Razones Financieras Mexico

RAZONES FINANCIERAS SECTORIALES EN MEXICO
Num. de
empresas
promedio Razn del cido = (activo circulante - inventario) / pasivo circulante
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
1.0
0.8
0.9
1.0
1.0
1.1
0.8
0.9
0.9
0.9
1.0
1.0
0.9
1.0
0.9
Alimentos y cigarros
Bebidas
Autopartes
13
9
3
0.9
1.0
1.0
0.8
1.0
1.3
1.0
0.8
0.8
1.9
1.0
0.7
1.5
1.0
0.5
1.3
1.1
0.9
1.2
1.4
0.5
1.0
1.6
0.4
1.1
2.0
0.4
1.4
1.2
0.4
1.5
1.1
0.3
1.6
1.2
0.5
1.3
1.2
0.6
1.2
1.0
0.9
1.3
1.4
0.4
Bienes de consumo
Cemento
Constructoras
5
7
8
0.5
1.5
1.2
1.3
1.2
0.9
2.1
1.3
0.9
1.0
1.5
1.2
1.1
1.2
0.9
1.3
0.8
0.8
1.1
0.4
0.6
0.9
0.9
1.0
0.6
0.6
1.1
1.0
0.7
1.2
1.0
0.7
1.3
1.0
0.9
1.9
1.1
1.0
1.1
1.2
1.2
0.9
1.0
0.7
1.2
Comerciales autoservicio
Comerciales departamentales
Comerciales especializadas
4
4
13
0.4
1.4
0.7
0.5
0.9
0.7
0.7
0.9
1.0
0.7
1.0
0.8
0.6
1.1
0.7
0.6
1.4
0.8
0.6
1.4
0.6
0.6
1.5
0.8
0.5
1.8
0.7
0.6
2.2
0.8
0.6
1.8
0.9
0.6
2.0
1.0
0.6
1.5
0.8
0.6
1.1
0.8
0.6
1.8
0.8
Comunicacin y transportes
Grupos industriales
Hoteles y restaurantes
11
10
5
1.7
0.8
0.6
1.3
0.6
0.2
1.5
0.6
0.1
1.4
0.7
0.2
1.5
0.7
0.4
1.6
0.8
1.0
0.7
0.7
0.6
0.9
0.7
0.6
1.0
0.8
0.7
0.9
1.0
0.8
1.0
1.1
0.8
0.9
1.5
1.0
1.2
0.8
0.6
1.5
0.7
0.4
0.9
1.0
0.8
Mineras
Papel y celulosa
Qumicas
3
3
4
1.1
1.1
1.1
2.7
1.0
1.3
3.9
1.9
1.4
1.7
2.3
1.2
3.1
1.4
0.9
1.4
1.7
0.6
0.7
1.1
0.5
0.6
1.3
0.7
0.6
0.6
0.3
1.1
0.6
0.4
1.4
1.4
1.2
1.5
1.4
1.3
1.7
1.3
0.9
2.3
1.6
1.1
1.0
1.1
0.7
Siderrgicas
Textiles
4
4
0.6
0.4
0.4
0.6
0.5
0.5
0.9
0.6
0.7
0.8
1.0
0.6
1.0
0.8
0.7
0.4
1.0
1.1
1.4
1.3
1.5
1.1
1.6
0.7
0.9
0.7
0.7
0.6
1.2
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. The author is not responsible for any decisions made based on the information or comments here presented,
neither for the accuracy of the figures.
Acus Consultores, S.C.

www.acus.com.mx
acus@acus.com.mx
-1(55)5807-6891 y (55)5272-4032
Alberto Calva-Mercado
acalva@acus.com.mx
acalva@prodigy.net.mx

Num. de
empresas
promedio Clientes / proveedores
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
1.7
1.5
1.5
1.4
1.3
1.4
1.3
1.4
1.4
1.5
1.6
1.7
1.5
1.5
1.5
Bebidas
Autopartes
13
9
3
1.9
1.2
1.3
2.1
1.1
1.6
2.1
1.0
1.2
2.0
1.0
1.2
1.8
0.9
1.4
1.8
0.9
1.4
1.7
0.8
1.4
1.9
0.7
1.2
1.7
0.6
1.0
1.5
0.6
0.9
1.3
0.6
0.7
1.4
0.6
0.9
1.8
0.8
1.2
2.0
1.0
1.4
1.6
0.7
1.0
Bienes de consumo
Cemento
Constructoras
5
7
8
2.6
2.8
5.3
2.1
2.3
3.5
2.6
1.8
3.1
2.4
1.7
3.5
1.4
1.9
1.9
3.0
1.5
2.9
2.1
1.3
2.9
1.8
1.8
2.6
2.1
1.3
2.8
2.1
1.2
2.3
2.2
1.0
2.2
2.3
1.2
2.2
2.2
1.6
2.9
2.3
2.0
3.4
2.1
1.3
2.5
4
4
13
0.1
3.6
0.8
0.1
2.6
1.0
0.1
1.7
1.1
0.0
1.8
0.9
0.0
2.0
0.7
0.1
2.6
0.9
0.1
3.3
0.7
0.1
3.2
0.7
0.1
3.6
0.6
0.1
3.4
0.8
0.1
3.2
1.0
0.1
3.0
1.3
0.1
2.8
0.9
0.1
2.4
0.9
0.1
3.3
0.8
Grupos industriales
11
10
5
2.2
1.8
5.0
1.7
1.8
5.6
4.0
1.5
0.7
4.2
1.4
0.5
4.0
1.5
1.0
5.5
1.6
1.0
5.6
1.2
1.2
6.5
1.3
1.1
6.8
1.4
1.0
6.6
1.5
1.1
10.6
1.4
1.3
12.3
1.5
1.5
5.8
1.5
1.8
3.6
1.6
2.3
8.1
1.4
1.2
Mineras
Papel y celulosa
Qumicas
3
3
4
2.1
1.6
2.8
2.2
2.3
2.4
1.3
2.3
2.7
1.6
2.2
2.1
1.0
2.5
1.9
0.8
2.0
1.2
0.8
2.5
1.2
0.7
2.2
1.5
0.7
2.2
1.1
1.3
2.2
1.0
1.7
2.2
1.1
2.1
1.8
1.6
1.4
2.2
1.7
1.5
2.2
2.2
1.2
2.2
1.3
Siderrgicas
Textiles
4
4
2.8
1.9
1.5
1.3
1.5
1.4
1.6
2.2
1.4
2.9
1.9
1.8
1.7
2.2
1.6
1.6
1.6
1.9
1.6
1.8
1.7
1.2
1.9
1.7
1.7
1.8
1.8
1.9
1.7
1.8

