The top 100 companies: high commodity prices and recovering economies mean the good times are about to roll.Every year, 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. crunches the numbers on the biggest public companies doing business in 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. . This year, to our exclusive annual forecast of corporate revenues and income, we have added two new views of the market: An exclusive earnings per share forecast through 2005 for the LATIN TRADE Top 100 Companies, and a look back at which companies investors favored must during the past year. Where relevant, the earnings forecast is based on returns per American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Depositary DEPOSITARY, contracts. He with whom a deposit is confided or made. 2. It is, the essence of the contract of deposits that it should be gratuitous on the part 'of the depositary. 9 M. R. 470. . Receipt; if not, then it is calculated on shares in each domestic market. In either case, growth (or decline) is expressed in U.S. dollars in order to provide a direct comparison. Numbers can be compelling: If stuck prices following earnings, as long-term investors Long-term investor A person who makes investments for a period of at least five years in order to finance his or her long-term goals. hold, then you know which companies the experts--the analysts and economists This is an alphabetical list of notable economists. Economists are experts in the science of economics. There is also a list of politicians and statesmen with economic training. at the biggest financial institutions covering the region--think will prosper in the months ahead. Also, working with research company Economatica, we now provide an exclusive look at the best investments of 2003. The LATIN TRADE Winners and Losers scorecard traditionally measures sales, income and assets performance during 2003. The new Investor Best Bets ranking looks deeper into the market of investor opinion. Culled from data on hundreds of companies in the seven major capital markets--Brazil, 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. , 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. , Colombia Colombia (kəlŭm`bēə, Span. kōlōm`byä), officially Republic of Colombia, republic (2005 est. pop. 42,954,000), 439,735 sq mi (1,138,914 sq km), NW South America. Bogotá is the capital and largest city. , Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. , Peru and Venezuela--the Best Bets list measures three major factors: return on equity, how heavily a stock is traded, and price. Adjustments were made for inflation, monetary differences and dividend payments. The result is a cross-section cross section also cross-sec·tion n. 1. a. A section formed by a plane cutting through an object, usually at right angles to an axis. b. A piece so cut or a graphic representation of such a piece. 2. of which companies investors bought most in 2003. (Hint See hints. HINT - Hierarchical Information NeTs. A language for the CDC 3600. ["HINT: A Graph Processing Language", R.D. Hart, Michigan State U, Apr 1970]. : It was a good year to be a Brazilian dealer in just about any commodity.) At first glance, our sales and income outlook in 2004 and 2005 for many of Latin America's biggest companies seems absurdly ab·surd adj. 1. Ridiculously incongruous or unreasonable. See Synonyms at foolish. 2. Of, relating to, or manifesting the view that there is no order or value in human life or in the universe. 3. positive. Revenue jumps of 50% are coupled, in some cases, with profit rises of more than 800%. Sounds like great news, but big numbers were easy to come by. Too easy. Driving all that is a simple fact: The last few years in Latin America were hard times. Most companies lost money, and many nearly shut their doors. Some, however, particularly big conglomerates A Conglomerate is the term used to describe a large corporation that consists of diverse divisions. Conglomerate companies tend to be large multinational corporations with operations in multiple regions of the world. in Mexico, took steps to clean up the books. Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). is tough medicine, but it pays off. Grupo Desc, the Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum manufacturer of auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
flood, inundation of land by the rise and overflow of a body of water. Floods occur most commonly when water from heavy rainfall, from melting ice and snow, or from a combination of these exceeds the carrying capacity of the river products, for instance, leads our consensus projection projection, in psychology: see defense mechanism. See rear-projection TV, front-projection TV and LCD panel. (theory) projection - In domain theory, a function, f, which is (a) idempotent, i.e. on net income in 2005, up 363% over the previous year. It should post US$5.4 million in profits this year, then jump to almost $25 million in 2005. Desc's auto parts division operates 19 plants and distributes in Mexico and in the 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. , employing more than 7,000. It exports 65% of its production and 75% of its products are sold as original equipment in new cars and trucks. Clients include most of the biggest car companies in the world, as well as truck makers like Kenworth Kenworth is a manufacturer of medium and heavy-duty Class 8 trucks based in Kirkland, Washington, a suburb of Seattle. It is a subsidiary of PACCAR, and is also a former manufacturer of transit buses and school buses. and Freightliner There are several entries concerning Freightliner:
Analysts project improving margins for Desc on auto parts sales as the U.S. and Mexican economies recover. Most important, however, was a $243 million capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. in mid-April Noun 1. mid-April - the middle part of April period, period of time, time period - an amount of time; "a time period of 30 years"; "hastened the period of time of his recovery"; "Picasso's blue period" Apr, April - the month following March and preceding May . In January January: see month. , the company said it had restructured 70% of its total debt of $1.02 billion. The cash raised on the market comes close to covering the difference, strengthening Desc's outlook. An improved business can turn into a winning stock. Returns are expected to double over 2004 to $0.12 per share, falling back in 2005 to $0.06. Setting the stage. Similar stories abound: High copper prices, supported by demand from the United States and China, will keep Mexican miner Grupo Minero de Mexico in the black. Analysts believe the company will see a 37% rise in its sales, a 396% rise in income, and a 412% rise in earnings per share in 2004. But it was a $879 million restructuring of its mining unit in 2002 that set the stage for the recovery. Spanish-owned Chilean energy holding company Enersis, which controls generator generator, in electricity, machine used to change mechanical energy into electrical energy. It operates on the principle of electromagnetic induction, discovered (1831) by Michael Faraday. Endesa ENDESA Empresa Nacional de Electricidad, S.A. (Spanish electric utility) Chile, is looking forward too to a new lease on life after cleaning up its heavily leveraged assets. Enersis should see a sharp rise in its earnings in 2004 and 2005, to $0.29 then $0.38 per share, respectively, 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. "Endesa has been able to reissue re·is·sue v. re·is·sued, re·is·su·ing, re·is·sues v.tr. To issue again, especially to make available again. v.intr. To come forth again. n. 1. and refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. the company at incredibly low interest rates, and the big problem it had was its big debt," says Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Kosche, head of international markets for the Chilean brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. EuroAmerica Corredores Corredores is the name of the tenth canton in the province of Puntarenas in Costa Rica. The canton covers an area of 620.60 km² (1), and has a population of 40,275 (2). Its capital city is Ciudad Neily. The lowland canton shares its eastern border with Panama. de Bolsa Bolsa Spanish for stock exchange. . The company reduced debt some $340 million in dollar terms in 2003 while improving its balance sheet by selling some assets. It also issued flesh flesh (flesh) 1. muscular tissue. 2. skin. goose flesh cutis anserina. debt. Kosche says Endesa could make a major push this year since economic growth projections for its markets across the region are solid. "It is a big opportunity for companies like Endesa that are very big. They can solve the supply problem," he says. "But I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. if they want to be more exposed in Latin America." Indeed, boosting capacity entails significant risks for Endesa since many variables are out of its hands. "Endesa depends mostly on external factors--they can't do much about rain, the situation of the gas supply from Argentina or interest rates," says Gabriel Salas, equity research analyst of global emerging markets in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of for Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. . Just over 70% of Endesa's installed capacity is hydroelectric. Lots of companies in the region are on a China binge--some with happier endings than others. Although many complain that the awakening Asian giant is eating into manufacturing, no one is stepping back from the chance to load up waiting ships with metals in demand. China will drive the steel industry higher across the board during 2004, analysts predict, although sales are expected to level off in 2005 for Brazil's CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. , CSN CSN Crosby, Stills, and Nash (band) CSN Centrala studiestödsnämnden (Swedish: state education grant and loan program) CSN Confédération des Syndicats Nationaux (French) and Gcrdau, as well as for Mexico's Hylsamex. "The truth of the matter is the commodity prices are higher now than they were a year ago. And higher on volumes.... I think we are in a multi-year positive environment for commodities, although there will be cyclical cyclical Of or relating to a variable, such as housing starts, car sales, or the price of a certain stock, that is subject to regular or irregular up-and-down movements. movements:' says Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Senior
Analyst Mario Mario (mär`yō), 1810–83, stage name of Giovanni Matteo, Cavaliere di Candia, Italian tenor. An officer of the Piedmontese guard, he went to Paris in 1836 and studied at the Paris Conservatory, making his debut (1838) at the Paris Opera Epelbaum. "If there is a hard landing in China,
that's the question That's the Question is an American quiz game show on GSN, hosted by game show veteran and former Entertainment Tonight reporter, Bob Goen, which premiered in October 2006. . I don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. think prices will necessarily increase. There may be a 10% drop, but I don't think we're we're Contraction of we are. we're we are going hack to low prices." Mexican miner Industrias Petioles, the largest producer of refined silver in the world (it also produces gold, lead and zinc zinc, metallic chemical element; symbol Zn; at. no. 30; at. wt. 65.38; m.p. 419.58°C;; b.p. 907°C;; sp. gr. 7.133 at 25°C;; valence +2. Zinc is a lustrous bluish-white metal. It is found in Group 12 of the periodic table. ), will see net income skyrocket sky·rock·et n. A firework that ascends high into the air where it explodes in a brilliant cascade of flares and starlike sparks. intr. & tr.v. in 2004, up 846% to $101.4 million, while earnings per share will pop more than 1,000%. Net income in 2005 will rise 78% to $180 million. Analysts expect Petioles to benefit from high silver and gold prices, as well as steady demand for other metals, as global economies strengthen and the Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. economy roars along. Demand for gold will be steady, too, because high U.S. public debt while tend to push investors away from the U.S. dollar and into gold as a hedge. Developing markets. China is on the radar for Brazilian aircraft giant Embraer, which has turned itself from a sleepy sleepy characterized by sleep. sleepy foal disease see shigellosis. sleepy staggers see hepatic encephalopathy. , state-owned state-owned adj → estatal, del estado state-owned adj → étatisé(e) state-owned state adj → defense contractor Noun 1. defense contractor - a contractor concerned with the development and manufacture of systems of defense armed forces, armed services, military, military machine, war machine - the military forces of a nation; "their military is the largest in the region"; into a $2 billion-in-export global contender. Revenues will pop in 2004, up 54% to $3,51 billion, while net income will rise 82% to $370.8 million. A double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. sales increase won't won't Contraction of will not. won't will not won't will be sustained into 2005, but income will remain respectable at an 19% increase over 2004, to $440.1 million, according to our forecast. Driving all the growth is Embraer's good fortune to be an experienced maker of small airplanes as the world's airliners continue to grope their way back to profitability. Developing markets like China and Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. are increasingly important, and the company in June June: see month. 