Razones Financieras Mexico 1

RAZONES FINANCIERAS SECTORIALES EN MEXICO
Num. de
empresas
promedio Razn del cido = (activo circulante - inventario) / pasivo circulante
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
1.0
0.8
0.9
1.0
1.0
1.1
0.8
0.9
0.9
0.9
1.0
1.0
1.2
1.1
1.0
0.9
1.0
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
0.9
1.0
1.0
0.5
0.8
1.3
1.0
1.3
1.0
0.8
0.8
2.1
1.9
0.7
1.0
1.0
1.5
0.5
1.0
1.1
1.3
0.9
1.1
1.3
1.2
0.5
1.4
1.1
1.0
0.4
1.6
0.9
1.1
0.4
2.0
0.6
1.4
0.4
1.2
1.0
1.5
0.3
1.1
1.0
1.6
0.5
1.2
1.0
1.3
0.5
1.3
1.1
1.2
0.0
1.2
1.5
1.3
0.6
1.2
1.1
1.2
0.8
1.0
1.2
1.3
0.4
1.4
1.0
Cemento
Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas
6
4
4
13
1.5
0.4
1.4
0.7
1.2
0.5
0.9
0.7
1.3
0.7
0.9
1.0
1.5
0.7
1.0
0.8
1.2
0.6
1.1
0.7
0.8
0.6
1.4
0.8
0.4
0.6
1.4
0.6
0.9
0.6
1.5
0.8
0.6
0.5
1.8
0.7
0.7
0.6
2.2
0.8
0.7
0.6
1.8
0.9
0.9
0.6
2.0
1.0
1.0
0.5
1.4
0.5
0.6
0.6
1.4
0.7
0.9
0.6
1.4
0.8
1.1
0.6
1.2
0.8
0.8
0.6
1.7
0.8
Comunicacin y transportes:
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
1.7
N/D
N/D
N/D
N/D
1.3
N/D
N/D
N/D
N/D
1.5
N/D
N/D
N/D
N/D
1.4
N/D
N/D
N/D
N/D
1.5
N/D
N/D
N/D
N/D
1.6
N/D
N/D
N/D
N/D
0.7
N/D
N/D
N/D
N/D
0.9
N/D
N/D
N/D
N/D
1.0
N/D
N/D
N/D
N/D
0.9
N/D
N/D
N/D
N/D
1.0
N/D
N/D
N/D
N/D
0.9
N/D
N/D
N/D
N/D
1.1
4.1
1.1
0.8
1.3
1.0
4.0
1.0
0.5
3.5
1.2
N/D
N/D
N/D
N/D
1.4
N/D
N/D
N/D
N/D
1.0
4.0
1.0
0.7
2.4
Constructoras
Conglomerados
Hoteles y restaurantes
Mineras
8
10
5
3
1.2
0.8
0.6
1.1
0.9
0.6
0.2
2.7
0.9
0.6
0.1
3.9
1.2
0.7
0.2
1.7
0.9
0.7
0.4
3.1
0.8
0.8
1.0
1.4
0.6
0.7
0.6
0.7
1.0
0.7
0.6
0.6
1.1
0.8
0.7
0.6
1.2
1.0
0.8
1.1
1.3
1.1
0.8
1.4
1.9
1.5
1.0
1.5
1.9
1.2
1.0
1.7
1.9
1.3
1.0
2.1
1.2
0.9
0.6
1.7
0.9
0.7
0.4
2.1
1.5
1.1
0.8
1.3
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
1.1
1.1
0.6
0.4
1.0
1.3
0.4
0.6
1.9
1.4
0.5
0.5
2.3
1.2
0.9
0.6
1.4
0.9
0.7
0.8
1.7
0.6
1.0
0.6
1.1
0.5
1.0
0.8
1.3
0.7
0.7
0.4
0.6
0.3
1.0
1.1
0.6
0.4
1.4
1.3
1.4
1.2
1.5
1.1
1.4
1.3
1.6
0.7
N/D
1.0
1.4
1.0
N/D
0.9
3.2
0.7
1.3
0.9
1.1
0.8
1.5
1.0
0.7
0.6
N/D
0.8
1.5
0.9
Elaborado por Alberto Calva-Mercado y Acus Consultores, S.C. a partir de los estados financieros de empresas que cotizan en la Bolsa Mexicana de
Valores. Todas las razones financieras se obtuvieron tomando el saldo final a diciembre de cada ao en el balance general y no el promedio. El autor
no se hacen responsable por las decisiones que se tomen con base en la informacin y comentarios aqu presentados, ni por la exactitud de las cifras.
Acus Consultores
www.acusconsultores.com.mx
-1-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Clientes / proveedores
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
1.7
1.5
1.5
1.4
1.3
1.4
1.3
1.4
1.4
1.5
1.6
1.7
1.2
1.2
1.4
1.4
1.4
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
1.9
1.3
1.2
2.6
2.1
1.6
1.1
2.1
2.1
1.2
1.0
2.6
2.0
1.2
1.0
2.4
1.8
1.4
0.9
1.4
1.8
1.4
0.9
3.0
1.7
1.4
0.8
2.1
1.9
1.2
0.7
1.8
1.7
1.0
0.6
2.1
1.5
0.9
0.6
2.1
1.3
0.7
0.6
2.2
1.4
0.9
0.6
2.3
1.3
0.9
0.6
1.4
1.3
0.1
0.7
1.8
1.7
1.1
0.8
2.1
1.9
1.4
1.0
2.3
1.5
0.8
0.7
2.0
Cemento
6
4
4
13
2.8
0.1
3.6
0.8
2.3
0.1
2.6
1.0
1.8
0.1
1.7
1.1
1.7
0.0
1.8
0.9
1.9
0.0
2.0
0.7
1.5
0.1
2.6
0.9
1.3
0.1
3.3
0.7
1.8
0.1
3.2
0.7
1.3
0.1
3.6
0.6
1.2
0.1
3.4
0.8
1.0
0.1
3.2
1.0
1.2
0.1
3.0
1.3
0.9
0.1
3.7
0.5
1.0
0.1
3.4
0.6
1.5
0.1
2.9
0.8
1.9
0.1
2.5
0.9
1.2
0.1
3.4
0.8
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
2.2
N/D
N/D
N/D
N/D
1.7
N/D
N/D
N/D
N/D
4.0
N/D
N/D
N/D
N/D
4.2
N/D
N/D
N/D
N/D
4.0
N/D
N/D
N/D
N/D
5.5
N/D
N/D
N/D
N/D
5.6
N/D
N/D
N/D
N/D
6.5
N/D
N/D
N/D
N/D
6.8
N/D
N/D
N/D
N/D
6.6
N/D
N/D
N/D
N/D
10.6
N/D
N/D
N/D
N/D
12.3
N/D
N/D
N/D
N/D
1.4
4.8
32.5
0.4
0.6
1.2
3.6
20.4
0.4
1.9
5.2
N/D
N/D
N/D
N/D
3.9
N/D
N/D
N/D
N/D
6.5
4.2
26.5
0.4
1.3
Constructoras
Conglomerados
Mineras
8
10
5
3
5.3
1.8
5.0
2.1
3.5
1.8
5.6
2.2
3.1
1.5
0.7
1.3
3.5
1.4
0.5
1.6
1.9
1.5
1.0
1.0
2.9
1.6
1.0
0.8
2.9
1.2
1.2
0.8
2.6
1.3
1.1
0.7
2.8
1.4
1.0
0.7
2.3
1.5
1.1
1.3
2.2
1.4
1.3
1.7
2.2
1.5
1.5
2.1
2.9
1.6
1.2
2.5
2.5
1.2
1.8
1.8
2.9
1.5
1.7
1.5
3.3
1.5
2.2
1.4
2.5
1.4
1.3
1.5
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
1.6
2.8
2.8
1.9
2.3
2.4
1.5
1.3
2.3
2.7
1.5
1.4
2.2
2.1
1.6
2.2
2.5
1.9
1.4
2.9
2.0
1.2
1.9
1.8
2.5
1.2
1.7
2.2
2.2
1.5
1.6
1.6
2.2
1.1
1.6
1.9
2.2
1.0
1.6
1.8
2.2
1.1
1.7
1.2
1.8
1.6
1.9
1.7
N/D
1.2
1.2
2.2
N/D
1.1
1.2
2.8
2.2
1.6
1.7
1.9
2.2
2.0
1.8
2.0
N/D
1.2
1.6
1.9
Acus Consultores
-2-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Apalancamiento = pasivo total / capital contable
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
0.8
0.9
0.8
0.9
0.8
0.8
1.3
1.2
1.3
1.3
1.3
1.2
1.1
1.2
1.1
0.9
1.2
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
0.8
1.5
0.4
1.8
0.9
1.8
0.5
0.5
0.7
2.8
0.5
0.3
0.4
3.4
0.5
0.5
0.6
5.2
0.5
0.4
1.0
1.4
0.4
0.4
1.1
2.0
0.6
0.6
0.6
1.9
0.5
0.9
0.8
1.9
0.5
1.5
0.6
1.9
0.8
0.6
0.7
1.9
0.8
0.7
0.6
1.9
0.6