www.acus.com.mx
acus@acus.com.mx
-2(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Apalancamiento = pasivo total / capital contable
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
0.8
0.9
0.8
0.9
0.8
0.8
1.3
1.2
1.3
1.3
1.3
1.2
1.0
0.8
1.2
Bebidas
Autopartes
13
9
3
0.8
0.4
1.5
0.9
0.5
1.8
0.7
0.5
2.8
0.4
0.5
3.4
0.6
0.5
5.2
1.0
0.4
1.4
1.1
0.6
2.0
0.6
0.5
1.9
0.8
0.5
1.9
0.6
0.8
1.9
0.7
0.8
1.9
0.6
0.6
1.9
0.7
0.5
2.3
0.7
0.5
2.7
0.7
0.6
1.9
Bienes de consumo
Cemento
Constructoras
5
7
8
1.8
0.8
1.4
0.5
0.9
1.3
0.3
0.9
1.2
0.5
0.8
1.8
0.4
0.7
1.9
0.4
0.7
1.4
0.6
1.0
1.7
0.9
0.9
1.7
1.5
1.1
1.5
0.6
1.2
1.3
0.7
1.0
1.2
0.7
1.4
1.3
0.8
0.9
1.5
0.7
0.8
1.5
0.8
1.1
1.5
4
4
13
0.6
0.8
0.9
0.5
1.0
1.1
0.4
1.2
0.8
0.5
0.7
1.0
0.5
0.6
1.1
0.5
0.5
1.1
0.7
1.0
1.6
0.7
0.9
1.8
0.7
1.1
1.6
0.7
1.0
1.8
0.6
1.0
1.9
0.7
1.0
1.9
0.6
0.9
1.4
0.5
0.8
1.0
0.7
1.0
1.8
Grupos industriales
11
10
5
0.7
1.0
1.5
0.6
1.3
4.8
0.5
1.4
55.7
0.7
1.5
24.7
0.7
1.3
1.1
0.7
1.1
0.5
1.6
1.6
0.7
1.7
1.7
0.8
1.7
1.5
0.9
1.5
1.5
0.9
1.8
1.3
0.9
1.7
0.9
0.9
1.2
1.3
7.8
0.7
1.3
14.7
1.7
1.4
0.9
Mineras
Papel y celulosa
Qumicas
3
3
4
0.5
0.7
0.9
0.5
0.8
0.7
0.4
0.7
0.6
0.5
0.6
0.7
0.6
0.7
1.3
1.0
0.8
1.3
1.3
1.2
1.8
1.4
1.2
1.5
1.7
1.4
1.8
1.5
1.8
2.3
1.2
1.9
1.1
0.8
1.4
0.9
1.0
1.1
1.2
0.6
0.7
0.9
1.3
1.5
1.6
Siderrgicas
Textiles
4
4
1.2
1.2
1.2
1.0
1.0
1.2
1.1
1.2
1.2
0.9
0.8
1.5
1.2
2.8
1.1
3.9
1.2
2.2
1.1
1.7
0.6
1.8
0.5
3.8
1.0
1.9
1.1
1.2
1.0
2.7

www.acus.com.mx
acus@acus.com.mx
-3(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Deuda de corto plazo = pasivo de corto plazo / pasivo total
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
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
0.5
0.4
Bebidas
Autopartes
13
9
3
0.6
0.5
0.3
0.6
0.4
0.2
0.5
0.5
0.3
0.5
0.4
0.3
0.4
0.5
0.5
0.5
0.5
0.5
0.6
0.4
0.7
0.5
0.4
0.8
0.4
0.4
0.8
0.3
0.3
0.8
0.4
0.3
0.8
0.4
0.4
0.8
0.5
0.4
0.6
0.5
0.5
0.4
0.4
0.4
0.8
Bienes de consumo
Cemento
Constructoras
5
7
8
0.8
0.3
0.5
0.7
0.3
0.4
0.7
0.3
0.4
0.8
0.3
0.6
0.8
0.3
0.7
0.7
0.3
0.7
0.6
0.5
0.7
0.7
0.3
0.7
0.8
0.3
0.6
0.7
0.3
0.6
0.7
0.3
0.6
0.7
0.3
0.4
0.7
0.3
0.6
0.7
0.3
0.6
0.7
0.3
0.6
4
4
13
0.8
0.6
0.7
0.8
0.7
0.9
0.9
0.6
0.7
0.9
0.7
0.7
0.9
0.6
0.7
0.9
0.7
0.8
0.7
0.5
0.6
0.7
0.5
0.6
0.7
0.4
0.6
0.7
0.4
0.7
0.7
0.5
0.7
0.7
0.4
0.7
0.8
0.5
0.7
0.9
0.6
0.8
0.7
0.4
0.7
Grupos industriales
11
10
5
0.3
0.5
0.3
0.4
0.5
0.6
0.4
0.6
0.8
0.4
0.5
0.7
0.4
0.5
0.5
0.4
0.5
0.3
0.6
0.4
0.3
0.4
0.4
0.3
0.3
0.4
0.3
0.4
0.4
0.3
0.4
0.4
0.3
0.4
0.4
0.3
0.4
0.4
0.4
0.4
0.5
0.5
0.4
0.4
0.3
Mineras
Papel y celulosa
Qumicas
3
3
4
0.5
0.4
0.5
0.4
0.5
0.5
0.3
0.3
0.5
0.4
0.3
0.6
0.2
0.4
0.4
0.2
0.3
0.5
0.2
0.4
0.6
0.3
0.3
0.5
0.3
0.6
0.8
0.2
0.5
0.9
0.2
0.2
0.4
0.3
0.3
0.4
0.3
0.4
0.5
0.3
0.4
0.5
0.3
0.4
0.6
Siderrgicas
Textiles
4
4
0.5
0.8
0.4
0.8
0.4
0.8
0.3
0.6
0.3
0.6
0.3
0.6
0.3
0.4
0.3
0.6
0.3
0.3
0.2
0.3
0.3
0.3
0.4
0.3
0.3
0.5
0.4
0.7
0.3
0.3

www.acus.com.mx
acus@acus.com.mx
-4(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Das cartera das clientes = (clientes * 360 / ventas netas)
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
59
49
46
49
46
45
41
43
40
41
44
43
46
49
42
Bebidas
Autopartes
13
9
3
40
25
61
36
21
55
28
20
47
30
21
57
34
20
51
31
20
41
28
18
73
32
17
54
34
15
61
28
16
53
28
15
44
28
16
43
31
19
53
33
21
52
29
16
55
Bienes de consumo
Cemento
Constructoras
5
7
8
99
58
111
142
50
158
127
42
121
80
41
183
128
42
113
127
40
105
83
42
118
84
35
114
103
28
111
99
29
113
102
24
130
105
39
128
106
39
125
117
46
132
96
33
119
4
4
13
4
153
34
4
151
48
5
110
51
3
110
43
3
108
37
4
104
48
5
116
32
5
119
42
4
133
31
4
137
40
3
149
50
3
151
60
4
128
43
4
123
44
4
134
43
Grupos industriales
11
10
5
65
55
83
56
51
106
67
46
73
64
50
46
66
53
49
57
56
28
58
42
29
60
49
28
54
49
31
52
53
39
55
55
41
46
53
40
58
51
49
62
52
64
54
50
35
Mineras
Papel y celulosa
Qumicas
3
3
4
80
75
104
43
65
70
35
68
72
37
68
71
34
71
68
65
74
71
37
71
64
34
77
74
33
79
76
42
83
73
46
74
74
34
72
74
43
73
74
49
70
76
38
76
72
Siderrgicas
Textiles
4
4
124
125
54
88
52
83
58
83
54
90
63
119
62
120
61
109
65
93
57
91
56
67
72
68
65
95
68
98
62
91