2003 opened a defense contracting operation in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. , in order to stage its return to big-time defense work, But U.S. carriers are still the most important piece of the puzzle “Puzzle solving” redirects here. For the concept in Thomas Kuhn's philosophy of science, see normal science. A puzzle is a problem or enigma that challenges ingenuity. , including a potential $6 billion sale to low-cost carrier A low-cost carrier or low-cost airline (also known as a no-frills or discount carrier / airline) is an airline that offers generally low fares in exchange for eliminating many traditional passenger services. JetBlue Airways For the Jet Blue database used in Exchange Server and Active Directory, see Extensible Storage Engine. JetBlue Airways is a major American low-cost airline owned by JetBlue Airways Corporation (NASDAQ: JBLU). , a $2.10 billion contract with U.S. Airways airways Anatomy The 'pipes'–trachea, bronchi, bronchioles–through which air passes to and from the alveoli. See Small airways. and a $320 million sale to Republic Airways Holdings Republic Airways Holdings, Inc. (NASDAQ: RJET) is an aviation holding corporation based in Indianapolis, Indiana, which owns three regional airlines operating in the United States: Chautauqua Airlines, Republic Airlines and Shuttle America. . Retailers should do well in the coming year as consumption recovers. One of the best positioned in the region is Chilean juggernaut Juggernaut, India: see Puri. Juggernaut (Jagannath) huge idol of Krishna drawn through streets annually, occasionally rolling over devotees. [Hindu Rel.: EB, V: 499] See : Destruction Falabella Falabella Argentinian miniature horse, less than 7 hands high, with a spotted coat color in most animals; a curiosity. , which owls department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. and hardware outlets around South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , as well as one of the most popular credit cards in the region, CMR CMR Crude mortality rate, see there . A strengthening Chile and a quickly recovering Argentina will drive sales, analysts predict. Falabella's decision to merge See mail merge and concatenate. with home center Sodimac in mid- mid- pref. Middle: midbrain. 2003 has given the department store chain access to close to 2 million new credit card clients, according to analysts. Falabella is expected to push sales up 44% in 2004 to $2.59 billion and another 16% the next year. That's on top of a 52% sales rise during 2003. The Chilean chain's much larger cousin COUSIN, domest. rel. Cousins are kindred who are the issue of two brothers or two sisters, or of a brother and a sister. Those who descend from the brother or sister of the father of the person spoken of are called paternal cousins; maternal cousins are those who are descended from the Wal-Mart  Editing of this page by unregistered or newly registered users is currently disabled due to vandalism. de Mexico is
pumping up sales in both years. For Wal-Mart, however, 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 size that counts: It has 80% more sales per square meter Noun 1. square meter - a centare is 1/100th of an are centare, square metre area unit, square measure - a system of units used to measure areas of floor space than its competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in Mexico and controls 27% of the retail market, according to analysts, Add to that improving employment and real wages in Mexico, and the stage for a retail boom is set. All that ka-ching means Wal-Mart is free to expand. "Basically, they have the highest profitability in the sector, so they are able to grow at a faster rate than the rest of their peers, maintaining a healthy balance sheet without any debt," says Manuel Manuel may refer to:
Increases both in sales per store and by adding stores are big factors, says Zapata, but Wal-Mart de Mexico also couples purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. and famously fa·mous·ly adv. 1. In a way or to an extent that is well known: "his famously neurotic mannerisms [are] lampooned in the novels of Evelyn Waugh" low prices with a devastatingly efficient supply chain. Eighty percent of the stores' products are stocked by the company itself from its own distribution center, so if a customer wants something, it's nearly always within reach, any time. Few chances to sell are missed. Three of Wal-Mart's three biggest competitors--Comerci, Gigante and Soriana--in July July: see month. 2003 combined purchasing operations to try to face up the Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. behemoth behemoth (bē`hĭmŏth, bĭhē`–) [Heb.,=plural of beast], large, fanciful primeval monster, like Leviathan, evoking the hippopotamus mentioned in the Book of Job. . That arrangement seemed to work for the first few purchases, improving margins, says Zapata, then Mexico's competition watchdog stepped in to review the deal. The triumvirate Triumvirate (trīŭm`vĭrĭt, –vĭrāt'), in ancient Rome, ruling board or commission of three men. Triumvirates were common in the Roman republic. known as the rest of Mexico's retail sector will have to wait for its revenge Revenge (also vengeance, retribution, or vendetta amongst others) consists primarily of retaliation against a person or group in response to a perceived wrongdoing. . The beer business continues its global consolidation with the huge merger of Belgian Belgian having some relationship to Belgium. Belgian barge dog see schipperke. Belgian black pied cattle black, Belgian dairy cattle. Belgian blue dual-purpose cattle; blue, white or blue roan. beer king Interbrew--which already owns Germany's Becks Becks may refer to:
Stella Artois (IPA pronunciation: [ˈstɛ. brand--and AmBer, the Brazilian brewer itself a merger of Brazil's formerly two biggest breweries See for an up to date listing of all the breweries detailed on Wikipedia, sorted into regions. Africa
Asia
The multibillion-dollar deal gives Interbrew a big leg-up in South America and it opens a door to U.S. sales for AmBev AmBev Companhia de Bebidas das Americas through Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. brewer Labatt, which happens to own 30% of Mexico's FEMSA Cerveza FEMSA Cerveza is the holder of a brewery company, the Cuauhtémoc Moctezuma Brewery. It is owned by Fomento Económico Mexicano, S.A. (FEMSA) (cerveza is Spanish for beer). . "AmBev, so as not to compete with its acquired mainstream brand Labatt on the U.S. market, will market its mainstream Brahma brand as a new Latin American entry to that market" said Basilio Ramalho, the beverage retail sector analyst for Unibanco, Brazil's No. 3 private bank. "That marketing strategy puts Brahma in competition with FEMSA's Sol Sol, in Roman religion Sol (sŏl), in Roman religion, sun god. An ancient god of Mesopotamian origin, he was introduced (c.220) into Roman religion as Sol Invictus by emperor Heliogabalus. , Tecate For the beer of the same name, see . Tecate is a small city in the Mexican state of Baja California, located at on the border with the United States and adjacent to Tecate, California. and Dos Equis Dos Equis is a Mexican beer. It was first crafted in Mexico by the German brewmaster Wilhelm Hasse in 1897. Originally called "Siglo XX" ("20th century"), the brand was named to commemorate the arrival of the new century; since the Spanish language uses Roman numerals for mainstream brands for U.S. market share." Drink up. Sensing the coming conflict, FEMSA FEMSA Fomento Económico Mexicano, SA FEMSA Fire and Emergency Manufacturers and Services Association Inc. FEMSA Female Education in Maths and Science in Africa in May said it will ante up $1.25 billion in cash to buy the 30% stake in its beer unit owned by Labatt, taking its ownership to 100%. According to the LATIN TRADE forecast, FEMSA will see a 21% rise in revenues in 2004 to $8.14 billion while AmBev will have to wait until 2005 to see a similar percentage increase, to $3.96 billion. Analysts like FEMSA because beer consumption tends to keep up with an improving economy, and because, unlike some products, companies can raise prices on beer at the rate of inflation without hurting sales. Mexican beer Beer in Mexico has a long history. Fermented beverages long predate the arrival of European conquistadors in America. Beer in the European style became mass produced in the 19th century, and continues to be popular today. consumption, too, is low but growing fast, outpacing the world. A recovering Brazilian currency, meanwhile, means that AmBer's foreign operations are becoming more profitable. Too, an expected change in the way beer is measured in 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. for tax purposes, to be in place by the beginning of 2005, which should help legitimate brewers This is a list of member brewers of the Brewers Association. Numbered
adj. Informal 1. Appealing to sophisticated and discerning customers: a high-end department store; high-end video equipment. 2. beers, like Skol, in bars and restaurants, where margins are better compared to highly discounted supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. sales. No corporate forecast would be complete without taking into the account the year ahead for Mexican billionaire Carlos Carlos, prince of the Asturias Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in Slim. Companies he controls make up four of the top 10 in our list of 100 companies. And it's in a new world that he will gain the most ground. Slim-controlled regional wireless company America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. Movil, already pounding along with a 37% jump in sales during 2003 to $7.65 billion, is expected to run up the score, rivaling one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. parent Telefonos de Mexico (Telmex) by posting $10.29 billion in sales by 2005. Profits will be $1.72 billion that year, according to analysts. Slim is fading fading fading skin coloring. See Arabian fading syndrome (below). Declining in body condition, general health, activity and productivity. Arabian fading syndrome general health is unimpaired. into the background, but his final act as head of Telmex before leaving son Carlos Slim Domit Carlos Slim Domit (born 1965 in Mexico). He is the eldest son of Carlos Slim Helú, the Mexican billionaire. Currently, Mr. Slim Domit is the Chairman of the Board of Grupo Carso S.A. de C.V. He is a board member of Telefonos de Mexico, S.A. de C.V. (Telmex), America Movil, S. in charge has been an impressive run at fixed-line Refers to wired devices. For example, a fixed-line phone is a standard phone with the handset wired to the base unit in contrast to a portable phone or cellphone. assets around the Southern Cone The term Southern Cone (Spanish: Cono Sur, Portuguese: Cone Sul) refers to a geographic region composed of the southernmost areas of South America, below the Tropic of Capricorn. , including Brazil's Embratel EMBRATEL Empresa Brasileira de Telecomunicacoes , Techtel in Argentina and Chilean phone company Chilesat. "Even though Carlos Slim Helu has stepped down, his goal remains to make Telmex the leading telecom company in Latin America," says Maximiliano Constantini of Bear Stearns in Sao Paulo Paulo is the Portuguese form of the given name Paul:
WINNERS
SALES
US$ % change
millions '03/'02
Farmacias Ahumada 1,063.3 144.4%
Telesp Celular 2,092.8 118.1
Braskem 3,508.2 92.7
Aracruz 1,061.3 84.4
Coca-Cola Femsa 3,179.9 82.7
NET INCOME
Copesul 58.1 58,000%
Aracruz 301.2 8,688.1
Perdigao 42.8 1,735.4
Grupo Elektra 101.7 1,212.7
Endesa 131.8 1,118.7
TOTAL ASSETS
Coca-Cola Femsa 5,466.3 243%
Falabella 2,830.6 96.6
CSN 7,795.3 78.5
Petrobras 47,153.0 71.36
Telesp Celular 4,663.3 70.7
LOSERS
SALES
US$ % change
