of it has. See Usage Note at its.


it's it is or it has
it's be ~have
 wide-open wide-o·pen
adj.
1. Completely open: a wide-open door.

2. Being without laws or law enforcement: a wide-open frontier town.

Adj. 1.
 Chile Chile (chĭl`ē, Span. chē`lā), officially Republic of Chile, republic (2005 est. pop. 15,981,000), 292,256 sq mi (756,945 sq km), S South America, west of the continental divide of the Andes Mts.  that's blazing ahead.

The next closest of the "small" economies is Venezuela Venezuela (vĕnəzwā`lə, Span. vānāswā`lä), officially the Bolivarian Republic of Venezuela, republic (2005 est. pop. 25,375,000), 352,143 sq mi (912,050 sq km), N South America. , but subtract A relational DBMS operation that generates a third file from all the records in one file that are not in a second file.  oil and there's not much left to talk about. Colombia's boom is evident, though Argentina's much-hyped recovery isn't is·n't  

Contraction of is not.


isn't is not
isn't be
 showing up among its largest companies. Consumer demand is back but it isn't necessarily Argentina Argentina (ärjəntē`nə, Span. ärhāntē`nä), officially Argentine Republic, republic (2005 est. pop. 39,538,000), 1,072,157 sq mi (2,776,889 sq km), S South America. , Inc. that's reaping the windfall windfall

An unexpected profit or gain. An investor holding a stock that increases greatly in price because of an unexpected takeover offer receives a windfall.
.

[GRAPHIC OMITTED]

BY COUNTRY

Number of companies by country

Brazil rules the roost on big companies, not surprising since Brazil alone is as big a consumer market as any in the world. Accordingly, five of the 10 fastest-growing on our list of the Top 500 are Brazilian. Among sectors, oil companies are the obvious leaders thanks to the global spike A burst of extra voltage in a power line that lasts only a few nanoseconds. See power surge, power swell, sag and surge suppression.

(jargon) spike - To defeat a selection mechanism by introducing a (sometimes temporary) device that forces a specific result.
 in crude prices. Despite this trend, Argentina's oil major Repsol YPF Repsol YPF, S.A., (IBEX-35:REP) is an integrated Spanish oil and gas company with operations in 29 countries, the bulk of its assets are located in Spain and Argentina. The product of a 1999 takeover of Argentine energy firm YPF by the Spanish conglomerate Repsol S.A.  managed to slip on revenues in 2004 (net income was up 4.3%) to join our laggards list at No. 6.
BY COUNTRY
Number of companies by country

Brazil     209
Mexico     143
Chile       59
Colombia    33
Argentina   28
Peru        11
Venezuela   10
Other        7

BY SECTOR
Percentage of total sales

Oil, gas      31.7%
Retail         9.4%
Telecom        7.6%
Electricity    6.8%
Autos          6.4%
Steel          5.4%
Holding          5%
Mining         4.2%
Food           3.7%
Beverages      3.4%
Chemical       2.4%
Aviation       1.8%
Other         12.2%

FASTEST GROWING

     COMPANY                    COUNTRY            NET SALES

                                                   2004  % change
                                           US$ millions   '04/'03

 1   Gerdau Acominas            Brazil          3,832.2     318.3
 2   TIM Nordeste Telecom.      Brazil            420.6     254.9
 3   Colombia Telecom.          Colombia          879.7     203.7
 4   Molymet                    Chile             974.9     185.7
 5   Minera Loma de Niquel (e)  Venezuela         415.4     181.0
 6   TIM                        Brazil            966.2     156.6
 7   Biper                      Mexico            511.8     140.7
 8   Gradiente                  Brazil            354.4     135.6
 9   Americel                   Brazil            367.2     117.5
10   Codelco                    Chile           8,203.7     116.9

LAGGARDS

     COMPANY                    COUNTRY            NET SALES

                                                   2004  % change
                                           US$ millions   '04/'03

 1   Alestra                    Mexico            436.6     -16.2
 2   Volkswagen Mexico          Mexico          5,542.6     -10.9
 3   CVG Edelca                 Venezuela         962.6      -8.7
 4   Telefonica CTC Chile       Chile           1,261.9      -7.9
 5   Backus & Johnston          Peru              519.5      -7.1
 6   Repsol YPF                 Argentina       6,665.9      -6.8
 7   Tenaris Confab             Brazil            334.4      -2.9
 8   Empresas lansa             Chile             415.0      -2.2
 9   Grupo Corvi                Mexico          1,237.1      -1.7
10   Electricidad de Caracas    Venezuela         655.1      -1.3