www.acus.com.mx
acus@acus.com.mx
-5(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Das inventario = (inventario * 360 / costo de ventas)
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
93
83
74
78
76
71
67
66
63
59
63
56
71
79
62
Bebidas
Autopartes
13
9
3
104
102
184
88
77
182
74
79
150
76
78
154
86
74
119
67
74
61
59
73
114
86
73
95
85
74
102
72
66
101
57
61
129
55
53
93
76
74
124
82
81
142
69
66
106
Bienes de consumo
Cemento
Constructoras
5
7
8
150
73
52
227
74
79
193
69
88
96
63
89
214
60
68
198
78
87
124
78
111
99
64
144
125
69
162
169
56
173
156
56
228
172
46
196
160
65
123
180
69
77
141
61
169
4
4
13
53
110
80
47
101
90
51
109
79
61
123
85
53
106
84
57
84
79
52
92
75
52
75
83
55
84
78
49
83
81
50
86
83
47
85
78
52
95
81
54
105
83
51
84
80
Grupos industriales
11
10
5
155
97
451
145
82
386
55
74
130
65
77
103
68
79
85
36
84
70
33
79
58
36
76
72
27
78
72
26
73
65
33
82
60
28
71
53
59
79
134
87
82
204
31
76
63
Mineras
Papel y celulosa
Qumicas
3
3
4
164
68
45
116
55
42
115
60
40
111
59
41
108
52
44
155
65
47
88
59
42
79
55
46
86
53
41
92
57
39
88
50
34
77
51
46
107
57
42
128
60
43
85
54
41
Siderrgicas
Textiles
4
4
117
121
110
83
109
94
112
125
122
133
115
118
112
101
102
86
101
64
79
71
115
73
135
82
111
96
114
112
107
80

www.acus.com.mx
acus@acus.com.mx
-6(55)5807-6891 y (55)5272-4032
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Num. de
empresas
promedio Rotacin del activo fijo = (ventas netas / activo fijo neto)
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
0.93
0.97
1.06
1.13
1.17
1.21
1.33
1.28
1.28
1.37
1.55
1.69
1.25
1.08
1.42
Bebidas
Autopartes
13
9
3
1.50
1.06
1.74
1.65
1.15
2.02
2.08
1.18
2.70
1.70
1.26
2.84
1.64
1.30
3.56
1.82
1.41
3.58
2.05
1.52
1.39
1.86
1.53
1.67
1.96
1.57
1.78
2.11
1.63
1.99
2.29
1.79
2.46
2.30
1.92
3.07
1.91
1.44
2.40
1.73
1.23
2.74
2.09
1.66
2.06
Bienes de consumo
Cemento
Constructoras
5
7
8
1.58
0.55
2.71
1.21
0.48
1.56
1.28
0.55
2.08
2.05
0.60
2.29
1.30
0.71
2.53
1.23
0.73
2.75
1.15
0.68
2.50
1.51
0.80
4.97
1.25
0.76
6.07
1.33
0.79
5.69
1.42
0.86
8.72
1.53
0.99
7.86
1.40
0.71
4.14
1.44
0.60
2.32
1.37
0.82
5.97
4
4
13
2.13
1.54
3.27
2.15
1.05
3.84
2.17
1.07
4.48
2.01
1.21
4.75
2.28
1.33
5.29
2.29
1.52
3.93
2.38
1.67
5.51
2.45
1.72
4.34
2.47
1.77
5.79
2.49
1.87
5.79
2.53
2.05
5.56
2.51
2.07
5.59
2.32
1.57
4.85
2.17
1.29
4.26
2.47
1.86
5.43
Grupos industriales
11
10
5
0.67
0.96
0.48
0.67
1.06
0.33
0.70
1.16
0.30
0.90
1.21
0.38
0.95
1.14
0.42
0.99
1.20
0.44
0.98
1.52
0.50
1.03
1.31
0.61
0.98
1.31
0.65
1.07
1.51
0.70
1.22
1.79
0.78
1.37
2.16
0.89
0.96
1.36
0.54
0.81
1.12
0.39
1.11
1.60
0.69
Mineras
Papel y celulosa
Qumicas
3
3
4
0.40
0.73
0.90
0.87
0.84
1.40
0.76
0.75
1.39
0.57
0.81
1.38
0.59
0.81
1.17
0.42
0.88
0.92
0.66
0.94
1.02
0.56
0.84
1.02
0.50
0.82
0.92
0.55
0.83
1.07
0.84
0.97
1.36
1.12
1.09
1.51
0.65
0.86
1.17
0.60
0.80
1.19
0.70
0.92
1.15
Siderrgicas
Textiles
4
4
0.43
0.55
0.54
0.94
0.69
1.12
0.72
1.06
0.66
1.21
0.68
0.84
0.74
0.90
0.67
0.86
0.64
0.87
0.75
0.81
1.19
0.91
1.84
0.90
0.80
0.91
0.62
0.95
0.97
0.87

www.acus.com.mx
acus@acus.com.mx
-7(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Rotacin activo total = (ventas netas / activo total)
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
0.53
0.56
0.61
0.63
0.65
0.66
0.71
0.74
0.73
0.72
0.75
0.81
0.68
0.61
0.74
Bebidas
Autopartes
13
9
3
0.81
0.70
0.60
0.90
0.78
0.60
1.11
0.77
0.77
0.84
0.79
0.78
0.82
0.84
0.97
0.72
0.88
1.24
0.76
0.92
0.75
0.97
0.89
0.87
0.95
0.85
0.90
1.11
0.71
1.01
1.19
0.75
1.09
1.18
0.79
1.19
0.95
0.81
0.90
0.87
0.80
0.82
1.03
0.82
0.97
Bienes de consumo
Cemento
Constructoras
5
7
8
0.67
0.32
0.45
0.53
0.30
0.27
0.57
0.34
0.31
0.89
0.37
0.37
0.59
0.42
0.48
0.60
0.44
0.52
0.57
0.40
0.46
0.75
0.45
0.58
0.63
0.44
0.63
0.65
0.46
0.65
0.66
0.48
0.67
0.69
0.57
0.59
0.65
0.42
0.50
0.64
0.36
0.40
0.66
0.47
0.60
4
4
13
1.39
0.67
1.46
1.40
0.52
1.43
1.33
0.57
1.48
1.26
0.66
1.51
1.46
0.73
1.59
1.44
0.84
1.35
1.51
0.87
1.65
1.59
0.89
1.50
1.58
0.85
1.73
1.59
0.86
1.60
1.63
0.89
1.41
1.65
0.87
1.31
1.49
0.77
1.50
1.38
0.67
1.47
1.59
0.87
1.53
Grupos industriales
11
10
5
0.44
0.53
0.20
0.46
0.57
0.15
0.44
0.68
0.15
0.47
0.71
0.24
0.48
0.67
0.27
0.53
0.69
0.35
0.53
0.83
0.41
0.59
0.76
0.47
0.57
0.76
0.48
0.57
0.75
0.50
0.59
0.81
0.57
0.69
0.94
0.60
0.53
0.73
0.37
0.47
0.64
0.23
0.59
0.81
0.51
Mineras
Papel y celulosa
Qumicas
3
3
4
0.27
0.51
0.58
0.49
0.58
0.82
0.46
0.53
0.85
0.37
0.56
0.84
0.38
0.58
0.73
0.27
0.57
0.61
0.44
0.62
0.67
0.39
0.58
0.65
0.34
0.58
0.63
0.36
0.58
0.65
0.51
0.67
0.78
0.64
0.76
0.69
0.41
0.59
0.71
0.37
0.55
0.74
0.45
0.63
0.68
Siderrgicas
Textiles
4
4
0.31
0.39
0.41
0.56
0.51
0.64
0.50
0.62
0.44
0.64
0.45
0.50
0.47
0.55
0.45
0.54
0.44
0.59
0.51
0.55
0.72
0.63
0.86
0.62
0.51
0.57
0.44
0.56
0.57
0.58

