Latin Trade 100
100 Mejores empresas en Ventas e Ingresos en Latinoamerica al 31 de Dic. De 2003
RANK COMPANY COUNTRY SECTOR NET SALES NET INCOME
this year last year 2003 % change 2004F 2005F 2003 % change 2004F 2005F
US$ Millions '03/'02 US$ Millions US$ Millions US$ Millions '03/'02 US$ Millions US$ Millions
1 1 Petrobras Brazil Oil, gas 33,138.1 69.3 29,972.0 28,192.0 6,159.0 168.7 4,847.7 4,297.3
2 4 Wal-Mart de México  Mexico Retail 10,729.2 4.1 12,455.2 14,311.4 485.7 1.3 593.2 700.1
3 2 Telmex Mexico Telecom 10,399.4 -4.9 10,692.6 10,799.8 1,998.0 5.3 2,244.9 2,343.9
4 3 Telecom Carso Global Mexico Telecom 10,399.4 -4.9 10,692.6 10,799.8 532.0 86.6 699.5 711.7
5 7 América Móvil  Mexico Telecom 7,648.7 37.3 9,504.6 10,287.4 1,368.4 206.7 1,552.2 1,722.6
6 --- America Telecom  Mexico Telecom 7,648.7 37.3 9,504.6 10,287.4 445.9 208.6 473.0 594.5
7 5 Cemex  Mexico Cement 7,166.9 2.4 7,422.0 7,809.5 629.0 13.0 946.0 987.5
8 6 Repsol YPF Argentina Oil, gas 7,152.7 23.7 N/A N/A 1,563.5 58.5 N/A N/A
9 10 Femsa Mexico Beverages 6,754.3 30.7 8,142.4 8,833.3 275.3 0.2 479.9 533.2
10 13 CVRD Brazil Mining 6,729.3 62.0 7,738.7 8,133.4 1,560.6 169.9 1,738.5 1,925.5
11 8 Eletrobrás Brazil Electricity 6,705.5 22.5 6,783.0 7,233.8 111.8 -64.1 737.0 1,007.0
12 20 Bunge Brasil Brazil Chemical 5,910.3 74.7 6,165.5 6,364.2 317.4 436.4 278.8 286.6
13 15 Ipiranga Distribuidora Brazil Gas 5,889.6 62.9 N/A N/A 33.9 104.3 N/A N/A
14 11 Grupo Carso Mexico Holding 5,045.0 0.3 5,426.4 5,714.8 175.3 -11.4 317.1 351.1
15 25 Ipiranga Petroquímica Brazil Oil & Gas 4,955.5 63.9 4,545.2 4,579.4 51.4 364.1 54.4 78.4
16 21 Tele Norte Leste Brazil Telecom 4,846.6 44.2 5,108.6 5,110.6 73.6 162.6 200.9 255.1
17 22 Telemar  Brazil Telecom 4,736.7 45.6 5,008.3 5,094.7 263.4 35.4 370.5 541.6
18 31 Gerdau  Brazil Steel 4,626.5 78.4 5,507.5 5,163.0 393.6 74.1 570.0 556.0
19 18 Antarchile Chile Holding 4,495.7 32.6 N/A N/A 362.7 48.8 N/A N/A
20 19 Copec Chile Oil, gas 4,491.0 32.6 4,836.8 5,083.5 561.4 46.3 653.8 861.0
21 12 Alfa  Mexico Holding 4,164.1 12.2 4,479.5 4,739.0 87.1 -35.7 258.5 263.0
22 14 Grupo Industrial Bimbo  Mexico Food 4,153.0 0.4 4,402.4 4,572.0 85.8 -8.3 223.2 254.6
23 27 Telesp  Brazil Telecom 4,085.8 43.1 4,450.5 4,661.0 549.6 80.5 934.0 952.0
24 17 Enersis Chile Electricity 3,966.8 15.0 3,987.0 4,341.0 21.0 106.8 134.5 155.0
25 --- U.S. Commercial  Mexico Retail 3,798.3 -7.8 N/A N/A 42.9 120.4 N/A N/A
26 29 Pão de Açúcar  Brazil Retail 3,740.3 39.8 4,407.0 4,920.0 78.1 12.5 89.0 164.0
27 16 Grupo Modelo  Mexico Beverages 3,600.4 0.3 3,876.3 4,126.1 428.7 4.6 494.4 545.3
28 45 Braskem  Brazil Chemical 3,508.2 92.7 3,778.7 4,234.9 74.5 127.5 163.8 489.0
29 23 Organización Soriana Mexico Retail 3,184.4 2.2 3,680.4 4,084.7 144.6 -3.6 175.5 198.0
30 49 Coca-Cola Femsa Mexico Beverages 3,179.9 82.7 3,952.5 4,111.8 205.8 -17.1 399.2 437.5
31 --- Tenaris  Argentina Steel 3,179.7 -1.2 3,529.0 3,799.0 210.3 123.0 323.0 379.0