(e) Estimate

500
Ranked by net sales as of Dec. 31, 2004 in US$ millions

RANK   COMPANY                      COUNTRY      SECTOR

  1    Petroleos Mexicanos          Mexico       Oil, gas
  2    Petroleos de Venezuela (1)   Venezuela    Oil, gas
  3    Pemex Exploracion y
         Produccion                 Mexico       Oil, gas
  4    Petrobras                    Brazil       Oil, gas
  5    Pemex Refinacion             Mexico       Oil, gas
  6    Pemex Gas y Petroquimica     Mexico       Chem., gas
  7    Comision Federal de
         Electricidad               Mexico       Electricity
  8    Wal-Mart de Mexico           Mexico       Retail
  9    Telmex                       Mexico       Telecom
 10    America Movil                Mexico       Telecom
 11    Petrobras Distribuidora      Brazil       Oil, gas
 12    General Motors               Mexico       Autos
 13    CVRD                         Brazil       Mining
 14    DaimlerChrysler (1)          Mexico       Autos
 15    FEMSA                        Mexico       Beverage
 16    Codelco                      Chile        Mining
 17    Cemex                        Mexico       Cement
 18    Bunge Brasil                 Brazil       Holding
 19    Odebrecht (1)                Brazil       Holding
 20    Eletrobras                   Brazil       Electricity
 21    Gerdau                       Brazil       Steel
 22    Ipiranga Distribuidora       Brazil       Gas
 23    Grupo Votorantim             Brazil       Holding
 24    Organizacion Techint (1)     Argentina    Holding
 25    Repsol YPF                   Argentina    Oil, gas
 26    Telcel (3)                   Mexico       Telecom
 27    Grupo Carso                  Mexico       Holding
 28    Ipiranga Petroquimica        Brazil       Oil, gas
 29    Tele Norte Leste             Brazil       Telecom
 30    Telemar                      Brazil       Telecom
 31    Copec                        Chile        Oil, gas
 32    Volkswagen Mexico            Mexico       Autos
 33    Ecopetrol                    Colombia     Oil, gas
 34    Hewlett-Packard Mexico (1)   Mexico       IT
 35    Bunge Alimentos              Brazil       Food
 36    Volkswagen do Brasil         Brazil       Autos
 37    Grupo Alfa Mexico            Mexico       Holding
 38    Shell Brazil                 Brazil       Oil, gas
 39    Delphi Corporation (1)       Mexico       Autoparts
 40    Grupo Salinas (1)            Mexico       Holding
 41    Telesp                       Brazil       Telecom
 42    Vivo (1)                     Brazil       Telecom
 43    Enersis                      Chile        Electricity
 44    Nissan Mexicana (1)          Mexico       Autos
 45    Cia. Brasileira de
         Distribuicao               Brazil       Retail
 46    ENAP                         Chile        Oil, gas
 47    GE Mexico                    Mexico       Electronics
 48    Grupo Industrial Bimbo       Mexico       Food
 49    Usiminas                     Brazil       Steel
 50    Braskem                      Brazil       Chemical
 51    AmBev                        Brazil       Beverage
 52    U.S. Commercial              Mexico       Retail
 53    Carrefour (6)                Brazil       Retail
 54    IBM (1)                      Mexico       IT
 55    Grupo Mexico                 Mexico       Mining
 56    ENAP Refinerias              Chile        Oil, gas
 57    Coca-Cola FEMSA              Mexico       Beverage
 58    Tenaris                      Argentina    Steel
 59    Petroecuador                 Ecuador      Oil, gas
 60    Grupo Modelo                 Mexico       Beverage
 61    Ford Motor Company           Mexico       Autos
 62    Cargill (1)                  Brazil       Agriculture
 63    Embraer                      Brazil       Aviation
 64    Gerdau Acominas              Brazil       Steel
 65    Organizacion Soriana         Mexico       Retail
 66    Bodega Aurrera               Mexico       Retail
 67    CSN                          Brazil       Steel
 68    Sam's Club                   Mexico       Retail
 69    Esso Brasileira de
         Petreleo (1)               Brazil       Oil, gas
 70    Texaco Brasil (1)            Brazil       Oil, gas
 71    Cargill (1)                  Argentina    Food
 72    Brasil Telecom               Brazil       Telecom
 73    Wal-Mart Supercenter         Mexico       Retail
 74    Comercial Mexicana           Mexico       Retail
 75    Varig                        Brazil       Airlines
 76    Grupo Imsa                   Mexico       Steel
 77    Grupo Cintra                 Mexico       Airlines
 78    Minera Escondida             Chile        Mining
 79    DaimlerChrysler (2)          Brazil       Autos
 80    General Motors do Brasil     Brazil       Autos
 81    Arcelor (1)                  Brazil       Steel
 82    Cemex Mexico (3)             Mexico       Cement
 83    Cia. Luz y Fuerza del
         Centro                     Mexico       Electricity
 84    Falabella                    Chile        Retail
 85    Alpek                        Mexico       Chemical
 86    Grupo Gigante                Mexico       Retail
 87    AES ELPA                     Brazil       Electricity
 88    Eletropaulo Metropolitana    Brazil       Electricity
 89    Fiat Automoveis (1)          Brazil       Autos
 90    Bunge Fertilizantes          Brazil       Agriculture
 91    Telesp Celular               Brazil       Telecom
 92    Embratel                     Brazil       Telecom
 93    Ford Motor (1)               Brazil       Autos
 94    PepsiCo Mexicana             Mexico       Beverage
 95    Cemig                        Brazil       Electricity
 96    Sudamericana de Vapores      Chile        Logistics
 97    Grupo Televisa               Mexico       Media
 98    Petroleos del Peru           Peru         Oil, gas
 99    Puerto de Liverpool          Mexico       Retail
100    DyS                          Chile        Retail
101    IBM (1)                      Brazil       IT
102    Nestle                       Brazil       Food
103    Correios e Telegrafos        Brazil       Services
104    CPFL Energia                 Brazil       Electricity
105    Belgo Mineira                Brazil       Steel
106    Cencosud                     Chile        Retail
107    Grupo Condumex               Mexico       Autoparts
108    Sadia                        Brazil       Food
109    Hylsamex                     Mexico       Steel
110    Cia. Paulista Forca e Luz    Brazil       Electricity
111    Bunge Argentina (1)          Argentina    Agriculture
112    Grupo Elektra                Mexico       Retail
113    Vitro                        Mexico       Glass
114    Nestle                       Mexico       Food
115    Petrobras Energia            Argentina    Oil, gas
116    Empresas Polar (5)           Venezuela    Beverage
117    AGIP do Brasil (1)           Brazil       Oil, gas
118    Wal-Mart Brasil (1)          Brazil       Retail
119    Itaipu Binacional            Bra/Par      Electricity
120    Extra Hipermercados          Brazil       Retail
121    Gruma                        Mexico       Food
122    FEMSA Cerveza (4)            Mexico       Beverage
123    Siemens (5)                  Brazil       Electronics
124    Construtora Norberto
         Odebrecht                  Brazil       Construction
125    Pemex Petroquimica           Mexico       Chemical
126    Grupo Villacero (1)          Mexico       Steel
127    CANTV                        Venezuela    Telecom
128    Desc                         Mexico       Holding
129    LAN                          Chile        Airlines
130    Procter & Gamble de
         Mexico (1)                 Mexico       Consumer
131    Arauco                       Chile        Paper, pulp
132    Copesul                      Brazil       Chemical
133    Oxxo (FEMSA Comercio) (4)    Mexico       Retail
134    IMSA Acero (4)               Mexico       Steel
135    Brasmotor                    Brazil       Electronics
136    Grupo Sanborns               Mexico       Retail
137    Claro (3)                    Brazil       Telecom
138    Copersucar (1)               Brazil       Food
139    Grupo Xignux                 Mexico       Holding
140    Multibras                    Brazil       Electronics
141    Hylsa                        Mexico       Steel
142    Empresas CMPC                Chile        Paper, pulp
143    Cosipa                       Brazil       Steel
144    Cia. Siderurgica Tubarao     Brazil       Steel
145    Antofagasta                  Chile        Mining
146    Controladora Mabe (1)        Mexico       Electronics
147    Refineria La Pampilla        Peru         Oil, gas
148    Endesa                       Chile        Electricity
149    Grupo Casa Saba              Mexico       Retail
150    Perdigao                     Brazil       Food
151    Altos Hornos de Mexico       Mexico       Steel
152    Flextronics
         Manufacturing (1)          Mexico       Electronics
153    Ultrapar                     Brazil       Chemical
154    Carrefour (6)                Argentina    Retail
155    Kimberly Clark de Mexico     Mexico       Paper, pulp
156    Casas Bahia (1)              Brazil       Retail
157    Southern Peru Copper
         Corp.                      Peru         Mining
158    Furnas Centrais Eletricas    Brazil       Electricity
159    Votorantim Cimentos          Brazil       Cement
160    Nokia do Brasil              Brazil       Telecom
161    TenarisSiderca (1)           Argentina    Steel
162    TAM                          Brazil       Airlines
163    BASF                         Brazil       Chemical
164    Sabesp                       Brazil       Water
165    Sonae                        Brazil       Retail
166    Grupo Aeromexico             Mexico       Airlines
167    ExxonMobil de Colombia       Colombia     Oil, gas
168    LG Electronics Mexico (1)    Mexico       Electronics
169    Grupo Lala (1)               Mexico       Food
170    Suzano                       Brazil       Holding
171    Peqiven (1)                  Venezuela    Chemical
172    Coinbra (1)                  Brazil       Agriculture
173    Neoenergia                   Brazil       Electricity
174    Light                        Brazil       Electricity
175    Intel (1)                    Costa Rica   IT
176    Mittal Steel Lazaro
         Cardenas                   Mexico       Steel
177    Telecom Argentina            Argentina    Telecom
178    Grupo Mexicana de
         Aviacion                   Mexico       Airlines
179    Industrias Penoles           Mexico       Mining
180    COPEL                        Brazil       Electricity
181    Dona Ines de Collahuasi      Chile        Mining
182    Aceitera General Deheza      Argentina    Agriculture
183    Coamo Agroindustrial
         Coop.                      Brazil       Agriculture
184    Cencosud Supermercados       Chile        Retail
185    TV Globo                     Brazil       Media
186    Refinaria Ipiranga           Brazil       Oil, gas
187    Almacenes Coppel             Mexico       Retail
188    Siemens Mexico               Mexico       Electronics
189    Minera Mexico                Mexico       Mining
190    Industrias Unidas            Mexico       Manufac.
191    Corporativo Unilever (1)     Mexico       Holding
192    Robert Bosch                 Brazil       Autoparts
193    Los Pelambres (4)            Chile        Mining
194    Almacenes Exito              Colombia     Retail
195    Souza Cruz                   Brazil       Tobacco
196    Grupo Comercial
         Chedraui (1)               Mexico       Retail
197    Metales Penoles (4)          Mexico       Metallurgy
198    CHESF                        Brazil       Electricity
199    Aracruz                      Brazil       Paper, pulp
200    EE.PP.M                      Colombia     Holding
201    Votorantim Celulose e
         Papel                      Brazil       Paper, pulp
202    CGE                          Chile        Electricity
203    Aeropuertos y Servicios      Mexico       Aviation
204    Grupo Sigma                  Mexico       Food
205    Telefonica CTC Chile         Chile        Telecom
206    Pao de Acucar                Brazil       Retail
207    Minera Yanacocha             Peru         Mining
208    Arca Embotelladora           Mexico       Beverage
209    Entel                        Chile        Telecom
210    Grupo Corvi                  Mexico       Retail
211    Siderar                      Argentina    Steel
212    Shell CAPSA                  Argentina    Oil, gas
213    Acesita                      Brazil       Steel
214    Bachoco Industrias           Mexico       Food
215    Sidor (1)                    Venezuela    Steel
216    Makro Atacadista             Brazil       Retail
217    Empresas ICA                 Mexico       Construction
218    Atacadao (1)                 Brazil       Retail
219    VBC Energia                  Brazil       Electricity
220    Shell (1)                    Chile        Oil, gas
221    Organizacion Sahuayo (1)     Mexico       Retail
222    CNH (1)                      Brazil       Autos
223    Versax                       Mexico       Autoparts
224    Cigatam Philip Morris        Mexico       Tobacco
225    Ultragaz (3)                 Brazil       Gas
226    Deacero                      Mexico       Steel
227    Recope                       Costa Rica   Oil, gas
228    Vitro Vidrio Piano           Mexico       Glass
229    Caemi                        Brazil       Mining
230    Fasa                         Chile        Retail
231    Esso Petrolera
         Argentina (1)              Argentina    Oil, gas
232    Canal de Panama              Panama       Transport
233    Telefonica del Peru          Peru         Telecom
234    Sodimac                      Chile        Retail
235    Klabin                       Brazil       Paper, pulp
236    Telefonica de Argentina      Argentina    Telecom
237    Tenedora Nemak               Mexico       Autoparts
238    Petroquimica Uniao           Brazil       Chemical
239    ANCAP                        Uruguay      Oil, gas
240    Caiua                        Brazil       Electricity
241    Celesc                       Brazil       Electricity
242    Suzano Bahia Sul             Brazil       Paper, pulp
243    Telefonica Moviles
         Mexico (3)                 Mexico       Telecom
244    Molinos Rio de la Plata      Argentina    Agriculture
245    Coelba                       Brazil       Electricity
246    Molymet                      Chile        Chemical
247    Sears Roebuck                Mexico       Retail
248    TIM                          Brazil       Telecom