www.acus.com.mx
acus@acus.com.mx
-8(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Rotacin capital empleado = (ventas netas / capital empleado)
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
0.65
0.68
0.74
0.78
0.80
0.85
0.93
0.94
0.94
0.91
0.99
1.10
0.86
0.75
0.97
Bebidas
Autopartes
13
9
3
0.97
0.84
0.75
1.08
0.91
0.73
1.37
0.92
0.97
1.12
0.95
0.98
1.00
0.99
1.30
1.07
1.08
1.60
1.18
1.18
1.03
1.13
1.20
1.25
1.13
1.24
1.33
1.32
0.89
1.48
1.51
0.94
1.75
1.49
1.00
2.19
1.20
1.01
1.28
1.10
0.95
1.05
1.30
1.07
1.51
Bienes de consumo
Cemento
Constructoras
5
7
8
0.87
0.35
0.60
0.69
0.33
0.33
0.67
0.38
0.38
1.12
0.40
0.50
0.75
0.47
0.75
0.73
0.50
0.73
0.74
0.44
0.70
1.03
0.52
1.03
1.22
0.51
1.06
0.80
0.54
1.05
0.80
0.54
1.03
0.86
0.66
0.91
0.86
0.47
0.76
0.80
0.40
0.55
0.91
0.54
0.96
4
4
13
2.15
0.80
2.07
2.15
0.66
2.02
2.15
0.74
2.05
2.14
0.85
2.11
2.48
0.93
2.46
2.50
1.04
2.02
2.68
1.04
2.47
2.65
1.09
2.35
2.54
1.02
2.96
2.63
1.08
2.73
2.65
1.11
2.45
2.76
1.12
2.41
2.46
0.95
2.34
2.26
0.84
2.12
2.65
1.07
2.56
Grupos industriales
11
10
5
0.54
0.63
0.22
0.57
0.68
0.16
0.53
0.82
0.18
0.57
0.86
0.33
0.59
0.81
0.31
0.70
0.84
0.39
0.71
1.03
0.44
0.76
0.93
0.52
0.72
0.95
0.54
0.72
0.92
0.57
0.81
1.04
0.65
0.94
1.34
0.68
0.68
0.91
0.41
0.58
0.78
0.26
0.78
1.04
0.57
Mineras
Papel y celulosa
Qumicas
3
3
4
0.32
0.65
0.68
0.71
0.69
1.05
0.61
0.65
1.02
0.45
0.69
1.02
0.48
0.70
0.88
0.30
0.70
0.74
0.50
0.76
0.83
0.44
0.70
0.80
0.41
0.70
0.78
0.42
0.73
0.89
0.63
0.85
1.00
0.84
0.97
0.85
0.51
0.73
0.88
0.48
0.68
0.90
0.54
0.78
0.86
Siderrgicas
Textiles
4
4
0.34
0.49
0.46
0.64
0.56
0.83
0.57
0.76
0.49
0.73
0.50
0.58
0.53
0.64
0.51
0.66
0.51
0.69
0.60
0.63
0.85
0.75
1.03
0.74
0.58
0.68
0.49
0.67
0.67
0.69

www.acus.com.mx
acus@acus.com.mx
-9(55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Margen operativo de ventas = utilidad de operacin / ventas
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
14.2%
14.6%
14.7%
14.7%
15.1%
16.8%
15.4%
15.9%
15.5%
15.1%
16.0%
16.1%
15.3%
15.0%
15.7%
Bebidas
Autopartes
13
9
3
11.1%
13.5%
-0.9%
9.8%
10.2%
1.1%
9.8%
12.1%
5.2%
9.5%
15.7%
5.6%
9.4%
15.6%
6.6%
6.7%
16.5%
3.0%
4.4%
17.9%
4.4%
7.2%
18.7%
3.1%
8.2%
20.4%
2.6%
6.6%
18.6%
4.0%
7.5%
17.9%
7.1%
9.5%
17.9%
8.5%
8.3%
16.2%
4.2%
9.4%
13.9%
3.4%
7.2%
18.6%
4.9%
Bienes de consumo
Cemento
Constructoras
5
7
8
8.1%
25.2%
16.5%
20.9%
22.6%
7.8%
16.9%
24.1%
6.3%
7.5%
22.6%
6.8%
5.9%
26.9%
7.2%
10.9%
29.4%
1.3%
-4.2%
29.4%
2.7%
-0.1%
24.2%
1.7%
6.1%
21.8%
10.6%
7.7%
22.2%
10.8%
6.9%
22.7%
15.1%
8.5%
17.0%
16.5%
7.9%
24.0%
8.6%
11.7%
25.1%
7.6%
4.2%
22.9%
9.6%
4
4
13
4.3%
1.9%
6.3%
3.2%
-10.9%
9.0%
4.1%
-5.4%
6.8%
4.4%
5.7%
6.1%
4.2%
10.4%
5.9%
5.0%
11.8%
7.4%
5.0%
12.1%
5.3%
5.1%
12.9%
7.0%
4.9%
12.8%
5.0%
5.3%
12.5%
4.8%
6.0%
12.5%
5.4%
6.4%
11.4%
6.3%
4.8%
7.3%
6.3%
4.2%
2.2%
6.9%
5.4%
12.4%
5.6%
Grupos industriales
11
10
5
28.4%
12.1%
19.4%
23.6%
14.2%
0.5%
28.0%
14.4%
-42.2%
25.2%
14.9%
0.2%
26.1%
15.8%
11.0%
32.0%
15.0%
15.7%
30.7%
10.4%
12.9%
30.3%
10.6%
13.4%
26.9%
10.2%
10.6%
25.2%
9.3%
10.6%
22.8%
9.4%
12.2%
22.7%
9.3%
14.6%
26.8%
12.1%
6.6%
27.2%
14.4%
0.8%
26.4%
9.9%
12.4%
Mineras
Papel y celulosa
Qumicas
3
3
4
17.7%
20.4%
8.9%
38.2%
25.4%
17.9%
28.1%
27.4%
17.1%
21.4%
25.9%
15.1%
16.4%
26.5%
12.8%
7.3%
28.7%
4.6%
12.7%
27.5%
2.6%
0.4%
23.1%
1.0%
5.2%
22.3%
-3.6%
10.9%
20.0%
-0.8%
31.7%
18.8%
2.1%
36.6%
19.0%
7.9%
18.9%
23.8%
7.1%
21.5%
25.7%
12.7%
16.2%
21.8%
1.5%
Siderrgicas
Textiles
4
4
5.3%
0.4%
19.3%
8.9%
19.3%
12.0%
18.3%
11.5%
17.7%
14.8%
14.7%
4.4%
12.4%
5.9%
10.0%
-1.6%
7.5%
9.7%
7.8%
5.2%
28.4%
0.8%
12.1%
-6.9%
14.4%
5.4%
15.8%
8.7%
13.0%
2.2%