32 24 Comercial Mexicana  Mexico Retail 3,111.8 0.1 3,473.9 3,856.0 91.9 20.1 121.3 152.0
33 36 AmBev  Brazil Beverages 3,005.6 45.0 3,355.3 3,958.0 488.6 14.3 646.4 964.1
34 43 Usiminas Brazil Steel 2,997.3 59.6 3,138.5 3,134.0 452.1 591.9 575.1 591.7
35 30 Grupo Imsa  Mexico Steel 2,779.4 2.3 2,883.2 2,940.3 67.5 -50.8 149.0 204.5
36 26 Grupo Gigante  Mexico Retail 2,769.4 -7.5 2,785.8 2,917.7 28.0 -15.5 33.5 34.9
37 --- Varig  Brazil Transportation 2,751.4 39.2 N/A N/A -635.8 21.7 N/A N/A
38 39 Brasil Telecom  Brazil Telecom 2,739.6 36.9 2,967.1 3,028.6 50.2 -59.9 218.5 275.6
39 41 Itaúsa Brazil Holding 2,702.5 42.2 N/A N/A 540.4 24.2 N/A N/A
40 28 Cintra  Mexico Aviation 2,675.8 -3.7 N/A N/A -189.2 -17.5 N/A N/A
41 32 Grupo Minero de México  Mexico Mining 2,461.4 3.1 3,363.0 3,258.3 -173.1 -47.4 512.9 509.4
42 38 Embratel  Brazil Telecom 2,437.9 21.2 2,558.6 2,449.1 77.4 143.7 64.8 81.1
43 55 CSN Brazil Steel 2,415.0 65.2 2,452.5 2,249.9 356.9 747.7 464.0 479.9
44 34 Embraer  Brazil Aviation 2,274.2 3.7 3,508.9 3,695.4 203.4 -39.1 370.8 440.1
45 51 Eletropaulo Metropolitana Brazil Electricity 2,236.7 36.3 2,379.0 2,586.4 29.9 112.1 59.4 138.8
46 33 Vitro  Mexico Holding 2,220.9 -6.3 2,477.2 2,447.3 -50.7 -2,641.0 141.9 145.6
47 50 Vapores Chile Transportation 2,138.4 28.0 N/A N/A 72.4 97.4 N/A N/A
48 37 Puerto de Liverpool Mexico Retail 2,115.8 5.2 2,269.2 2,337.3 164.0 9.9 202.4 218.4
49 35 Grupo Televisa Mexico Media 2,097.1 0.3 2,228.0 2,382.6 320.1 347.4 284.5 363.8
50 82 Telesp Celular Brazil Telecom 2,092.8 118.1 2,566.3 2,760.6 -221.6 31.4 113.9 263.5
51 44 Gruma Mexico Food 2,050.7 6.4 2,179.0 2,278.0 43.9 11.0 71.0 75.0
52 59 CPFL Brazil Electricity 1,998.9 40.4 N/A N/A -14.1 86.9 N/A N/A
53 40 CANTV Venezuela Telecom 1,994.5 4.5 1,873.6 1,936.2 18.6 -57.2 85.3 188.5
54 56 D&S Chile Retail 1,961.2 34.8 2,165.4 2,386.8 35.1 6.4 58.9 77.6
55 57 Cemig  Brazil Electricity 1,946.3 34.4 2,122.8 2,270.3 414.5 246.2 293.3 319.9
56 42 Desc Mexico Holding 1,930.2 1.6 1,945.0 1,998.0 -205.3 -103.0 5.4 24.9
57 60 Petrobras Energia  Argentina Oil, gas 1,856.1 39.2 1,936.0 1,904.0 128.7 136.6 336.2 236.2
58 52 Grupo Elektra  Mexico Retail 1,833.0 13.8 2,024.0 2,147.0 101.7 1,212.7 150.2 221.3
59 66 Sadia  Brazil Food 1,831.7 52.7 1,879.4 1,984.9 154.6 133.4 121.3 140.1
60 68 Falabella Chile Retail 1,792.7 52.1 2,586.6 2,989.2 166.0 71.1 216.6 265.6
61 47 Nadro  Mexico Retail 1,740.2 -0.1 N/A N/A 34.6 -7.4 N/A N/A
62 46 Saba Casa Grupo Mexico Retail 1,736.7 -1.6 N/A N/A 51.5 -2.3 N/A N/A
63 48 Grupo Sanborns  Mexico Retail 1,698.1 -1.8 1,825.9 2,028.2 135.0 -15.4 152.0 171.5
64 65 CMPC Chile Paper, pulp 1,674.6 35.9 1,717.0 1,815.0 210.1 127.2 231.0 222.0
65 58 LanChile Chile Aviation 1,641.0 13.3 1,815.7 1,905.0 83.7 172.3 104.5 112.9
66 63 Endesa Chile Electricity 1,551.9 19.2 1,558.5 1,602.5 131.8 1,118.7 150.8 178.0
67 53 Kimberly Clark de México Mexico Paper, pulp 1,521.9 -2.5 1,645.8 1,696.7 188.3 -16.5 226.7 235.3