249    Panamco Mexico               Mexico       Beverage
250    DuPont Mexico                Mexico       Chemical
251    CVG Edelca                   Venezuela    Electricity
252    Grupo Schincariol (4)        Brazil       Beverage
253    Globex                       Brazil       Retail
254    Holcim Apasco (1)            Mexico       Cement
255    Volvo do Brasil (1)          Brazil       Autos
256    ADM do Brasil (1)            Brazil       Agriculture
257    Transpetro (1)               Brazil       Oil, gas
258    Imsatec (4)                  Mexico       Steel
259    Vitro Envases                Mexico       Bottling
260    Paranapanema                 Brazil       Mining
261    Tractebel                    Brazil       Electricity
262    Arcor                        Argentina    Food
263    Agrosuper                    Chile        Food
264    MBR                          Brazil       Mining
265    Bavaria                      Colombia     Beverage
266    Cia. Nacional de
         Chocolates                 Colombia     Food
267    Sanborn Hermanos             Mexico       Retail
268    Grupo Continental            Mexico       Beverage
269    Colombia Telecom.            Colombia     Telecom
270    Renault do Brasil            Brazil       Autos
271    Enami                        Chile        Mining
272    Chilectra                    Chile        Electricity
273    SHV Gas Brasil               Brazil       Oil, gas
274    BP Exploration Company       Colombia     Oil, gas
275    Lojas Americanas             Brazil       Retail
276    Seara Alimentos              Brazil       Food
277    CERJ                         Brazil       Electricity
278    Fosfertil                    Brazil       Chemical
279    SaludCoop EPS                Colombia     Health
280    Comgas                       Brazil       Gas
281    Cia. Brasileira de
         Aluminio                   Brazil       Aluminum
282    Tele Centroeste Celular      Brazil       Telecom
283    Weg                          Brazil       Manufac.
284    Desc Quimico (4)             Mexico       Chemical
285    Unipar                       Brazil       Chemical
286    Cementos Argos               Colombia     Cement
287    Comcel (7)                   Colombia     Telecom
288    ChevronTexaco Petroleum      Colombia     Oil, gas
289    Cencosud Internacional       Chile        Retail
290    Embraco                      Brazil       Manufac.
291    SQM                          Chile        Mining
292    Carrefour (6)                Mexico       Retail
293    CVG Venalum (1)              Venezuela    Aluminum
294    Grupo Industrial Saltillo    Mexico       Autoparts
295    Desc Automotriz (4)          Mexico       Autoparts
296    Almacenes Paris              Chile        Retail
297    Nextel de Mexico             Mexico       Telecom
298    Elektro                      Brazil       Electronics
299    CompreBem                    Brazil       Retail
300    El Palacio de Hierro         Mexico       Retail
301    Cia. Cervecerias Unidas      Chile        Beverage
302    Minera Alumbrera (1)         Argentina    Mining
303    TV Azteca                    Mexico       Media
304    Embotelladora Andina         Chile        Beverage
305    General Motors Colmotores    Colombia     Autos
306    Industrias CH                Mexico       Metallurgy
307    Superama                     Mexico       Retail
308    Drummond                     Colombia     Mining
309    Tele Sudeste Celular         Brazil       Telecom
310    Cap                          Chile        Steel
311    Corporativo Fragua           Mexico       Retail
312    Avipal                       Brazil       Agriculture
313    CESP                         Brazil       Electricity
314    Codensa                      Colombia     Electricity
315    Avianca                      Colombia     Airlines
316    Cerromatoso                  Colombia     Mining
317    Acindar                      Argentina    Steel
318    Corporacion Geo              Mexico       Construction
319    Corporacion Durango          Mexico       Paper, pulp
320    AES Gener                    Chile        Electricity
321    AGCO do Brasil (2)           Brazil       Retail
322    CIE                          Mexico       Entertainm.
323    Bandeirante Energia          Brazil       Electricity
324    CMPC Celulosa                Chile        Pulp
325    Empresas Navieras            Chile        Logistics
326    Polibrasil Resinas           Brazil       Chemical
327    Avon                         Mexico       Cosmetics
328    Altas Casas Pernambucanas    Brazil       Retail
329    Gol                          Brazil       Airlines
330    Caraiba Metais               Brazil       Metallurgy
331    Natura                       Brazil       Cosmetics
332    Ferrocarril Mexicano         Mexico       Transport
333    Electricidad de Caracas      Venezuela    Electricity
334    ETB                          Colombia     Telecom
335    Organizacion Carulla
         Vivero                     Colombia     Retail
336    Terranova                    Chile        Forestry
337    CPFL Piratininga             Brazil       Electricity
338    Escelsa                      Brazil       Electricity
339    Acos Villares                Brazil       Steel
340    Carbones del Cerrejon        Colombia     Mining
341    Cydsa                        Mexico       Chemical
342    Samarco Mineracao            Brazil       Mining
343    Oxiteno (3)                  Brazil       Chemical
344    CEEE                         Brazil       Electricity
345    Olimpica                     Colombia     Retail
346    Globo Comunicacoes           Brazil       Media
347    Suburbia                     Mexico       Retail
348    La Fonte Telecom             Brazil       Holding
349    Cedae                        Brazil       Water
350    Randon                       Brazil       Autoparts
351    Isapre Banmedica             Chile        Health
352    Suzano Petroquimica          Brazil       Chemical
353    Marcopolo                    Brazil       Autoparts
354    Pfizer (2)                   Brazil       Drugs
355    San Luis Corporacion         Mexico       Autoparts
356    Alunorte                     Brazil       Aluminum
357    Infraero                     Brazil       Aviation
358    Vicunha Textil               Brazil       Textile
359    Bertin (1)                   Brazil       Food
360    Urbi Desarrollos Urbanos     Mexico       Construction
361    Nacobre                      Mexico       Manufac.
362    Adubos Trevo                 Brazil       Agriculture
363    Madeco                       Chile        Metallurgy
364    Supermercados La Favorita    Ecuador      Retail
365    Scania (1)                   Brazil       Autos
366    Alicorp                      Peru         Food
367    Empresas Carozzi             Chile        Food
368    Mahle Metal Leve             Brazil       Autoparts
369    CMPC Papeles                 Chile        Paper
370    Grupo Itautec Philco         Brazil       Electronics
371    Cemex Venezuela              Venezuela    Cement
372    Telefonica Moviles de
         Colombia                   Colombia     Telecom
373    CELG                         Brazil       Electricity
374    Belgo Bekaert                Brazil       Steel
375    Carrefour                    Colombia     Retail
376    Cia. Siderurgica
         Huachipato                 Chile        Steel
377    Tupy                         Brazil       Autoparts
378    Cia. de Concessoes
         Rodaviarias                Brazil       Transport
379    TIM Sul                      Brazil       Telecom
380    Cosan (1)                    Brazil       Food
381    Wembley                      Brazil       Textile
382    Gasco                        Chile        Oil, gas
383    Coteminas                    Brazil       Textile
384    Ripasa                       Brazil       Paper, pulp
385    Sofasa Renault               Colombia     Autos
386    Aluar                        Argentina    Aluminum
387    MRS Logistica                Brazil       Logistics
388    Celpe                        Brazil       Electricity
389    CCNI                         Chile        Logistics
390    Net Brasil                   Brazil       Telecom
391    Minas Penoles (4)            Mexico       Mining
392    Backus & Johnston            Peru         Beverage
393    Grupo Industrial Maseca      Mexico       Food
394    Consorcio Ara                Mexico       Construction
395    Biper                        Mexico       Telecom
396    Lojas Colombo                Brazil       Retail
397    Rio Grande Energia           Brazil       Electricity
398    Grupo Simec                  Mexico       Steel
399    Coelce                       Brazil       Electricity
400    Emcali                       Colombia     Holding
401    UTE                          Uruguay      Electricity
402    Petroflex                    Brazil       Chemical
403    Grupo Herdez                 Mexico       Food
404    Grupo lusacell               Mexico       Telecom
405    Farmacias Benavides          Mexico       Retail
406    CTI Movil (3)                Argentina    Telecom
407    Coimex                       Brazil       Retail
408    Cerrejon Zona Norte          Colombia     Mining
409    Desarrolladora Homex         Mexico       Construction
410    AES Sul                      Brazil       Electricity
411    Unilever de Argentina        Argentina    Consumer
412    BHP Billiton Metais          Brazil       Metallurgy
413    C.Vale                       Brazil       Agriculture
414    Grendene                     Brazil       Textile
415    Solvay Indupa                Argentina    Chemical
416    Movistar                     Argentina    Telecom
417    Copasa                       Brazil       Water
418    Rhodia-Ster                  Brazil       Chemical
419    Elecmetal                    Chile        Steel
420    Sao Paulo Alpargatas         Brazil       Textile
421    Duratex                      Brazil       Manufac.
422    CFLCL                        Brazil       Electricity
423    Grupo Embotelladoras
         Unidas                     Mexico       Beverage
424    Bompreco Bahia               Brazil       Retail
425    Novartis Biociencias         Brazil       Drugs
426    Cementos Bio Bio             Chile        Cement
427    Celular CRT                  Brazil       Telecom
428    Celulose Nipo-Brasileira     Brazil       Paper, pulp
429    Alestra                      Mexico       Telecom
430    Telemig Celular              Brazil       Telecom
431    Guararapes                   Brazil       Textile
432    Grupo Camesa                 Mexico       Steel
433    Renault Argentina            Brazil       Autos
434    Colanta                      Colombia     Food
435    Postobon                     Colombia     Beverage
436    Emgesa                       Colombia     Electricity
437    Grupo Collado                Mexico       Steel
438    Politeno                     Brazil       Chemical
439    CMPC Tissue                  Chile        Paper
440    TIM Nordeste Telecom.        Brazil       Telecom
441    Minera Loma de Niquel (1)    Venezuela    Mining
442    Empresas lansa               Chile        Agriculture
443    Iochpe-Maxion                Brazil       Manufac.
444    Transmissao Paulista         Brazil       Electricity
445    SanCor                       Argentina    Food
446    Copamex                      Mexico       Paper
447    Desc Alimentos (4)           Mexico       Food
448    Const. e Com. Camargo
         Correa                     Brazil       Construction
449    Grupo Posadas                Mexico       Hospitality
450    Vips                         Mexico       Food
451    Masisa                       Chile        Forestry
452    Iansagro                     Chile        Agriculture
453    Santista Textil              Brazil       Textile
454    Patagonia                    Argentina    Retail
455    Sanepar                      Brazil       Water
456    Cemat                        Brazil       Electricity
457    Colbun                       Chile        Electricity
458    Celpa                        Brazil       Electricity
459    Operadora Unefon             Mexico       Telecom
460    Alkosto                      Colombia     Retail
461    Minsur                       Peru         Mining
462    Jugos del Valle              Mexico       Beverage
463    Dixie Toga                   Brazil       Paper, pulp
464    Sendas                       Brazil       Retail
465    EAAB                         Colombia     Water
466    Edenor                       Argentina    Electricity
467    AES Tiete                    Brazil       Electricity
468    Edesur                       Argentina    Electricity
469    Americel                     Brazil       Electronics
470    CEG                          Brazil       Oil, gas
471    Fertibras                    Brazil       Agriculture
472    CAFAM                        Colombia     Services
473    Grupo Cementos Chihuahua     Mexico       Cement
474    Lojas Renner                 Brazil       Retail
475    Magnesita                    Brazil       Mining
476    America Latina Logistica     Brazil       Logistics
477    Watts                        Chile        Food
478    Cervejarias Kaiser Brasil    Brazil       Beverage
479    Gradiente                    Brazil       Electronics
480    Forestal Mininco             Chile        Forestry
481    Grupo Gloria                 Peru         Holding
482    Internacional de Ceramica    Mexico       Ceramics
483    ISA Interconexion
         Electrica                  Colombia     Electricity
484    Petroleos Manguinhos         Brazil       Oil, gas
485    Carnes Minerva               Brazil       Food
486    Holcim (1)                   Brazil       Cement
487    Luz del Sur                  Peru         Electricity
488    Edelnor                      Peru         Electricity
489    Imsalum (4)                  Mexico       Aluminum
490    Aguas Andinas                Chile        Water
491    Concha y Toro                Chile        Beverage
492    Tenaris Confab               Brazil       Steel
493    Transp. de Gas del Sur       Argentina    Oil, gas
494    Cristalerias de Chile        Chile        Beverage
495    Corp. Moctezuma              Mexico       Cement
496    La Polar                     Chile        Retail
497    Grupo Lamosa                 Mexico       Manufac.
498    Alsea                        Mexico       Food
499    Soprole                      Chile        Food
500    Porcelanite                  Mexico       Ceramics