www.acus.com.mx
acus@acus.com.mx
- 10 (55)5807-6891 y (55)5272-4032
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Num. de
empresas
promedio Ebitda / ventas
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
19.8%
21.2%
21.3%
21.3%
21.8%
24.7%
22.3%
23.9%
23.4%
23.2%
23.5%
23.0%
22.5%
21.7%
23.2%
Bebidas
Autopartes
13
9
3
14.0%
17.4%
1.7%
13.5%
14.6%
5.8%
13.6%
17.4%
8.7%
14.0%
21.2%
10.2%
14.0%
20.8%
10.8%
11.4%
22.1%
20.1%
10.8%
23.5%
8.2%
18.5%
24.0%
5.4%
12.9%
26.3%
4.4%
12.8%
23.8%
6.6%
11.2%
23.0%
9.0%
12.9%
22.7%
9.8%
13.3%
21.4%
8.4%
13.4%
18.9%
9.5%
13.2%
23.9%
7.2%
Bienes de consumo
Cemento
Constructoras
5
7
8
11.8%
33.8%
21.6%
25.2%
34.3%
15.6%
21.3%
31.2%
13.3%
12.8%
32.9%
12.9%
10.1%
35.3%
11.9%
15.3%
38.1%
7.1%
1.7%
37.6%
9.3%
5.4%
34.7%
8.9%
10.8%
30.5%
14.1%
11.4%
30.9%
14.4%
10.4%
30.9%
18.3%
12.0%
23.9%
19.5%
12.4%
32.8%
13.9%
16.1%
34.2%
13.8%
8.6%
31.4%
14.1%
4
4
13
6.0%
4.4%
9.2%
5.4%
-7.1%
11.0%
6.3%
-2.2%
8.6%
6.5%
9.3%
7.8%
6.1%
12.6%
7.6%
7.0%
13.9%
9.3%
7.0%
14.3%
6.9%
7.0%
15.2%
8.9%
6.8%
15.0%
6.8%
7.2%
14.8%
6.5%
7.9%
14.6%
7.3%
8.3%
13.4%
8.2%
6.8%
9.9%
8.2%
6.2%
5.2%
8.9%
7.4%
14.5%
7.4%
Grupos industriales
11
10
5
39.2%
17.3%
25.0%
38.1%
19.7%
8.8%
45.1%
19.6%
-33.8%
40.4%
20.0%
7.7%
42.2%
21.1%
18.2%
48.7%
20.4%
23.1%
45.6%
14.9%
20.4%
44.9%
16.0%
20.6%
42.4%
15.7%
18.4%
41.2%
14.4%
17.8%
37.3%
14.1%
19.4%
35.3%
13.1%
21.0%
41.7%
17.2%
13.9%
42.3%
19.7%
8.2%
41.1%
14.7%
19.6%
Mineras
Papel y celulosa
Qumicas
3
3
4
26.9%
25.8%
15.5%
44.8%
29.9%
22.7%
36.1%
32.6%
22.0%
30.7%
32.0%
20.4%
27.3%
32.3%
18.5%
19.3%
34.7%
12.1%
16.2%
32.8%
10.8%
13.2%
28.8%
9.1%
19.1%
28.9%
12.8%
23.9%
26.5%
5.7%
41.0%
24.8%
8.6%
45.3%
24.7%
11.7%
28.6%
29.5%
14.2%
30.9%
31.2%
18.5%
26.4%
27.7%
9.8%
Siderrgicas
Textiles
4
4
13.0%
8.4%
27.4%
14.9%
26.9%
18.5%
24.6%
18.5%
24.6%
21.8%
22.3%
13.9%
19.8%
15.1%
17.9%
8.7%
16.0%
19.5%
15.4%
16.7%
33.2%
10.9%
14.7%
4.6%
21.3%
14.3%
23.1%
16.0%
19.5%
12.6%

www.acus.com.mx
acus@acus.com.mx
- 11 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Retorno sobre la inversin = utilidad de operacin / activo total
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
7.6%
8.2%
9.0%
9.3%
9.8%
11.1%
11.0%
11.7%
11.3%
10.8%
12.0%
13.1%
10.4%
9.2%
11.7%
Bebidas
Autopartes
13
9
3
9.0%
9.5%
-0.5%
8.8%
7.9%
0.7%
10.8%
9.3%
4.0%
8.0%
12.5%
4.3%
7.7%
13.0%
6.4%
4.8%
14.6%
3.8%
3.4%
16.4%
3.3%
6.9%
16.7%
2.7%
7.8%
17.3%
2.3%
7.3%
13.2%
4.0%
8.9%
13.4%
7.8%
11.2%
14.2%
10.1%
7.9%
13.2%
4.1%
8.2%
11.1%
3.1%
7.6%
15.2%
5.0%
Bienes de consumo
Cemento
Constructoras
5
7
8
5.4%
7.9%
7.5%
11.2%
6.8%
2.1%
9.6%
8.1%
2.0%
6.6%
8.3%
2.6%
3.5%
11.3%
3.5%
6.5%
12.9%
0.7%
-2.4%
11.8%
1.3%
0.0%
11.0%
1.0%
3.8%
9.6%
6.6%
5.0%
10.3%
7.0%
4.5%
10.9%
10.1%
5.9%
9.7%
9.8%
5.0%
9.9%
4.5%
7.1%
9.2%
3.0%
2.8%
10.6%
6.0%
4
4
13
5.9%
1.2%
9.2%
4.5%
-5.7%
12.9%
5.4%
-3.0%
10.0%
5.6%
3.8%
9.3%
6.2%
7.6%
9.3%
7.3%
10.0%
10.0%
7.6%
10.5%
8.7%
8.1%
11.5%
10.5%
7.7%
10.9%
8.7%
8.4%
10.8%
7.6%
9.8%
11.2%
7.5%
10.5%
9.9%
8.2%
7.2%
6.5%
9.3%
5.8%
2.3%
10.1%
8.7%
10.8%
8.5%
Grupos industriales
11
10
5
12.4%
6.4%
3.9%
10.8%
8.1%
0.1%
12.2%
9.8%
-6.5%
11.9%
10.7%
0.0%
12.5%
10.6%
2.9%
16.9%
10.4%
5.5%
16.1%
8.7%
5.2%
18.0%
8.0%
6.3%
15.4%
7.8%
5.1%
14.4%
7.0%
5.3%
13.5%
7.6%
6.9%
15.7%
8.7%
8.7%
14.2%
8.6%
3.6%
12.8%
9.3%
1.0%
15.5%
8.0%
6.3%
Mineras
Papel y celulosa
Qumicas
3
3
4
4.8%
10.5%
5.1%
18.9%
14.6%
14.7%
12.8%
14.5%
14.5%
7.9%
14.6%
12.7%
6.2%
15.3%
9.4%
1.9%
16.3%
2.8%
5.5%
17.2%
1.8%
0.2%
13.4%
0.7%
1.8%
13.0%
-2.3%
3.9%
11.6%
-0.5%
16.1%
12.7%
1.6%
23.4%
14.4%
5.5%
8.6%
14.0%
5.5%
8.8%
14.3%
9.9%
8.5%
13.7%
1.1%
Siderrgicas
Textiles
4
4
1.7%
0.1%
8.0%
5.0%
9.8%
7.7%
9.3%
7.2%
7.8%
9.4%
6.6%
2.2%
5.8%
3.3%
4.5%
-0.8%
3.3%
5.7%
4.0%
2.8%
20.4%
0.5%
10.4%
-4.3%
7.6%
3.2%
7.2%
5.3%
8.1%
1.2%