68 70 Brasmotor Brazil Appliances 1,494.4 28.8 N/A N/A 10.4 -19.5 N/A N/A
69 71 Multibrás Brazil Appliances 1,468.0 27.9 N/A N/A 21.5 -32.4 N/A N/A
70 90 Copesul  Brazil Chemical 1,462.5 76.2 1,475.8 1,709.2 58.1 68,533.6 57.8 148.5
71 76 Sabesp Brazil Water 1,422.5 33.4 1,483.3 1,572.9 288.4 256.7 205.1 244.4
72 62 Hylsamex  Mexico Steel 1,421.9 8.8 1,620.2 1,587.8 -74.3 -4.8 72.5 129.1
73 89 Ultrapar Brazil Chemical 1,384.6 63.4 1,393.5 1,297.4 85.3 35.5 114.5 141.8
74 67 CTC Chile Telecom 1,370.6 14.4 1,372.5 1,381.1 17.1 169.6 20.3 51.0
75 91 Perdigão  Brazil Food 1,324.0 60.3 1,396.4 1,508.9 42.8 1,735.4 54.5 71.2
76 77 Light Brazil Electricity 1,308.6 26.7 1,408.9 1,473.6 -169.0 52.4 -39.9 18.9
77 88 Belgo Mineira  Brazil Steel 1,308.3 46.0 1,618.4 1,784.0 236.2 163.0 282.6 311.6
78 92 CST Brazil Steel 1,290.8 60.5 1,365.2 1,315.9 315.1 714.6 242.8 201.2
79 69 Telecom Argentina Argentina Telecom 1,267.9 7.9 1,423.6 1,533.2 118.6 109.2 -77.3 26.8
80 61 Grupo Corvi Mexico Retail 1,258.5 -5.2 N/A N/A 7.2 66.7 N/A N/A
81 84 TAM  Brazil Transportation 1,243.0 31.9 N/A N/A 60.2 135.1 N/A N/A
82 64 Arca Embotelladora Mexico Beverages 1,240.3 -2.7 1,280.6 1,278.7 89.6 -23.4 148.8 160.8
83 --- Ipiranga Refinaria  Brazil Oil & Gas 1,234.4 81.3 N/A N/A 37.0 143.9 N/A N/A
84 72 Entel Chile Telecom 1,229.8 10.1 N/A N/A 101.1 77.3 N/A N/A
85 97 Cosipa Brazil Steel 1,218.5 58.5 1,283.2 1,363.6 89.2 157.4 73.2 94.2
86 74 Industrias Peñoles Mexico Mining 1,144.3 4.1 1,339.5 1,649.0 -13.6 -25.6 101.4 180.0
87 73 Almacenes Éxito Colombia Retail 1,131.4 2.0 N/A N/A 20.2 74.3 N/A N/A
88 94 Souza Cruz Brazil Tobacco 1,123.0 40.8 1,177.8 1,209.6 266.2 -2.1 328.4 337.5
89 100 CGE Chile Electricity 1,072.1 46.3 N/A N/A 70.2 46.5 N/A N/A
90 86 Almacenes Coppel  Mexico Retail 1,069.9 19.0 N/A N/A 72.1 11.7 N/A N/A
91 --- Farmacias Ahumada Chile Retail 1,063.3 144.4 N/A N/A 3.4 42.1 N/A N/A
92 --- Aracruz  Brazil Pulp & Paper 1,061.3 84.4 1,250.9 1,412.7 301.2 8,688.1 314.5 444.0
93 98 Copel Brazil Electricity 1,035.2 37.1 1,183.9 1,275.1 59.2 165.4 164.6 192.1
94 95 Klabin Brazil Paper, pulp 1,028.0 29.1 947.7 957.7 346.4 687.6 151.5 182.5
95 --- Votorantim  Brazil Paper, pulp 1,012.8 73.6 1,057.7 1,183.7 295.2 268.7 354.1 392.8
96 81 Telefónica del Perú  Peru Telecom 992.3 1.0 N/A N/A 6.3 -27.4 N/A N/A
97 80 Bachoco Industrias Mexico Food 952.2 -5.2 1,091.0 1,153.0 48.4 -61.3 72.0 96.0
98 87 Telefónica de Argentina Argentina Telecom 929.1 3.6 N/A N/A 136.8 113.5 N/A N/A
99 85 Apasco  Mexico Cement 922.8 -1.5 982.4 1,030.0 201.9 12.0 221.1 229.7
100 99 Siderar  Argentina Steel 922.7 22.6 N/A N/A 142.6 313.0 N/A N/A
Earnings per ADR
N/A= Not available    F= Forecast
SOURCE: Economática, individual stock exchanges, Accival, Bear Stearns, Deutsche Bank, IXE Casa de Bolsa, J.P. Morgan, Merill Lynch, Santander Central Hispano Investment, Smith Barney, Thomson First Call, UBS Warburg, LATIN TRADE
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