                                           NET SALES

                                           2004   % change
RANK  COMPANY                      US$ millions    '04/'03

  1   Petroleos Mexicanos              69,383.1       18.5
  2   Petroleos de Venezuela (1)       58,000.0       26.1
  3   Pemex Exploracion y
        Produccion                     50,313.6       26.0
  4   Petrobras                        40,763.1       23.0
  5   Pemex Refinacion                 30,776.8        6.7
  6   Pemex Gas y Petroquimica         16,433.8       23.3
  7   Comision Federal de
        Electricidad                   14,644.2       17.7
  8   Wal-Mart de Mexico               12,597.9       17.4
  9   Telmex                           12,449.2       19.7
 10   America Movil                    12,085.5       58.0
 11   Petrobras Distribuidora          10,557.7       24.3
 12   General Motors                   10,498.3       -0.6
 13   CVRD                             10,376.8       54.2
 14   DaimlerChrysler (1)               9,221.4       10.0
 15   FEMSA                             8,426.9       24.3
 16   Codelco                           8,203.7      116.9
 17   Cemex                             8,142.4       12.5
 18   Bunge Brasil                      8,085.3       36.8
 19   Odebrecht (1)                     7,980.0       33.0
 20   Eletrobras                        7,501.8       11.9
 21   Gerdau                            7,382.9       59.6
 22   Ipiranga Distribuidora            7,200.0       22.2
 23   Grupo Votorantim                  6,954.4       27.7
 24   Organizacion Techint (1)          6,760.0       30.0
 25   Repsol YPF                        6,665.9       -6.8
 26   Telcel (3)                        6,351.7       28.3
 27   Grupo Carso                       6,253.3       24.0
 28   Ipiranga Petroquimica             6,121.3       23.5
 29   Tele Norte Leste                  5,968.1       23.1
 30   Telemar                           5,882.3       24.2
 31   Copec                             5,718.9       27.3
 32   Volkswagen Mexico                 5,542.6      -10.9
 33   Ecopetrol                         5,438.6       13.0
 34   Hewlett-Packard Mexico (1)        5,350.0       26.9
 35   Bunge Alimentos                   5,343.1       35.6
 36   Volkswagen do Brasil              5,283.0       33.9
 37   Grupo Alfa Mexico                 5,274.6       26.7
 38   Shell Brazil                      5,126.8       29.2
 39   Delphi Corporation (1)            5,125.0       19.5
 40   Grupo Salinas (1)                 5,091.1       34.7
 41   Telesp                            5,013.8       22.7
 42   Vivo (1)                          4,958.4       26.0
 43   Enersis                           4,863.4       22.6
 44   Nissan Mexicana (1)               4,826.9       11.0
 45   Cia. Brasileira de
        Distribuicao                    4,733.7       26.6
 46   ENAP                              4,728.3       18.3
 47   GE Mexico                         4,661.3       12.1
 48   Grupo Industrial Bimbo            4,623.1       11.3
 49   Usiminas                          4,607.4       53.7
 50   Braskem                           4,593.1       30.9
 51   AmBev                             4,523.4       50.5
 52   U.S. Commercial                   4,511.2       20.7
 53   Carrefour (6)                     4,500.4       12.2
 54   IBM (1)                           4,390.0        5.2
 55   Grupo Mexico                      4,358.6       77.4
 56   ENAP Refinerias                   4,177.9       19.2
 57   Coca-Cola FEMSA                   4,170.5       29.3
 58   Tenaris                           4,136.1       30.1
 59   Petroecuador                      4,105.2       22.3
 60   Grupo Modelo                      4,019.4       11.6
 61   Ford Motor Company                3,994.2        9.1
 62   Cargill (1)                       3,980.0       34.5
 63   Embraer                           3,854.4       69.5
 64   Gerdau Acominas                   3,832.2      318.3
 65   Organizacion Soriana              3,773.2       20.7
 66   Bodega Aurrera                    3,768.9       22.5
 67   CSN                               3,691.8       52.9
 68   Sam's Club                        3,611.0       14.9
 69   Esso Brasileira de
        Petreleo (1)                    3,600.0       18.2
 70   Texaco Brasil (1)                 3,528.3       18.3
 71   Cargill (1)                       3,450.0       20.0
 72   Brasil Telecom                    3,415.0       24.7
 73   Wal-Mart Supercenter              3,405.2       16.9
 74   Comercial Mexicana                3,371.4        8.3
 75   Varig                             3,337.2       21.3
 76   Grupo Imsa                        3,325.2       41.9
 77   Grupo Cintra                      3,233.2       20.1
 78   Minera Escondida                  3,149.8       97.5
 79   DaimlerChrysler (2)               3,018.9
 80   General Motors do Brasil          2,987.0       28.3
 81   Arcelor (1)                       2,923.1       94.0
 82   Cemex Mexico (3)                  2,920.0       11.1
 83   Cia. Luz y Fuerza del
        Centro                          2,913.5       13.4
 84   Falabella                         2,885.3       60.9
 85   Alpek                             2,849.3       24.9
 86   Grupo Gigante                     2,845.2        2.8
 87   AES ELPA                          2,812.7       25.2
 88   Eletropaulo Metropolitana         2,799.3       25.2
 89   Fiat Automoveis (1)               2,781.9       32.7
 90   Bunge Fertilizantes               2,780.7       40.9
 91   Telesp Celular                    2,765.6       32.1
 92   Embratel                          2,762.5       13.3
 93   Ford Motor (1)                    2,751.5       36.2
 94   PepsiCo Mexicana                  2,724.0        3.1
 95   Cemig                             2,690.2       38.2
 96   Sudamericana de Vapores           2,687.8       25.7
 97   Grupo Televisa                    2,629.2       25.4
 98   Petroleos del Peru                2,628.8       24.3
 99   Puerto de Liverpool               2,600.2       22.8
100   DyS                               2,586.1       31.9
101   IBM (1)                           2,584.0       25.4
102   Nestle                            2,565.5       12.8
103   Correios e Telegrafos             2,537.9       30.7
104   CPFL Energia                      2,537.8       21.0
105   Belgo Mineira                     2,520.7       92.7
106   Cencosud                          2,476.5       59.4
107   Grupo Condumex                    2,444.8       26.1
108   Sadia                             2,403.3       31.2
109   Hylsamex                          2,400.1       68.8
110   Cia. Paulista Forca e Luz         2,378.3       19.0
111   Bunge Argentina (1)               2,350.0       30.6
112   Grupo Elektra                     2,349.8       27.1
113   Vitro                             2,348.2        5.8
114   Nestle                            2,332.7       25.4
115   Petrobras Energia                 2,332.4       25.7
116   Empresas Polar (5)                2,331.0       30.9
117   AGIP do Brasil (1)                2,320.0       18.5
118   Wal-Mart Brasil (1)               2,301.9       25.5
119   Itaipu Binacional                 2,265.2        3.7
120   Extra Hipermercados               2,262.7       25.9
121   Gruma                             2,241.6       13.7
122   FEMSA Cerveza (4)                 2,239.5        3.4
123   Siemens (5)                       2,238.5       38.9
124   Construtora Norberto
        Odebrecht                       2,171.6       39.2
125   Pemex Petroquimica                2,169.5       36.6
126   Grupo Villacero (1)               2,150.0       46.9
127   CANTV                             2,138.9        7.2
128   Desc                              2,137.7       10.4
129   LAN                               2,094.4       27.6
130   Procter & Gamble de
        Mexico (1)                      2,093.3        5.7
131   Arauco                            2,075.1       42.3
132   Copesul                           2,049.5       40.1
133   Oxxo (FEMSA Comercio) (4)         2,048.3       24.8
134   IMSA Acero (4)                    2,042.9       48.6
135   Brasmotor                         1,995.3       33.5
136   Grupo Sanborns                    1,993.3       17.4
137   Claro (3)                         1,980.4       91.9
138   Copersucar (1)                    1,980.0       50.0
139   Grupo Xignux                      1,953.5       34.0
140   Multibras                         1,944.4       32.5
141   Hylsa                             1,937.9       77.8
142   Empresas CMPC                     1,934.6       15.5
143   Cosipa                            1,927.1       58.2
144   Cia. Siderurgica Tubarao          1,919.9       48.7
145   Antofagasta                       1,908.7       95.2
146   Controladora Mabe (1)             1,865.0       13.9
147   Refineria La Pampilla             1,855.3       23.8
148   Endesa                            1,854.0       19.5
149   Grupo Casa Saba                   1,844.9        6.1
150   Perdigao                          1,839.7       39.0
151   Altos Hornos de Mexico            1,833.9       62.7
152   Flextronics
        Manufacturing (1)               1,830.0       14.0
153   Ultrapar                          1,802.4       30.2
154   Carrefour (6)                     1,795.2        6.4
155   Kimberly Clark de Mexico          1,775.8       16.7
156   Casas Bahia (1)                   1,758.5       11.9
157   Southern Peru Copper
        Corp.                           1,748.8      115.7
158   Furnas Centrais Eletricas         1,741.2        8.0
159   Votorantim Cimentos               1,735.8       30.6
160   Nokia do Brasil                   1,730.0       11.6
161   TenarisSiderca (1)                1,715.0       14.9
162   TAM                               1,703.0       37.0
163   BASF                              1,685.7       43.8
164   Sabesp                            1,656.5       16.4
165   Sonae                             1,652.8       28.0
166   Grupo Aeromexico                  1,650.3       20.2
167   ExxonMobil de Colombia            1,639.1       31.0
168   LG Electronics Mexico (1)         1,625.0       13.9
169   Grupo Lala (1)                    1,620.0        7.7
170   Suzano                            1,601.3       25.0
171   Peqiven (1)                       1,591.3       26.0
172   Coinbra (1)                       1,560.0       17.9
173   Neoenergia                        1,540.3       28.0
174   Light                             1,538.8       17.6
175   Intel (1)                         1,520.0       10.8
176   Mittal Steel Lazaro
        Cardenas                        1,509.0       73.1
177   Telecom Argentina                 1,503.0       18.5
178   Grupo Mexicana de
        Aviacion                        1,497.7       27.9
179   Industrias Penoles                1,485.6       29.8
180   COPEL                             1,479.0       42.9
181   Dona Ines de Collahuasi           1,455.3      100.0
182   Aceitera General Deheza           1,450.0       16.0
183   Coamo Agroindustrial
        Coop.                           1,427.9       34.9
184   Cencosud Supermercados            1,427.2       75.6
185   TV Globo                          1,423.7       38.2
186   Refinaria Ipiranga                1,411.6       14.4
187   Almacenes Coppel                  1,405.1       31.3
188   Siemens Mexico                    1,390.0       25.7
189   Minera Mexico                     1,380.8       76.7
190   Industrias Unidas                 1,376.7       40.5
191   Corporativo Unilever (1)          1,370.0        4.9
192   Robert Bosch                      1,358.5       57.0
193   Los Pelambres (4)                 1,338.5      109.5
194   Almacenes Exito                   1,315.3       16.2
195   Souza Cruz                        1,311.0       16.7
196   Grupo Comercial
        Chedraui (1)                    1,305.7        5.7
197   Metales Penoles (4)               1,299.6       22.5
198   CHESF                             1,287.9       20.8
199   Aracruz                           1,285.1       21.1
200   EE.PP.M                           1,283.7       29.7
201   Votorantim Celulose e
        Papel                           1,282.0       26.6
202   CGE                               1,276.2       19.0
203   Aeropuertos y Servicios           1,273.7       34.4
204   Grupo Sigma                       1,268.8       23.0
205   Telefonica CTC Chile              1,261.9       -7.9
206   Pao de Acucar                     1,251.0        5.2
207   Minera Yanacocha                  1,249.9       20.6
208   Arca Embotelladora                1,243.7        0.3
209   Entel                             1,243.2        1.1
210   Grupo Corvi                       1,237.1       -1.7
211   Siderar                           1,226.1       32.9
212   Shell CAPSA                       1,225.0       17.8
213   Acesita                           1,203.4       47.5
214   Bachoco Industrias                1,192.8       24.7
215   Sidor (1)                         1,182.9       25.0
216   Makro Atacadista                  1,175.8       30.7
217   Empresas ICA                      1,174.8       40.2
218   Atacadao (1)                      1,173.3       11.9
219   VBC Energia                       1,169.7       15.3
220   Shell (1)                         1,155.0        6.0
221   Organizacion Sahuayo (1)          1,150.0       -1.7
222   CNH (1)                           1,145.3       14.1
223   Versax                            1,130.0       15.2
224   Cigatam Philip Morris             1,121.2        8.3
225   Ultragaz (3)                      1,120.0       23.4
226   Deacero                           1,114.4       62.7
227   Recope                            1,106.7       19.9
228   Vitro Vidrio Piano                1,100.0       -0.2
229   Caemi                             1,093.2       36.6
230   Fasa                              1,087.4        2.3
231   Esso Petrolera
        Argentina (1)                   1,080.0        3.3
232   Canal de Panama                   1,063.5       15.5
233   Telefonica del Peru               1,057.9        6.6
234   Sodimac                           1,053.0       12.1
235   Klabin                            1,028.3        0.0
236   Telefonica de Argentina           1,019.1        9.7
237   Tenedora Nemak                    1,009.7       21.9
238   Petroquimica Uniao                1,009.5       36.7
239   ANCAP                             1,000.7       54.5
240   Caiua                               998.7       27.3
241   Celesc                              996.3       34.6
242   Suzano Bahia Sul                    994.6       16.0
243   Telefonica Moviles
        Mexico (3)                        994.3       45.8
244   Molinos Rio de la Plata             986.2       18.9
245   Coelba                              982.9       26.3
246   Molymet                             974.9      185.7
247   Sears Roebuck                       967.1       10.5
248   TIM                                 966.2      156.6
249   Panamco Mexico                      966.1        0.4
250   DuPont Mexico                       965.7        7.4
251   CVG Edelca                          962.6       -8.7
252   Grupo Schincariol (4)               960.4       59.5
253   Globex                              957.9       27.9
254   Holcim Apasco (1)                   957.8        3.8
255   Volvo do Brasil (1)                 951.2       58.9
256   ADM do Brasil (1)                   945.0       35.4
257   Transpetro (1)                      940.0       23.2
258   Imsatec (4)                         939.9       17.1
259   Vitro Envases                       932.0        3.4
260   Paranapanema                        931.3       58.7
261   Tractebel                           930.5       46.8
262   Arcor                               929.1       18.4
263   Agrosuper                           911.0       30.1
264   MBR                                 903.1       43.4
265   Bavaria                             902.6       16.3
266   Cia. Nacional de
        Chocolates                        898.3       26.9
267   Sanborn Hermanos                    896.4        7.8
268   Grupo Continental                   895.0        1.1
269   Colombia Telecom.                   879.7      203.7
270   Renault do Brasil                   875.5       42.9
271   Enami                               871.9       44.9
272   Chilectra                           867.2       20.5
273   SHV Gas Brasil                      863.8       14.0
274   BP Exploration Company              863.3       18.0
275   Lojas Americanas                    858.2       27.9
276   Seara Alimentos                     848.1       29.2
277   CERJ                                846.4       27.8
278   Fosfertil                           846.1       30.4
279   SaludCoop EPS                       838.5       82.2
280   Comgas                              837.8       24.4
281   Cia. Brasileira de
        Aluminio                          836.2       46.4
282   Tele Centroeste Celular             832.7       22.8
283   Weg                                 830.2       41.6
284   Desc Quimico (4)                    827.7       12.4
285   Unipar                              821.4       52.8
286   Cementos Argos                      811.7       78.6
287   Comcel (7)                          810.7       59.0
288   ChevronTexaco Petroleum             808.7       20.1
289   Cencosud Internacional              801.8       43.1
290   Embraco                             799.4       15.1
291   SQM                                 789.1       13.9
292   Carrefour (6)                       787.3        3.0
293   CVG Venalum (1)                     784.5       20.7
294   Grupo Industrial Saltillo           784.3       25.4
295   Desc Automotriz (4)                 782.7        6.9
296   Almacenes Paris                     778.3       18.4
297   Nextel de Mexico                    775.9       34.1
298   Elektro                             770.8       24.7
299   CompreBem                           760.5       14.4
300   El Palacio de Hierro                760.0       16.4
301   Cia. Cervecerias Unidas             755.2       16.6
302   Minera Alumbrera (1)                750.0       31.6
303   TV Azteca                           746.2       15.2
304   Embotelladora Andina                742.8       13.9
305   General Motors Colmotores           741.6       58.8
306   Industrias CH                       739.1       78.3
307   Superama                            737.8       12.0
308   Drummond                            733.5       50.8
309   Tele Sudeste Celular                726.0       10.8
310   Cap                                 725.6       36.7
311   Corporativo Fragua                  723.6       17.0
312   Avipal                              722.8       10.7
313   CESP                                722.2       20.7
314   Codensa                             719.7       41.5
315   Avianca                             716.1       27.4
316   Cerromatoso                         714.7       63.0
317   Acindar                             708.8       55.7
318   Corporacion Geo                     704.6       24.8
319   Corporacion Durango                 704.3       16.4
320   AES Gener                           701.6       14.8
321   AGCO do Brasil (2)                  700.0       16.7
322   CIE                                 698.4       17.4
323   Bandeirante Energia                 690.7       19.2
324   CMPC Celulosa                       689.0        6.2
325   Empresas Navieras                   688.9       22.7
326   Polibrasil Resinas                  682.8       50.4
327   Avon                                676.7        1.1
328   Altas Casas Pernambucanas           672.1       40.8
329   Gol                                 670.9       38.4
330   Caraiba Metais                      669.5       65.5
331   Natura                              666.7       44.9
332   Ferrocarril Mexicano                665.4       15.6
333   Electricidad de Caracas             655.1       -1.3
334   ETB                                 655.1       13.9
335   Organizacion Carulla
        Vivero                            654.3       16.2
336   Terranova                           651.5       34.9
337   CPFL Piratininga                    650.6       13.6
338   Escelsa                             649.9       24.0
339   Acos Villares                       646.3       13.4
340   Carbones del Cerrejon               639.2       78.7
341   Cydsa                               638.8       23.5
342   Samarco Mineracao                   629.1       27.8
343   Oxiteno (3)                         627.4       46.5
344   CEEE                                626.1       20.3
345   Olimpica                            623.4       26.7
346   Globo Comunicacoes                  621.1       30.9
347   Suburbia                            619.6       11.9
348   La Fonte Telecom                    618.9       13.2
349   Cedae                               617.7       13.9
350   Randon                              616.4       56.4
351   Isapre Banmedica                    616.1       19.8
352   Suzano Petroquimica                 606.6       43.3
353   Marcopolo                           604.8       35.6
354   Pfizer (2)                          603.8       45.4
355   San Luis Corporacion                603.0       27.0
356   Alunorte                            601.5       40.7
357   Infraero                            592.9       20.0
358   Vicunha Textil                      592.4       21.3
359   Bertin (1)                          592.0       36.7
360   Urbi Desarrollos Urbanos            589.7       26.6
361   Nacobre                             585.1       23.8
362   Adubos Trevo                        583.7       48.2
363   Madeco                              581.8       45.2
364   Supermercados La Favorita           580.2       10.2
365   Scania (1)                          577.6       64.8
366   Alicorp                             573.2       17.4
367   Empresas Carozzi                    571.5       19.6
368   Mahle Metal Leve                    569.7       38.3
369   CMPC Papeles                        568.6       11.3
370   Grupo Itautec Philco                566.0       28.2
371   Cemex Venezuela                     565.3        9.1
372   Telefonica Moviles de
        Colombia                          564.9       41.5
373   CELG                                562.5       40.4
374   Belgo Bekaert                       560.5       53.8
375   Carrefour                           559.4       52.2
376   Cia. Siderurgica
        Huachipato                        559.2       48.4
377   Tupy                                552.8       43.6
378   Cia. de Concessoes
        Rodaviarias                       551.2       39.8
379   TIM Sul                             545.6       94.0
380   Cosan (1)                           545.0       17.0
381   Wembley                             536.5       38.3
382   Gasco                               535.7       16.2
383   Coteminas                           535.7       38.4
384   Ripasa                              535.6       21.7
385   Sofasa Renault                      534.7       72.9
386   Aluar                               528.5       15.1
387   MRS Logistica                       527.0       25.2
388   Celpe                               526.6       28.3
389   CCNI                                525.8       30.0
390   Net Brasil                          524.7       21.7
391   Minas Penoles (4)                   523.9       23.5
392   Backus & Johnston                   519.5       -7.1
393   Grupo Industrial Maseca             519.0       12.1
394   Consorcio Ara                       518.2       20.7
395   Biper                               511.8      140.7
396   Lojas Colombo                       511.3       37.0
397   Rio Grande Energia                  511.0       26.3
398   Grupo Simec                         509.7      105.6
399   Coelce                              502.7       41.0
400   Emcali                              499.5       23.9
401   UTE                                 495.9       12.9
402   Petroflex                           492.0       30.2
403   Grupo Herdez                        488.8        7.7
404   Grupo lusacell                      487.1       15.5
405   Farmacias Benavides                 483.9       11.4
406   CTI Movil (3)                       481.3      102.4
407   Coimex                              480.3       61.3
408   Cerrejon Zona Norte                 478.6       72.3
409   Desarrolladora Homex                476.5       93.5
410   AES Sul                             464.3       19.5
411   Unilever de Argentina               462.9       18.8
412   BHP Billiton Metais                 459.2       62.6
413   C.Vale                              458.9       19.7
414   Grendene                            456.5       24.3
415   Solvay Indupa                       455.0       31.5
416   Movistar                            453.0       32.6
417   Copasa                              450.7       17.4
418   Rhodia-Ster                         449.9       32.0
419   Elecmetal                           449.6       24.2
420   Sao Paulo Alpargatas                448.6       23.5
421   Duratex                             447.6       30.7
422   CFLCL                               447.0       29.5
423   Grupo Embotelladoras
        Unidas                            446.5       40.1
424   Bompreco Bahia                      443.7       15.9
425   Novartis Biociencias                443.4       27.1
426   Cementos Bio Bio                    442.8       80.5
427   Celular CRT                         442.4       23.8
428   Celulose Nipo-Brasileira            438.4       19.3
429   Alestra                             436.6      -16.2
430   Telemig Celular                     434.8       14.5
431   Guararapes                          434.6       29.5
432   Grupo Camesa                        431.5       51.1
433   Renault Argentina                   427.1       47.5
434   Colanta                             427.0       33.3
435   Postobon                            426.1       29.1
436   Emgesa                              424.2       30.5
437   Grupo Collado                       423.9       60.3
438   Politeno                            421.7       29.1
439   CMPC Tissue                         420.7       10.7
440   TIM Nordeste Telecom.               420.6      254.9
441   Minera Loma de Niquel (1)           415.4      181.0
442   Empresas lansa                      415.0       -2.2
443   Iochpe-Maxion                       413.9       77.0
444   Transmissao Paulista                413.7       41.2
445   SanCor                              410.2       32.8
446   Copamex                             410.0        4.4
447   Desc Alimentos (4)                  409.5       12.6
448   Const. e Com. Camargo
        Correa                            405.7       14.9
449   Grupo Posadas                       402.4       14.6
450   Vips                                401.3       11.1
451   Masisa                              397.6       40.9
452   Iansagro                            396.9        1.9
453   Santista Textil                     390.3       22.5
454   Patagonia                           390.2       21.3
455   Sanepar                             388.7       17.0
456   Cemat                               388.2       35.9
457   Colbun                              388.0       29.9
458   Celpa                               386.3       27.8
459   Operadora Unefon                    385.2       11.2
460   Alkosto                             381.2       24.8
461   Minsur                              380.3      113.5
462   Jugos del Valle                     377.6        1.1
463   Dixie Toga                          377.5       35.6
464   Sendas                              376.7
465   EAAB                                373.5       20.8
466   Edenor                              370.3       16.2
467   AES Tiete                           369.5       37.1
468   Edesur                              369.2       18.8
469   Americel                            367.2      117.5
470   CEG                                 366.5       40.4
471   Fertibras                           365.9       27.7
472   CAFAM                               362.0       18.8
473   Grupo Cementos Chihuahua            359.4       13.8
474   Lojas Renner                        359.3       26.0
475   Magnesita                           358.2       28.6
476   America Latina Logistica            357.0       35.7
477   Watts                               355.2       16.9
478   Cervejarias Kaiser Brasil           354.7       11.4
479   Gradiente                           354.4      135.6
480   Forestal Mininco                    354.4        5.7
481   Grupo Gloria                        353.0       23.8
482   Internacional de Ceramica           352.9       16.4
483   ISA Interconexion
        Electrica                         349.6       32.7
484   Petroleos Manguinhos                349.0        8.5
485   Carnes Minerva                      348.6       60.6
486   Holcim (1)                          345.6       10.7
487   Luz del Sur                         345.1        8.8
488   Edelnor                             344.1       14.5
489   Imsalum (4)                         342.3       18.9
490   Aguas Andinas                       338.7       19.3
491   Concha y Toro                       337.9       30.7
492   Tenaris Confab                      334.4       -2.9
493   Transp. de Gas del Sur              332.5       10.2
494   Cristalerias de Chile               329.7       15.0
495   Corp. Moctezuma                     329.6       19.1
496   La Polar                            324.6       40.5
497   Grupo Lamosa                        323.3       15.8
498   Alsea                               321.9       32.5
499   Soprole                             318.5       11.8
500   Porcelanite                         317.3        4.3