www.acus.com.mx
acus@acus.com.mx
- 12 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Retorno sobre capital empleado = Nopat / capital empleado
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
5.1%
5.5%
6.0%
6.3%
6.7%
7.9%
7.9%
8.2%
8.0%
7.6%
8.7%
9.8%
7.3%
6.2%
8.4%
Bebidas
Autopartes
13
9
3
5.9%
6.2%
-0.4%
5.9%
5.1%
0.5%
7.4%
6.1%
2.8%
5.9%
8.2%
3.0%
5.2%
8.5%
4.7%
3.9%
9.8%
2.7%
2.9%
11.6%
2.5%
4.5%
12.4%
2.1%
5.1%
14.0%
1.9%
4.8%
9.1%
3.3%
6.2%
9.3%
6.8%
7.8%
9.8%
10.3%
5.5%
9.2%
3.3%
5.7%
7.3%
2.2%
5.2%
11.0%
4.5%
Bienes de consumo
Cemento
Constructoras
5
7
8
3.8%
4.9%
5.5%
8.0%
4.1%
1.4%
6.3%
5.0%
1.3%
4.6%
5.0%
1.9%
2.4%
6.9%
3.0%
4.3%
8.0%
0.5%
-1.7%
7.2%
1.1%
0.0%
6.9%
1.0%
4.1%
6.1%
6.2%
3.4%
6.6%
6.2%
3.0%
6.8%
8.5%
4.0%
6.2%
8.2%
3.5%
6.1%
3.7%
4.9%
5.7%
2.3%
2.1%
6.6%
5.2%
4
4
13
5.0%
0.8%
7.2%
3.8%
-3.9%
10.0%
4.8%
-2.2%
7.6%
5.2%
2.7%
7.1%
5.8%
5.3%
7.9%
6.9%
6.7%
8.2%
7.4%
6.9%
7.1%
7.4%
7.7%
9.0%
6.8%
7.2%
8.2%
7.6%
7.4%
7.2%
8.7%
7.6%
7.2%
9.6%
7.0%
8.3%
6.6%
4.4%
7.9%
5.3%
1.6%
8.0%
7.9%
7.3%
7.9%
Grupos industriales
11
10
5
8.4%
4.2%
2.3%
7.3%
5.3%
0.0%
8.2%
6.5%
-4.1%
7.9%
7.1%
0.0%
8.5%
7.1%
1.9%
12.4%
7.0%
3.4%
12.1%
5.9%
3.1%
12.7%
5.4%
3.8%
10.7%
5.3%
3.1%
10.0%
4.7%
3.3%
10.2%
5.4%
4.3%
11.8%
6.8%
5.5%
10.0%
5.9%
2.2%
8.8%
6.2%
0.6%
11.2%
5.6%
3.9%
Mineras
Papel y celulosa
Qumicas
3
3
4
3.2%
7.2%
3.3%
14.8%
9.7%
10.3%
9.4%
9.8%
9.6%
5.3%
9.9%
8.4%
4.3%
10.2%
6.2%
1.2%
11.0%
1.9%
3.4%
11.4%
1.2%
0.1%
8.9%
0.4%
1.2%
8.6%
-1.6%
2.5%
8.0%
-0.4%
11.0%
8.8%
1.1%
16.8%
10.1%
3.7%
6.1%
9.5%
3.7%
6.4%
9.6%
6.6%
5.8%
9.3%
0.8%
Siderrgicas
Textiles
4
4
1.0%
0.1%
4.9%
3.1%
6.0%
5.5%
5.7%
4.8%
4.7%
5.9%
4.0%
1.4%
3.6%
2.1%
2.8%
-0.6%
2.1%
3.7%
2.6%
1.8%
13.3%
0.3%
6.9%
-2.8%
4.8%
2.1%
4.4%
3.5%
5.2%
0.8%

www.acus.com.mx
acus@acus.com.mx
- 13 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Retorno sobre capital = utilidad neta / capital contable
94 - 05
1994
1995
1996
1997
1998
1999
2000
Total mercado
117
Bebidas
Autopartes
13
9
3
Bienes de consumo
Cemento
Constructoras
0.3%
7.8%
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
11.9%
12.6%
7.3%
10.1%
10.0%
9.1%
6.7%
8.0%
14.0%
16.0%
9.5%
8.3%
10.6%
5.1%
13.8%
0.9%
4.5%
-22.9% -15.3%
13.6%
10.0%
1.9%
27.1%
10.5%
3.9%
4.7%
8.5%
-27.7%
4.5%
10.4%
20.9%
1.7%
10.7%
3.1%
1.0%
12.0%
0.6%
4.4%
11.3%
-9.8%
0.9%
8.8%
-1.8%
6.1%
12.4%
9.3%
12.2%
10.9%
20.7%
7.9%
9.2%
-1.4%
11.5%
7.4%
-6.5%
4.4%
11.0%
3.7%
5
7
8
-27.2%
12.1%
2.5%
-2.4%
11.8%
-2.3%
0.7%
19.2%
5.4%
5.5% -12.7%
12.2% 12.8%
-43.8% -7.4%
-2.5%
15.1%
-8.1%
-17.3% -38.9% -35.8%

14.6% 15.0%
9.6%
-11.4% -32.6% -2.6%
2.6%
11.0%
3.1%
3.4%
15.8%
13.7%
1.6%
19.6%
12.6%
-10.3%
14.1%
-5.9%
-6.4%
13.9%
-8.9%
-14.1%
14.2%
-2.9%
4
4
13
6.1%
1.6%
3.4%
13.7%
-13.1%
14.4%
13.3%
-5.6%
16.7%
13.4%
9.0%
10.4%
11.6%
9.4%
10.7%
11.9%
11.9%
12.2%
11.7%
11.9%
11.7%
10.6%
13.8%
14.9%
10.2%
12.3%
1.8%
10.2%
12.6%
13.2%
13.5%
15.9%
15.1%
12.9%
13.0%
11.9%
11.6%
7.7%
11.4%
11.7%
2.2%
11.3%
11.5%
13.3%
11.4%
Grupos industriales
11
10
5
5.7%
8.8%
8.5%
16.5% 10.3%
-4.5%
6.8%
9.0%
15.6%
5.2%
-14.4% -57.7% -621.9% -201.8% -6.0%
11.0%
13.0%
3.6%
15.0%
7.4%
3.4%
13.9%
5.7%
3.5%
9.4%
3.8%
1.0%
13.0%
0.7%
1.5%
16.0%
10.8%
6.0%
22.3%
13.7%
7.6%
12.5% 10.1% 14.9%