0.7
0.6
1.7
0.6
1.3
0.5
11.5
0.6
1.4
0.7
2.9
0.6
0.8
0.8
2.6
0.5
0.7
0.6
3.2
0.6
1.0
Cemento
6
4
4
13
0.8
0.6
0.8
0.9
0.9
0.5
1.0
1.1
0.9
0.4
1.2
0.8
0.8
0.5
0.7
1.0
0.7
0.5
0.6
1.1
0.7
0.5
0.5
1.1
1.0
0.7
1.0
1.6
0.9
0.7
0.9
1.8
1.1
0.7
1.1
1.6
1.2
0.7
1.0
1.8
1.0
0.6
1.0
1.9
1.4
0.7
1.0
1.9
1.0
0.7
1.6
2.1
1.6
0.8
1.7
1.2
1.0
0.6
1.0
1.4
0.8
0.5
0.8
1.1
1.2
0.7
1.2
1.8
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
0.7
N/D
N/D
N/D
N/D
0.6
N/D
N/D
N/D
N/D
0.5
N/D
N/D
N/D
N/D
0.7
N/D
N/D
N/D
N/D
0.7
N/D
N/D
N/D
N/D
0.7
N/D
N/D
N/D
N/D
1.6
N/D
N/D
N/D
N/D
1.7
N/D
N/D
N/D
N/D
1.7
N/D
N/D
N/D
N/D
1.5
N/D
N/D
N/D
N/D
1.8
N/D
N/D
N/D
N/D
1.7
N/D
N/D
N/D
N/D
1.7
1.5
1.9
2.0
0.4
1.7
1.5
2.1
1.8
0.2
1.2
N/D
N/D
N/D
N/D
0.8
N/D
N/D
N/D
N/D
1.7
1.5
2.0
1.9
0.3
Constructoras
Conglomerados
Mineras
8
10
5
3
1.4
1.0
1.5
0.5
1.3
1.3
4.8
0.5
1.2
1.4
55.7
0.4
1.8
1.5
24.7
0.5
1.9
1.3
1.1
0.6
1.4
1.1
0.5
1.0
1.7
1.6
0.7
1.3
1.7
1.7
0.8
1.4
1.5
1.5
0.9
1.7
1.3
1.5
0.9
1.5
1.2
1.3
0.9
1.2
1.3
0.9
0.9
0.8
1.3
1.0
0.9
0.8
1.1
1.0
1.0
0.6
1.4
1.3
6.8
0.9
1.5
1.3
12.7
0.7
1.3
1.3
0.9
1.1
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
0.7
0.9
1.2
1.2
0.8
0.7
1.2
1.0
0.7
0.6
1.0
1.2
0.6
0.7
1.1
1.2
0.7
1.3
1.2
0.9
0.8
1.3
0.8
1.5
1.2
1.8
1.2
2.8
1.2
1.5
1.1
3.9
1.4
1.8
1.2
2.2
1.8
2.3
1.1
1.7
1.9
1.1
0.6
1.8
1.4
0.9
0.5
3.8
N/D
0.9
0.5
0.6
N/D
1.4
0.3
4.9
1.1
1.2
0.9
2.1
0.8
1.0
1.1
1.4
N/D
1.4
0.8
2.7
Acus Consultores
-3-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Deuda de corto plazo = pasivo de corto plazo / pasivo total
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
0.5
0.5
0.5
0.5
0.5
0.5
0.5
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.5
0.4
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
0.6
0.3
0.5
0.8
0.6
0.2
0.4
0.7
0.5
0.3
0.5
0.7
0.5
0.3
0.4
0.8
0.4
0.5
0.5
0.8
0.5
0.5
0.5
0.7
0.6
0.7
0.4
0.6
0.5
0.8
0.4
0.7
0.4
0.8
0.4
0.8
0.3
0.8
0.3
0.7
0.4
0.8
0.3
0.7
0.4
0.8
0.4
0.7
0.5
0.7
0.4
0.5
0.5
1.0
0.4
0.3
0.5
0.6
0.4
0.7
0.5
0.4
0.5
0.7
0.4
0.8
0.4
0.6
Cemento
6
4
4
13
0.3
0.8
0.6
0.7
0.3
0.8
0.7
0.9
0.3
0.9
0.6
0.7
0.3
0.9
0.7
0.7
0.3
0.9
0.6
0.7
0.3
0.9
0.7
0.8
0.5
0.7
0.5
0.6
0.3
0.7
0.5
0.6
0.3
0.7
0.4
0.6
0.3
0.7
0.4
0.7
0.3
0.7
0.5
0.7
0.3
0.7
0.4
0.7
0.3
0.7
0.7
0.7
0.2
0.8
0.7
0.8
0.3
0.8
0.6
0.7
0.3
0.9
0.6
0.7
0.3
0.7
0.5
0.7
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
0.3
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.6
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.3
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
0.2
0.3
0.5
0.4
0.4
0.2
0.3
0.5
0.2
0.4
N/D
N/D
N/D
N/D
0.4
N/D
N/D
N/D
N/D
0.4
0.2
0.3
0.5
0.3
Constructoras
Conglomerados
Mineras
8
10
5
3
0.5
0.5
0.3
0.5
0.4
0.5
0.6
0.4
0.4
0.6
0.8
0.3
0.6
0.5
0.7
0.4
0.7
0.5
0.5
0.2
0.7
0.5
0.3
0.2
0.7
0.4
0.3
0.2
0.7
0.4
0.3
0.3
0.6
0.4
0.3
0.3
0.6
0.4
0.3
0.2
0.6
0.4
0.3
0.2
0.4
0.4
0.3
0.3
0.5
0.5
0.3
0.4
0.5
0.5
0.3
0.3
0.6
0.4
0.4
0.3
0.6
0.5
0.5
0.3
0.5
0.4
0.3
0.3
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
0.4
0.5
0.5
0.8
0.5
0.5
0.4
0.8
0.3
0.5
0.4
0.8
0.3
0.6
0.3
0.6
0.4
0.4
0.3
0.6
0.3
0.5
0.3
0.6
0.4
0.6
0.3
0.4
0.3
0.5
0.3
0.6
0.6
0.8
0.3
0.3
0.5
0.9
0.2
0.3
0.2
0.4
0.3
0.3
0.3
0.4
0.4
0.3
N/D
0.5
0.5
0.5
N/D
0.5
0.5
0.9
0.4
0.5
0.4
0.5
0.4
0.5
0.4
0.7
N/D
0.6
0.4
0.4
Acus Consultores
-4-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Das cartera das clientes = (clientes * 360 / ventas netas)
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
59
49
46
49
46
45
41
43
40
41
44
43
47
45
46
48
44
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
40
61
25
99
36
55
21
142
28
47
20
127
30
57
21
80
34
51
20
128
31
41
20
127
28
73
18
83
32
54
17
84
34
61
15
103
28
53
16
99
28
44
15
102
28
43
16
105
30
46
18
67
29
66
20
61
31
54
19
100
32
55
21
112
30
53
17
88
Cemento
6
4
4
13
58
4
153
34
50
4
151
48
42
5
110
51
41
3
110
43
42
3
108
37
40
4
104
48
42
5
116
32
35
5
119
42
28
4
133
31
29
4
137
40
24
3
149
50
39
3
151
60
30
4
167
24
35
4
165
39
38
4
134
41
45
4
122
42
31
4
146
41
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
65
N/D
N/D
N/D
N/D
56
N/D
N/D
N/D
N/D
67
N/D
N/D
N/D
N/D
64
N/D
N/D
N/D
N/D
66
N/D
N/D
N/D
N/D
57
N/D
N/D
N/D
N/D
58
N/D
N/D
N/D
N/D
60
N/D
N/D
N/D
N/D
54
N/D
N/D
N/D
N/D
52
N/D
N/D
N/D
N/D
55
N/D
N/D
N/D
N/D
46
N/D
N/D
N/D
N/D
54
139
60
32
22
49
134
50
32
47
57
N/D
N/D
N/D
N/D
62
N/D
N/D
N/D
N/D
53
136
55
32
35
Constructoras
Conglomerados
Mineras
8
10
5
3
111
55
83
80
158
51
106
43
121
46
73
35
183
50
46
37
113
53
49
34
105
56
28
65
118
42
29
37
114
49
28
34
111
49
31
33
113
53
39
42
130
55
41
46
128
53
40
34
168
55
35
39
165
53
50
28
131
51
48
42
130
50
59
48
133
52
38
37
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
75
104
124
125
65
70
54
88
68
72
52
83
68
71
58
83
71
68
54
90
74
71
63
119
71
64
62
120
77
74
61
109
79
76
65
93
83
73
57
91
74
74
56
67
72
74
72
68
N/D
71
38
77
N/D
73
40
27
73
74
61
88
70