                                           NET INCOME

                                           2004   % change
RANK  COMPANY                      US$ millions    '04/'03

  1   Petroleos Mexicanos              -2,286.7       39.9
  2   Petroleos de Venezuela (1)
  3   Pemex Exploracion y
        Produccion                     -1,226.0   -1,266.9
  4   Petrobras                         6,728.7        9.2
  5   Pemex Refinacion                 -1,978.5       41.6
  6   Pemex Gas y Petroquimica          1,045.0       46.0
  7   Comision Federal de
        Electricidad                     -745.7      -39.1
  8   Wal-Mart de Mexico                  702.4       44.6
  9   Telmex                            2,466.2       23.4
 10   America Movil                     1,481.1       10.7
 11   Petrobras Distribuidora             239.2       35.8
 12   General Motors
 13   CVRD                              2,433.5       55.9
 14   DaimlerChrysler (1)
 15   FEMSA                               523.0       87.2
 16   Codelco                           1,134.2    1,171.1
 17   Cemex                             1,306.1      105.6
 18   Bunge Brasil                        317.7        0.1
 19   Odebrecht (1)
 20   Eletrobras                          487.2      335.8
 21   Gerdau                            1,066.7      171.0
 22   Ipiranga Distribuidora               52.0       53.4
 23   Grupo Votorantim                  1,562.0       30.4
 24   Organizacion Techint (1)
 25   Repsol YPF                        1,630.8        4.3
 26   Telcel (3)                        2,746.1       29.9
 27   Grupo Carso                         601.6      243.4
 28   Ipiranga Petroquimica               119.8      133.1
 29   Tele Norte Leste                    282.9      284.4
 30   Telemar                             345.5       31.2
 31   Copec                               765.2       36.3
 32   Volkswagen Mexico                   -89.5     -185.6
 33   Ecopetrol                           882.7       54.3
 34   Hewlett-Packard Mexico (1)
 35   Bunge Alimentos                     132.9      -33.3
 36   Volkswagen do Brasil
 37   Grupo Alfa Mexico                   390.2      348.0
 38   Shell Brazil                          7.5      103.5
 39   Delphi Corporation (1)
 40   Grupo Salinas (1)
 41   Telesp                              821.7       49.5
 42   Vivo (1)                             16.5      -56.7
 43   Enersis                              79.5      278.6
 44   Nissan Mexicana (1)
 45   Cia. Brasileira de
        Distribuicao                      139.3       78.4
 46   ENAP                                116.9      -23.0
 47   GE Mexico
 48   Grupo Industrial Bimbo              230.4      161.5
 49   Usiminas                          1,137.3      151.6
 50   Braskem                             260.3      249.4
 51   AmBev                               437.6      -10.4
 52   U.S. Commercial                      -4.6     -110.9
 53   Carrefour (6)
 54   IBM (1)
 55   Grupo Mexico                        684.5      446.8
 56   ENAP Refinerias                     123.9      -38.1
 57   Coca-Cola FEMSA                     484.7      132.6
 58   Tenaris                             784.7      273.1
 59   Petroecuador                      2,041.0       26.2
 60   Grupo Modelo                        554.5       29.3
 61   Ford Motor Company
 62   Cargill (1)
 63   Embraer                             473.1      132.6
 64   Gerdau Acominas                     937.2      218.7
 65   Organizacion Soriana                235.2       62.7
 66   Bodega Aurrera
 67   CSN                                 746.6      109.2
 68   Sam's Club
 69   Esso Brasileira de
        Petreleo (1)
 70   Texaco Brasil (1)
 71   Cargill (1)
 72   Brasil Telecom                       95.0       89.2
 73   Wal-Mart Supercenter
 74   Comercial Mexicana                  154.1       67.7
 75   Varig                               -32.8       94.8
 76   Grupo Imsa                          263.1      290.9
 77   Grupo Cintra                         51.4      127.2
 78   Minera Escondida                  1,726.0      226.2
 79   DaimlerChrysler (2)
 80   General Motors do Brasil
 81   Arcelor (1)
 82   Cemex Mexico (3)                  1,264.0        8.4
 83   Cia. Luz y Fuerza del
        Centro                            -77.9       44.0
 84   Falabella                           225.3       35.7
 85   Alpek                                45.7      126.0
 86   Grupo Gigante                        35.3       25.6
 87   AES ELPA                            -21.5       68.8
 88   Eletropaulo Metropolitana             2.1      -93.0
 89   Fiat Automoveis (1)
 90   Bunge Fertilizantes                 182.5       35.0
 91   Telesp Celular                     -184.7       16.7
 92   Embratel                           -127.8     -265.1
 93   Ford Motor (1)
 94   PepsiCo Mexicana
 95   Cemig                               521.7       25.9
 96   Sudamericana de Vapores             207.3      186.3
 97   Grupo Televisa                      387.2       21.0
 98   Petroleos del Peru                   55.7    1,353.3
 99   Puerto de Liverpool                 223.7       36.2
100   DyS                                   9.5      -72.9
101   IBM (1)
102   Nestle
103   Correios e Telegrafos               119.6       19.9
104   CPFL Energia                        105.1      202.1
105   Belgo Mineira                       391.6       65.8
106   Cencosud                             90.1       21.0
107   Grupo Condumex                      184.1      625.4
108   Sadia                               165.3        6.9
109   Hylsamex                            554.6      846.6
110   Cia. Paulista Forca e Luz           121.7      962.3
111   Bunge Argentina (1)
112   Grupo Elektra                       167.8       65.0
113   Vitro                               -24.0       52.4
114   Nestle
115   Petrobras Energia                   233.1       77.8
116   Empresas Polar (5)
117   AGIP do Brasil (1)
118   Wal-Mart Brasil (1)
119   Itaipu Binacional                  -552.7       -3.1
120   Extra Hipermercados
121   Gruma                                82.8       96.2
122   FEMSA Cerveza (4)                   425.5        5.8
123   Siemens (5)                          77.1       27.5
124   Construtora Norberto
        Odebrecht                         113.6      101.5
125   Pemex Petroquimica               -1,104.5       19.3
126   Grupo Villacero (1)
127   CANTV                               159.7      758.6
128   Desc                                -17.6       91.2
129   LAN                                 163.7       95.6
130   Procter & Gamble de
        Mexico (1)
131   Arauco                              590.4       44.3
132   Copesul                             206.0      254.6
133   Oxxo (FEMSA Comercio) (4)            81.7       23.8
134   IMSA Acero (4)                      400.2       88.5
135   Brasmotor                             2.8      -73.1
136   Grupo Sanborns                      211.6       56.9
137   Claro (3)                             6.8      -96.8
138   Copersucar (1)
139   Grupo Xignux                        107.1    1,331.0
140   Multibras                             2.7      -87.4
141   Hylsa                               443.5    1,121.9
142   Empresas CMPC                       301.8       43.6
143   Cosipa                              363.2      307.2
144   Cia. Siderurgica Tubarao            611.9       94.2
145   Antofagasta                         558.3      209.0
146   Controladora Mabe (1)
147   Refineria La Pampilla                 0.1      -98.2
148   Endesa                              150.4       14.1
149   Grupo Casa Saba                      58.2       13.5
150   Perdigao                            111.4      160.3
151   Altos Hornos de Mexico              327.8      310.3
152   Flextronics
        Manufacturing (1)
153   Ultrapar                            156.1       83.0
154   Carrefour (6)
155   Kimberly Clark de Mexico            262.2       39.2
156   Casas Bahia (1)
157   Southern Peru Copper
        Corp.                             685.4      332.7
158   Furnas Centrais Eletricas           240.3      -37.9
159   Votorantim Cimentos
160   Nokia do Brasil
161   TenarisSiderca (1)
162   TAM                                 128.5      113.5
163   BASF                                166.3    1,022.0
164   Sabesp                              193.3      -33.0
165   Sonae
166   Grupo Aeromexico                     42.8      148.0
167   ExxonMobil de Colombia               18.4       52.8
168   LG Electronics Mexico (1)
169   Grupo Lala (1)
170   Suzano                              109.5       73.3
171   Peqiven (1)                         286.5       87.1
172   Coinbra (1)
173   Neoenergia                          115.0      655.6
174   Light                               -36.8       78.2
175   Intel (1)
176   Mittal Steel Lazaro
        Cardenas
177   Telecom Argentina                  -222.7     -287.8
178   Grupo Mexicana de
        Aviacion                            9.8      109.7
179   Industrias Penoles                   93.6      788.2
180   COPEL                               141.0      138.2
181   Dona Ines de Collahuasi             643.0      263.7
182   Aceitera General Deheza
183   Coamo Agroindustrial
        Coop.                              95.1       10.4
184   Cencosud Supermercados               52.8      161.1
185   TV Globo                             42.6        1.8
186   Refinaria Ipiranga                   81.3      119.7
187   Almacenes Coppel                    153.6       43.8
188   Siemens Mexico                       31.1       83.3
189   Minera Mexico                       385.1    1,194.4
190   Industrias Unidas                    30.7      413.8
191   Corporativo Unilever (1)
192   Robert Bosch
193   Los Pelambres (4)                   964.8      207.9
194   Almacenes Exito                      23.5       19.9
195   Souza Cruz                          275.8        3.6
196   Grupo Comercial
        Chedraui (1)
197   Metales Penoles (4)                  25.3      -60.5
198   CHESF                               315.8       11.7
199   Aracruz                             402.5       33.6
200   EE.PP.M                             309.8       52.5
201   Votorantim Celulose e
        Papel                             297.5        0.8
202   CGE                                  94.6       34.8
203   Aeropuertos y Servicios              35.6      -14.3
204   Grupo Sigma                          91.0       18.6
205   Telefonica CTC Chile                559.5    3,171.9
206   Pao de Acucar
207   Minera Yanacocha                    390.3       21.8
208   Arca Embotelladora                  165.8       85.3
209   Entel                                85.0      -15.9
210   Grupo Corvi                          12.8       77.8
211   Siderar                             449.5      215.2
212   Shell CAPSA                         -81.4     -341.1
213   Acesita                             255.9      227.7
214   Bachoco Industrias                   63.0       32.4
215   Sidor (1)
216   Makro Atacadista                     33.6       11.6
217   Empresas ICA                          8.3      108.9
218   Atacadao (1)
219   VBC Energia                          98.0      228.8
220   Shell (1)
221   Organizacion Sahuayo (1)
222   CNH (1)
223   Versax                               60.3       98.0
224   Cigatam Philip Morris                43.4       21.0
225   Ultragaz (3)                        101.5       40.8
226   Deacero                             170.2      523.1
227   Recope                               58.2      135.1
228   Vitro Vidrio Piano
229   Caemi                               228.6       49.4
230   Fasa                                  6.7       97.1
231   Esso Petrolera
        Argentina (1)
232   Canal de Panama                     380.3       47.5
233   Telefonica del Peru                  15.6      147.6
234   Sodimac                              39.5      151.0
235   Klabin                              171.6      -50.5
236   Telefonica de Argentina              -2.7     -102.0
237   Tenedora Nemak                       58.9      153.9
238   Petroquimica Uniao                   70.3      173.5
239   ANCAP                                49.2      148.5
240   Caiua                               -75.1      -14.6
241   Celesc                               75.7       30.1
242   Suzano Bahia Sul                    227.2       11.9
243   Telefonica Moviles
        Mexico (3)                       -197.4      -43.8
244   Molinos Rio de la Plata               7.1    2,266.7
245   Coelba                              129.4      127.4
246   Molymet                              35.0       78.6
247   Sears Roebuck                       115.0       42.3
248   TIM                                 100.2      139.7
249   Panamco Mexico                       34.9      123.1
250   DuPont Mexico
251   CVG Edelca                          203.2       11.4
252   Grupo Schincariol (4)                31.3       39.2
253   Globex                               19.6    1,533.3
254   Holcim Apasco (1)
255   Volvo do Brasil (1)
256   ADM do Brasil (1)
257   Transpetro (1)                      104.3      -19.8
258   Imsatec (4)                         143.4        4.8
259   Vitro Envases
260   Paranapanema                         46.2      175.9
261   Tractebel                           292.0       63.1
262   Arcor                                33.5       17.1
263   Agrosuper
264   MBR                                 249.5       36.8
265   Bavaria                              41.0      -57.3
266   Cia. Nacional de
        Chocolates                         48.0    1,162.7
267   Sanborn Hermanos                     80.1       45.1
268   Grupo Continental                    96.9       -4.2
269   Colombia Telecom.                    20.1    1,227.1
270   Renault do Brasil                  -107.3       45.6
271   Enami                                13.0      177.8
272   Chilectra                           138.8       59.9
273   SHV Gas Brasil
274   BP Exploration Company              218.9       76.8
275   Lojas Americanas                     24.2      -39.7
276   Seara Alimentos                      35.0       16.7
277   CERJ                                 12.5      147.9
278   Fosfertil                           170.1       50.3
279   SaludCoop EPS                         9.2      127.5
280   Comgas                               91.1      154.5
281   Cia. Brasileira de
        Aluminio                          270.3      106.3
282   Tele Centroeste Celular             191.0       19.1
283   Weg                                 151.7       42.4
284   Desc Quimico (4)                     28.2       48.4
285   Unipar                               76.9      119.7
286   Cementos Argos                       69.3       18.9
287   Comcel (7)                           55.8      -10.4
288   ChevronTexaco Petroleum              55.4       68.1
289   Cencosud Internacional               14.9      -77.8
290   Embraco                              11.0      -62.7
291   SQM                                  74.3       58.8
292   Carrefour (6)
293   CVG Venalum (1)                      43.7       13.0
294   Grupo Industrial Saltillo            39.0      112.0
295   Desc Automotriz (4)                  25.7       21.2
296   Almacenes Paris                       0.2      -99.2
297   Nextel de Mexico                    323.8       50.4
298   Elektro                              97.9      -20.9
299   CompreBem
300   El Palacio de Hierro                 67.2       65.5
301   Cia. Cervecerias Unidas              81.5      -10.6
302   Minera Alumbrera (1)
303   TV Azteca                           138.5       -1.3
304   Embotelladora Andina                 72.1      171.1
305   General Motors Colmotores            22.1       80.6
306   Industrias CH                       168.9      131.7
307   Superama
308   Drummond                             79.7       61.3
309   Tele Sudeste Celular                 35.0      -35.3
310   Cap                                 124.9      491.9
311   Corporativo Fragua                   31.8       52.2
312   Avipal                               15.6      116.7
313   CESP                                 12.8      -94.1
314   Codensa                              97.3       82.7
315   Avianca                             127.5      214.4
316   Cerromatoso                         249.3       77.5
317   Acindar                             182.5      -10.0
318   Corporacion Geo                      72.0       56.9
319   Corporacion Durango                 -13.0       95.6
320   AES Gener                            70.8      -21.8
321   AGCO do Brasil (2)
322   CIE                                   4.8      -86.0
323   Bandeirante Energia                  48.9       43.4
324   CMPC Celulosa                       139.2        0.3
325   Empresas Navieras                    22.3      519.4
326   Polibrasil Resinas                   52.1      156.7
327   Avon
328   Altas Casas Pernambucanas            19.2       39.0
329   Gol                                  98.5      151.9
330   Caraiba Metais                       37.2       69.9
331   Natura                              113.1      411.8
332   Ferrocarril Mexicano                 87.4       45.9
333   Electricidad de Caracas              -2.4     -105.0
334   ETB                                  77.0       50.1
335   Organizacion Carulla
        Vivero                              4.5       18.4
336   Terranova                            56.8      383.6
337   CPFL Piratininga                     35.1       -6.9
338   Escelsa                              58.9       -3.8
339   Acos Villares                        90.0       71.4
340   Carbones del Cerrejon               161.3      312.4
341   Cydsa                               -85.9      -23.6
342   Samarco Mineracao                   260.0       72.3
343   Oxiteno (3)                         158.9       88.8
344   CEEE                                  0.6      101.2
345   Olimpica                              7.7       47.7
346   Globo Comunicacoes                  108.2      558.1
347   Suburbia
348   La Fonte Telecom                     -0.4       96.8
349   Cedae                               -43.8       74.5
350   Randon                               47.0       93.4
351   Isapre Banmedica                     33.6       59.2
352   Suzano Petroquimica                  41.1    5,771.4
353   Marcopolo                            32.0       14.3
354   Pfizer (2)
355   San Luis Corporacion                 -5.5     -405.6
356   Alunorte                            157.4       44.1
357   Infraero                             99.9        1.0
358   Vicunha Textil                        4.5      -42.3
359   Bertin (1)
360   Urbi Desarrollos Urbanos             98.9       81.5
361   Nacobre                              13.2      138.0
362   Adubos Trevo                         36.4       27.3
363   Madeco                               15.3      154.3
364   Supermercados La Favorita            36.2       17.9
365   Scania (1)
366   Alicorp                              30.9      143.3
367   Empresas Carozzi                     18.3       40.8
368   Mahle Metal Leve                     68.0       11.7
369   CMPC Papeles                        103.2       41.0
370   Grupo Itautec Philco                  8.5      136.1
371   Cemex Venezuela                     108.4      367.2
372   Telefonica Moviles de
        Colombia                           74.6      399.0
373   CELG                                 29.2      -72.6
374   Belgo Bekaert                        90.0       69.0
375   Carrefour                            11.5      198.8
376   Cia. Siderurgica
        Huachipato                        119.1      170.2
377   Tupy                                  5.6       80.6
378   Cia. de Concessoes
        Rodaviarias                        99.1       56.6
379   TIM Sul                              75.0       36.1
380   Cosan (1)                            11.0      -90.7
381   Wembley                              27.4       21.2
382   Gasco                                50.0       40.8
383   Coteminas                            66.2       14.3
384   Ripasa                               29.4      -31.8
385   Sofasa Renault                       15.4      -71.0
386   Aluar                               117.7       31.7
387   MRS Logistica                        83.9      -31.1
388   Celpe                                28.9      -14.7
389   CCNI                                 17.2      292.7
390   Net Brasil                          -17.1       81.6
391   Minas Penoles (4)                   222.3       58.7
392   Backus & Johnston                    88.4       59.3
393   Grupo Industrial Maseca              36.4       30.9
394   Consorcio Ara                        90.5       42.7
395   Biper                              -104.3       21.6
396   Lojas Colombo                         8.3       14.2
397   Rio Grande Energia                   11.6      244.5
398   Grupo Simec                         126.1      383.1
399   Coelce                               13.8      -56.3
400   Emcali                               43.5      125.7
401   UTE                                  69.5      -44.0
402   Petroflex                            37.0       76.2
403   Grupo Herdez                         -1.2     -123.5
404   Grupo lusacell                     -178.4       57.4
405   Farmacias Benavides                  11.8       63.9
406   CTI Movil (3)                         1.7      -97.8
407   Coimex                               14.0      338.4
408   Cerrejon Zona Norte                 127.8      290.0
409   Desarrolladora Homex                 63.4      131.4
410   AES Sul                             -49.5     -149.6
411   Unilever de Argentina                23.7      681.0
412   BHP Billiton Metais                 125.3       56.1
413   C.Vale                                6.8       15.5
414   Grendene                             25.5      -63.7
415   Solvay Indupa                        34.3    1,272.0
416   Movistar                            -31.7     -167.6
417   Copasa                               95.5      193.2
418   Rhodia-Ster                          23.9      -18.7
419   Elecmetal                            31.4      823.5
420   Sao Paulo Alpargatas                 35.3       27.0
421   Duratex                              47.2      112.6
422   CFLCL                                -7.0     -218.6
423   Grupo Embotelladoras
        Unidas                             18.2       35.8
424   Bompreco Bahia                        0.8      106.5
425   Novartis Biociencias                  3.0      190.8
426   Cementos Bio Bio                     43.7       29.3
427   Celular CRT                          68.6        4.7
428   Celulose Nipo-Brasileira            100.7      -12.1
429   Alestra                              -7.6     -108.8
430   Telemig Celular                      60.1       17.2
431   Guararapes                           45.8      184.5
432   Grupo Camesa                         20.4       82.1
433   Renault Argentina                   -16.1       77.2
434   Colanta                               1.7      -75.5
435   Postobon                             37.8       18.5
436   Emgesa                              101.9       45.9
437   Grupo Collado                        30.0       62.2
438   Politeno                             36.1       57.6
439   CMPC Tissue                          15.4      -46.9
440   TIM Nordeste Telecom.                69.6      314.3
441   Minera Loma de Niquel (1)
442   Empresas lansa                      -19.7      -23.8
443   Iochpe-Maxion                        19.1    1,182.4
444   Transmissao Paulista                131.4       70.6
445   SanCor
446   Copamex                              49.7      742.4
447   Desc Alimentos (4)                   35.8      208.8
448   Const. e Com. Camargo
        Correa                             91.3      282.5
449   Grupo Posadas                        25.8      108.1
450   Vips
451   Masisa                               41.6      333.3
452   Iansagro                            -36.7     -317.0
453   Santista Textil                      13.2      -14.3
454   Patagonia                             8.0      207.7
455   Sanepar                              79.2      -12.0
456   Cemat                                 7.9      145.0
457   Colbun                              138.5      -11.8
458   Celpa                               -47.0     -332.7
459   Operadora Unefon                     67.2      166.9
460   Alkosto                               6.9       47.5
461   Minsur                              174.1      149.8
462   Jugos del Valle                      -2.1       93.1
463   Dixie Toga                           16.2       32.8
464   Sendas
465   EAAB                                 50.4      155.6
466   Edenor                              -30.1     -142.3
467   AES Tiete                           109.8       62.4
468   Edesur                               -9.5      -63.8
469   Americel                            -77.3     -455.9
470   CEG                                  27.8        7.8
471   Fertibras                            30.6       29.7
472   CAFAM                                 3.3      188.7
473   Grupo Cementos Chihuahua             70.3       10.5
474   Lojas Renner                         19.8        1.0
475   Magnesita                            40.5       31.9
476   America Latina Logistica             56.7    1,520.0
477   Watts                                17.2      173.0
478   Cervejarias Kaiser Brasil
479   Gradiente                            -7.6       87.9
480   Forestal Mininco                     20.3
481   Grupo Gloria                         34.4        9.6
482   Internacional de Ceramica            16.2      458.6
483   ISA Interconexion
        Electrica                          56.4       92.5
484   Petroleos Manguinhos                  7.1       31.5
485   Carnes Minerva                        2.8      -53.4
486   Holcim (1)
487   Luz del Sur                          50.0       -1.8
488   Edelnor                              20.2      -24.3
489   Imsalum (4)                          60.4        2.0
490   Aguas Andinas                       112.2       11.5
491   Concha y Toro                        40.7       30.0
492   Tenaris Confab                        6.6       -7.0
493   Transp. de Gas del Sur               49.5      -48.8
494   Cristalerias de Chile                44.6      313.0
495   Corp. Moctezuma                     106.7        9.1
496   La Polar                             24.7       73.9
497   Grupo Lamosa                         38.9      116.1
498   Alsea                                13.4       24.1
499   Soprole                              18.0       47.1
500   Porcelanite                          31.8      -46.1