7.3%
7.5%
7.0%
-72.9% -149.7% 3.8%
Mineras
Papel y celulosa
Qumicas
3
3
4
-4.7%
-5.7%
-9.3%
20.9%
14.0%
15.9%
13.7%
23.1%
15.7%
10.0%
19.6%
11.3%
4.2%
11.9%
2.7%
5.1%
20.9%
-1.2%
5.4%
20.0%
-14.3%
-4.3%
21.7%
-2.3%
Siderrgicas
Textiles
4
4
-22.0%
-29.8%
3.5%
-9.9%
28.4%
15.3%
15.2%
9.3%
0.4%
7.5%
5.5%
-0.8%
3.7%
-5.0% -0.7%
-14.2% -27.9% -13.1%
-5.2% -4.8% 15.0% 12.7%

-7.7% -9.5% 15.9% 17.7%
-30.7% -32.9% -23.6% -10.1%
1.7%
1.4%
5.7%
11.8%
-6.6%
8.2%
14.0%
5.9%
3.1%
9.7%
-19.0%
27.3% 11.3%
5.8%
0.3% -101.1% -13.6%
5.2%
-1.4%
6.4%
-25.8%

www.acus.com.mx
acus@acus.com.mx
- 14 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Inversin / depreciacin del ejercicio
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
3.3
2.0
2.1
1.5
2.0
1.7
2.5
1.6
1.5
1.5
1.5
1.6
1.9
2.1
1.7
Bebidas
Autopartes
13
9
3
6.1
4.0
17.6
2.7
3.9
2.6
1.9
2.6
-0.4
0.9
2.5
1.1
3.5
1.9
0.9
2.2
1.6
-1.4
0.3
1.6
4.6
0.3
2.3
-1.2
1.9
1.4
0.4
-0.5
4.5
0.5
0.6
2.7
-0.6
1.9
1.3
4.3
1.8
2.5
2.4
2.9
2.8
3.4
0.7
2.3
1.3
Bienes de consumo
Cemento
Constructoras
5
7
8
14.1
3.1
8.7
1.5
3.0
2.9
0.9
4.8
2.4
0.5
1.5
-8.3
2.1
2.0
8.0
1.0
2.1
0.9
1.9
6.6
0.7
0.1
1.4
-2.4
0.2
2.6
-1.4
-0.9
1.7
0.4
0.7
2.2
1.0
0.2
3.6
1.9
1.9
2.9
1.2
3.4
2.8
2.4
0.4
3.0
0.0
4
4
13
4.1
3.0
0.5
2.3
3.1
2.8
1.6
1.3
4.6
0.9
-4.0
3.3
2.0
3.4
2.4
2.4
2.5
3.0
2.3
2.4
2.9
2.3
3.1
2.2
2.1
3.2
1.0
2.1
2.7
2.2
2.3
2.9
1.6
3.2
3.6
0.4
2.3
2.2
2.2
2.2
1.5
2.8
2.4
3.0
1.7
Grupos industriales
11
10
5
2.3
3.0
14.3
1.0
2.5
1.2
1.3
2.3
2.4
1.2
2.2
2.5
0.8
2.7
4.3
1.5
1.4
0.5
3.0
1.8
4.7
2.0
1.0
1.1
1.7
0.7
0.9
1.3
1.1
-0.1
1.6
0.2
1.4
1.6
-0.8
2.5
1.6
1.5
3.0
1.3
2.4
4.2
1.9
0.7
1.7
Mineras
Papel y celulosa
Qumicas
3
3
4
0.4
1.9
0.6
1.3
3.2
0.2
3.0
5.7
1.2
5.8
1.2
1.4
1.3
1.6
1.7
5.4
1.3
0.6
-2.0
0.6
0.5
0.7
1.0
-2.2
0.8
0.9
0.1
0.6
0.0
0.0
1.3
0.4
0.0
1.8
0.6
-0.8
1.7
1.5
0.3
2.9
2.5
1.0
0.5
0.6
-0.4
Siderrgicas
Textiles
4
4
5.6
5.8
2.9
1.5
1.8
0.6
2.7
3.5
2.7
2.3
1.1
4.1
0.9
0.2
1.0
0.5
0.1
0.3
0.4
0.1
1.5
0.2
4.1
0.4
2.1
1.6
2.8
3.0
1.3
0.3

www.acus.com.mx
acus@acus.com.mx
- 15 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Gastos de operacin / (costo de ventas + gastos de operacin)
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
31%
31%
24%
25%
25%
26%
26%
27%
26%
25%
25%
26%
26%
27%
26%
Bebidas
Autopartes
13
9
3
32%
43%
15%
32%
39%
17%
30%
37%
15%
31%
37%
15%
34%
38%
15%
31%
39%
17%
32%
42%
19%
39%
42%
20%
39%
41%
22%
37%
40%
21%
36%
39%
18%
37%
38%
15%
34%
40%
17%
32%
39%
16%
37%
40%
19%
Bienes de consumo
Cemento
Constructoras
5
7
8
38%
20%
11%
35%
19%
14%
34%
19%
11%
29%
18%
12%
36%
19%
10%
33%
20%
10%
30%
20%
11%
30%
24%
15%
33%
27%
13%
32%
26%
12%
30%
26%
12%
28%
27%
11%
32%
22%
12%
34%
19%
11%
30%
25%
12%
4
4
13
18%
32%
22%
18%
35%
21%
17%
33%
19%
17%
31%
17%
17%
31%
18%
16%
33%
18%
16%
34%
19%
16%
33%
19%
16%
34%
19%
17%
34%
20%
16%
33%
22%
16%
33%
23%
17%
33%
20%
17%
33%
19%
16%
33%
20%
Grupos industriales
11
10
5
80%
22%
34%
79%
20%
51%
38%
22%
63%
47%
21%
51%
46%
18%
38%
41%
17%
41%
41%
17%
40%
40%
17%
35%
32%
17%
35%
30%
16%
36%
30%
15%
36%
31%
14%
37%
45%
18%
41%
55%
20%
46%
34%
16%
37%
Mineras
Papel y celulosa
Qumicas
3
3
4
20%
19%
15%
20%
16%
14%
21%
16%
13%
21%
14%
13%
22%
14%
20%
22%
13%
21%
11%
14%
20%
20%
13%
22%
22%
14%
21%
22%
15%
20%
19%
15%
17%
19%
15%
20%
20%
15%
18%
21%
15%
16%
19%
14%
20%
Siderrgicas
Textiles
4
4
12%
19%
12%
15%
11%
14%
10%
18%
11%
21%
13%
19%
13%
20%
17%
19%
13%
15%
11%
15%
10%
13%
9%
14%
12%
17%
12%
18%
12%
16%