millions '03/'02
U.S.Commercial 3,798.3 -7.8%
Grupo Gigante 2,769.4 -7.5
Vitro 2,220.9 -6.3
Grupo Corvi 1,258.5 -5.2
Bachoco Industrias 952.2 -5.2
NET INCOME
Vitro -50.7 -2,641%
Desc -205.3 -103.0
Eletrobras 111.8 -64.1
Bachoco Industrias 48.4 -61.3
BrasilTelecom 50.2 -59.9
TOTAL ASSETS
Grupo Industrial Bimbo 2,715.9 -13.9%
Desc 2,467.2 -13.2
Arca Embotelladora 1,118.8 -11.6
Grupo Corvi 361.1 -8.8
Grupo Gigante 1,992.7 -8.1
Ranked by net sales as of Dec. 31, 2003 in US$ millions
RANK COMPANY COUNTRY SECTOR
this last
year year
1 1 Petrobras Brazil Oil, gas
2 4 Wal-Mart de Mexico ([dagger]) Mexico Retail
3 2 Telmex ([dagger]) Mexico Telecom
4 3 Telecom Carso Global ([dagger]) Mexico Telecom
5 7 America Movil ([dagger]) Mexico Telecom
6 - America Telecom Mexico Telecom
7 5 Cemex ([dagger]) Mexico Cement
8 6 Repsol YPF Argentina Oil, gas
9 10 Femsa ([dagger]) Mexico Beverages
10 13 CVRD ([dagger]) Brazil Mining
11 8 Eletrobras Brazil Electricity
12 20 Bunge Brasil Brazil Chemical
13 15 Ipiranga Distribuidora Brazil Gas
14 11 Grupo Carso ([dagger]) Mexico Holding
15 25 Ipiranga Petroquimica Brazil Oil & Gas
16 21 Tele Norte Leste Brazil Telecom
17 22 Telemar Brazil Telecom
18 31 Gerdau ([dagger]) Brazil Steel
19 18 Antarchile Chile Holding
20 19 Copec Chile Oil, gas
21 12 Alfa Mexico Holding
22 14 Grupo Industrial Bimbo Mexico Food
23 27 Telesp ([dagger] Brazil Telecom
24 17 Enersis ([dagger]) Chile Electricity
25 - U.S.Commercial Mexico Retail
26 29 Pao de Acucar ([dagger]) Brazil Retail
27 16 Grupo Modelo Mexico Beverages
28 45 Braskem Brazil Chemical
29 23 Organizacion Soriana Mexico Retail
30 49 Coca-Cola Femsa ([dagger] Mexico Beverages
31 - Tenaris ([dagger]) Argentina Steel
32 24 Comercial Mexicana ([dagger]) Mexico Retail
33 36 AmBev ([dagger]) Brazil Beverages
34 43 Usiminas ([dagger]) Brazil Steel
35 30 Grupo Imsa (dagger]) Mexico Steel
36 26 Grupo Gigante Mexico Retail
37 - Varig Brazil Transportation
38 39 BrasilTelecom ([dagger]) Brazil Telecom
39 41 Itadsa Brazil Holding
40 28 Cintra Mexico Aviation
41 32 Grupo Minero de Mexico Mining
Mexico ([dagger])
42 38 Embratel ([dagger]) Brazil Telecom
43 55 CSN ([dagger]) Brazil Steel
44 34 Embraer ([dagger]) Brazil Aviation
45 51 Eletropaulo Metropolitana Brazil Electricity
46 33 Vitro Mexico Holding
47 50 Vapores Chile Transportation
48 37 Puerto de Liverpool Mexico Retail
49 35 GrupoTelevisat ([dagger]) Mexico Media
50 82 Telesp Celular ([dagger]) Brazil Telecom
51 44 Gruma ([dagger]) Mexico Food
52 59 CPFL Brazil Electricity
53 40 CANTV ([dagger]) Venezuela Telecom
54 56 D&S Chile Retail
55 57 Cemig ([dagger]) Brazil Electricity
56 42 Desc ([dagger]) Mexico Holding
57 60 Petrobras Energia ([dagger]) Argentina Oil, gas
58 52 Grupo Elektra ([dagger]) Mexico Retail
59 66 Sadia Brazil Food
60 68 Falabella Chile Retail
61 47 Nadro Mexico Retail
62 46 Saba Casa Grupo Mexico Retail
63 48 Grupo Sanborns Mexico Retail
64 65 CMPC Chile Paper, pulp
65 58 LAN ([dagger]) Chile Aviation
66 63 Endesa ([dagger]) Chile Electricity
67 53 Kimberly-Clark de Mexico Mexico Paper, pulp
68 70 Brasmotor Brazil Appliances
69 71 Multibras Brazil Appliances
70 90 Copesul Brazil Chemical
71 76 Sabesp Brazil Water
72 62 Hylsamex Mexico Steel
73 89 Ultrapar ([dagger]) Brazil Chemical
74 67 CTC ([dagger]) Chile Telecom
75 91 Perdigao ([dagger]) Brazil Food
76 77 Light Brazil Electricity
77 88 Belgo Mineira Brazil Steel
78 92 CST Brazil Steel
79 69 Telecom Argentina ([dagger] Argentina Telecom
80 61 Grupo Corvi Mexico Retail
81 84 TAM Brazil Transportation
82 64 Arca Embotelladora Mexico Beverages
83 - Ipiranga Refinaria Brazil Oil & Gas
84 72 Entel Chile Telecom
85 97 Cosipa Brazil Steel
86 74 Industrias Petioles Mexico Mining
87 73 Almacenes Exito Colombia Retail
88 94 Souza Cruz Brazil Tobacco
89 100 CGE Chile Electricity
90 86 Almacenes Coppel Mexico Retail
91 - Farmacias Ahumada Chile Retail
92 - Aracruz ([dagger]) Brazil Pulp & Paper
93 98 Copel ([dagger]) Brazil Electricity
94 95 Klabin Brazil Paper, pulp
95 - Votorantim ([dagger]) Brazil Paper, pulp
96 81 Telefonica del Peru Peru Telecom
97 80 Bachoco Industrias ([dagger]) Mexico Food
98 87 Telefonica de Argentina Argentina Telecom
99 85 Apasco Mexico Cement
100 99 Siderar Argentina Steel
NET SALES
COMPANY 2003
US$ % change
millions '03/'02
Petrobras 33,138.1 69.3
Wal-Mart de Mexico ([dagger]) 10,729.2 4.1
Telmex ([dagger]) 10,399.4 -4.9
Telecom Carso Global ([dagger]) 10,399.4 -4.9
America Movil ([dagger]) 7,648.7 37.3
America Telecom 7,648.7 37.3
Cemex ([dagger]) 7,166.9 2.4
Repsol YPF 7,152.7 23.7
Femsa ([dagger]) 6,754.3 30.7
CVRD ([dagger]) 6,729.3 62.0
Eletrobras 6,705.5 22.5
Bunge Brasil 5,910.3 74.7
Ipiranga Distribuidora 5,889.6 62.9
Grupo Carso ([dagger]) 5,045.0 0.3
Ipiranga Petroquimica 4,955.5 63.9
Tele Norte Leste 4,846.6 44.2
Telemar 4,736.7 45.6
Gerdau ([dagger]) 4,626.5 78.4
Antarchile 4,495.7 32.6
Copec 4,491.0 32.6
Alfa 4,164.1 12.2
Grupo Industrial Bimbo 4,153.0 0.4
Telesp ([dagger] 4,085.8 43.1
Enersis ([dagger]) 3,966.8 15.0
U.S.Commercial 3,798.3 -7.8
Pao de Acucar ([dagger]) 3,740.3 39.8
Grupo Modelo 3,600.4 0.3
Braskem 3,508.2 92.7
Organizacion Soriana 3,184.4 2.2
Coca-Cola Femsa ([dagger] 3,179.9 82.7
Tenaris ([dagger]) 3,179.7 -1.2
Comercial Mexicana ([dagger]) 3,111.8 0.1
AmBev ([dagger]) 3,005.6 45.0
Usiminas ([dagger]) 2,997.3 59.6
Grupo Imsa (dagger]) 2,779.4 2.3
Grupo Gigante 2,769.4 -7.5
Varig 2,751.4 39.2
BrasilTelecom ([dagger]) 2,739.6 36.9
Itadsa 2,702.5 42.2
Cintra 2,675.8 -3.7
Grupo Minero de 2,461.4 3.1
Mexico ([dagger])
Embratel ([dagger]) 2,437.9 21.2
CSN ([dagger]) 2,415.0 65.2
Embraer ([dagger]) 2,274.2 3.7
Eletropaulo Metropolitana 2,236.7 36.3
Vitro 2,220.9 -6.3
Vapores 2,138.4 28.0
Puerto de Liverpool 2,115.8 5.2
GrupoTelevisat ([dagger]) 2,097.1 0.3
Telesp Celular ([dagger]) 2,092.8 118.1
Gruma ([dagger]) 2,050.7 6.4
CPFL 1,998.9 40.4
CANTV ([dagger]) 1,994.5 4.5
D&S 1,961.2 34.8
Cemig ([dagger]) 1,946.3 34.4
Desc ([dagger]) 1,930.2 1.6
Petrobras Energia ([dagger]) 1,856.1 39.2
Grupo Elektra ([dagger]) 1,833.0 13.8
Sadia 1,831.7 52.7
Falabella 1,792.7 52.1
Nadro 1,740.2 -0.1
Saba Casa Grupo 1,736.7 -1.6
Grupo Sanborns 1,698.1 -1.8
CMPC 1,674.6 35.9
LAN ([dagger]) 1,641.0 13.3
Endesa ([dagger]) 1,551.9 19.2
Kimberly-Clark de Mexico 1,521.9 -2.5
Brasmotor 1,494.4 28.8
Multibras 1,468.0 27.9
Copesul 1,462.5 76.2
Sabesp 1,422.5 33.4
Hylsamex 1,421.9 8.8