                                           TOTAL ASSETS

                                           2004   % change
RANK  COMPANY                      US$ millions    '04/'03

  1   Petroleos Mexicanos              85,189.3        7.6
  2   Petroleos de Venezuela (1)
  3   Pemex Exploracion y
        Produccion                     65,207.4       12.5
  4   Petrobras                        55,393.0       17.5
  5   Pemex Refinacion                 24,636.3       27.9
  6   Pemex Gas y Petroquimica          9,180.0       16.0
  7   Comision Federal de
        Electricidad                   56,595.1        5.4
  8   Wal-Mart de Mexico                6,446.1       10.3
  9   Telmex                           22,719.3       37.4
 10   America Movil                    17,455.6       30.8
 11   Petrobras Distribuidora           2,926.7       44.2
 12   General Motors
 13   CVRD                             16,377.4       27.6
 14   DaimlerChrysler (1)
 15   FEMSA                            10,823.5       14.6
 16   Codelco                           8,833.4        9.2
 17   Cemex                            17,366.1        7.3
 18   Bunge Brasil                      4,844.6       25.1
 19   Odebrecht (1)
 20   Eletrobras                       44,857.2        9.1
 21   Gerdau                            7,031.3       42.6
 22   Ipiranga Distribuidora            1,176.9       17.0
 23   Grupo Votorantim                 25,773.9       30.9
 24   Organizacion Techint (1)
 25   Repsol YPF                       10,341.8       -8.1
 26   Telcel (3)
 27   Grupo Carso                       6,837.2       16.5
 28   Ipiranga Petroquimica               948.9       16.7
 29   Tele Norte Leste                 11,043.0        9.6
 30   Telemar                           9,372.4        7.0
 31   Copec                             8,345.8       13.9
 32   Volkswagen Mexico                 4,534.9       21.3
 33   Ecopetrol                        11,714.0       24.3
 34   Hewlett-Packard Mexico (1)
 35   Bunge Alimentos                   2,509.6       15.3
 36   Volkswagen do Brasil
 37   Grupo Alfa Mexico                 8,109.0       13.0
 38   Shell Brazil                      2,417.0        5.4
 39   Delphi Corporation (1)
 40   Grupo Salinas (1)
 41   Telesp                            7,064.4        1.4
 42   Vivo (1)
 43   Enersis                          18,864.5        4.2
 44   Nissan Mexicana (1)
 45   Cia. Brasileira de
        Distribuicao                    3,926.6       26.9
 46   ENAP                              2,969.9       15.3
 47   GE Mexico
 48   Grupo Industrial Bimbo            3,040.9        7.2
 49   Usiminas                          6,397.5       18.7
 50   Braskem                           5,610.6       16.8
 51   AmBev                            12,438.4      142.3
 52   U.S. Commercial                   1,643.1        2.3
 53   Carrefour (6)
 54   IBM (1)
 55   Grupo Mexico                      9,454.2       15.7
 56   ENAP Refinerias                   1,632.0       31.5
 57   Coca-Cola FEMSA                   6,015.2        6.6
 58   Tenaris                           5,662.3       31.4
 59   Petroecuador                      3,223.8        6.1
 60   Grupo Modelo                      6,589.1       15.6
 61   Ford Motor Company                1,484.1       12.1
 62   Cargill (1)
 63   Embraer                           5,343.9       20.3
 64   Gerdau Acominas                   3,630.0       38.3
 65   Organizacion Soriana              2,798.6       20.8
 66   Bodega Aurrera
 67   CSN                               9,307.1       19.4
 68   Sam's Club
 69   Esso Brasileira de
        Petreleo (1)
 70   Texaco Brasil (1)
 71   Cargill (1)
 72   Brasil Telecom                    7,053.2       24.9
 73   Wal-Mart Supercenter
 74   Comercial Mexicana                2,577.4       12.6
 75   Varig                             1,140.6       16.3
 76   Grupo Imsa                        3,152.3        3.4
 77   Grupo Cintra                      1,793.6        0.0
 78   Minera Escondida                  4,350.6       17.0
 79   DaimlerChrysler (2)
 80   General Motors do Brasil
 81   Arcelor (1)
 82   Cemex Mexico (3)                  5,779.0       16.4
 83   Cia. Luz y Fuerza del
        Centro                          8,445.2       12.4
 84   Falabella                         3,625.9       28.1
 85   Alpek                             2,629.4        2.4
 86   Grupo Gigante                     1,999.5        0.6
 87   AES ELPA                          4,730.6        7.4
 88   Eletropaulo Metropolitana         4,304.3        7.7
 89   Fiat Automoveis (1)
 90   Bunge Fertilizantes               2,328.9       26.8
 91   Telesp Celular                    5,323.7       14.2
 92   Embratel                          4,247.6       -5.4
 93   Ford Motor (1)
 94   PepsiCo Mexicana                    878.0        1.0
 95   Cemig                             6,322.4       21.6
 96   Sudamericana de Vapores           1,610.0       25.8
 97   Grupo Televisa                    6,626.6       15.0
 98   Petroleos del Peru                  696.0       14.0
 99   Puerto de Liverpool               2,857.5       25.7
100   DyS                               1,867.8       31.1
101   IBM (1)
102   Nestle
103   Correios e Telegrafos             1,933.1       25.5
104   CPFL Energia                      4,753.7       14.0
105   Belgo Mineira                     3,041.9       40.0
106   Cencosud                          2,800.5       49.9
107   Grupo Condumex
108   Sadia                             2,157.1       13.6
109   Hylsamex                          3,058.3       15.0
110   Cia. Paulista Forca e Luz         3,307.4       -1.8
111   Bunge Argentina (1)
112   Grupo Elektra                     3,421.6       60.7
113   Vitro                             2,801.1        2.1
114   Nestle
115   Petrobras Energia                 5,559.2        1.9
116   Empresas Polar (5)
117   AGIP do Brasil (1)
118   Wal-Mart Brasil (1)
119   Itaipu Binacional                20,195.6        2.7
120   Extra Hipermercados
121   Gruma                             2,261.0       13.0
122   FEMSA Cerveza (4)                 3,862.9       20.6
123   Siemens (5)
124   Construtora Norberto
        Odebrecht                       2,052.9       25.8
125   Pemex Petroquimica                4,156.7       34.8
126   Grupo Villacero (1)
127   CANTV                             3,442.5       -3.1
128   Desc                              2,359.0       -0.9
129   LAN                               1,830.5       12.3
130   Procter & Gamble de
        Mexico (1)
131   Arauco                            6,296.2        8.8
132   Copesul                             831.7      -21.5
133   Oxxo (FEMSA Comercio) (4)           742.6       28.3
134   IMSA Acero (4)
135   Brasmotor                         1,730.0       23.7
136   Grupo Sanborns                    2,332.0       15.3
137   Claro (3)
138   Copersucar (1)
139   Grupo Xignux                      1,397.8        4.1
140   Multibras                         1,689.4       23.4
141   Hylsa                             2,495.1       12.1
142   Empresas CMPC                     5,541.7       17.0
143   Cosipa                            2,751.0       13.8
144   Cia. Siderurgica Tubarao          3,816.6       14.9
145   Antofagasta                       1,901.0        0.0
146   Controladora Mabe (1)
147   Refineria La Pampilla               580.4       24.8
148   Endesa                            9,547.0        3.6
149   Grupo Casa Saba                     818.6       11.2
150   Perdigao                            951.2       -1.1
151   Altos Hornos de Mexico            3,244.0       11.5
152   Flextronics
        Manufacturing (1)
153   Ultrapar                            971.5       19.3
154   Carrefour (6)
155   Kimberly Clark de Mexico          2,268.9        4.8
156   Casas Bahia (1)
157   Southern Peru Copper
        Corp.                           2,293.0       56.9
158   Furnas Centrais Eletricas         6,619.8        9.5
159   Votorantim Cimentos
160   Nokia do Brasil
161   TenarisSiderca (1)
162   TAM                                 826.0      -14.4
163   BASF                              1,112.7       11.0
164   Sabesp                            6,323.0       10.5
165   Sonae
166   Grupo Aeromexico
167   ExxonMobil de Colombia              431.5       26.5
168   LG Electronics Mexico (1)
169   Grupo Lala (1)
170   Suzano                            3,058.8       12.1
171   Peqiven (1)
172   Coinbra (1)
173   Neoenergia
174   Light                             3,055.4       13.2
175   Intel (1)
176   Mittal Steel Lazaro
        Cardenas
177   Telecom Argentina                 4,124.4       -0.8
178   Grupo Mexicana de
        Aviacion
179   Industrias Penoles                1,983.7       13.5
180   COPEL                             3,721.9       17.1
181   Dona Ines de Collahuasi           3,001.2       25.3
182   Aceitera General Deheza
183   Coamo Agroindustrial
        Coop.                             786.8       25.1
184   Cencosud Supermercados              644.3       22.0
185   TV Globo                          1,256.2       18.3
186   Refinaria Ipiranga                  981.9       11.8
187   Almacenes Coppel                  1,417.0       22.3
188   Siemens Mexico                      701.2       -5.1
189   Minera Mexico                     2,754.8        5.5
190   Industrias Unidas                 1,072.7       20.1
191   Corporativo Unilever (1)
192   Robert Bosch
193   Los Pelambres (4)                 1,123.4       -9.4
194   Almacenes Exito                   1,117.3       16.3
195   Souza Cruz                        1,259.4       16.0
196   Grupo Comercial
        Chedraui (1)
197   Metales Penoles (4)
198   CHESF                             7,006.4        8.4
199   Aracruz                           3,343.2       20.7
200   EE.PP.M                           5,606.7       25.5
201   Votorantim Celulose e
        Papel                           2,882.1        4.8
202   CGE                               2,954.1       11.1
203   Aeropuertos y Servicios             846.0        4.9
204   Grupo Sigma                       1,019.2       51.5
205   Telefonica CTC Chile              3,401.5      -19.2
206   Pao de Acucar
207   Minera Yanacocha                  1,207.7        5.4
208   Arca Embotelladora                1,211.1        8.4
209   Entel                             2,073.6       -0.2
210   Grupo Corvi                         373.5        3.4
211   Siderar                           1,236.0       28.4
212   Shell CAPSA                         897.1      -16.0
213   Acesita                           1,451.0       10.4
214   Bachoco Industrias                1,205.2        9.2
215   Sidor (1)
216   Makro Atacadista                    318.1       16.7
217   Empresas ICA                      1,860.3       33.2
218   Atacadao (1)
219   VBC Energia                       2,186.7       -1.1
220   Shell (1)
221   Organizacion Sahuayo (1)
222   CNH (1)
223   Versax                            1,139.6        1.5
224   Cigatam Philip Morris
225   Ultragaz (3)
226   Deacero                           1,267.8       35.2
227   Recope                              372.8        4.2
228   Vitro Vidrio Piano
229   Caemi                             1,334.6       42.7
230   Fasa                                508.6        8.0
231   Esso Petrolera
        Argentina (1)
232   Canal de Panama                   2,848.0       11.3
233   Telefonica del Peru               2,165.6       -0.9
234   Sodimac
235   Klabin                            1,645.6       24.3
236   Telefonica de Argentina           2,516.4      -10.4
237   Tenedora Nemak                    1,005.9        6.5
238   Petroquimica Uniao                  529.5       19.8
239   ANCAP                               730.3       16.2
240   Caiua                             2,213.7        9.7
241   Celesc                            1,174.6       13.6
242   Suzano Bahia Sul                  2,257.3        8.7
243   Telefonica Moviles
        Mexico (3)
244   Molinos Rio de la Plata             658.1        0.5
245   Coelba                            1,860.6        7.7
246   Molymet                             712.2      136.6
247   Sears Roebuck
248   TIM                               1,354.8      139.2
249   Panamco Mexico                      647.4        5.3
250   DuPont Mexico
251   CVG Edelca
252   Grupo Schincariol (4)
253   Globex                              646.0       24.8
254   Holcim Apasco (1)
255   Volvo do Brasil (1)
256   ADM do Brasil (1)
257   Transpetro (1)
258   Imsatec (4)
259   Vitro Envases
260   Paranapanema                        929.7       27.8
261   Tractebel                         2,337.7       10.1
262   Arcor                               730.3        6.7
263   Agrosuper
264   MBR
265   Bavaria                           4,073.3       16.3
266   Cia. Nacional de
        Chocolates                      1,141.1       40.0
267   Sanborn Hermanos
268   Grupo Continental                   897.3        4.6
269   Colombia Telecom.                 1,163.7       54.2
270   Renault do Brasil                   762.8       24.9
271   Enami                               847.2        6.5
272   Chilectra                         1,933.6        7.8
273   SHV Gas Brasil                      354.7       77.1
274   BP Exploration Company              738.0       -3.4
275   Lojas Americanas                    777.2       23.0
276   Seara Alimentos                     424.8        8.7
277   CERJ                              1,902.9       36.1
278   Fosfertil                           878.5       31.1
279   SaludCoop EPS                       329.8       56.7
280   Comgas                              845.7        8.8
281   Cia. Brasileira de
        Aluminio                        1,598.3        9.1
282   Tele Centroeste Celular           1,354.6       47.4
283   Weg                                 931.5       39.9
284   Desc Quimico (4)                    648.7       -0.2
285   Unipar                              852.6       30.9
286   Cementos Argos                    2,670.2       85.6
287   Comcel (7)                        1,507.4       41.7
288   ChevronTexaco Petroleum             328.2       52.9
289   Cencosud Internacional            1,354.6       58.4
290   Embraco                             872.3       18.0
291   SQM                               1,362.3       -0.2
292   Carrefour (6)
293   CVG Venalum (1)
294   Grupo Industrial Saltillo         1,093.8       13.8
295   Desc Automotriz (4)                 742.4       -0.7
296   Almacenes Paris                     880.8        9.4
297   Nextel de Mexico
298   Elektro                           1,299.9        8.0
299   CompreBem
300   El Palacio de Hierro              1,087.8       11.5
301   Cia. Cervecerias Unidas           1,063.3        9.4
302   Minera Alumbrera (1)
303   TV Azteca                         1,685.2      -11.1
304   Embotelladora Andina              1,040.8        5.4
305   General Motors Colmotores           320.7       49.4
306   Industrias CH                     1,227.4       32.4
307   Superama
308   Drummond                            498.6       60.2
309   Tele Sudeste Celular              1,092.2       11.8
310   Cap                               1,119.3       10.7
311   Corporativo Fragua                  356.2       22.1
312   Avipal                              483.9       -2.1
313   CESP                              7,498.7        9.5
314   Codensa                           2,215.9       27.9
315   Avianca                             439.9        4.9
316   Cerromatoso                       1,090.2       29.3
317   Acindar                             812.9       51.3
318   Corporacion Geo                     895.3       31.8
319   Corporacion Durango               1,392.7       -1.7
320   AES Gener                         2,601.1       -6.9
321   AGCO do Brasil (2)
322   CIE                               1,346.8       12.0
323   Bandeirante Energia                 916.5       13.8
324   CMPC Celulosa                     1,076.0
325   Empresas Navieras                   332.4       15.6
326   Polibrasil Resinas                  413.3        2.8
327   Avon
328   Altas Casas Pernambucanas           385.7       25.4
329   Gol                                 582.1      208.8
330   Caraiba Metais                      631.9       30.2
331   Natura                              382.9       52.9
332   Ferrocarril Mexicano              1,138.6        9.1
333   Electricidad de Caracas           2,570.8       -2.7
334   ETB                               1,727.8       16.8
335   Organizacion Carulla
        Vivero                            362.7       16.3
336   Terranova                         1,855.8        0.4
337   CPFL Piratininga                    666.6       22.1
338   Escelsa                           1,433.6       14.9
339   Acos Villares                       522.2        8.0
340   Carbones del Cerrejon               820.1       24.8
341   Cydsa                               836.1       -7.3
342   Samarco Mineracao                   765.3       16.8
343   Oxiteno (3)
344   CEEE                              1,247.4        5.7
345   Olimpica                            293.6       31.0
346   Globo Comunicacoes                2,948.5        6.6
347   Suburbia
348   La Fonte Telecom                  1,281.1        1.6
349   Cedae                             1,699.0       23.7
350   Randon                              365.7       46.9
351   Isapre Banmedica                    390.5       15.9
352   Suzano Petroquimica                 755.6       17.3
353   Marcopolo                           446.6       18.9
354   Pfizer (2)
355   San Luis Corporacion                695.7        2.2
356   Alunorte                          1,132.9       34.6
357   Infraero                            379.7       -0.4
358   Vicunha Textil                      600.9       11.8
359   Bertin (1)
360   Urbi Desarrollos Urbanos            895.2       33.3
361   Nacobre
362   Adubos Trevo                        254.2       60.3
363   Madeco                              615.6        3.2
364   Supermercados La Favorita           281.2       12.0
365   Scania (1)
366   Alicorp                             539.0        5.9
367   Empresas Carozzi                    558.8        6.6
368   Mahle Metal Leve                    371.7       23.7
369   CMPC Papeles                      1,216.3
370   Grupo Itautec Philco                357.6        5.1
371   Cemex Venezuela                   1,203.1        7.6
372   Telefonica Moviles de
        Colombia                        1,779.2       21.1
373   CELG                              1,137.3       22.0
374   Belgo Bekaert
375   Carrefour                           485.6       72.4
376   Cia. Siderurgica
        Huachipato                        776.8       11.6
377   Tupy                                589.5       17.2
378   Cia. de Concessoes
        Rodaviarias                     1,083.9       37.1
379   TIM Sul                             718.3       29.2
380   Cosan (1)
381   Wembley                             900.6       29.5
382   Gasco                             1,421.4       10.9
383   Coteminas                           851.3       29.8
384   Ripasa                              827.9       12.7
385   Sofasa Renault                      180.6       41.5
386   Aluar                               811.1       -4.9
387   MRS Logistica                       656.5       28.4
388   Celpe                             1,077.7       18.8
389   CCNI                                150.9       21.3
390   Net Brasil                          840.0       15.5
391   Minas Penoles (4)
392   Backus & Johnston                   844.8        1.3
393   Grupo Industrial Maseca             669.8        5.7
394   Consorcio Ara                       756.0       22.9
395   Biper                               846.7      -22.6
396   Lojas Colombo                       249.8       26.0
397   Rio Grande Energia                  857.6        9.0
398   Grupo Simec                         802.5       50.1
399   Coelce                              899.1        6.1
400   Emcali                            1,958.3       13.2
401   UTE                               2,666.0        7.6
402   Petroflex                           331.8       15.5
403   Grupo Herdez                        395.1       -2.2
404   Grupo lusacell                      984.2       -6.5
405   Farmacias Benavides                 226.2        9.1
406   CTI Movil (3)
407   Coimex                              261.3       25.7
408   Cerrejon Zona Norte                 484.2       12.2
409   Desarrolladora Homex                607.5      108.0
410   AES Sul                             866.8       -0.4
411   Unilever de Argentina               215.4       12.6
412   BHP Billiton Metais                 428.3       14.2
413   C.Vale                              255.1       15.6
414   Grendene                            395.6       23.9
415   Solvay Indupa                       493.7        2.2
416   Movistar                            678.2       -1.8
417   Copasa                            1,210.0       31.8
418   Rhodia-Ster                         482.8       19.2
419   Elecmetal                           976.0       15.8
420   Sao Paulo Alpargatas                393.0       25.3
421   Duratex                             682.6       18.2
422   CFLCL                             1,121.6       10.7
423   Grupo Embotelladoras
        Unidas                            420.3       74.4
424   Bompreco Bahia                      299.0        7.1
425   Novartis Biociencias                303.8       17.2
426   Cementos Bio Bio                    749.4       34.9
427   Celular CRT                         724.1       20.3
428   Celulose Nipo-Brasileira            597.4        5.1
429   Alestra                             694.1       -5.3
430   Telemig Celular                     801.1       36.1
431   Guararapes                          459.7       34.5
432   Grupo Camesa                        962.4      151.5
433   Renault Argentina                   403.3       19.7
434   Colanta                             160.7       29.8
435   Postobon                            875.0       21.1
436   Emgesa                            2,422.8       19.0
437   Grupo Collado                       362.3       71.8
438   Politeno                            242.2       30.4
439   CMPC Tissue                         797.7
440   TIM Nordeste Telecom.               638.6      263.7
441   Minera Loma de Niquel (1)
442   Empresas lansa                      533.7       -1.7
443   Iochpe-Maxion                       237.8       59.4
444   Transmissao Paulista              1,745.1       15.7
445   SanCor
446   Copamex                             772.9      -13.2
447   Desc Alimentos (4)                  365.4      -10.0
448   Const. e Com. Camargo
        Correa                            553.6      -20.2
449   Grupo Posadas                       966.6        6.5
450   Vips
451   Masisa                              889.5        2.5
452   Iansagro                            315.8       -4.8
453   Santista Textil                     386.6       11.6
454   Patagonia                           223.6       -1.7
455   Sanepar                           1,304.1       13.3
456   Cemat                               830.2       13.0
457   Colbun                            1,853.2       11.9
458   Celpa                               963.5       24.4
459   Operadora Unefon                    647.8        8.3
460   Alkosto                             149.8       34.3
461   Minsur                              713.9       58.0
462   Jugos del Valle                     239.1       -5.7
463   Dixie Toga                          302.1       15.0
464   Sendas
465   EAAB                              2,409.6       22.9
466   Edenor                            1,175.7        0.1
467   AES Tiete                           879.3       13.6
468   Edesur                            1,002.2       -2.9
469   Americel                            683.3       37.7
470   CEG                                 451.6       33.5
471   Fertibras                           305.4       24.6
472   CAFAM                               326.1       23.9
473   Grupo Cementos Chihuahua            863.0       -1.5
474   Lojas Renner                        279.7       25.9
475   Magnesita                           384.0       28.3
476   America Latina Logistica            809.7       59.4
477   Watts                               325.5       11.6
478   Cervejarias Kaiser Brasil
479   Gradiente                           189.7       55.9
480   Forestal Mininco
481   Grupo Gloria                        416.5       18.4
482   Internacional de Ceramica           392.8       28.7
483   ISA Interconexion
        Electrica                       1,861.3       19.8
484   Petroleos Manguinhos                135.7       16.1
485   Carnes Minerva                      185.7       33.8
486   Holcim (1)
487   Luz del Sur                         610.1       33.0
488   Edelnor                             679.3        9.3
489   Imsalum (4)
490   Aguas Andinas                     1,378.5       12.3
491   Concha y Toro                       463.4       25.8
492   Tenaris Confab                      457.2       18.1
493   Transp. de Gas del Sur            1,720.9       -6.6
494   Cristalerias de Chile               837.3       13.4
495   Corp. Moctezuma                     669.7       14.0
496   La Polar                            287.6       43.4
497   Grupo Lamosa                        441.4        7.8
498   Alsea                               191.5       25.9
499   Soprole                             225.0       10.6
500   Porcelanite