www.acus.com.mx
acus@acus.com.mx
- 16 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Depreciacin del ejercicio / ventas
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
5.6%
6.6%
6.6%
6.6%
6.6%
7.9%
6.9%
8.0%
7.9%
8.1%
7.6%
6.9%
7.1%
6.7%
7.6%
Bebidas
Autopartes
13
9
3
2.9%
3.9%
2.6%
3.7%
4.4%
4.7%
3.9%
5.4%
3.5%
4.5%
5.5%
4.6%
4.6%
5.2%
4.2%
4.7%
5.6%
17.1%
6.4%
5.6%
3.7%
11.3%
5.4%
2.3%
4.7%
5.8%
1.9%
6.2%
5.2%
2.6%
3.7%
5.1%
1.9%
3.4%
4.8%
1.3%
5.0%
5.2%
4.2%
4.0%
5.0%
6.1%
6.0%
5.3%
2.3%
Bienes de consumo
Cemento
Constructoras
5
7
8
3.7%
8.6%
5.0%
4.3%
11.7%
7.9%
4.4%
7.1%
7.0%
5.3%
10.3%
6.1%
4.2%
8.4%
4.8%
4.5%
8.7%
5.9%
5.9%
8.2%
6.6%
5.4%
10.4%
7.2%
4.7%
8.7%
3.5%
3.7%
8.7%
3.6%
3.5%
8.2%
3.2%
3.5%
7.0%
3.0%
4.4%
8.8%
5.3%
4.4%
9.1%
6.1%
4.5%
8.5%
4.5%
4
4
13
1.7%
2.5%
3.0%
2.2%
3.8%
2.0%
2.2%
3.2%
1.8%
2.1%
3.6%
1.7%
1.9%
2.3%
1.7%
2.0%
2.2%
1.8%
1.9%
2.3%
1.7%
1.9%
2.2%
1.9%
1.9%
2.2%
1.7%
1.9%
2.3%
1.7%
1.9%
2.1%
2.0%
1.9%
2.0%
1.9%
2.0%
2.5%
1.9%
2.0%
2.9%
2.0%
1.9%
2.2%
1.8%
Grupos industriales
11
10
5
10.8%
5.2%
5.6%
14.5%
5.6%
8.3%
17.1%
5.2%
8.4%
15.2%
5.1%
7.5%
16.0%
5.2%
7.2%
16.7%
5.4%
7.4%
15.0%
4.5%
7.5%
14.6%
5.4%
7.3%
15.5%
5.5%
7.8%
16.0%
5.1%
7.3%
14.5%
4.6%
7.2%
12.6%
3.9%
6.4%
14.9%
5.1%
7.3%
15.1%
5.3%
7.4%
14.7%
4.8%
7.2%
Mineras
Papel y celulosa
Qumicas
3
3
4
9.2%
5.4%
6.6%
6.6%
4.4%
4.9%
8.0%
5.1%
4.9%
9.3%
6.1%
5.3%
10.9%
5.8%
5.7%
12.0%
6.0%
7.5%
3.5%
5.3%
8.2%
12.8%
5.7%
8.1%
13.8%
6.6%
16.4%
13.1%
6.6%
6.4%
9.3%
6.0%
6.6%
8.6%
5.7%
3.8%
9.8%
5.7%
7.0%
9.3%
5.5%
5.8%
10.2%
6.0%
8.2%
Siderrgicas
Textiles
4
4
7.6%
8.1%
8.1%
6.0%
7.7%
6.5%
6.3%
7.0%
6.9%
7.0%
7.6%
9.6%
7.4%
9.1%
8.0%
10.3%
8.5%
9.8%
7.5%
11.6%
4.8%
10.1%
2.6%
11.5%
6.9%
8.9%
7.4%
7.3%
6.5%
10.4%

www.acus.com.mx
acus@acus.com.mx
- 17 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Num. de
empresas
promedio Activo disponible / activo total
94 - 05
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
Prom
94 - 05
Prom
94-99
Prom
00-05
Total mercado
117
7.6%
7.3%
7.3%
8.2%
7.9%
9.6%
8.0%
7.3%
8.5%
7.8%
8.7%
9.4%
8.1%
8.0%
8.3%
Bebidas
Autopartes
13
9
3
7.3%
8.1%
6.3%
7.1%
6.8%
4.7%
8.5%
7.5%
2.7%
16.6%
7.3%
2.9%
8.9%
6.7%
3.2%
11.9%
8.2%
3.6%
12.6%
10.6%
4.2%
4.0%
14.9%
3.1%
5.6%
21.1%
4.4%
5.2%
10.3%
2.3%
8.1%
10.7%
2.8%
8.6%
10.3%
6.7%
8.7%
10.2%
3.9%
10.1%
7.4%
3.9%
7.3%
13.0%
3.9%
Bienes de consumo
Cemento
Constructoras
5
7
8
3.6%
5.5%
13.3%
9.0%
4.2%
5.5%
4.9%
4.2%
5.4%
2.6%
3.5%
10.2%
1.9%
3.5%
11.9%
1.7%
4.4%
6.4%
5.2%
3.1%
7.1%
5.1%
4.4%
15.5%
7.7%
4.2%
15.5%
1.8%
4.4%
15.3%
1.2%
3.3%
13.0%
0.5%
3.1%
17.7%
3.8%
4.0%
11.4%
4.0%
4.2%
8.8%
3.6%
3.8%
14.0%
4
4
13
7.9%
4.4%
7.8%
9.9%
6.8%
3.9%
12.7%
6.9%
4.2%
14.1%
5.2%
4.3%
13.6%
3.5%
8.1%
13.1%
3.3%
9.2%
14.4%
1.8%
4.3%
11.3%
2.7%
6.2%
9.9%
1.8%
9.8%
11.1%
3.1%
11.8%
10.6%
1.3%
16.0%
11.3%
1.6%
20.3%
11.7%
3.5%
8.8%
11.9%
5.0%
6.2%
11.4%
2.1%
11.4%
Grupos industriales
11
10
5
9.1%
7.7%
2.2%
8.5%
7.1%
1.4%
9.2%
6.8%
2.1%
9.6%
6.6%
4.6%
11.1%
6.1%
3.8%
14.8%
7.1%
4.4%
10.1%
5.8%
2.1%
7.8%
5.8%
1.8%
9.1%
5.6%
2.8%
9.1%
4.4%
2.8%
9.8%
5.9%
2.7%
8.7%
13.1%
3.4%
9.7%
6.8%
2.8%
10.4%
6.9%
3.1%
9.1%
6.8%
2.6%
Mineras
Papel y celulosa
Qumicas
3
3
4
10.9%
5.9%
5.6%
23.2%
10.5%
7.4%
20.0%
11.2%
3.8%
14.4%
11.1%
4.1%
14.9%
10.0%
4.7%
2.8%
9.1%
4.7%
2.8%
7.3%
3.5%
4.3%
6.1%
7.0%
6.1%
4.7%
2.9%
6.2%
5.9%
4.1%
9.0%
7.2%
2.9%
10.8%
6.3%
2.4%
10.5%
7.9%
4.4%
14.4%
9.6%
5.1%
6.6%
6.2%
3.8%
Siderrgicas
Textiles
4
4
3.3%
3.1%
2.7%
2.9%
1.7%
3.6%
3.4%
3.7%
2.2%
2.2%
3.8%
1.6%
4.9%
1.2%
2.3%
2.0%
2.5%
4.0%
4.8%
2.5%
4.5%
4.2%
2.8%
2.5%
3.2%
2.8%
2.8%
2.8%
3.6%
2.7%

www.acus.com.mx
acus@acus.com.mx
- 18 (55)5807-6891 y (55)5272-4032
acalva@acus.com.mx

Razones Financieras Mexico

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RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

-17.3% -38.9% -35.8%

12.5% 10.1% 14.9%

-5.2% -4.8% 15.0% 12.7%

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

RAZONES FINANCIERAS SECTORIALES EN MEXICO

Acus Consultores, S.C.

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