Ultrapar ([dagger]) 1,384.6 63.4
CTC ([dagger]) 1,370.6 14.4
Perdigao ([dagger]) 1,324.0 60.3
Light 1,308.6 26.7
Belgo Mineira 1,308.3 46.0
CST 1,290.8 60.5
Telecom Argentina ([dagger]) 1,267.9 7.9
Grupo Corvi 1,258.5 -5.2
TAM 1,243.0 31.9
Arca Embotelladora 1,240.3 -2.7
Ipiranga Refinaria 1,234.4 81.3
Entel 1,229.8 10.1
Cosipa 1,218.5 58.5
Industrias Petioles 1,144.3 4.1
Almacenes Exito 1,131.4 2.0
Souza Cruz 1,123.0 40.8
CGE 1,072.1 46.3
Almacenes Coppel 1,069.9 19.0
Farmacias Ahumada 1,063.3 144.4
Aracruz ([dagger]) 1,061.3 84.4
Copel ([dagger]) 1,035.2 37.1
Klabin 1,028.0 29.1
Votorantim ([dagger]) 1,012.8 73.6
Telefonica del Peru 992.3 1.0
Bachoco Industrias ([dagger]) 952.2 -5.2
Telefonica de Argentina 929.1 3.6
Apasco 922.8 -1.5
Siderar 922.7 22.6
NET SALES
COMPANY 2004F 2005F
US$ US$
millions millions
Petrobras 29,972.0 28,192.0
Wal-Mart de Mexico ([dagger]) 12,455.2 14,311.4
Telmex ([dagger]) 10,692.6 10,799.8
Telecom Carso Global ([dagger]) 10,692.6 10,799.8
America Movil ([dagger]) 9,504.6 10,287.4
America Telecom 9,504.6 10,287.4
Cemex ([dagger]) 7,422.0 7,809.5
Repsol YPF N/A N/A
Femsa ([dagger]) 8,142.4 8,833.3
CVRD ([dagger]) 7,738.7 8,133.4
Eletrobras 6,783.0 7,233.8
Bunge Brasil 6,165.5 7,233.8
Ipiranga Distribuidora N/A 6,364.2
Grupo Carso ([dagger]) 5,426.4 N/A
Ipiranga Petroquimica 4,545.2 4,579.4
Tele Norte Leste 5,108.6 5,110.6
Telemar 5,008.3 5,094.7
Gerdau ([dagger]) 5,507.5 5,163.0
Antarchile N/A N/A
Copec 4,836.8 5,083.5
Alfa 4,479.5 4,739.0
Grupo Industrial Bimbo 4,402.4 4,572.0
Telesp ([dagger] 4,450.5 4,661.0
Enersis ([dagger]) 3,987.0 4,341.0
U.S.Commercial N/A N/A
Pao de Acucar ([dagger]) 4,407.0 4,920.0
Grupo Modelo 3,876.3 4,126.1
Braskem 3,778.7 4,234.9
Organizacion Soriana 3,680.4 4,084.7
Coca-Cola Femsa ([dagger] 3,952.5 4,111.8
Tenaris ([dagger]) 3,529.0 3,799.0
Comercial Mexicana ([dagger]) 3,473.9 3,856.0
AmBev ([dagger]) 3,355.3 3,958.0
Usiminas ([dagger]) 3,138.5 3,134.0
Grupo Imsa (dagger]) 2,883.2 2,940.3
Grupo Gigante 2,785.8 2,917.7
Varig N/A N/A
BrasilTelecom ([dagger]) 2,967.1 3,028.6
Itadsa N/A N/A
Cintra N/A N/A
Grupo Minero de 3,363.0 3,258.3
Mexico ([dagger])
Embratel ([dagger]) 2,558.6 2,449.1
CSN ([dagger]) 2,452.5 2,249.9
Embraer ([dagger]) 3,508.9 3,695.4
Eletropaulo Metropolitana 2,379.0 2,586.4
Vitro 2,477.2 2,447.3
Vapores N/A N/A
Puerto de Liverpool 2,269.2 2,337.3
GrupoTelevisat ([dagger]) 2,228.0 2,382.6
Telesp Celular ([dagger]) 2,566.3 2,760.6
Gruma ([dagger]) 2,179.0 2,278.0
CPFL N/A N/A
CANTV ([dagger]) 1,873.6 1,936.2
D&S 2,165.4 2,386.8
Cemig ([dagger]) 2,122.8 2,270.3
Desc ([dagger]) 1,945.0 1,998.0
Petrobras Energia ([dagger]) 1,936.0 1,904.0
Grupo Elektra ([dagger]) 2,024.0 2,147.0
Sadia 1,879.4 1,984.9
Falabella 2,586.6 2,989.2
Nadro N/A N/A
Saba Casa Grupo N/A N/A
Grupo Sanborns 1,825.9 2,028.2
CMPC 1,717.0 1,815.0
LAN ([dagger]) 1,815.7 1,905.0
Endesa ([dagger]) 1,558.5 1,602.5
Kimberly-Clark de Mexico 1,645.8 1,696.7
Brasmotor N/A N/A
Multibras N/A N/A
Copesul 1,475.8 1,709.2
Sabesp 1,483.3 1,572.9
Hylsamex 1,620.2 1,587.8
Ultrapar ([dagger]) 1,393.5 1,297.4
CTC ([dagger]) 1,372.5 1,381.1
Perdigao ([dagger]) 1,396.4 1,508.9
Light 1,408.9 1,473.6
Belgo Mineira 1,618.4 1,784.0
CST 1,365.2 1,315.9
Telecom Argentina ([dagger]) 1,423.6 1,533.2
Grupo Corvi N/A N/A
TAM N/A N/A
Arca Embotelladora 1,280.6 1,278.7
Ipiranga Refinaria N/A N/A
Entel N/A N/A
Cosipa 1,283.2 1,363.6
Industrias Petioles 1,339.5 1,649.0
Almacenes Exito N/A N/A
Souza Cruz 1,177.8 1,209.6
CGE N/A N/A
Almacenes Coppel N/A N/A
Farmacias Ahumada N/A N/A
Aracruz ([dagger]) 1,250.9 1,412.7
Copel ([dagger]) 1,183.9 1,275.1
Klabin 947.7 957.7
Votorantim ([dagger]) 1,057.7 1,183.7
Telefonica del Peru N/A N/A
Bachoco Industrias ([dagger]) 1,091.0 1,153.0
Telefonica de Argentina N/A N/A
Apasco 982.4 1,030.0
Siderar N/A N/A
NET INCOME
COMPANY 2003
US$ % change
millions '03/'02
Petrobras 6,159.0 168.7
Wal-Mart de Mexico ([dagger]) 485.7 1.3
Telmex ([dagger]) 1,998.0 5.3
Telecom Carso Global ([dagger]) 532.0 86.6
America Movil ([dagger]) 1,368.4 206.7
America Telecom 445.9 208.6
Cemex ([dagger]) 629.0 13.0
Repsol YPF 1,563.5 58.5
Femsa ([dagger]) 275.3 0.2
CVRD ([dagger]) 1,560.6 16.9
Eletrobras 111.8 -64.1
Bunge Brasil 317.4 436.4
Ipiranga Distribuidora 33.9 104.3
Grupo Carso ([dagger]) 175.3 -11.4
Ipiranga Petroquimica 51.4 364.1
Tele Norte Leste 73.6 162.6
Telemar 263.4 35.4
Gerdau ([dagger]) 393.6 74.1
Antarchile 362.7 48.8
Copec 561.4 46.3
Alfa 87.1 -35.7
Grupo Industrial Bimbo 85.8 -8.3
Telesp ([dagger] 549.6 80.5
Enersis ([dagger]) 21.0 106.8
U.S.Commercial 42.9 120.4
Pao de Acucar ([dagger]) 78.1 12.5
Grupo Modelo 428.7 4.6
Braskem 74.5 127.5
Organizacion Soriana 144.6 -3.6
Coca-Cola Femsa ([dagger] 205.8 -17.1
Tenaris ([dagger]) 210.3 123.0
Comercial Mexicana ([dagger]) 91.9 20.1
AmBev ([dagger]) 488.6 14.3
Usiminas ([dagger]) 452.1 591.9
Grupo Imsa (dagger]) 67.5 -50.8
Grupo Gigante 28.0 -15.5
Varig -635.8 21.7
BrasilTelecom ([dagger]) 50.2 -59.9
Itadsa 540.4 24.2
Cintra -189.2 -17.5
Grupo Minero de -173.1 -47.4
Mexico ([dagger])
Embratel ([dagger]) 77.4 143.7
CSN ([dagger]) 356.9 747.7
Embraer ([dagger]) 203.4 -39.1
Eletropaulo Metropolitana 29.9 112.1
Vitro -50.7 -2,641.0
Vapores 72.4 97.4
Puerto de Liverpool 164.0 9.9
GrupoTelevisat ([dagger]) 320.1 347.4
Telesp Celular ([dagger]) -221.6 31.4
Gruma ([dagger]) 43.9 11.0
CPFL -14.1 86.9
CANTV ([dagger]) 18.6 -57.2
D&S 35.1 6.4
Cemig 9[dagger]) 414.5 246.2
Desc ([dagger]) -205.3 -103.0
Petrobras Energia ([dagger]) 128.7 136.6
Grupo Elektra ([dagger]) 101.7 1,212.7
Sadia 154.6 133.4
Falabella 166.0 71.1
Nadro 34.6 -7.4
Saba Casa Grupo 51.5 -2.3
Grupo Sanborns 135.0 -15.4
CMPC 210.1 127.2
LAN ([dagger]) 83.7 172.3
Endesa ([dagger]) 131.8 1,118.7
Kimberly-Clark de Mexico 188.3 -16.5
Brasmotor 10.4 -19.5
Multibras 21.5 -32.4
Copesul 58.1 68,533.6
Sabesp 288.4 256.7
Hylsamex -74.3 -4.8
Ultrapar ([dagger]) 85.3 35.5
CTC ([dagger]) 17.1 169.6
Perdigao ([dagger]) 42.8 1,735.4
Light -169.0 52.4
Belgo Mineira 236.2 163.0
CST 315.1 714.6
Telecom Argentina ([dagger]) 118.6 109.2
Grupo Corvi 7.2 66.7
TAM 60.2 135.1
Arca Embotelladora 89.6 -23.4
Ipiranga Refinaria 37.0 143.9
Entel 101.1 77.3
Cosipa 89.2 157.4
Industrias Petioles -13.6 -25.6
Almacenes Exito 20.2 74.3
Souza Cruz 266.2 -2.1
CGE 70.2 46.5
Almacenes Coppel 72.1 11.7
Farmacias Ahumada 3.4 42.1
Aracruz ([dagger]) 301.2 8,688.1
Copel ([dagger]) 59.2 165.4