RANK  COMPANY                     EMPLOYEES  WEB SITE

  1   Petroleos Mexicanos           138,215  pemex.com
  2   Petroleos de Venezuela (1)             pdvsa.com
  3   Pemex Exploracion y
        Produccion                   47,300  pemex.com.mx
  4   Petrobras                      52,037  petrobras.com.br
  5   Pemex Refinacion               47,900  pemex.com.mx
  6   Pemex Gas y Petroquimica       12,000  pemex.com.mx
  7   Comision Federal de
        Electricidad                 81,250  cfe.gob.mx
  8   Wal-Mart de Mexico            112,294  walmartmexico.com.mx
  9   Telmex                         75,442  telmex.com.mx
 10   America Movil                  30,210  americamovil.com
 11   Petrobras Distribuidora         3,200  br.com.br
 12   General Motors                 11,250  gm.com.mx
 13   CVRD                           25,000  cvrd.com.br
 14   DaimlerChrysler (1)             6,948  daimlerchrysler.com.mx
 15   FEMSA                          87,653  femsa.com
 16   Codelco                        16,778  codelco.cl
 17   Cemex                          53,156  cemex.com
 18   Bunge Brasil                   10,439  bunge.com.br
 19   Odebrecht (1)                  36,000  odebrecht.com.br
 20   Eletrobras                             eletrobras.gov.br
 21   Gerdau                          9,000  gerdau.com.br
 22   Ipiranga Distribuidora          1,500  ipiranga.com.br
 23   Grupo Votorantim               28,000  vcp.com.br
 24   Organizacion Techint (1)       44,000  techintgroup.com
 25   Repsol YPF                      9,500  ypf.com.ar
 26   Telcel (3)                             telcel.com
 27   Grupo Carso                    79,484  gcarso.com.mx
 28   Ipiranga Petroquimica           1,500  ipiranga.com.br
 29   Tele Norte Leste               16,000  telemar.com.br
 30   Telemar                                telemar.com.br
 31   Copec                           8,500  copec.cl
 32   Volkswagen Mexico              13,500  vw.com.mx
 33   Ecopetrol                       6,720  ecopetrol.com.co
 34   Hewlett-Packard Mexico (1)             hp.com.mx
 35   Bunge Alimentos                 6,508  bunge.com.br
 36   Volkswagen do Brasil           23,000  volkswagen.com.br
 37   Grupo Alfa Mexico              36,000  alfa.com.mx
 38   Shell Brazil                    1,561  shell.com.br
 39   Delphi Corporation (1)         40,000  delphiauto.com.mx
 40   Grupo Salinas (1)              34,000  gruposalinas.com.mx
 41   Telesp                         10,500  telesp.com.br
 42   Vivo (1)                        6,700  vivo-sp.com.br
 43   Enersis                        10,300  enersis.cl
 44   Nissan Mexicana (1)             9,000  nissan.com.mx
 45   Cia. Brasileira de
        Distribuicao                 55,783  grupopaodeacucar.com.br
 46   ENAP                            3,067  enap.cl
 47   GE Mexico                      20,500  ge.com
 48   Grupo Industrial Bimbo         74,498  grupobimbo.com
 49   Usiminas                        8,000  usiminas.com.br
 50   Braskem                                braskem.com.br
 51   AmBev                          13,000  ambev.com.br
 52   U.S. Commercial                16,218  gcarso.com.mx
 53   Carrefour (6)                  45,900  carrefour.com.br
 54   IBM (1)                         4,500  ibm.com.mx
 55   Grupo Mexico                   21,109  gmexico.com
 56   ENAP Refinerias                 1,311  enap.cl
 57   Coca-Cola FEMSA                55,417  cocacola-femsa.com.mx
 58   Tenaris                        14,391  dst.com
 59   Petroecuador                    4,110  petroecuador.com.ec
 60   Grupo Modelo                   43,904  gmodelo.com.mx
 61   Ford Motor Company              4,367  ford.com.mx
 62   Cargill (1)                     6,500  cargill.com.br
 63   Embraer                         9,300  embraer.com.br
 64   Gerdau Acominas                        acominas.com.br
 65   Organizacion Soriana           43,629  soriana.com.mx
 66   Bodega Aurrera                 21,000  walmartmexico.com.mx
 67   CSN                             9,200  csn.com.br
 68   Sam's Club                     11,000  sams.com.mx
 69   Esso Brasileira de
        Petreleo (1)                  2,200  esso.com.br
 70   Texaco Brasil (1)                 980  texaco.com.br
 71   Cargill (1)                     1,800  cargill.com.ar
 72   Brasil Telecom                  8,000  brasiltelecom.com.br
 73   Wal-Mart Supercenter           13,500  walmartmexico.com.mx
 74   Comercial Mexicana             32,316  comerci.com.mx
 75   Varig                                  varig.com.br
 76   Grupo Imsa                     12,833  grupoimsa.com
 77   Grupo Cintra                   19,776  cintra.com.mx
 78   Minera Escondida                2,500  mineraescondida.cl
 79   DaimlerChrysler (2)            13,014  mercedes-benz.com.br
 80   General Motors do Brasil       14,500  chevrolet.com.br
 81   Arcelor (1)                    14,908  arcelor.com.br
 82   Cemex Mexico (3)                9,200  cemex.com.mx
 83   Cia. Luz y Fuerza del
        Centro                               lfc.gob.mx
 84   Falabella                      15,000  falabella.cl
 85   Alpek                           4,502  alfa.com.mx
 86   Grupo Gigante                  33,215  grupogigante.com.mx
 87   AES ELPA                        4,000  eletropaulo.com.br
 88   Eletropaulo Metropolitana              eletropaulo.com.br
 89   Fiat Automoveis (1)             7,334  fiat.com.br
 90   Bunge Fertilizantes             3,931  bunge.com.br
 91   Telesp Celular                         telespcelular.com.br
 92   Embratel                               embratel.com.br
 93   Ford Motor (1)                  6,500  ford.com.br
 94   PepsiCo Mexicana               64,000  pepsi.com.mx
 95   Cemig                                  cemig.com.br
 96   Sudamericana de Vapores                csav.cl
 97   Grupo Televisa                 14,583  televisa.com.mx
 98   Petroleos del Peru              1,695  petroperu.com
 99   Puerto de Liverpool            24,156  liverpool.com.mx
100   DyS                            17,000  dys.cl
101   IBM (1)                         9,500  ibm.com.br
102   Nestle                                 nestle.com.br
103   Correios e Telegrafos         107,836  correios.gov.br
104   CPFL Energia                           cpfl.com.br
105   Belgo Mineira                          belgomineira.com.br
106   Cencosud                               cencosud.cl
107   Grupo Condumex                 16,000  condumex.com.mx
108   Sadia                          40,000  sadia.com.br
109   Hylsamex                        7,347  hylsamex.com.mx
110   Cia. Paulista Forca e Luz              cpfl.com.br
111   Bunge Argentina (1)             1,000  bungeargentina.com
112   Grupo Elektra                  28,510  grupoelektra.com.mx
113   Vitro                          25,717  vitro.com.mx
114   Nestle                          4,995  nestle.com.mx
115   Petrobras Energia                      petrobrasenergia.com
116   Empresas Polar (5)             16,000  empresas-polar.com
117   AGIP do Brasil (1)              1,700  agip.com.br
118   Wal-Mart Brasil (1)            28,000  walmartbrasil.com.br
119   Itaipu Binacional                      itaipu.gov.py
120   Extra Hipermercados            22,220  extra.com.br
121   Gruma                          14,866  gruma.com
122   FEMSA Cerveza (4)              19,748  ccm.com.mx
123   Siemens (5)                     8,372  siemens.com.br
124   Construtora Norberto
        Odebrecht                    22,000  odebrecht.com
125   Pemex Petroquimica             14,900  pemex.com.mx
126   Grupo Villacero (1)             9,624  villacero.com
127   CANTV                          11,000  cantv.com.ve
128   Desc                           13,168  desc.com.mx
129   LAN                            11,000  lanchile.com
130   Procter & Gamble de
        Mexico (1)                    5,000  pg.com.mx
131   Arauco                          3,984  celarauco.cl
132   Copesul                         1,000  copesul.com.br
133   Oxxo (FEMSA Comercio) (4)       7,806  femsa.com
134   IMSA Acero (4)                         imsa.com.mx
135   Brasmotor                       5,500  brasmotor.com.br
136   Grupo Sanborns                 40,234  sanborns.com.mx
137   Claro (3)                              claro.com.br
138   Copersucar (1)                         copersucar.com.br
139   Grupo Xignux                   26,645  xignux.com
140   Multibras                              multibras.com.br
141   Hylsa                                  hylsa.com.mx
142   Empresas CMPC                   8,517  cmpc.cl
143   Cosipa                          6,000  cosipa.com.br
144   Cia. Siderurgica Tubarao               cst.com.br
145   Antofagasta                     1,954  antofagasta.co.uk
146   Controladora Mabe (1)          15,320  mabe.com.mx
147   Refineria La Pampilla                  repsolypf.com
148   Endesa                          1,700  endesa.cl
149   Grupo Casa Saba                 5,314  saba.com.mx
150   Perdigao                               perdigao.com.br
151   Altos Hornos de Mexico         16,937  ahmsa.com
152   Flextronics
        Manufacturing (1)             8,000  flextronics.com.mx
153   Ultrapar                        6,724  ultra.com.br
154   Carrefour (6)                          carrefour.com.ar
155   Kimberly Clark de Mexico        8,626  kimberly-clark.com.mx
156   Casas Bahia (1)                        casasbahia.com.br
157   Southern Peru Copper
        Corp.                                southemperu.com
158   Furnas Centrais Eletricas       3,700  furnas.com.br
159   Votorantim Cimentos             6,880  votorantim-cimentos.com.br
160   Nokia do Brasil                 2,800  nokia.com.br
161   TenarisSiderca (1)              3,500  siderca.com
162   TAM                             8,000  tam.com.br
163   BASF                            3,620  basf.com.br
164   Sabesp                         18,000  sabesp.com.br
165   Sonae                          23,199  sonae.com.br
166   Grupo Aeromexico                7,480  aeromexico.com
167   ExxonMobil de Colombia            510  exxon.com
168   LG Electronics Mexico (1)         545  lg.com.mx
169   Grupo Lala (1)                 19,600  lala.com.mx
170   Suzano
171   Peqiven (1)                     2,588  pdvsa.com
172   Coinbra (1)                            coinbra.com.br
173   Neoenergia                             guaraniana.com.br
174   Light                           5,000  light.com.br
175   Intel (1)                       1,750  intel.com
176   Mittal Steel Lazaro
        Cardenas                             mittalsteel.com
177   Telecom Argentina              13,944  telecom.com.ar
178   Grupo Mexicana de
        Aviacion                      7,051  mexicana.com.mx
179   Industrias Penoles              6,842  penoles.com.mx
180   COPEL                           6,293  copel.com.br
181   Dona Ines de Collahuasi           978  collahuasi.cl
182   Aceitera General Deheza         1,700  agd.com.ar
183   Coamo Agroindustrial
        Coop.                         4,136  coamo.com.br
184   Cencosud Supermercados         18,726  cencosud.cl
185   TV Globo                               redeglobo.com
186   Refinaria Ipiranga                     ipiranga.com.br
187   Almacenes Coppel               22,737  coppel.com.mx
188   Siemens Mexico                 11,218  siemens.com.mx
189   Minera Mexico                          grupomexico.com
190   Industrias Unidas                      grupo-iusa.com
191   Corporativo Unilever (1)        5,000  unilever.com
192   Robert Bosch                   11,631  bosch.com.br
193   Los Pelambres (4)               2,000  lospelambres.cl
194   Almacenes Exito                21,060  exito.com.co
195   Souza Cruz                             souzacruz.com.br
196   Grupo Comercial
        Chedraui (1)                 15,000  chedraui.com.mx
197   Metales Penoles (4)                    penoles.com.mx
198   CHESF                           5,625  chesf.gov.br
199   Aracruz                                aracruz.com.br
200   EE.PP.M                         5,983  eeppm.com
201   Votorantim Celulose e
        Papel                                vcp.com.br
202   CGE                                    cge.cl
203   Aeropuertos y Servicios                asa.gob.mx
204   Grupo Sigma                    19,463  sigma-alimentos.com
205   Telefonica CTC Chile                   ctc.cl
206   Pao de Acucar                  15,558  paodeacucar.com
207   Minera Yanacocha                2,256  yanacocha.com.pe
208   Arca Embotelladora             16,021  arsa.com.mx
209   Entel                                  entel.cl
210   Grupo Corvi                     5,419  grupocorvi.com.mx
211   Siderar                         4,700  siderar.com.ar
212   Shell CAPSA                     2,859  shell.com.ar
213   Acesita                                acesita.com.br
214   Bachoco Industrias             19,105  bachoco.com.mx
215   Sidor (1)                              sidor.com.ve
216   Makro Atacadista                4,493  makro.com.br
217   Empresas ICA                   10,925  ica.com.mx
218   Atacadao (1)                    7,000  atacadao.com.br
219   VBC Energia                            vbc.com.br
220   Shell (1)                              shell.cl
221   Organizacion Sahuayo (1)          820  sahuayoabarrotes.com.mx
222   CNH (1)                         2,800  cnh.com
223   Versax                          7,629  alfa.com.mx
224   Cigatam Philip Morris                  gcarso.com
225   Ultragaz (3)                    4,438  ultragaz.com.br
226   Deacero                         4,196  deacero.com
227   Recope                          1,688  recope.go.cr
228   Vitro Vidrio Piano                     vitro.com.mx
229   Caemi                           3,112  caemi.com.br
230   Fasa                                   fasa.cl
231   Esso Petrolera
        Argentina (1)                        esso.com
232   Canal de Panama                 9,048  acp.gob.pa
233   Telefonica del Peru                    telefonica.com.pe
234   Sodimac                        20,000  sodimac.cl
235   Klabin                                 klabin.com.br
236   Telefonica de Argentina                telefonica.com.ar
237   Tenedora Nemak                  6,099  nemak.com
238   Petroquimica Uniao                     pqu.com.br
239   ANCAP                                  ancap.com.uy
240   Caiua                                  caiua.com.br
241   Celesc                                 celesc.com.br
242   Suzano Bahia Sul                       suzano.com.br
243   Telefonica Moviles
        Mexico (3)                           telefonica.com.mx
244   Molinos Rio de la Plata                molinos.com.ar
245   Coelba                                 coelba.com.br
246   Molymet                                molymet.cl
247   Sears Roebuck                          sears.com.mx
248   TIM                                    timsul.com.br
249   Panamco Mexico                         panamco.com
250   DuPont Mexico                   1,500  dupont.com.mx
251   CVG Edelca                      3,792  edelca.com.ve
252   Grupo Schincariol (4)                  schincariol.com.br
253   Globex                                 pontofrio.com
