Latam执行团队获奖者强调地区的增长

Latin America was afflicted 15 years ago by a miasma of mismanagement that left its economies and companies hopelessly at sea. Today economic and business conditions in the region surpass those in the U.S. and Europe, thanks to new, hard-won discipline among Latin political and corporate leaders.

其结果是，该地区管理层的上层拥有迄今为止从未有过的雄心壮志和信心，他们迅速利用了日益壮大的中产阶级推动的强劲内需以及远远超出国家和大陆边界的机遇。这些愿望催生了新一代地区和全球领导人，机构投资者的第二次年度报告反映了这一点亚博赞助欧冠拉美执行团队.

Consider Vale, the Brazilian iron-ore and nickel producer, which has become the world’s second-biggest miner, after BHP Billiton, the Anglo-Australian giant. Consider Petrobras, Brazil’s oil major, which is expected to surpass Exxon Mobil as the world’s biggest oil company in market capitalization by 2020. Or Cía. de Bebidas das Américas, known as AmBev, the Brazilian brewer whose management helped to create Anheuser-Busch InBev, the Belgian-Brazilian behemoth that today supplies Budweiser to the bars of New York as well as Stella Artois to the brasseries of Brussels. Or Itaú Unibanco, Brazil’s biggest retail bank, which is now larger than Citigroup in market value. The CEOs, CFOs and/or IR Professionals at all four companies score at or near the top of II’s rankings this year, and our profiles of such firms clearly reveal the region’s new swagger.

“世界正变得多极化，”巴西石油公司首席财务官Almir Guilherme Barbassa说，他在石油、天然气和石化行业的首席财务官排名中名列前茅。“其中一个波兰是巴西和南美洲其他国家。”

今年和去年一样，我们的排名突出了该地区最好的首席执行官、首席财务官和IR专业人士，以及最有价值的投资者关系公司，这项调查要求买卖双方的分析师选择各自领域中表现最好的公司。

当然，拉丁美洲的企业也并非无忧无虑。长期融资仍然很难获得，特别是在巴西，这阻碍了基础设施的发展，同时也阻碍了企业挖掘不断增长的需求的能力。波士顿咨询集团（Boston Consulting Group）巴西主管马科斯•阿吉亚（Marcos Aguiar）表示：“这限制了增长。”。“该国大多数商界人士都会说，基础设施问题给他们带来了真正的问题，”Aguiar补充说，并指出，发展机构需要介入，以确保在这一领域进行投资。

此外，全球市场波动也威胁到拉丁美洲人目前获得资本的机会。

这种限制显然会抑制拉丁美洲人在该地区内外开发新兴潜力的能力。而且，如果像人们担心的那样，新一轮的经济衰退不仅困扰着发达国家，而且蔓延到新兴的亚洲，那么这种外部潜力可能会蒸发掉很多（如果不是大部分的话）。拉美能否摆脱宏观经济阴影，在很大程度上取决于中国自身的实力。如果后者逆转方向，也为阿根廷和其他国家呐喊。

“The slowdown in the U.S. and the euro zone is starting to create some concern,” says Rogério Calderón, director of investor relations and controller of Itaú Unibanco Holding, whose CEO, CFO and investor relations team top the rankings in the Banking & Financial Services category by analysts on either or both the buy and sell sides, and whose management team ties for fifth overall. “As long as things globally start to recover within the next few months, Brazil will be fine,” Calderón adds. “If it takes longer, then it will start to have a greater impact.”

The Chinese central bank has started to rein in growth but by a small margin. And most experts believe that China is unlikely to experience a severe economic slowdown, so the impact on Brazil and the rest of Latin America of a contraction abroad should be limited.

此外，一些分析人士认为，至少从长期来看，该地区的人口趋势是压倒一切的积极因素。波士顿咨询公司（Boston Consulting）的阿吉亚尔（Aguiar）说：“人口结构对拉丁美洲有利——人口年轻，劳动年龄段人口占总人口的比例很高。”。“这将为未来十年创造一个最佳发展点。”

Brazil’s central bank has nonetheless reacted quickly to signs of slowing global growth by reducing interest rates. Whether high inflation precludes its monetary authorities from further reductions in the event of a continued slowdown remains an open question.