Klabin 346.4 687.6
Votorantim ([dagger]) 295.2 268.7
Telefonica del Peru 6.3 -27.4
Bachoco Industrias ([dagger]) 48.4 -61.3
Telefonica de Argentina 136.8 113.5
Apasco 201.9 12.0
Siderar 142.6 313.0
NET INCOME
COMPANY 2004F 2005F
US$ US$
millions millions
Petrobras 4,847.7 4,297.3
Wal-Mart de Mexico ([dagger]) 593.2 700.1
Telmex ([dagger]) 2,244.9 2,343.9
Telecom Carso Global ([dagger]) 699.5 711.7
America Movil ([dagger]) 1,552.2 7,722.6
America Telecom 473.0 594.5
Cemex ([dagger]) 946.0 987.5
Repsol YPF N/A N/A
Femsa ([dagger]) 479.9 533.2
CVRD ([dagger]) 1,738.5 1,925.5
Eletrobras 737.0 1,007.0
Bunge Brasil 278.8 286.6
Ipiranga Distribuidora N/A N/A
Grupo Carso ([dagger]) 317.1 351.1
Ipiranga Petroquimica 54.4 78.4
Tele Norte Leste 200.9 255.1
Telemar 370.5 541.6
Gerdau ([dagger]) 570.0 556.0
Antarchile N/A N/A
Copec 653.8 861.0
Alfa 258.5 263.0
Grupo Industrial Bimbo 223.2 254.6
Telesp ([dagger] 934.0 952.0
Enersis ([dagger]) 134.5 155.0
U.S.Commercial N/A N/A
Pao de Acucar ([dagger]) 89.0 764.0
Grupo Modelo 494.4 545.3
Braskem 163.8 489.0
Organizacion Soriana 175.5 198.0
Coca-Cola Femsa ([dagger] 399.2 437.5
Tenaris ([dagger]) 323.0 379.0
Comercial Mexicana ([dagger]) 121.3 152.0
AmBev ([dagger]) 646.4 964.1
Usiminas ([dagger]) 575.1 591.7
Grupo Imsa (dagger]) 149.0 204.5
Grupo Gigante 33.5 34.9
Varig N/A N/A
BrasilTelecom ([dagger]) 218.5 275.6
Itadsa N/A N/A
Cintra N/A N/A
Grupo Minero de 512.9 509.4
Mexico ([dagger])
Embratel ([dagger]) 64.8 81.1
CSN ([dagger]) 464.0 479.9
Embraer ([dagger]) 370.8 440.1
Eletropaulo Metropolitana 59.4 138.8
Vitro 141.9 145.6
Vapores N/A N/A
Puerto de Liverpool 202.4 218.4
GrupoTelevisat ([dagger]) 284.5 363.8
Telesp Celular ([dagger]) 113.9 263.5
Gruma ([dagger]) 71.0 75.0
CPFL N/A N/A
CANTV ([dagger]) 85.3 188.5
D&S 58.9 77.6
Cemig ([dagger]) 293.3 319.9
Desc ([dagger]) 5.4 24.9
Petrobras Energia ([dagger]) 336.2 236.2
Grupo Elektra ([dagger]) 150.2 221.3
Sadia 121.3 140.1
Falabella 216.6 265.6
Nadro N/A N/A
Saba Casa Grupo N/A N/A
Grupo Sanborns 152.0 171.5
CMPC 231.0 222.0
LAN ([dagger]) 104.5 112.9
Endesa ([dagger]) 150.8 178.0
Kimberly-Clark de Mexico 226.7 235.3
Brasmotor N/A N/A
Multibras N/A N/A
Copesul 57.8 148.5
Sabesp 205.1 244.4
Hylsamex 72.5 129.1
Ultrapar ([dagger]) 114.5 141.8
CTC ([dagger]) 20.3 51.0
Perdigao ([dagger]) 54.5 71.2
Light -39.9 18.9
Belgo Mineira 282.6 311.6
CST 242.8 201.2
Telecom Argentina ([dagger]) -77.3 26.8
Grupo Corvi N/A N/A
TAM N/A N/A
Arca Embotelladora 148.8 160.8
Ipiranga Refinaria N/A N/A
Entel N/A N/A
Cosipa 73.2 94.2
Industrias Petioles 101.4 180.0
Almacenes Exito N/A N/A
Souza Cruz 328.4 337.5
CGE N/A N/A
Almacenes Coppel N/A N/A
Farmacias Ahumada N/A N/A
Aracruz ([dagger]) 314.5 444.0
Copel ([dagger]) 164.6 192.1
Klabin 151.5 182.5
Votorantim ([dagger]) 354.1 392.8
Telefonica del Peru N/A N/A
Bachoco Industrias ([dagger]) 72.0 96.0
Telefonica de Argentina N/A N/A
Apasco 221.1 229.7
Siderar N/A N/A
EARNINGS PER SHARE
COMPANY
2003 2004F 2005F
US$ US$ US$
Petrobras 5.62 4.15 3.94
Wal-Mart de Mexico ([dagger]) 1.10 1.37 1.64
Telmex ([dagger]) 3.29 3.56 3.63
Telecom Carso Global ([dagger]) 0.29 0.29 0.32
America Movil ([dagger]) 2.14 2.52 2.86
America Telecom 0.12 0.13 0.17
Cemex ([dagger]) 1.98 2.87 2.99
Repsol YPF 3.98 N/A N/A
Femsa ([dagger]) 2.56 4.13 4.84
CVRD ([dagger]) 4.03 4.59 5.26
Eletrobras 0.11 0.69 0.94
Bunge Brasil 0.39 N/A N/A
Ipiranga Distribuidora 2.10 N/A N/A
Grupo Carso ([dagger]) 0.21 0.38 0.42
Ipiranga Petroquimica 0.97 0.91 1.41
Tele Norte Leste 0.21 0.53 0.83
Telemar 1.09 1.56 2.45
Gerdau ([dagger]) 2.95 3.94 3.79
Antarchile 0.79 N/A N/A
Copec 0.43 0.59 0.82
Alfa 0.15 0.43 0.46
Grupo Industrial Bimbo 0.07 0.19 0.22
Telesp ([dagger] 1.10 1.30 1.50
Enersis ([dagger]) -0.15 0.29 0.38
U.S.Commercial 0.03 N/A N/A
Pao de Acucar ([dagger]) 0.67 0.87 1.21
Grupo Modelo 0.13 0.15 0.16
Braskem 1.09 1.73 6.87
Organizacion Soriana 0.24 0.29 0.33
Coca-Cola Femsa ([dagger] 1.20 2.20 2.47
Tenaris ([dagger]) 1.80 2.72 3.20
Comercial Mexicana ([dagger]) 1.63 1.93 2.36
AmBev ([dagger]) 1.22 1.57 1.81
Usiminas ([dagger]) 1.97 2.29 2.23
Grupo Imsa (dagger]) 1.15 0.03 3.15
Grupo Gigante 0.03 N/A 0.04
Varig -9.09 3.14 N/A
BrasilTelecom ([dagger]) 1.98 N/A 4.22
Itadsa 0.17 N/A N/A
Cintra -0.19 0.63 N/A
Grupo Minero de -0.20 0.85 0.63
Mexico ([dagger])
Embratel ([dagger]) 1.16 6.73 1.16
CSN ([dagger]) 4.73 20.7 6.53
Embraer ([dagger]) 0.78 0.90 2.45
Eletropaulo Metropolitana 0.71 0.08 3.21
Vitro -0.17 N/A 0.11
Vapores 0.10 0.15 N/A
Puerto de Liverpool 0.12 2.21 0.17
GrupoTelevisat ([dagger]) 2.21 0.23 2.76
Telesp Celular ([dagger]) -0.44 0.23 0.54
Gruma ([dagger]) 0.39 0.64 0.67
CPFL N/A N/A N/A
CANTV ([dagger]) 0.18 0.89 1.78
D&S 0.35 0.48 0.74
Cemig ([dagger]) 2.47 2.16 2.76
Desc ([dagger]) -3.00 0.12 0.06
Petrobras Energia ([dagger]) 0.61 0.85 1.03
Grupo Elektra ([dagger]) 1.71 1.81 1.91
Sadia 0.23 N/A N/A
Falabella 0.08 0.09 0.11
Nadro 0.06 N/A N/A
Saba Casa Grupo 0.19 N/A N/A
Grupo Sanborns 0.14 0.16 0.18
CMPC 1.05 1.09 1.07
LAN ([dagger]) 1.31 1.79 1.93
Endesa ([dagger]) 0.46 0.58 0.64
Kimberly-Clark de Mexico 0.16 0.19 0.20
Brasmotor 0.00 N/A N/A
Multibras 0.02 N/A N/A
Copesul 3.87 4.24 10.53
Sabesp 10.12 4.12 7.82
Hylsamex -0.15 0.29 0.21
Ultrapar ([dagger]) 1.17 1.59 2.06
CTC ([dagger]) 0.10 0.17 0.30
Perdigao ([dagger]) 0.71 1.80 2.27
Light -4.45 -1.14 0.49
Belgo Mineira 26.79 36.77 40.65
CST 5.77 4.65 3.80
Telecom Argentina ([dagger]) 1.11 -0.35 -0.29
Grupo Corvi 0.01 N/A N/A
TAM 0.98 N/A N/A
Arca Embotelladora 0.11 0.17 0.19
Ipiranga Refinaria 2.52 N/A N/A
Entel 0.43 0.23 0.26
Cosipa 22.25 18.27 23.52
Industrias Petioles -0.03 0.34 0.45
Almacenes Exito 0.10 N/A N/A
Souza Cruz 0.87 1.08 1.09
CGE 0.20 N/A N/A
Almacenes Coppel 1.42 N/A N/A
Farmacias Ahumada 0.02 N/A N/A
Aracruz ([dagger]) 1.44 2.62 3.98
Copel ([dagger]) 0.38 0.63 0.75
Klabin 0.38 0.17 0.19
Votorantim ([dagger]) 3.18 4.62 5.45
Telefonica del Peru N/A N/A N/A
Bachoco Industrias ([dagger]) 0.96 1.45 1.94
Telefonica de Argentina 0.08 N/A N/A
Apasco 0.86 0.95 0.95
Siderar 0.41 N/A N/A
TOTAL ASSETS
COMPANY 2003
US$ % change
millions '03/'02
Petrobras 47,153.0 71.3
Wal-Mart de Mexico ([dagger]) 5,843.1 0.9
Telmex ([dagger]) 16,532.8 1.0
Telecom Carso Global ([dagger]) 16,952.6 0.8
America Movil ([dagger]) 13,348.2 21.7
America Telecom 13,588.9 23.7
Cemex ([dagger]) 16,027.5 -6.0
Repsol YPF 11,255.7 29.1
Femsa ([dagger]) 9,285.7 58.9