254   Holcim Apasco (1)               3,533  apasco.com.mx
255   Volvo do Brasil (1)                    volvo.com.br
256   ADM do Brasil (1)               2,624  adm.com.br
257   Transpetro (1)                  4,096  transpetro.com.br
258   Imsatec (4)                            imsatec.com.mx
259   Vitro Envases                          vitro.com.mx
260   Paranapanema                           paranapanema.com.br
261   Tractebel                              tractebelenergia.com.br
262   Arcor                          13,000  arcor.com.ar
263   Agrosuper                      12,000  agrosuper.cl
264   MBR                                    mbr.com.br
265   Bavaria                         4,848  bavaria.com.co
266   Cia. Nacional de
        Chocolates                   15,407  chocolates.com.co
267   Sanborn Hermanos               22,440  sanborns.com.mx
268   Grupo Continental              13,649  contal.com
269   Colombia Telecom.               4,539  telecom.com.co
270   Renault do Brasil               2,500  renault.com.br
271   Enami                           1,997  enami.cl
272   Chilectra                         745  chilectra.cl
273   SHV Gas Brasil                  3,420  shvgas.com.br
274   BP Exploration Company            400  bp.com
275   Lojas Americanas                       americanas.com.br
276   Seara Alimentos                        seara.com.br
277   CERJ                                   cerj.com.br
278   Fosfertil                              ultrafertil.ind.br
279   SaludCoop EPS                  20,969  saludcoop.com.co
280   Comgas                                 comgas.com.br
281   Cia. Brasileira de
        Aluminio                      5,700  cba.ind.br
282   Tele Centroeste Celular                tco.net.br
283   Weg                                    weg.com.br
284   Desc Quimico (4)                       desc.com.mx
285   Unipar                                 unipar.com.br
286   Cementos Argos                  4,030  argos.com.co
287   Comcel (7)                             comcel.com
288   ChevronTexaco Petroleum           360  texaco.com.co
289   Cencosud Internacional         24,604  cencosud.cl
290   Embraco                                embraco.com.br
291   SQM                             3,418  sqm.cl
292   Carrefour (6)                   5,600  carrefour.com.mx
293   CVG Venalum (1)                        cvg.com
294   Grupo Industrial Saltillo      10,962  gis.com.mx
295   Desc Automotriz (4)                    desc.com.mx
296   Almacenes Paris                        almacenes-paris.cl
297   Nextel de Mexico                1,800  nextel.com.mx
298   Elektro                                elektro.com.br
299   CompreBem                       9,004  comprebem.com
300   El Palacio de Hierro            7,376  elpalaciodehierro.com.mx
301   Cia. Cervecerias Unidas                ccu.cl
302   Minera Alumbrera (1)            1,000  alumbrera.com.ar
303   TV Azteca                       2,532  tvazteca.com
304   Embotelladora Andina                   andina.cl
305   General Motors Colmotores       1,211  chevrolet.com.co
306   Industrias CH                   3,353  industriasch.com.mx
307   Superama                               superama.com.mx
308   Drummond                        2,250  drummondco.com
309   Tele Sudeste Celular                   telefonica.com.br
310   Cap                                    cap.cl
311   Corporativo Fragua              8,280  fragua.com.mx
312   Avipal                                 avipal.com.br
313   CESP                                   cesp.com.br
314   Codensa                           850  codensa.com.co
315   Avianca                         5,099  avianca.com.co
316   Cerromatoso                       942
317   Acindar                         4,000  acindar.com.ar
318   Corporacion Geo                 4,906  casasgeo.com
319   Corporacion Durango             7,492  gidusa.com.mx
320   AES Gener                              gener.cl
321   AGCO do Brasil (2)              3,000  agco.com.br
322   CIE                            12,582  cie-mexico.com.mx
323   Bandeirante Energia                    bandeirante.com.br
324   CMPC Celulosa                   1,224  cmpccelulosa.cl
325   Empresas Navieras                      naviera.cl
326   Polibrasil Resinas                489  polibrasil.com.br
327   Avon                                   avon.com.mx
328   Altas Casas Pernambucanas      12,799  pernambucanas.com.br
329   Gol                                    gol.com.br
330   Caraiba Metais                         caraiba.com.br
331   Natura                                 natura.net
332   Ferrocarril Mexicano            6,043  ferromex.com.mx
333   Electricidad de Caracas                edc-ven.com
334   ETB                             4,522  etb.com.co
335   Organizacion Carulla
        Vivero                       10,000  carullavivero.com
336   Terranova                              terranova.com
337   CPFL Piratininga                       piratininga.com.br
338   Escelsa                                escelsa.com.br
339   Acos Villares                          villares.com.br
340   Carbones del Cerrejon           3,900  cerrejoncoal.com
341   Cydsa                           4,431  cydsa.com
342   Samarco Mineracao               1,275  samarco.com.br
343   Oxiteno (3)                     1,121  oxiteno.com.br
344   CEEE                                   ceee.com.br
345   Olimpica                        3,912  olimpica.com.co
346   Globo Comunicacoes                     globo.com.br
347   Suburbia                               suburbia.com.mx
348   La Fonte Telecom
349   Cedae                           6,545  cedae.rj.com.br
350   Randon                                 randon.com.br
351   Isapre Banmedica                       isaprebanmedica.cl
352   Suzano Petroquimica
353   Marcopolo                              marcopolo.com.br
354   Pfizer (2)                      1,715  pfizer.com.br
355   San Luis Corporacion            5,700  sanluisrassini.com
356   Alunorte                          870  alunorte.net
357   Infraero                        9,500  infraero.gov.br
358   Vicunha Textil                         vicunha.com.br
359   Bertin (1)                             bertin.com.br
360   Urbi Desarrollos Urbanos        3,565  urbi.com.mx
361   Nacobre                         6,500  nacobre.com.mx
362   Adubos Trevo                           adubostrevo.com.br
363   Madeco                                 madeco.cl
364   Supermercados La Favorita       3,303  supermaxi.com
365   Scania (1)                      2,812  scania.com.br
366   Alicorp                                alicorp.com.pe
367   Empresas Carozzi                       carozzi.cl
368   Mahle Metal Leve                       mahle.com.br
369   CMPC Papeles                    1,703  cmpc.cl
370   Grupo Itautec Philco                   itautec-philco.com.br
371   Cemex Venezuela                        cemexvenezuela.com
372   Telefonica Moviles de
        Colombia                      1,909  telefonica.com.co
373   CELG                                   celg.com.br
374   Belgo Bekaert                          belgobekaert.com.br
375   Carrefour                              carrefour.com
376   Cia. Siderurgica
        Huachipato                    2,440  cap.cl
377   Tupy                                   tupy.com.br
378   Cia. de Concessoes
        Rodaviarias                          ccrnet.com.br
379   TIM Sul                                teleparcelular.com.br
380   Cosan (1)                              cosan.com.br
381   Wembley                                wembley.com.br
382   Gasco                                  gasco.cl
383   Coteminas                              coteminas.com.br
384   Ripasa                                 ripasa.com.br
385   Sofasa Renault                  1,015  sofasa.com.co
386   Aluar                                  aluar.com.ar
387   MRS Logistica                   2,892  mrs.com.br
388   Celpe                                  celpe.com.br
389   CCNI                                   ccni.cl
390   Net Brasil                             netbrasil.globo.com
391   Minas Penoles (4)               3,138  penoles.com.mx
392   Backus & Johnston               1,042  backus.com.pe
393   Grupo Industrial Maseca         2,711  gruma.com
394   Consorcio Ara                   9,413  consorcioara.com.mx
395   Biper                           1,979  biper.com.mx
396   Lojas Colombo                   8,130  colombo.com.br
397   Rio Grande Energia                     rge-rs.com.br
398   Grupo Simec                     1,993  sidek.com.mx
399   Coelce                          1,337  coelce.com.br
400   Emcali                                 emcali.com.co
401   UTE                             6,400  ute.com.uy
402   Petroflex                              petroflex.com.br
403   Grupo Herdez                    5,854  herdez.com.mx
404   Grupo lusacell                  1,240  iusacell.com.mx
405   Farmacias Benavides             5,036  benavides.com.mx
406   CTI Movil (3)                          cti.com.ar
407   Coimex                            143  coimextrading.com.br
408   Cerrejon Zona Norte
409   Desarrolladora Homex            7,297  homex.com.mx
410   AES Sul                                aessul.com.br
411   Unilever de Argentina           2,279  unilever.com.ar
412   BHP Billiton Metais             1,800  bhpbilliton.com
413   C.Vale                          3,134  cvale.com.br
414   Grendene                               grendene.com.br
415   Solvay Indupa                          solvayindupa.com
416   Movistar                        2,400  movicom.com.ar
417   Copasa                         10,652  copasa.com.br
418   Rhodia-Ster                            rhodia-ster.com.br
419   Elecmetal                              elecmetal.cl
420   Sao Paulo Alpargatas           10,000  alpargatas.com.br
421   Duratex                                duratex.com.br
422   CFLCL                                  cataguazes.com.br
423   Grupo Embotelladoras
        Unidas                       12,000  geusa.com.mx
424   Bompreco Bahia                         bompreco.com.br
425   Novartis Biociencias            2,171  novartis.com.br
426   Cementos Bio Bio                       cementos.cl
427   Celular CRT                            vivo.com.br
428   Celulose Nipo-Brasileira        1,869  cenibra.com.br
429   Alestra                         1,952  alestra.com.mx
430   Telemig Celular                        telemigcelular.com.br
431   Guararapes                             lojasriachuelo.com.br
432   Grupo Camesa                      751  camesa.com.mx
433   Renault Argentina                      renault.com.ar
434   Colanta                         3,935  colanta.com.co
435   Postobon                        8,835  postobon.com
436   Emgesa                            286  emgesa.com.co
437   Grupo Collado                   1,460  gcollado.com.mx
438   Politeno                          256  politeno.com.br
439   CMPC Tissue                     2,534  cmpctissue.com
440   TIM Nordeste Telecom.                  timnordeste.com.br
441   Minera Loma de Niquel (1)
442   Empresas lansa                         empresasiansa.cl
443   Iochpe-Maxion                          iochpe-maxion.com.br
444   Transmissao Paulista                   cteep.com.br
445   SanCor                          3,700  sancor.com
446   Copamex                         3,089  copamex.com
447   Desc Alimentos (4)                     desc.com.mx
448   Const. e Com. Camargo
        Correa                        9,145  camargocorrea.com.br
449   Grupo Posadas                   7,911  posadas.com.mx
450   Vips                                   vips.com.mx
451   Masisa                                 masisa.cl
452   Iansagro                               iansagro.cl
453   Santista Textil                        santistatextil.com.br
454   Patagonia                              laanonima.com.ar
455   Sanepar                                sanepar.com.br
456   Cemat                                  cemat.com.br
457   Colbun                                 colbun.cl
458   Celpa                                  celpa.com.br
459   Operadora Unefon                1,536  unefon.com.mx
460   Alkosto                                alkosto.com.co
461   Minsur                                 minsur.com.pe
462   Jugos del Valle                 3,147  jvalle.com.mx
463   Dixie Toga                             dixietoga.com.br
464   Sendas                          5,790  sendas.com.br
465   EAAB                            1,900
466   Edenor                                 edenor.com.ar
467   AES Tiete                              aestiete.com.br
468   Edesur                                 edesur.com.ar
469   Americel
470   CEG                                    ceg.com.br
471   Fertibras                              fertibras.com.br
472   CAFAM                           6,203  cafam.com.co
473   Grupo Cementos Chihuahua          833  gcc.com
474   Lojas Renner                           lojasrenner.com.br
475   Magnesita                              grupomagnesita.com.br
476   America Latina Logistica               all-logistica.com
477   Watts                                  watts.cl
478   Cervejarias Kaiser Brasil       2,300  kaiser.com.br
479   Gradiente                              gradiente.com.br
480   Forestal Mininco                1,107  mininco.cl
481   Grupo Gloria                           grupogloria.com.pe
482   Internacional de Ceramica       3,565  interceramic.com
483   ISA Interconexion
        Electrica                            isa.com.co
484   Petroleos Manguinhos                   rpdm.com.br
485   Carnes Minerva                  4,078  minerva.ind.br
486   Holcim (1)                             holcim.com.br
487   Luz del Sur                            luzdelsur.com.pe
488   Edelnor                                edelnor.com.pe
489   Imsalum (4)                            imsalum.com
490   Aguas Andinas                          aguasandinas.cl
491   Concha y Toro                          conchaytoro.cl
492   Tenaris Confab                         confab.com.br
493   Transp. de Gas del Sur                 tgs.com.ar
494   Cristalerias de Chile                  cristalchile.cl
495   Corp. Moctezuma                   851  cmoctezuma.com.mx
496   La Polar                        3,660  lapolar.cl
497   Grupo Lamosa                    2,863  lamosa.com
498   Alsea                          10,331  alsea.com.mx
499   Soprole                         1,469  soprole.cl
500   Porcelanite                            porcelanite.com.mx

NOTES: (1) Estimates (2) Gross revenues (3) EBITDA (Earnings before
interest, taxes, depreciation and amortization) (4) Operating profit
(5) For the fiscal year ending September, 2004 (6) Sales include value
added tax (VAT) (7) Includes Occel and Celcaribe (8) For the fiscal
year ending February, 2005

SOURCE: Economatica, individual stock exchanges, company reports,
LATIN TRADE
COPYRIGHT 2005 Freedom Magazines, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Author:Brown, Greg
Publication:Latin Trade
Article Type:Cover Story
Geographic Code:0LATI
Date:Jul 1, 2005
Words:16885
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