74
67
101
N/D
73
56
76
Acus Consultores
-5-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Das inventario = (inventario * 360 / costo de ventas)
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
93
83
74
78
76
71
67
66
63
59
63
56
58
61
69
77
61
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
104
184
102
150
88
182
77
227
74
150
79
193
76
154
78
96
86
119
74
214
67
61
74
198
59
114
73
124
86
95
73
99
85
102
74
125
72
101
66
169
57
129
61
156
55
93
53
172
53
114
51
57
62
11
55
53
73
115
71
145
79
138
79
172
67
92
62
119
Cemento
6
4
4
13
73
53
110
80
74
47
101
90
69
51
109
79
63
61
123
85
60
53
106
84
78
57
84
79
78
52
92
75
64
52
75
83
69
55
84
78
56
49
83
81
56
50
86
83
46
47
85
78
42
49
83
70
50
48
84
83
63
52
93
81
71
53
104
82
55
50
83
79
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
155
N/D
N/D
N/D
N/D
145
N/D
N/D
N/D
N/D
55
N/D
N/D
N/D
N/D
65
N/D
N/D
N/D
N/D
68
N/D
N/D
N/D
N/D
36
N/D
N/D
N/D
N/D
33
N/D
N/D
N/D
N/D
36
N/D
N/D
N/D
N/D
27
N/D
N/D
N/D
N/D
26
N/D
N/D
N/D
N/D
33
N/D
N/D
N/D
N/D
28
N/D
N/D
N/D
N/D
29
69
7
50
61
30
66
11
43
7
55
N/D
N/D
N/D
N/D
80
N/D
N/D
N/D
N/D
30
67
9
46
34
Constructoras
Conglomerados
Mineras
8
10
5
3
52
97
451
164
79
82
386
116
88
74
130
115
89
77
103
111
68
79
85
108
87
84
70
155
111
79
58
88
144
76
72
79
162
78
72
86
173
73
65
92
228
82
60
88
196
71
53
77
183
70
55
81
225
72
50
89
135
78
122
104
82
82
183
123
187
74
61
85
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
68
45
117
121
55
42
110
83
60
40
109
94
59
41
112
125
52
44
122
133
65
47
115
118
59
42
112
101
55
46
102
86
53
41
101
64
57
39
79
71
50
34
115
73
51
46
135
82
N/D
48
101
84
N/D
57
97
38
57
44
109
91
60
43
114
111
N/D
44
104
71
Acus Consultores
-6-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Rotacin del activo fijo = (ventas netas / activo fijo neto)
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
0.93
0.97
1.06
1.13
1.17
1.21
1.33
1.28
1.28
1.37
1.55
1.69
1.78
1.71
1.32
1.12
1.52
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
1.50
1.74
1.06
1.58
1.65
2.02
1.15
1.21
2.08
2.70
1.18
1.28
1.70
2.84
1.26
2.05
1.64
3.56
1.30
1.30
1.82
3.58
1.41
1.23
2.05
1.39
1.52
1.15
1.86
1.67
1.53
1.51
1.96
1.78
1.57
1.25
2.11
1.99
1.63
1.33
2.29
2.46
1.79
1.42
2.30
3.07
1.92
1.53
2.38
3.94
2.01
1.50
2.52
0.15
2.23
1.48
1.99
2.35
1.54
1.42
1.78
2.55
1.27
1.40
2.20
2.15
1.81
1.43
Cemento
6
4
4
13
0.55
2.13
1.54
3.27
0.48
2.15
1.05
3.84
0.55
2.17
1.07
4.48
0.60
2.01
1.21
4.75
0.71
2.28
1.33
5.29
0.73
2.29
1.52
3.93
0.68
2.38
1.67
5.51
0.80
2.45
1.72
4.34
0.76
2.47
1.77
5.79
0.79
2.49
1.87
5.79
0.86
2.53
2.05
5.56
0.99
2.51
2.07
5.59
1.06
2.58
3.01
12.15
0.91
2.41
2.61
8.83
0.75
2.35
1.75
5.65
0.62
2.20
1.34
4.44
0.88
2.49
2.16
6.87
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
0.67
N/D
N/D
N/D
N/D
0.67
N/D
N/D
N/D
N/D
0.70
N/D
N/D
N/D
N/D
0.90
N/D
N/D
N/D
N/D
0.95
N/D
N/D
N/D
N/D
0.99
N/D
N/D
N/D
N/D
0.98
N/D
N/D
N/D
N/D
1.03
N/D
N/D
N/D
N/D
0.98
N/D
N/D
N/D
N/D
1.07
N/D
N/D
N/D
N/D
1.22
N/D
N/D
N/D
N/D
1.37
N/D
N/D
N/D
N/D
1.32
1.90
1.09
1.67
1.65
1.37
1.53
1.10
1.85
0.87
1.02
N/D
N/D
N/D
N/D
0.84
N/D
N/D
N/D
N/D
1.19
1.72
1.09
1.76
1.26
Constructoras
Conglomerados
Mineras
8
10
5
3
2.71
0.96
0.48
0.40
1.56
1.06
0.33
0.87
2.08
1.16
0.30
0.76
2.29
1.21
0.38
0.57
2.53
1.14
0.42
0.59
2.75
1.20
0.44
0.42
2.50
1.52
0.50
0.66
4.97
1.31
0.61
0.56
6.07
1.31
0.65
0.50
5.69
1.51
0.70
0.55
8.72
1.79
0.78
0.84
7.86
2.16
0.89
1.12
8.28
2.11
0.93
1.38
8.71
2.03
1.24
1.48
4.77
1.46
0.62
0.76
2.35
1.18
0.41
0.61
7.19
1.75
0.83
0.92
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
0.73
0.90
0.43
0.55
0.84
1.40
0.54
0.94
0.75
1.39
0.69
1.12
0.81
1.38
0.72
1.06
0.81
1.17
0.66
1.21
0.88
0.92
0.68
0.84
0.94
1.02
0.74
0.90
0.84
1.02
0.67
0.86
0.82
0.92
0.64
0.87
0.83
1.07
0.75
0.81
0.97
1.36
1.19
0.91
1.09
1.51
1.84
0.90
N/D
2.28
2.64
0.93
N/D
2.17
2.90
3.68
0.86
1.32
1.08
1.11
0.82
1.17
0.64
0.95
N/D
1.47
1.52
1.28
Acus Consultores
-7-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Rotacin activo total = (ventas netas / activo total)
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
0.53
0.56
0.61
0.63
0.65
0.66
0.71
0.74
0.73
0.72
0.75
0.81
0.82
0.77
0.69
0.62
0.76
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
0.81
0.60
0.70
0.67
0.90
0.60
0.78
0.53
1.11
0.77
0.77
0.57
0.84
0.78
0.79
0.89
0.82
0.97
0.84
0.59
0.72
1.24
0.88
0.60
0.76
0.75
0.92
0.57
0.97
0.87
0.89
0.75
0.95
0.90
0.85
0.63
1.11
1.01
0.71
0.65
1.19
1.09
0.75
0.66
1.18
1.19
0.79
0.69
1.19
1.19
0.82
0.89
1.25
0.14
0.85
0.91
0.99
0.86
0.81
0.68
0.85
0.81
0.81
0.63
1.12
0.91
0.81
0.74
Cemento
6
4
4
13
0.32
1.39
0.67
1.46
0.30
1.40
0.52
1.43
0.34
1.33
0.57
1.48
0.37
1.26
0.66
1.51
0.42
1.46
0.73
1.59
0.44
1.44
0.84
1.35
0.40
1.51
0.87
1.65
0.45
1.59
0.89
1.50
0.44
1.58
0.85
1.73
0.46
1.59
0.86
1.60
0.48
1.63
0.89
1.41
0.57
1.65
0.87
1.31
0.61
1.68
0.75
2.25
0.44
1.46
0.66
1.86
0.43
1.50