In any case, Calderón finds a certain irony in the fact that Latin America is currently in better shape than much of the rest of the world. “This is the first time that Brazil and other Latin American countries have not been at the center of the crisis,” he observes.

拉丁美洲到底发生了什么变化？在过去十年中，本区域许多国家——包括巴西、哥伦比亚、墨西哥和秘鲁——都将通货膨胀定在合理水平，对财政赤字实行了更大的控制，并大大改善了国际收支状况。稳定因此消除了不确定性，企业高管也做出了相应回应。

Says Alejandro Valenzuela del Río, chief executive officer at Grupo Financiero Banorte, Mexico’s third-largest retail bank, after BBVA Bancomer and Banco Nacional de México, a subsidiary of Citigroup: “Before, the region was autarkic and its corporations inward-looking. Today they have embraced globalization and become outward-looking. When they see opportunities abroad, Latin American companies seize them.” Banorte’s head of investor relations is the best among IR professionals in the Banking & Financial Services sector, according to sell-side analysts.

今年巴西高管占据了清单。他们牵头公司是拉丁美洲最强大，最具创新性的公司，从而最能面对全球经济的挑战。即使全球市场波动在全世界都在筹集资金，即使在全世界越来越努力，巴西的公司也通过增加了国内生产总值的优势，积累了它。由于国内市场快速增长，该国的消费者群体的那些在国内消费者群体的内容是满足于现在的内容，而商品中的人则使用资产负债表实力扩大海外。

这家今年排名第一的公司，除了巴西以外，没有其他市场需求。总部位于里约热内卢的PDG房地产公司已经成为巴西最大的房地产开发商，也是除中国以外世界上最大的房屋建筑商，是唯一一家拥有8个第一名、囊括所有高管类别的公司。按市值计算，PDG也是美洲最大的房地产公司，这在美国房地产崩盘之前是不可想象的。

在过去十年里，由于中产阶级人数的增加和抵押贷款融资的增加，PDG在巴西经济增长的浪潮中脱颖而出。里约研究机构Fundaço Getulio Vargas称，从2003年到2011年5月，大约有3950万巴西人跻身中产阶级。该智库称，中国住房短缺约580万套。

PDG expects to sell 35,000 homes and apartments this year and has another 100,000 under construction, compared with the 2,000 to 3,000 it produced in 2003. Net income this year is slated to hit 1 billion reais ($572.5 million), up from 22 million reais in 2006. Since PDG had its IPO, in 2007, the share price has climbed by 105 percent, more than those of all but one other Brazilian company (shopping mall operator BR Malls Participações) that have gone public since then.

首席财务官Michel Wurman承认该公司的时机是偶然的。“我们非常幸运，市场来到了我们身边，”Wurman说，他和主席Gilberto Sayão da Silva以及首席执行官JoséAntonio Grabowsky自2003年由投资银行Pactual（现为BTG Pactual的一部分）成立以来一直在PDG工作。这些高管与巴西著名银行家安德烈埃斯特夫斯关系密切，他现在是BTG Pactual的首席执行官。三年后，PDG被剥离，并于次年上市。

But PDG has capitalized on its good fortune, quickly developing a results-driven culture similar to that of Pactual, with executive pay linked closely to performance.

“我们学到了非常快,你必须治疗shareholders with all due respect,” says Grabowsky. “Our culture has a sense of urgency. Our main competitors were family-owned businesses. They did not really know how to deal with shareholders. At Pactual we reported results every semester. Today we report them quarterly.”

PDG还接连收购了三家大型开发公司goldfarbincorporaões e Construões、CHL Desenvolvimento Imobiliário和Agre emprendimentos Imobiliários。

但为客户的融资仍然是一个挑战。只有在过去三年中，该国的银行将习惯于授予抵押贷款25至30年。目前，抵押贷款额度仅为巴西GDP的5％，远低于大多数发达国家的水平。银行最终希望看到这增加到15％。

尽管巴西的房地产价格一直在快速上涨，但PDG没有看到美国式泡沫的迹象，因为住房赤字规模巨大，而且大多数人都是首次置业者。

全球金融市场的波动性对小组本身没有影响，因为PDG保留了大型现金垫子。虽然9月，巴西中央银行将今年的经济增长预测降至4％的3.5％，PDG相信其业务不会受到影响，因为需求强劲。根据巴西地理学和统计研究所的说法，在全国拥有190万家庭在全国形成的新家庭，该需求应为可预见的未来达到50万辆，根据可预见的未来，可预见的未来。