CVRD ([dagger]) 12,837.9 35.5
Eletrobras 41,110.8 19.5
Bunge Brasil 3,874.0 33.0
Ipiranga Distribuidora 1,006.1 38.4
Grupo Carso ([dagger]) 5,869.3 -3.7
Ipiranga Petroquimica 812.9 35.8
Tele Norte Leste 10,073.4 29.5
Telemar 8,757.4 51.6
Gerdau ([dagger]) 4,931.0 20.5
Antarchile 7,550.8 18.2
Copec 7,325.6 17.3
Alfa 7,174.8 0.9
Grupo Industrial Bimbo 2,715.9 -13.9
Telesp ([dagger] 6,964.8 10.1
Enersis ([dagger]) 18,099.1 3.3
U.S.Commercial 1,607.9 -0.3
Pao de Acucar ([dagger]) 3,094.2 19.0
Grupo Modelo 5,700.8 1.1
Braskem 4,805.1 20.5
Organizacion Soriana 2,317.1 5.6
Coca-Cola Femsa ([dagger]) 5,466.3 243.0
Tenaris ([dagger]) 4,309.5 7.3
Comercial Mexicana ([dagger]) 2,289.7 1.9
AmBev ([dagger]) 5,132.9 46.5
Usiminas ([dagger]) 5,390.0 22.7
Grupo Imsa (dagger]) 3,108.2 -0.3
Grupo Gigante 1,992.7 -8.1
Varig 980.9 30.4
BrasilTelecom ([dagger]) 5,649.0 24.0
Itadsa 42,340.5 30.5
Cintra 1,797.0 -7.2
Grupo Minero de 8,165.3 -4.3
Mexico ([dagger])
Embratel ([dagger]) 4,488.4 23.5
CSN ([dagger]) 7,795.3 78.5
Embraer ([dagger]) 4,441.0 39.6
Eletropaulo Metropolitana 3,997.5 22.3
Vitro 2,748.4 -6.6
Vapores 1,279.7 18.9
Puerto de Liverpool 2,270.6 4.5
GrupoTelevisat ([dagger]) 5,760.6 5.2
Telesp Celular ([dagger]) 4,663.3 70.7
Gruma ([dagger]) 2,081.0 -6.5
CPFL 3,368.0 13.9
CANTV ([dagger]) 3,552.1 -4.8
D&S 1,424.5 35.9
Cemig ([dagger]) 5,200.4 33.0
Desc ([dagger]) 2,467.2 -13.2
Petrobras Energia ([dagger]) 5,452.0 36.1
Grupo Elektra ([dagger]) 2,129.2 32.6
Sadia 1,899.4 30.8
Falabella 2,830.6 96.6
Nadro 653.4 0.8
Saba Casa Grupo 730.8 -0.3
Grupo Sanborns 2,022.6 -1.5
CMPC 4,738.5 26.4
LAN ([dagger]) 1,630.7 3.1
Endesa ([dagger]) 9,216.4 1.8
Kimberly-Clark de Mexico 2,164.4 -2.4
Brasmotor 1,398.6 31.7
Multibras 1,369.0 31.9
Copesul 1,059.8 6.7
Sabesp 5,721.5 23.8
Hylsamex 2,658.5 -4.2
Ultrapar ([dagger]) 814.2 35.2
CTC ([dagger]) 4,207.4 12.8
Perdigao ([dagger]) 961.9 13.0
Light 2,698.0 6.5
Belgo Mineira 2,172.2 46.9
CST 3,320.7 56.1
Telecom Argentina ([dagger] 4,155.7 9.7
Grupo Corvi 361.1 -8.8
TAM 965.1 -3.6
Arca Embotelladora 1,118.8 -11.6
Ipiranga Refinaria 878.1 11.4
Entel 2,077.5 16.0
Cosipa 2,417.8 22.0
Industrias Petioles 1,748.2 0.3
Almacenes Exito 961.1 8.1
Souza Cruz 1,085.8 29.2
CGE 2,658.8 34.4
Almacenes Coppel 1,200.1 20.3
Farmacias Ahumada 470.8 18.8
Aracruz ([dagger]) 2,769.7 65.0
Copel ([dagger]) 3,179.2 31.4
Klabin 1,323.9 -1.4
Votorantim ([dagger]) 2,751.3 32.3
Telefonica del Peru 2,815.0 -6.0
Bachoco Industrias ([dagger]) 1,119.4 -0.4
Telefonica de Argentina 2,808.4 -0.5
Apasco 1,784.0 5.5
Siderar 962.5 3.8
SOURCE: Economatica, individual stock exchanges, Accival, Bear Steams,
Deutsche Bank, IXE casa de Bolsa, .P. Morgan, Merill Lynch, Santander
Central, Hispano Investment, Smith Barney, Thomson First Call, UBS
Warburg, LATIN TRADE
N/A = Not available
F = Forecast
[dagger] Earnings per ADR
INVESTOR BEST BETS
The stocks that red the market in 2003
RANK COMPANY COUNTRY SECTOR ROE
%
1 Acindar Argentina Steel 101.7
2 Klabin Brazil Pulp, paper 55.1
3 Lojas Americanas Brazil Retail 54.9
4 Usiminas Brazil Steel 32.7
5 Bunge Brasil Brazil Food 36.8
6 Sadia Brazil Food 30.0
7 Telecom Argentina Argentina Telecom 30.1
8 Ipiranga Refinaria Brazil Oil, gas 96.9
9 Fosfertil Brazil Chemical 41.5
10 CCR Brazil Infrastructure 28.7
11 Caemi Metal Brazil Mining 44.9
12 Siderar Argentina Steel 27.4
13 Sociedad Minera Cerro Verde Peru Mining 22.4
14 Rhodia-Ster Brazil Chemical 32.5
15 Randon Participartes Brazil Auto parts 41.9
16 Suzano Brazil Pulp, paper 25.3
17 Acos Villares Brazil Steel 67.7
18 Fertibras Brazil Chemical 52.6
19 Gerdau Brazil Steel 27.5
20 Lan Chile Chile Aviation 23.7
21 TV Azteca Mexico Media 34.3
22 Banco Provincial Venezuela Banking 40.9
23 Repsol YPF Argentina Oil, gas 20.5
24 Adubos Trevo Brazil Chemical 40.0
25 Juan Minetti Argentina Cement 15.5
26 Cia. Minera Atacocha Peru Mining 14.0
27 Souza Cruz Brazil Tobacco 50.0
28 Corporacion Geo Mexico Construction 16.3
29 Banco do Brasil Brazil Banking 19.6
30 CST Brazil Steel 16.1
31 Tele Centroeste Celular Brazil Telecom 29.8
32 Tractebel Energia Brazil Electricity 19.9
33 Elektro Brazil Electricity 360.3
34 Banesco Banco Universal Venezuela Banking 37.5
35 America Movil Mexico Telecom 23.4
36 Grupo Elektra Mexico Retail 18.8
37 CSN Brazil Steel 13.9
38 Copesul Brazil Chemical 15.6
39 Cosipa Brazil Steel 19.9
40 Magnesita Brazil Mining 17.0
41 Monteiro Aranha Brazil Pulp, paper 33.9
42 Bahia Sul Brazil Pulp, paper 20.9
43 Banco Macro Bansud Argentina Banking 15.6
44 Petrobras Brazil Oil, Gas 36.0
45 Belgo Mineira Brazil Steel 20.3
46 Ferbasa Brazil Steel 22.8
47 TGS Argentina Gas 13.9
48 Bancolombia Colombia Banking 20.1
49 Grupo Financiero Finamex Mexico Banking 23.3
50 Comgas Brazil Gas 11.3
TRADING
RANK COMPANY ACTIVITY * PRICE
% % CHANGE '03/'02
1 Acindar 100.0 305.3
2 Klabin 100.0 242.5
3 Lojas Americanas 100.0 239.9
4 Usiminas 100.0 406.0
5 Bunge Brasil 86.0 404.9
6 Sadia 100.0 202.8
7 Telecom Argentina 100.0 186.7
8 Ipiranga Refinaria 86.4 210.9
9 Fosfertil 100.0 134.4
10 CCR 94.4 233.4
11 Caemi Metal 100.0 121.3
12 Siderar 100.0 164.1
13 Sociedad Minera Cerro Verde 87.6 1,465.4
14 Rhodia-Ster 88.8 174.5
15 Randon Participartes 97.2 115.4
16 Suzano 99.6 139.0
17 Acos Villares 50.4 338.4
18 Fertibras 51.6 358.8
19 Gerdau 100.0 130.3
20 Lan Chile 96.4 160.5
21 TV Azteca 100.0 104.4
22 Banco Provincial 67.4 221.5
23 Repsol YPF 96.4 173.2
24 Adubos Trevo 84.4 135.8
25 Juan Minetti 99.2 294.4
26 Cia. Minera Atacocha 99.6 362.5
27 Souza Cruz 100.0 77.3
28 Corporacion Geo 100.0 188.4
29 Banco do Brasil 100.0 140.0
30 CST 100.0 186.4
31 Tele Centroeste Celular 100.0 90.5
32 Tractebel Energia 100.0 135.2
33 Elektro 37.6 224.3
34 Banesco Banco Universal 82.6 120.6
35 America Movil 100.0 99.8
36 Grupo Elektra 100.0 130.3
37 CSN 100.0 234.8
38 Copesul 95.6 233.3
39 Cosipa 99.2 116.3
40 Magnesita 99.6 135.2
41 Monteiro Aranha 36.0 289.0
42 Bahia Sul 95.2 120.9
43 Banco Macro Bansud 100.0 145.1
44 Petrobras 100.0 63.0
45 Belgo Mineira 100.0 88.4
46 Ferbasa 98.0 86.7
47 TGS 100.0 136.3
48 Bancolombia 91.8 109.2
49 Grupo Financiero Finamex 34.7 291.4
50 Comgas 100.0 226.5
SOURCE: Economatica
ROE = Return on equity
* days traded in 2003
TOP 100
2003 26.2%
2004F 7.5%
2005F 4.2%
NET INCOME
2003 189.2%
2004F 23.9%
2005F 12.4%
F = FORECAST
Note: Table made from bar graph.
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