0.76
1.58
0.37
1.40
0.69
1.50
0.49
1.60
0.82
1.67
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
0.44
N/D
N/D
N/D
N/D
0.46
N/D
N/D
N/D
N/D
0.44
N/D
N/D
N/D
N/D
0.47
N/D
N/D
N/D
N/D
0.48
N/D
N/D
N/D
N/D
0.53
N/D
N/D
N/D
N/D
0.53
N/D
N/D
N/D
N/D
0.59
N/D
N/D
N/D
N/D
0.57
N/D
N/D
N/D
N/D
0.57
N/D
N/D
N/D
N/D
0.59
N/D
N/D
N/D
N/D
0.69
N/D
N/D
N/D
N/D
0.64
0.46
0.64
0.72
0.44
0.68
0.42
0.67
0.88
0.19
0.55
N/D
N/D
N/D
N/D
0.48
N/D
N/D
N/D
N/D
0.62
0.44
0.65
0.80
0.32
Constructoras
Conglomerados
Mineras
8
10
5
3
0.45
0.53
0.20
0.27
0.27
0.57
0.15
0.49
0.31
0.68
0.15
0.46
0.37
0.71
0.24
0.37
0.48
0.67
0.27
0.38
0.52
0.69
0.35
0.27
0.46
0.83
0.41
0.44
0.58
0.76
0.47
0.39
0.63
0.76
0.48
0.34
0.65
0.75
0.50
0.36
0.67
0.81
0.57
0.51
0.59
0.94
0.60
0.64
0.62
0.94
0.63
0.70
0.58
0.87
0.64
0.74
0.51
0.75
0.41
0.45
0.41
0.67
0.25
0.38
0.62
0.83
0.56
0.53
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
0.51
0.58
0.31
0.39
0.58
0.82
0.41
0.56
0.53
0.85
0.51
0.64
0.56
0.84
0.50
0.62
0.58
0.73
0.44
0.64
0.57
0.61
0.45
0.50
0.62
0.67
0.47
0.55
0.58
0.65
0.45
0.54
0.58
0.63
0.44
0.59
0.58
0.65
0.51
0.55
0.67
0.78
0.72
0.63
0.76
0.69
0.86
0.62
N/D
1.00
1.21
0.61
N/D
0.85
1.00
0.70
0.59
0.74
0.59
0.58
0.56
0.73
0.44
0.56
N/D
0.75
0.74
0.60
Acus Consultores
-8-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Rotacin capital empleado = (ventas netas / capital empleado)
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
0.70
0.71
0.77
0.81
0.83
0.89
0.98
0.99
0.97
0.94
1.02
1.15
1.17
1.07
0.93
0.81
1.04
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
1.02
0.76
0.91
0.87
1.12
0.73
0.97
0.70
1.41
0.97
1.00
0.68
1.15
0.99
0.99
1.12
1.03
1.30
1.06
0.76
1.09
1.60
1.16
0.73
1.21
1.03
1.27
0.74
1.16
1.26
1.28
1.03
1.15
1.33
1.32
1.22
1.34
1.49
0.93
0.81
1.53
1.76
0.98
0.80
1.52
2.29
1.02
0.86
1.61
2.24
1.07
1.41
1.66
0.63
1.15
1.35
1.29
1.31
1.08
0.93
1.15
1.05
1.05
0.80
1.42
1.57
1.11
1.07
Cemento
6
4
4
13
0.38
2.22
0.82
2.12
0.34
2.19
0.68
2.02
0.39
2.18
0.79
2.07
0.41
2.18
0.89
2.12
0.48
2.51
0.96
2.48
0.51
2.53
1.06
2.03
0.46
2.71
1.07
2.49
0.54
2.70
1.11
2.38
0.52
2.57
1.05
2.97
0.55
2.67
1.10
2.74
0.56
2.68
1.17
2.45
0.68
2.83
1.17
2.43
0.76
2.85
1.25
4.22
0.53
2.40
1.13
3.68
0.51
2.52
1.02
2.59
0.43
2.36
0.90
2.19
0.59
2.67
1.14
2.98
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
0.59
N/D
N/D
N/D
N/D
0.60
N/D
N/D
N/D
N/D
0.55
N/D
N/D
N/D
N/D
0.59
N/D
N/D
N/D
N/D
0.62
N/D
N/D
N/D
N/D
0.74
N/D
N/D
N/D
N/D
0.77
N/D
N/D
N/D
N/D
0.83
N/D
N/D
N/D
N/D
0.75
N/D
N/D
N/D
N/D
0.74
N/D
N/D
N/D
N/D
0.84
N/D
N/D
N/D
N/D
1.01
N/D
N/D
N/D
N/D
0.91
0.65
0.84
1.24
0.55
0.94
0.63
0.85
1.37
0.22
0.75
N/D
N/D
N/D
N/D
0.64
N/D
N/D
N/D
N/D
0.86
0.64
0.85
1.30
0.39
Constructoras
Conglomerados
Mineras
8
10
5
3
0.61
0.69
0.23
0.33
0.33
0.72
0.16
0.74
0.39
0.85
0.18
0.65
0.50
0.91
0.33
0.48
0.76
0.86
0.32
0.51
0.73
0.89
0.40
0.32
0.71
1.08
0.46
0.53
1.05
0.97
0.52
0.45
1.06
0.98
0.54
0.42
1.06
0.95
0.58
0.43
1.03
1.07
0.66
0.65
0.91
1.39
0.70
0.88
0.97
1.38
0.75
1.08
0.87
1.33
0.79
1.07
0.78
1.01
0.47
0.61
0.58
0.86
0.30
0.51
0.99
1.15
0.65
0.71
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
0.69
0.72
0.41
0.53
0.73
1.07
0.49
0.64
0.66
1.05
0.60
0.84
0.70
1.08
0.61
0.77
0.71
0.89
0.52
0.73
0.72
0.75
0.51
0.58
0.79
0.84
0.55
0.65
0.73
0.81
0.53
0.67
0.72
0.79
0.51
0.70
0.74
0.90
0.60
0.64
0.86
1.01
0.87
0.76
0.99
0.86
1.07
0.75
N/D
1.41
1.65
0.72
N/D
1.23
1.68
2.05
0.75
0.96
0.76
0.79
0.71
0.91
0.53
0.68
N/D
1.00
0.99
0.90
Acus Consultores
-9-
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Margen operativo de ventas = utilidad de operacin / ventas netas
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
14.2%
14.6%
14.7%
14.7%
15.1%
16.8%
15.4%
15.9%
15.5%
15.1%
16.0%
16.1%
16.8%
17.8%
15.6%
15.1%
16.2%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
11.1%
-0.9%
13.5%
8.1%
9.8%
1.1%
10.2%
20.9%
9.8%
5.2%
12.1%
16.9%
9.5%
5.6%
15.7%
7.5%
9.4%
6.6%
15.6%
5.9%
6.7%
3.0%
16.5%
10.9%
4.4%
4.4%
17.9%
-4.2%
7.2%
3.1%
18.7%
-0.1%
8.2%
2.6%
20.4%
6.1%
6.6%
4.0%
18.6%
7.7%
7.5%
7.1%
17.9%
6.9%
9.5%
8.5%
17.9%
8.5%
8.8%
9.3%
17.4%
27.2%
8.1%
-8.8%
17.7%
25.2%
8.3%
3.6%
16.4%
10.5%
8.7%
3.6%
14.5%
9.4%
8.0%
3.7%
18.4%
11.7%
Cemento
6
4
4
13
25.2%
4.3%
1.9%
6.3%
22.6%
3.2%
-10.9%
9.0%
24.1%
4.1%
-5.4%
6.8%
22.6%
4.4%
5.7%
6.1%
26.9%
4.2%
10.4%
5.9%
29.4%
5.0%
11.8%
7.4%
29.4%
5.0%
12.1%
5.3%
24.2%
5.1%
12.9%
7.0%
21.8%
4.9%
12.8%
5.0%
22.2%
5.3%
12.5%
4.8%
22.7%
6.0%
12.5%
5.4%
17.0%
6.4%
11.4%
6.3%
16.8%
7.0%
12.5%
0.2%
14.8%
7.7%
12.0%
4.1%
22.8%
5.2%
8.0%
5.7%
25.7%
4.3%
3.6%
6.7%
19.9%
6.0%
12.4%
4.7%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
28.4%
N/D
N/D
N/D
N/D
23.6%
N/D
N/D
N/D
N/D
28.0%
N/D
N/D
N/D
N/D
25.2%
N/D
N/D
N/D
N/D
26.1%
N/D
N/D
N/D
N/D
32.0%
N/D
N/D
N/D
N/D
30.7%
N/D
N/D
N/D
N/D
30.3%
N/D
N/D
N/D
N/D
26.9%
N/D
N/D
N/D
N/D
25.2%
N/D
N/D
N/D
N/D
22.8%
N/D
N/D
N/D
N/D