或许没有哪家公司能比巴西石油公司（petroóleo Brasileiro，正式名称）更清楚地体现拉丁美洲的成功和前景。巴西石油和天然气巨头拥有巴西国家64%的股份，总部位于里约热内卢。巴西石油公司首席执行官何塞•塞尔吉奥•加布里埃尔•德•阿泽维多（JoséSergio Gabrielli de Azevedo）在买方行业排名中位居榜首，其管理团队排名第五。全球化和外向的今天的拉丁企业领导人可能是，但纯粹的资本主义？还没有。政府控制的巴西石油公司是非洲大陆市值和收入最大的公司，2010年分别为1750亿美元和2133亿雷亚尔，市值最大的公司总部设在南半球。

该公司成立于1953年，如今每天生产260万至270万桶石油。2007年11月，该公司宣布已在图皮油田发现储量，可开采轻质油50亿至80亿桶。当时的巴西总统路易斯·伊纳西奥·卢拉·达席尔瓦惊呼：“这一发现证明了上帝是巴西人。”

到2015年,巴西国家石油公司预计将生产400万barrels of oil a day and, by 2020, 6.4 million barrels. By 2020, management believes, it will be bigger than Exxon Mobil Corp., which routinely ranks as the world’s biggest or second-biggest company by market capitalization.

Its success has not come easily. At the time Petrobras was founded, Brazil had no oil reserves or refining capacity, so the company had to find the first and develop the second. It started by drilling onshore, then went offshore and then went deep offshore. Barbassa — who has been CFO and IR chief since 2005 and has worked for Petrobras for 37 years, and whose first job involved evaluating new projects — says the company’s drilling capacity developed along the way. “We had to learn it,” he says. “We have been going deeper and deeper for 40 years.”

In September last year the company raised $70 billion in the world’s biggest equity offering ever, and it’s pouring the money into capital expenditure, chiefly to develop the Tupi oil field. Petrobras plans to spend $225 billion over the next five years, or $200 million a day.

Barbassa says that under current market conditions such a transaction probably would not be possible. There was a window for the share offering throughout much of last year. The deal involved listings on two exchanges, in São Paulo and New York, and the shares also trade on two other exchanges, in Buenos Aires and Madrid.

巴西石油公司表示，其大部分融资来自经营性现金流，不过资本和贷款市场也很重要。它还得到了出口信贷机构和国家支持的巴西开发银行（BNDES）的帮助。该集团还同意向中国石油化工集团公司（Sinopec）提供10年的石油，以换取中国国家开发银行（chinadevelopment Bank）100亿美元的贷款。

尽管有人担心雷亚尔被高估，但大多数专家并不认为贬值是一种短期风险。而且巴西石油公司本身并不是这样，因为在全球市场上，石油是以美元计价的。巴西石油公司70%的债务是以美元计价的。

Itaú Unibanco is another Latin American corporate that has benefited from Brazil’s macroeconomic success during the past decade. In March 2009, Banco Itaú Holding Financeira, which had been Brazil’s second-biggest bank, acquired União de Bancos Brasileiros, then the third-biggest bank, to create the largest financial institution in the country. Today, São Paulo–headquartered Itaú Unibanco is the world’s eighth-largest in terms of market value, behind the Chinese Big Four, HSBC Holdings, Wells Fargo & Co. and JPMorgan Chase & Co., according to Bloomberg.

“这家银行的成功与巴西经济在过去十年中所表现出的势头有很大关系，”巴西央行行长卡尔德龙说，“信贷已经开始迎头赶上。”

The bank’s strategy relies upon its extensive distribution network throughout Brazil and a huge number of intermediaries. A universal bank, Itaú serves individuals and businesses of all sizes in all four corners of the country.

Calderón says credit delinquency is low (although it crept up slightly in the third quarter), thanks to the strong economy. He also cites the country’s high level of international reserves ($350 billion at end of September) and many avenues that exist to stimulate growth, including BNDES, as cause for continued optimism despite trouble elsewhere.

