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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 has to offer. Our new, improved ranking moves the bar up to 500 (!) companies and includes both privately held and publicly traded companies, as well as the largest state-run companies.

But we didn't stop at merely big. In our Forecast 100--a LATIN TRADE 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 America's biggest publicly traded companies are seeing a bonanza year: up 27% in sales, and 62% on net income.

The good times will continue, according to 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 on the whole outweigh the Brazilians in terms of revenues, Brazil is growing faster. Chalk that up to Mexico's dependence on the slow-growing United States. Foreign trade is helping Brazil grow too, but it's wide-open Chile that's blazing ahead.

The next closest of the "small" economies is Venezuela, but subtract oil and there's not much left to talk about. Colombia's boom is evident, though Argentina's much-hyped recovery isn't showing up among its largest companies. Consumer demand is back but it isn't necessarily Argentina, Inc. that's reaping the 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 in crude prices. Despite this trend, Argentina's oil major Repsol YPF 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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