22.7%
N/D
N/D
N/D
N/D
25.5%
36.5%
27.4%
23.0%
6.8%
28.7%
34.6%
29.4%
26.7%
32.6%
26.9%
N/D
N/D
N/D
N/D
27.7%
N/D
N/D
N/D
N/D
26.0%
35.5%
28.4%
24.9%
19.7%
Constructoras
Conglomerados
Mineras
8
10
5
3
16.5%
12.1%
19.4%
17.7%
7.8%
14.2%
0.5%
38.2%
6.3%
14.4%
-42.2%
28.1%
6.8%
14.9%
0.2%
21.4%
7.2%
15.8%
11.0%
16.4%
1.3%
15.0%
15.7%
7.3%
2.7%
10.4%
12.9%
12.7%
1.7%
10.6%
13.4%
0.4%
10.6%
10.2%
10.6%
5.2%
10.8%
9.3%
10.6%
10.9%
15.1%
9.4%
12.2%
31.7%
16.5%
9.3%
14.6%
36.6%
16.6%
9.8%
11.9%
41.2%
15.6%
8.2%
12.8%
40.2%
9.7%
11.7%
7.4%
22.0%
6.9%
13.8%
2.5%
20.2%
12.4%
9.5%
12.3%
23.8%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
20.4%
8.9%
5.3%
0.4%
25.4%
17.9%
19.3%
8.9%
27.4%
17.1%
19.3%
12.0%
25.9%
15.1%
18.3%
11.5%
26.5%
12.8%
17.7%
14.8%
28.7%
4.6%
14.7%
4.4%
27.5%
2.6%
12.4%
5.9%
23.1%
1.0%
10.0%
-1.6%
22.3%
-3.6%
7.5%
9.7%
20.0%
-0.8%
7.8%
5.2%
18.8%
2.1%
28.4%
0.8%
19.0%
7.9%
12.1%
-6.9%
N/D
13.8%
12.1%
-0.1%
N/D
13.3%
9.9%
2.6%
23.8%
8.0%
13.9%
4.8%
26.0%
11.3%
15.3%
8.3%
N/D
4.8%
12.6%
1.4%
Acus Consultores
- 10 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Ebitda / ventas netas
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
19.8%
21.2%
21.3%
21.3%
21.8%
24.7%
22.3%
23.9%
23.4%
23.2%
23.5%
23.0%
23.1%
24.5%
22.6%
21.8%
23.5%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
14.0%
1.7%
17.4%
11.8%
13.5%
5.8%
14.6%
25.2%
13.6%
8.7%
17.4%
21.3%
14.0%
10.2%
21.2%
12.8%
14.0%
10.8%
20.8%
10.1%
11.4%
20.1%
22.1%
15.3%
10.8%
8.2%
23.5%
1.7%
18.5%
5.4%
24.0%
5.4%
12.9%
4.4%
26.3%
10.8%
12.8%
6.6%
23.8%
11.4%
11.2%
9.0%
23.0%
10.4%
12.9%
9.8%
22.7%
12.0%
12.4%
10.6%
22.8%
32.1%
11.3%
0.0%
22.7%
30.0%
13.1%
7.9%
21.6%
15.0%
13.1%
9.4%
19.6%
14.0%
13.1%
6.5%
23.6%
16.0%
Cemento
6
4
4
13
33.8%
6.0%
4.4%
9.2%
34.3%
5.4%
-7.1%
11.0%
31.2%
6.3%
-2.2%
8.6%
32.9%
6.5%
9.3%
7.8%
35.3%
6.1%
12.6%
7.6%
38.1%
7.0%
13.9%
9.3%
37.6%
7.0%
14.3%
6.9%
34.7%
7.0%
15.2%
8.9%
30.5%
6.8%
15.0%
6.8%
30.9%
7.2%
14.8%
6.5%
30.9%
7.9%
14.6%
7.3%
23.9%
8.3%
13.4%
8.2%
23.4%
8.8%
14.9%
1.2%
22.1%
9.6%
14.9%
5.2%
31.4%
7.1%
10.6%
7.5%
34.7%
6.3%
6.5%
8.6%
28.1%
7.9%
14.7%
6.3%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
39.2%
N/D
N/D
N/D
N/D
38.1%
N/D
N/D
N/D
N/D
45.1%
N/D
N/D
N/D
N/D
40.4%
N/D
N/D
N/D
N/D
42.2%
N/D
N/D
N/D
N/D
48.7%
N/D
N/D
N/D
N/D
45.6%
N/D
N/D
N/D
N/D
44.9%
N/D
N/D
N/D
N/D
42.4%
N/D
N/D
N/D
N/D
41.2%
N/D
N/D
N/D
N/D
37.3%
N/D
N/D
N/D
N/D
35.3%
N/D
N/D
N/D
N/D
38.3%
43.4%
41.6%
35.2%
15.9%
41.9%
42.4%
43.3%
40.0%
49.3%
41.5%
N/D
N/D
N/D
N/D
42.7%
N/D
N/D
N/D
N/D
40.2%
42.9%
42.5%
37.6%
32.6%
Constructoras
Conglomerados
Mineras
8
10
5
3
21.6%
17.3%
25.0%
26.9%
15.6%
19.7%
8.8%
44.8%
13.3%
19.6%
-33.8%
36.1%
12.9%
20.0%
7.7%
30.7%
11.9%
21.1%
18.2%
27.3%
7.1%
20.4%
23.1%
19.3%
9.3%
14.9%
20.4%
16.2%
8.9%
16.0%
20.6%
13.2%
14.1%
15.7%
18.4%
19.1%
14.4%
14.4%
17.8%
23.9%
18.3%
14.1%
19.4%
41.0%
19.5%
13.1%
21.0%
45.3%
19.2%
13.6%
20.0%
47.3%
18.3%
12.2%
19.5%
45.9%
14.6%
16.6%
14.7%
31.2%
13.1%
19.0%
9.9%
28.8%
16.1%
14.2%
19.5%
33.7%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
25.8%
15.5%
13.0%
8.4%
29.9%
22.7%
27.4%
14.9%
32.6%
22.0%
26.9%
18.5%
32.0%
20.4%
24.6%
18.5%
32.3%
18.5%
24.6%
21.8%
34.7%
12.1%
22.3%
13.9%
32.8%
10.8%
19.8%
15.1%
28.8%
9.1%
17.9%
8.7%
28.9%
12.8%
16.0%
19.5%
26.5%
5.7%
15.4%
16.7%
24.8%
8.6%
33.2%
10.9%
24.7%
11.7%
14.7%
4.6%
N/D
17.6%
14.8%
6.5%
N/D
17.8%
12.1%
5.0%
29.5%
14.7%
20.2%
13.1%
31.4%
17.4%
22.7%
15.9%
N/D
11.9%
17.7%
10.3%
Acus Consultores
- 11 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Retorno sobre la inversin = utilidad de operacin / activo total
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
7.6%
8.2%
9.0%
9.3%
9.8%
11.1%
11.0%
11.7%
11.3%
10.8%
12.0%
13.1%
13.8%
13.7%
10.9%
9.4%
12.3%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
9.0%
-0.5%
9.5%
5.4%
8.8%
0.7%
7.9%
11.2%
10.8%
4.0%
9.3%
9.6%
8.0%
4.3%
12.5%
6.6%
7.7%
6.4%
13.0%
3.5%
4.8%
3.8%
14.6%
6.5%
3.4%
3.3%
16.4%
-2.4%
6.9%
2.7%
16.7%
0.0%
7.8%
2.3%
17.3%
3.8%
7.3%
4.0%
13.2%
5.0%
8.9%
7.8%
13.4%
4.5%
11.2%
10.1%
14.2%
5.9%
10.4%
11.1%
14.2%
24.2%
10.2%
-1.2%
15.0%
22.9%
8.2%
4.2%
13.4%
7.6%
7.5%
3.1%
11.9%
5.8%
9.0%
5.2%
14.9%
9.5%
Cemento
6
4
4
13
7.9%
5.9%
1.2%
9.2%
6.8%
4.5%
-5.7%
12.9%
8.1%
5.4%
-3.0%
10.0%
8.3%
5.6%
3.8%
9.3%
11.3%
6.2%
7.6%
9.3%
12.9%
7.3%
10.0%
10.0%
11.8%
7.6%
10.5%
8.7%
11.0%
8.1%
11.5%
10.5%
9.6%
7.7%
10.9%
8.7%
10.3%
8.4%
10.8%
7.6%
10.9%
9.8%
11.2%
7.5%
9.7%
10.5%
9.9%
8.2%
10.2%
11.9%
9.3%
0.4%
6.6%
11.2%
7.9%
7.6%
9.7%
7.9%
6.8%
8.6%
9.6%
6.1%
3.5%
9.9%
9.8%
9.6%
10.2%
7.2%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
12.4%
N/D
N/D
N/D
N/D
10.8%
N/D
N/D
N/D
N/D
12.2%
N/D
N/D
N/D
N/D
11.9%
N/D
N/D
N/D
N/D
12.5%
N/D
N/D
N/D
N/D
16.9%
N/D
N/D
N/D
N/D
16.1%
N/D
N/D
N/D
N/D
18.0%
N/D
N/D
N/D
N/D
15.4%
N/D
N/D
N/D
N/D
14.4%
N/D
N/D
N/D
N/D
13.5%
N/D
N/D
N/D
N/D
15.7%
N/D
N/D
N/D
N/D
16.2%
16.8%
17.5%