The Brazilian banking industry is highly competitive, but Calderón welcomes the challenge because it keeps Itaú Unibanco on its toes. He adds that the institution has kept its investment banking division separate from the rest of the bank, so that it can compete effectively with agile rivals, such as BTG Pactual. This has helped Itaú outpace all other banks in M&A deal making in the developing world this year, according to data provider Dealogic.

“Itaúunibanco将支持巴西团体，如果他们决定去国际，”Calderón说。“但没有必要加快这个过程。目前，巴西有最好的机会，并且在该国部署资本并不难。“

巴西面临的最大挑战之一是缺乏长期资本，尤其是对于那些从事大型基础设施项目的公司而言。卡尔德龙说，他的银行可以在一定程度上提供帮助，但涉及的金额非常庞大，最终只有开发机构才能提供必要的资本。

总部位于圣保罗的生物乙醇、糖和能源的联合生产商Cosan就是一家拉丁美洲公司希望成为全球参与者的例子，就其在未来一些最重要的新兴能源领域的例子而言。其两大主要业务是制糖和乙醇的生产和销售。糖仍然是该业务中最赚钱的部分，但乙醇正变得越来越重要，科桑认为，随着时间的推移，它将成为该公司的主导部分。

On June 2, Cosan and Royal Dutch Shell, the Anglo-Dutch oil and gas giant, announced the formal creation of their Brazilian ethanol joint venture, Raízen, which will be the world’s largest sugar-and-ethanol producer. The deal enables Raízen to go head-to-head with the two top players in the market, Petrobras and Empresas Petróleo Ipiranga, a unit of Ultrapar Participações, the Brazilian chemicals and fuel-distribution conglomerate.

The 50-50 joint venture will push the group’s sugarcane-crushing capacity to 100 million metric tons a year from the current 60 million tons. Its ethanol production is forecast to more than double over the next five years, to 5 billion liters a year from the current 2.2 billion liters.

“乙醇将随着时间的推移成为全球商品，”Cosan的首席财务官Marcelo Eduardo Martins Marcelo Eduardo Martins表示，买入和卖方分析师认为Agribusiness CFO。

在巴西，25%的乙醇是通过服务站直接销售的，或者是通过其他公司的服务站供应的。它在圣保罗州有22家工厂，在其他州有两家。马丁斯说，合资公司将有助于改善该公司的供应链，使该集团不易受到动荡天气的影响。“这有助于我们改善物流，”他说。

另一家在我们的排名中得分很高的巴西公司Ananguera Educacional Participaes，总部位于圣保罗州的Valinhos，是拉丁美洲按市场价值和学生人数计算最大的私营、营利性专业教育公司；其投资者关系总监Vitor Pini，被买方分析师评为资本品和工业领域的第一名。Anhanguera是这一领域全球第二大公司，仅次于美国阿波罗集团（Apollo Group）。2007年，Anhanguera成为拉丁美洲教育领域第一家上市的公司。它的首次公开募股（IPO）和随后的股票发行募集了超过8.6亿雷亚尔的资金，该公司利用这些资金将11个校区和500个较小的学习中心扩大到73个。它迎合了中等和低收入背景的学生，他们对高等教育有着巨大的压抑需求。该校40万名学生中，大部分是年轻人，有工作。

Anhanguera首席规划和投资者关系官JoséAugusto Teixeira说：“巴西的劳动力市场非常紧张。他补充说，随着中国中产阶级人数的迅速增加，“人们对继续教育的兴趣与日俱增。”

OdontoPrev, headquartered in Barueri in the state of São Paulo, is the largest dental benefits company in Brazil, with more than 5.2 million members, and ties for third overall in the number of first-place rankings it garners from analysts: Its CEO is top-rated by the sell side in Health Care, its CFO is No. 1 according to the buy side, and its director of investor relations and overall IR effort win highest honors from both. Founded in 1987, OdontoPrev went public in December 2006, raising 171.4 million reais. Some three years later the company got another 330 million reais in return for a 43.5 percent equity stake from Bradesco Dental, a wholly owned subsidiary of Bradesco Saúde, part of Banco Bradesco, one of Brazil’s biggest retail banks.