16.6%
3.0%
19.6%
14.6%
19.7%
23.4%
6.2%
14.7%
N/D
N/D
N/D
N/D
13.3%
N/D
N/D
N/D
N/D
16.1%
15.7%
18.6%
20.0%
4.6%
Constructoras
Conglomerados
Mineras
8
10
5
3
7.5%
6.4%
3.9%
4.8%
2.1%
8.1%
0.1%
18.9%
2.0%
9.8%
-6.5%
12.8%
2.6%
10.7%
0.0%
7.9%
3.5%
10.6%
2.9%
6.2%
0.7%
10.4%
5.5%
1.9%
1.3%
8.7%
5.2%
5.5%
1.0%
8.0%
6.3%
0.2%
6.6%
7.8%
5.1%
1.8%
7.0%
7.0%
5.3%
3.9%
10.1%
7.6%
6.9%
16.1%
9.8%
8.7%
8.7%
23.4%
10.3%
9.1%
7.5%
29.1%
9.1%
7.1%
8.2%
29.7%
5.2%
8.6%
4.2%
11.6%
2.8%
9.2%
1.6%
8.3%
7.7%
7.9%
6.9%
14.9%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
10.5%
5.1%
1.7%
0.1%
14.6%
14.7%
8.0%
5.0%
14.5%
14.5%
9.8%
7.7%
14.6%
12.7%
9.3%
7.2%
15.3%
9.4%
7.8%
9.4%
16.3%
2.8%
6.6%
2.2%
17.2%
1.8%
5.8%
3.3%
13.4%
0.7%
4.5%
-0.8%
13.0%
-2.3%
3.3%
5.7%
11.6%
-0.5%
4.0%
2.8%
12.7%
1.6%
20.4%
0.5%
14.4%
5.5%
10.4%
-4.3%
N/D
13.8%
14.7%
-0.1%
N/D
11.3%
10.0%
1.8%
14.0%
6.5%
8.3%
2.9%
14.7%
8.7%
7.0%
5.0%
N/D
4.3%
9.6%
0.8%
Acus Consultores
- 12 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Retorno sobre capital empleado = Nopat / capital empleado
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
3.5%
7.5%
8.8%
8.7%
8.1%
10.6%
9.6%
9.4%
9.0%
9.1%
11.3%
14.1%
13.7%
13.6%
9.8%
8.1%
11.4%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
7.1%
-0.7%
5.6%
7.0%
8.4%
0.8%
5.7%
-17.2%
10.0%
-0.7%
8.6%
3.6%
8.2%
0.3%
10.5%
-10.3%
6.5%
8.6%
10.1%
4.5%
4.2%
3.3%
12.0%
-9.9%
0.0%
1.5%
12.9%
-3.1%
2.2%
1.7%
14.3%
-0.1%
5.7%
3.4%
15.6%
7.5%
6.5%
-4.0%
9.7%
3.7%
7.5%
5.4%
12.4%
3.6%
9.6%
14.2%
11.7%
3.9%
9.4%
16.2%
12.2%
25.7%
9.3%
-5.5%
14.7%
26.4%
6.8%
3.2%
11.1%
3.2%
6.4%
1.9%
9.3%
-3.6%
7.2%
4.5%
13.0%
10.1%
Cemento
6
4
4
13
9.0%
5.8%
0.5%
8.9%
5.8%
5.9%
-7.4%
15.8%
8.6%
7.5%
-4.2%
11.9%
8.3%
8.1%
4.4%
10.8%
10.9%
8.7%
7.6%
11.7%
12.5%
10.7%
10.7%
12.9%
10.7%
9.8%
7.5%
9.7%
11.0%
9.4%
9.0%
10.4%
8.9%
8.9%
8.4%
9.1%
9.3%
9.7%
8.3%
9.4%
10.8%
12.7%
10.4%
10.3%
9.9%
12.7%
8.8%
11.2%
10.4%
14.2%
11.2%
0.8%
6.5%
13.3%
9.6%
10.2%
9.5%
9.8%
6.1%
10.2%
9.4%
8.1%
2.7%
11.7%
9.5%
11.6%
9.4%
8.8%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
13.7%
N/D
N/D
N/D
N/D
11.6%
N/D
N/D
N/D
N/D
10.7%
N/D
N/D
N/D
N/D
10.0%
N/D
N/D
N/D
N/D
9.3%
N/D
N/D
N/D
N/D
16.2%
N/D
N/D
N/D
N/D
16.0%
N/D
N/D
N/D
N/D
14.9%
N/D
N/D
N/D
N/D
12.1%
N/D
N/D
N/D
N/D
12.6%
N/D
N/D
N/D
N/D
12.4%
N/D
N/D
N/D
N/D
18.6%
N/D
N/D
N/D
N/D
16.3%
19.6%
14.8%
21.6%
3.6%
19.4%
16.6%
17.6%
27.0%
3.6%
13.9%
N/D
N/D
N/D
N/D
12.5%
N/D
N/D
N/D
N/D
15.2%
18.1%
16.2%
24.3%
3.6%
Constructoras
Conglomerados
Mineras
8
10
5
3
7.2%
8.4%
4.4%
5.9%
-0.4%
6.9%
0.1%
23.9%
1.8%
9.9%
-7.5%
14.3%
1.3%
9.8%
-0.4%
8.0%
5.5%
8.6%
3.5%
5.8%
0.9%
9.9%
5.1%
1.9%
1.9%
6.7%
3.6%
0.6%
1.8%
5.9%
4.4%
0.2%
-1.0%
6.0%
2.3%
2.2%
4.2%
4.1%
3.7%
-1.2%
10.1%
7.9%
5.1%
12.6%
10.5%
9.7%
6.6%
23.1%
11.5%
9.9%
5.9%
26.6%
7.2%
6.3%
7.5%
29.1%
4.5%
7.8%
3.2%
10.9%
2.6%
8.6%
1.3%
8.6%
6.3%
7.1%
5.1%
13.2%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
14.0%
6.3%
2.2%
0.2%
13.2%
13.8%
7.2%
5.7%
13.6%
12.1%
10.5%
8.1%
12.8%
12.0%
9.5%
8.0%
11.3%
1.3%
1.9%
8.5%
13.5%
-3.1%
6.2%
-1.0%
11.8%
2.2%
3.8%
3.8%
11.9%
0.8%
-1.3%
-1.0%
6.9%
-2.9%
3.9%
6.8%
4.5%
-0.7%
-0.6%
3.3%
10.0%
2.1%
19.5%
0.6%
11.1%
4.4%
11.9%
-5.2%
N/D
12.8%
15.6%
-0.1%
N/D
12.1%
12.6%
4.6%
11.2%
5.2%
7.3%
3.0%
12.9%
6.4%
5.9%
4.8%
N/D
4.1%
8.8%
1.3%
Acus Consultores
- 13 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Retorno sobre capital = utilidad neta / capital contable
94 - 07
1994
1995
1996
1997
1998
1999
2000
Total mercado
115
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
Cemento
0.3%
7.8%
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
9.1%
6.7%
8.0%
14.0%
16.0%
17.2%
18.6%
10.7%
8.6%
12.8%
11.9%
12.6%
7.3%
10.1%
10.0%
5.1% 13.8%
-22.9% -15.3%
0.9%
4.5%
-27.2% -2.4%
13.6%
1.9%
10.0%
0.7%
27.1%
3.9%
10.5%
5.5%
4.7%
-27.7%
8.5%
-12.7%
4.5%
20.9%
10.4%
-2.5%
1.7%
1.0%
4.4%
3.1%
0.6%
-9.8%
10.7% 12.0% 11.3%
-17.3% -38.9% -35.8%
0.9%
-1.8%
8.8%
2.6%
6.1%
9.3%
12.4%
3.4%
12.2%
20.7%
10.9%
1.6%
10.9%
24.6%
11.2%
33.9%
10.8%
-54.7%
13.0%
40.7%
8.3%
-3.4%
9.6%
-3.5%
10.1%
-5.2%
7.9%
-8.0%
6.6%
-1.6%
11.4%
1.1%
6
4
4
13
12.1%
6.1%
1.6%
3.4%
11.8%
13.7%
-13.1%
14.4%
19.2%
13.3%
-5.6%
16.7%
12.2%
13.4%
9.0%
10.4%
12.8%
11.6%
9.4%
10.7%
15.1%
11.9%
11.9%
12.2%
14.6%
11.7%
11.9%
11.7%
15.0%
10.6%
13.8%
14.9%
9.6%
10.2%
12.3%
1.8%
11.0%
10.2%
12.6%
13.2%
15.8%
13.5%
15.9%
15.1%
19.6%
12.9%
13.0%
11.9%
16.3%
14.9%
18.6%
-11.5%
13.8%
18.6%
18.1%
9.2%
14.2%
12.3%
9.3%
9.6%
14.0%
11.7%
3.6%
11.4%
14.4%
13.0%
14.9%
7.8%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
5.7%
N/D
N/D
N/D
N/D
8.8%
N/D
N/D
N/D
N/D
8.5%
N/D
N/D
N/D
N/D
16.5%
N/D
N/D
N/D
N/D
10.3%
N/D
N/D
N/D
N/D
11.0%
N/D
N/D
N/D
N/D
15.0%
N/D
N/D
N/D
N/D
13.9%
N/D
N/D
N/D
N/D
9.4%
N/D
N/D
N/D
N/D
13.0%
N/D
N/D
N/D
N/D
16.0%
N/D
N/D
N/D
N/D
22.3%
N/D
N/D
N/D
N/D
25.9%
25.8%
21.2%
42.8%
4.2%
33.0%
22.9%
34.4%
47.3%
2.5%
14.9%
N/D
N/D
N/D
N/D
10.8%
N/D
N/D
N/D
N/D
19.1%
24.4%
27.8%
45.1%
3.4%
Constructoras
Conglomerados
Mineras
8
10
5
3
2.5%
-2.3%
5.4% -43.8% -7.4%
-4.5%
6.8%
9.0% 15.6% 5.2%
-14.4% -57.7% -621.9% -201.8% -6.0%
-4.7% 20.9% 13.7% 10.0% 4.2%
-8.1%
13.0%
3.6%
5.1%
-11.4% -32.6%
7.4%
5.7%
3.4%
3.5%
5.4%
-4.3%
-2.6%
3.8%
1.0%
-5.2%
3.1%
0.7%
1.5%
-4.8%
13.7%
10.8%
6.0%
15.0%
12.6%
13.7%
7.6%
12.7%
13.6%
9.5%
6.2%
23.8%
8.4%
7.3%
7.6%
25.5%
-3.5% -9.3%
7.4%
7.5%
-61.5% -127.8%
8.4%
7.8%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
-5.7%
-9.3%
-22.0%
-29.8%
20.9%
-1.2%
5.5%
-0.8%
20.0% 21.7% -7.7% -9.5% 15.9% 17.7%

N/D
-14.3% -2.3% -30.7% -32.9% -23.6% -10.1% 11.4%
3.7%
-5.0% -0.7%
1.7% 27.3% 11.3% 15.0%
-14.2% -27.9% -13.1% 1.4%
0.3% -101.1% -26.8%
N/D
13.2%
8.5%
-6.5%
11.8%
-3.9%
6.6%
-14.0%
14.0%
15.9%
3.5%
-9.9%
23.1%
15.7%
28.4%
15.3%
19.6%
11.3%
15.2%
9.3%
11.9%
2.7%
0.4%
7.5%
14.8%
3.0%
5.0%
-3.2%
2.3%
7.3%
4.8%
9.0%
N/D
-10.7%
8.3%
-24.8%
Acus Consultores
- 14 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Inversin / depreciacin del ejercicio
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
3.3
2.0
2.1
1.5
2.0
1.7
2.5
1.6
1.5
1.5
1.5
1.6
1.8
2.8
2.0
2.2
1.8
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
6.1
17.6
4.0
14.1
2.7
2.6
3.9
1.5
1.9
-0.4
2.6
0.9
0.9
1.1
2.5
0.5
3.5
0.9
1.9
2.1
2.2
-1.4
1.6
1.0
0.3
4.6
1.6
1.9
0.3
-1.2
2.3
0.1
1.9
0.4
1.4
0.2
-0.5
0.5
4.5
-0.9
0.6
-0.6
2.7
0.7
1.9
4.3
1.3
0.2
1.2
2.9
1.7
-2.8
1.2
0.0
1.6
2.2
1.7
2.2
2.4
1.6
2.5
3.6
2.6
3.2
0.9
0.9
2.2
0.0
Cemento
6
4
4
13
3.1
4.1
3.0
0.5
3.0
2.3
3.1
2.8
4.8
1.6
1.3
4.6
1.5
0.9
-4.0
3.3
2.0
2.0
3.4
2.4
2.1
2.4
2.5
3.0
6.6
2.3
2.4
2.9
1.4
2.3
3.1
2.2
2.6
2.1
3.2
1.0
1.7
2.1
2.7
2.2
2.2
2.3
2.9
1.6
3.6
3.2
3.6
0.4
2.0
3.2
2.1
1.8
10.3
4.9
2.4
3.1
3.4
2.5
2.2
2.3
3.3
2.2
1.7
2.8
3.4
2.9
2.8
1.8
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
2.3
N/D
N/D
N/D
N/D
1.0
N/D
N/D
N/D
N/D
1.3
N/D
N/D
N/D
N/D
1.2
N/D
N/D
N/D
N/D
0.8
N/D
N/D
N/D
N/D
1.5
N/D
N/D
N/D
N/D
3.0
N/D
N/D
N/D
N/D
2.0
N/D
N/D
N/D
N/D
1.7
N/D
N/D
N/D
N/D
1.3
N/D
N/D
N/D
N/D
1.6
N/D
N/D
N/D
N/D
1.6
N/D
N/D
N/D
N/D
1.8
3.0
1.6
1.9
2.5
1.7
2.6
1.6
1.7
1.5
1.6
N/D
N/D
N/D
N/D
1.6
N/D
N/D
N/D
N/D
1.7
2.8
1.6
1.8
2.0
Constructoras
Conglomerados
Mineras
8
10
5
3
8.7
3.0
14.3
0.4
2.9
2.5
1.2
1.3
2.4
2.3
2.4
3.0
-8.3
2.2
2.5
5.8
8.0
2.7
4.3
1.3
0.9
1.4
0.5
5.4
0.7
1.8
4.7
-2.0
-2.4
1.0
1.1
0.7
-1.4
0.7
0.9
0.8
0.4
1.1
-0.1
0.6
1.0
0.2
1.4
1.3
1.9
-0.8
2.5
1.8
2.2
1.6
1.8
1.9
3.3
1.7
1.8
1.7
1.5
1.5
2.8
1.7
2.2
2.3
4.3
2.2
0.7
0.8
1.3
1.3
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
1.9
0.6
5.6
5.8
3.2
0.2
2.9
1.5
5.7
1.2
1.8
0.6
1.2
1.4
2.7
3.5
1.6
1.7
2.7
2.3
1.3
0.6
1.1
4.1
0.6
0.5
0.9
0.2
1.0
-2.2
1.0
0.5
0.9
0.1
0.1
0.3
0.0
0.0
0.4
0.1
0.4
0.0
1.5
0.2
0.6
-0.8
4.1
0.4
N/D
1.9
-0.7
-3.9
N/D
7.0
1.3
0.3
1.5
0.9
1.8
1.1
2.2
0.9
2.5
2.6
N/D
0.8
1.1
-0.3
Acus Consultores
- 15 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Gastos de operacin / (costo de ventas + gastos de operacin)
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
31%
31%
24%
25%
25%
26%
26%
27%
26%
25%
25%
26%
25%
24%
26%
27%
25%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
32%
15%
43%
38%
32%
17%
39%
35%
30%
15%
37%
34%
31%
15%
37%
29%
34%
15%
38%
36%
31%
17%
39%
33%
32%
19%
42%
30%
39%
20%
42%
30%
39%
22%
41%
33%
37%
21%
40%
32%
36%
18%
39%
30%
37%
15%
38%
28%
37%
15%
38%
21%
35%
19%
38%
20%
34%
17%
39%
31%
32%
16%
39%
34%
37%
18%
39%
28%
Cemento
6
4
4
13
20%
18%
32%
22%
19%
18%
35%
21%
19%
17%
33%
19%
18%
17%
31%
17%
19%
17%
31%
18%
20%
16%
33%
18%
20%
16%
34%
19%
24%
16%
33%
19%
27%
16%
34%
19%
26%
17%
34%
20%
26%
16%
33%
22%
27%
16%
33%
23%
24%
16%
35%
16%
22%
15%
37%
14%
22%
17%
33%
19%
19%
17%
33%
19%
25%
16%
34%
19%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
80%
N/D
N/D
N/D
N/D
79%
N/D
N/D
N/D
N/D
38%
N/D
N/D
N/D
N/D
47%
N/D
N/D
N/D
N/D
46%
N/D
N/D
N/D
N/D
41%
N/D
N/D
N/D
N/D
41%
N/D
N/D
N/D
N/D
40%
N/D
N/D
N/D
N/D
32%
N/D
N/D
N/D
N/D
30%
N/D
N/D
N/D
N/D
30%
N/D
N/D
N/D
N/D
31%
N/D
N/D
N/D
N/D
31%
25%
28%
26%
89%
25%
27%
26%
24%
51%
42%
N/D
N/D
N/D
N/D
53%
N/D
N/D
N/D
N/D
31%
26%
27%
25%
70%
Constructoras
Conglomerados
Mineras
8
10
5
3
11%
22%
34%
20%
14%
20%
51%
20%
11%
22%
63%
21%
12%
21%
51%
21%
10%
18%
38%
22%
10%
17%
41%
22%
11%
17%
40%
11%
15%
17%
35%
20%
13%
17%
35%
22%
12%
16%
36%
22%
12%
15%
36%
19%
11%
14%
37%
19%
10%
16%
43%
15%
11%
16%
43%
16%
12%
18%
42%
19%
11%
20%
45%
20%
12%
16%
38%
19%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
19%
15%
12%
19%
16%
14%
12%
15%
16%
13%
11%
14%
14%
13%
10%
18%
14%
20%
11%
21%
13%
21%
13%
19%
14%
20%
13%
20%
13%
22%
17%
19%
14%
21%
13%
15%
15%
20%
11%
15%
15%
17%
10%
13%
15%
20%
9%
14%
N/D
15%
7%
15%
N/D
22%
6%
11%
15%
18%
11%
16%
15%
17%
12%
18%
N/D
20%
10%
15%
Acus Consultores
- 16 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Depreciacin del ejercicio / ventas