OdontoPrev专门提供预付牙科计划，用于支付会员的牙科护理费用。与PDG一样，OdontoPrev也随着巴西中产阶级的壮大而壮大，但它也从规模较小的竞争对手那里抢占了份额，这在一定程度上要归功于专有技术，它能够通过帮助监控风险、监督服务质量和防止欺诈来降低成本。在过去的十年中，拥有牙科计划的巴西人每年增长18%，而奥登托普雷夫的会员人数以接近30%的速度攀升。

The company attributes its success to deep knowledge of the industry. Four of its seven top executives are former dentists. Says José Roberto Borges Pacheco, OdontoPrev’s director of investor relations: “This has enabled us to develop a unique business model, which could be applied to almost any country in the world.”

OdontoPrev is about to make its first foray outside Brazil, via a joint venture with Iké Grupo Empresarial, a Mexico City–based company which provides medical and travel assistance and telemarketing services.

卖方分析师称，总部位于圣保罗州的另一家领先企业集团Ultrapar在石油、天然气和石化行业拥有最好的IR专业人士。该公司通过其主要品牌Ipiranga和Ultragaz Participaões从事燃料分销业务，通过Oxiteno从事化工行业，并通过Ultracargo从事液体散装储存业务。Ultrapar拥有约9000名员工，业务遍及巴西，在墨西哥和委内瑞拉设有工业部门，并通过Oxiteno在阿根廷、比利时和美国设有商业办事处。

“Ultrapar is leveraged to Brazilian economic growth, but it is resilient to moments of instability,” says André Covre, the CFO.

Ipiranga是一家主营业务，销售柴油、汽油和乙醇。它拥有巴西50%的柴油市场（巴西只有卡车和铁路使用柴油）。柴油消费增长往往与GDP增长密切相关，通常比GDP增长高出约1个百分点。与此同时，汽油和乙醇的消费量往往会随着巴西轻型车队的增长而增长，巴西轻型车队的年增长率一直为8%。Ultrapar的高管们表示，在经济放缓的情况下，从较重的汽车转向较轻的汽车将提供一个重要的缓冲。

自1999年首次公开募股以来，本集团在兴趣，税收，折旧和摊销之前已经看到其净收入和盈利，平均每年增长27％和20％。然而，该国的车辆渗透率相对较低：总人口的15％，阿根廷的20％，墨西哥25％，韩国35％，波兰50％。

巴西并不是拉美高管的唯一来源。但墨西哥第三大零售银行班诺特（Banorte）是仅有的两家非巴西企业之一，该行在高管排行榜上名列榜首，其表现反映出墨西哥正在恢复其对美出口主要制造中心之一的地位。

在过去的十年里，中国在新兴市场的一些同行面前失利了，因为尽管墨西哥加入了北美自由贸易协定（Nafta），但中国加入世界贸易组织（wto）颠覆了中国与美国和加拿大的商业关系。对这个国家的安全问题，过去是，现在仍然是。

但越来越多的跨国公司得出结论认为，墨西哥比中国更尊重知识产权，随着工资的攀升，后者的劳动力成本优势也在缩小。U、 拥有准时制供应链的美国公司越来越重视墨西哥的临近，因为从中国向美国运送集装箱货物既不便宜也不快捷。难怪今年墨西哥对美国的出口有望超过中国。

And while European and Asian banks are deleveraging, their Mexican counterparts do not have to do that. “Mexico is better able to fulfill the Maastricht criteria than some European countries,” says Banorte CEO Valenzuela, referring to the debt and inflation limits that came out of the 1992 Maastricht treaty. “Mexico for once is on the right side of the balance sheet.”

尽管摩根士丹利预计该国的经济增长率将与巴西持平，为3.7%，但墨西哥的通胀率仅为3.5%，比这家南美巨头的6.3%低近3个百分点。

班诺特是这一切的中心。该银行成立于1899年，名为蒙特雷商业银行（Banco Mercantil de monterey），总部位于蒙特雷市，并通过一系列收购获得发展。该行最近批准了162亿比索（13亿美元）收购规模较小的竞争对手Ixe Grupo Financiero，使该行能够接触到Ixe的富裕客户组合，这些客户大多位于墨西哥城市区。

虽然大多数墨西哥大型银行集团都已被外国金融机构收购，但班诺特通过尽量减少对抵押贷款等风险市场的敞口，成功避免了这种命运。

巴诺特和墨西哥的成功让瓦伦苏埃拉相信，他们已经接近巴西同行。“巴西人干得很出色。他们的经济组织得很好，”他说。“我认为墨西哥人将在下一个十年内复制它。”