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
7.0%
6.7%
7.5%
Total mercado
115
5.6%
6.6%
6.6%
6.6%
6.6%
7.9%
6.9%
8.0%
7.9%
8.1%
7.6%
6.9%
6.3%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
2.9%
2.6%
3.9%
3.7%
3.7%
4.7%
4.4%
4.3%
3.9%
3.5%
5.4%
4.4%
4.5%
4.6%
5.5%
5.3%
4.6%
4.2%
5.2%
4.2%
4.7%
17.1%
5.6%
4.5%
6.4%
3.7%
5.6%
5.9%
11.3%
2.3%
5.4%
5.4%
4.7%
1.9%
5.8%
4.7%
6.2%
2.6%
5.2%
3.7%
3.7%
1.9%
5.1%
3.5%
3.4%
1.3%
4.8%
3.5%
3.6%
1.3%
5.4%
4.9%
3.1%
8.8%
5.0%
4.7%
4.8%
4.3%
5.2%
4.5%
4.4%
5.8%
5.1%
4.6%
5.2%
2.8%
5.2%
4.4%
Cemento
6
4
4
13
8.6%
1.7%
2.5%
3.0%
11.7%
2.2%
3.8%
2.0%
7.1%
2.2%
3.2%
1.8%
10.3%
2.1%
3.6%
1.7%
8.4%
1.9%
2.3%
1.7%
8.7%
2.0%
2.2%
1.8%
8.2%
1.9%
2.3%
1.7%
10.4%
1.9%
2.2%
1.9%
8.7%
1.9%
2.2%
1.7%
8.7%
1.9%
2.3%
1.7%
8.2%
1.9%
2.1%
2.0%
7.0%
1.9%
2.0%
1.9%
6.6%
1.7%
2.5%
1.0%
7.3%
1.9%
2.9%
1.1%
8.6%
1.9%
2.6%
1.8%
9.0%
2.0%
2.8%
2.0%
8.1%
1.9%
2.3%
1.6%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
10.8%
N/D
N/D
N/D
N/D
14.5%
N/D
N/D
N/D
N/D
17.1%
N/D
N/D
N/D
N/D
15.2%
N/D
N/D
N/D
N/D
16.0%
N/D
N/D
N/D
N/D
16.7%
N/D
N/D
N/D
N/D
15.0%
N/D
N/D
N/D
N/D
14.6%
N/D
N/D
N/D
N/D
15.5%
N/D
N/D
N/D
N/D
16.0%
N/D
N/D
N/D
N/D
14.5%
N/D
N/D
N/D
N/D
12.6%
N/D
N/D
N/D
N/D
12.7%
6.9%
14.2%
12.3%
9.0%
13.2%
7.9%
14.0%
13.3%
16.7%
14.6%
N/D
N/D
N/D
N/D
15.0%
N/D
N/D
N/D
N/D
14.2%
7.4%
14.1%
12.8%
12.8%
Constructoras
Conglomerados
Mineras
8
10
5
3
5.0%
5.2%
5.6%
9.2%
7.9%
5.6%
8.3%
6.6%
7.0%
5.2%
8.4%
8.0%
6.1%
5.1%
7.5%
9.3%
4.8%
5.2%
7.2%
10.9%
5.9%
5.4%
7.4%
12.0%
6.6%
4.5%
7.5%
3.5%
7.2%
5.4%
7.3%
12.8%
3.5%
5.5%
7.8%
13.8%
3.6%
5.1%
7.3%
13.1%
3.2%
4.6%
7.2%
9.3%
3.0%
3.9%
6.4%
8.6%
2.6%
3.8%
8.1%
6.0%
2.6%
4.0%
6.7%
5.7%
4.9%
4.9%
7.3%
9.2%
6.2%
5.2%
7.4%
8.5%
3.7%
4.6%
7.2%
9.9%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
5.4%
6.6%
7.6%
8.1%
4.4%
4.9%
8.1%
6.0%
5.1%
4.9%
7.7%
6.5%
6.1%
5.3%
6.3%
7.0%
5.8%
5.7%
6.9%
7.0%
6.0%
7.5%
7.6%
9.6%
5.3%
8.2%
7.4%
9.1%
5.7%
8.1%
8.0%
10.3%
6.6%
16.4%
8.5%
9.8%
6.6%
6.4%
7.5%
11.6%
6.0%
6.6%
4.8%
10.1%
5.7%
3.8%
2.6%
11.5%
N/D
3.8%
2.6%
6.6%
N/D
4.4%
2.2%
2.4%
5.7%
6.6%
6.3%
8.2%
5.4%
6.2%
7.4%
7.6%
N/D
7.1%
5.2%
8.9%
Acus Consultores
- 17 -
Alberto Calva
acalva@acus.com.mx

Num. de
empresas
promedio Activo disponible / activo total
94 - 07
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Prom
94 - 07
Prom
94-00
Prom
01-07
Total mercado
115
7.6%
7.3%
7.3%
8.2%
7.9%
9.6%
8.0%
7.3%
8.5%
7.8%
8.7%
9.4%
10.6%
9.4%
8.4%
8.0%
8.8%
Alimentos
Autopartes
Bebidas
Bienes de consumo
12
3
8
5
7.3%
6.3%
8.1%
3.6%
7.1%
4.7%
6.8%
9.0%
8.5%
2.7%
7.5%
4.9%
16.6%
2.9%
7.3%
2.6%
8.9%
3.2%
6.7%
1.9%
11.9%
3.6%
8.2%
1.7%
12.6%
4.2%
10.6%
5.2%
4.0%
3.1%
14.9%
5.1%
5.6%
4.4%
21.1%
7.7%
5.2%
2.3%
10.3%
1.8%
8.1%
2.8%
10.7%
1.2%
8.6%
6.7%
10.3%
0.5%
9.6%
7.0%
11.3%
7.5%
7.0%
0.2%
11.3%
11.7%
8.7%
3.9%
10.4%
4.6%
10.4%
3.9%
7.9%
4.1%
6.9%
3.8%
12.8%
5.1%
Cemento
6
4
4
13
5.5%
7.9%
4.4%
7.8%
4.2%
9.9%
6.8%
3.9%
4.2%
12.7%
6.9%
4.2%
3.5%
14.1%
5.2%
4.3%
3.5%
13.6%
3.5%
8.1%
4.4%
13.1%
3.3%
9.2%
3.1%
14.4%
1.8%
4.3%
4.4%
11.3%
2.7%
6.2%
4.2%
9.9%
1.8%
9.8%
4.4%
11.1%
3.1%
11.8%
3.3%
10.6%
1.3%
16.0%
3.1%
11.3%
1.6%
20.3%
5.6%
10.3%
21.2%
6.6%
2.3%
6.7%
25.7%
7.4%
4.0%
11.2%
6.4%
8.6%
4.0%
12.3%
4.6%
6.0%
3.9%
10.2%
8.2%
11.2%
Medios
Telefona fija
Telefona inalmbrica
Transporte y otros
12
5
4
2
4
9.1%
N/D
N/D
N/D
N/D
8.5%
N/D
N/D
N/D
N/D
9.2%
N/D
N/D
N/D
N/D
9.6%
N/D
N/D
N/D
N/D
11.1%
N/D
N/D
N/D
N/D
14.8%
N/D
N/D
N/D
N/D
10.1%
N/D
N/D
N/D
N/D
7.8%
N/D
N/D
N/D
N/D
9.1%
N/D
N/D
N/D
N/D
9.1%
N/D
N/D
N/D
N/D
9.8%
N/D
N/D
N/D
N/D
8.7%
N/D
N/D
N/D
N/D
9.6%
17.8%
6.1%
12.8%
8.7%
7.5%
22.3%
6.1%
3.4%
9.7%
9.6%
N/D
N/D
N/D
N/D
10.3%
N/D
N/D
N/D
N/D
8.8%
20.0%
6.1%
8.1%
9.2%
Constructoras
Conglomerados
Mineras
8
10
5
3
13.3%
7.7%
2.2%
10.9%
5.5%
7.1%
1.4%
23.2%
5.4%
6.8%
2.1%
20.0%
10.2%
6.6%
4.6%
14.4%
11.9%
6.1%
3.8%
14.9%
6.4%
7.1%
4.4%
2.8%
7.1%
5.8%
2.1%
2.8%
15.5%
5.8%
1.8%
4.3%
15.5%
5.6%
2.8%
6.1%
15.3%
4.4%
2.8%
6.2%
13.0%
5.9%
2.7%
9.0%
17.7%
13.1%
3.4%
10.8%
16.9%
11.7%
3.9%
16.2%
14.2%
12.8%
3.1%
18.1%
12.0%
7.6%
2.9%
11.4%
8.5%
6.7%
2.9%
12.7%
15.4%
8.5%
2.9%
10.1%
Papel y celulosa
Qumicas
Siderrgicas
Textiles
3
4
4
3
5.9%
5.6%
3.3%
3.1%
10.5%
7.4%
2.7%
2.9%
11.2%
3.8%
1.7%
3.6%
11.1%
4.1%
3.4%
3.7%
10.0%
4.7%
2.2%
2.2%
9.1%
4.7%
3.8%
1.6%
7.3%
3.5%
4.9%
1.2%
6.1%
7.0%
2.3%
2.0%
4.7%
2.9%
2.5%
4.0%
5.9%
4.1%
4.8%
2.5%
7.2%
2.9%
4.5%
4.2%
6.3%
2.4%
2.8%
2.5%
N/D
3.8%
8.6%
1.3%
N/D
6.3%
27.0%
0.3%
7.9%
4.5%
5.3%
2.5%
9.3%
4.8%
3.1%
2.6%
N/D
4.2%
7.5%
2.4%
Acus Consultores
- 18 -
Alberto Calva
acalva@acus.com.mx

Razones Financieras Mexico 1

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RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

20.0% 21.7% -7.7% -9.5% 15.9% 17.7%

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

RAZONES FINANCIERAS SECTORIALES EN MEXICO

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