growing beyond colombia_highlights

Colombia highlights

Time to tune in: Latin American companies turn up the volume on global growth

Growing Beyond

2 Growing Beyond

About this report

Forecasting methodology

Rapid-growth markets have largely been viewed and studied from the perspective of inbound investment by companies based in the West. Colombia highlights and the main global report of which it is a part, Time to tune in: Latin American companies turn up the volume on global growth, offer rare insights about the strategies of outbound investment from companies based in Latin America and provide in-depth perspectives on decision-making for companies from both mature and rapid-growth markets.

Colombia highlights draws upon a survey of 600 business executives based in Argentina, Brazil, Chile, Colombia, Mexico and Peru. The survey was conducted by Oxford Economics in November and December 2012. Among the

respondents, 29% were from Brazil; 24% from Mexico; 13% each from Argentina, Chile and Colombia; and 10% from Peru. Among the companies surveyed, the reported annual revenues were: 25%, US$1 billion or more; 29%, US$250 million to US$500 million; and 46%, under US$250 million.

Colombia highlights is based on three sources of research: the survey results for Colombia, qualitative interviews with several Ernst & Young sector and country leaders, and the viewpoints of senior executives from companies based in Colombia. Oxford Economics provided analysis of

individual Latin American markets and between Colombia and the rest of the world.

The bilateral sector export forecasts for the Latin American countries in the survey are underpinned by Oxford Economics’ Global Macroeconomic and Industry Models.

The Oxford Global Model covers 45 economies in detail, with the rest of the world economy covered in six trading blocs. Individual country models are fully linked through global assumptions about internationally traded goods and services, exchange rates, competitiveness, capital markets, interest rates and commodity prices. The

input/output tables to estimate the share of domestic

Oxford Economics’ industry forecasts to inform future demand and production trends.

exports was sourced from the UNComtrade database,

data on exports of services was sourced from the

3Latin American companies turn up the volume on global growth / Colombia highlights

Introduction Before the new millennium, Colombia was

portrayed in the international media as a disintegrating nation torn apart by

a decade, Colombia has transformed itself into one of the fastest-growing countries in Latin America, and many economists expect this growth to continue. The challenges that remain are typical of many rapid-growth economies: they involve logistics and strategic choices, not survival.

America, Colombia has learned from the region’s other leading economies. From Mexico, Colombia has grasped the value of free trade agreements. From Brazil, Colombia has gained a sense of how a government

No wonder Christine Lagarde, Director of the International Monetary Fund, described Colombia’s macroeconomic situation as “positive and promising” after her visit to the country in December 2012.

economic policies and thoughtful management, Lagarde and other observers

days. So are investors: foreign investment in Colombia continues to grow as the world rediscovers a country that was once all but written off by many global businesses. What once looked like the middle of nowhere now looks like the middle of everything — Colombia offers not only a stable economy but also geographic proximity to both Latin America and the US. Even as more direct investment arrives in Colombia, more Colombian companies are starting to look abroad for new sources of business. Although the Colombian economy is still skewed heavily toward commodity exports, businesses are rapidly diversifying as

Whether yours is a foreign company looking to partner with one of Colombia’s leading businesses or a Colombian business looking for cross-border opportunities, we hope you

Luz Maria Jaramillo Colombia Managing Partner Ernst & Young S.A.S.

Colombia highlights and Time to tune in: Latin American companies turn up the volume on global growth are part of Growing Beyond,

-ing new approaches to talent management.

4 Growing Beyond

Fast facts: Colombia

Poverty is now 34.1%, down from 45% in 2005, and per capita income stands at US$9,560 in purchase power parity terms, up from US$7,030 in 2005. (World Development Indicators, World Bank)

2013 report by the country’s central bank.

Colombia’s public debt ratio declined from 36.9 to 34.2% of GDP between 2010 and 2011. (World Bank Country Overview)

In 2000, the ratio of investment to GDP stood at 9%.

El Tiempo

Portafolio.co, a Colombian

Portafolio.co

only 3.1% in the fourth quarter of 2012.

El Tiempo2013)

Portafolio.co,

Colombian Government. If successful, it will mark the

years. (World Bank Country Overview) The peace accord

Economics)

While fewer Colombian companies have investments

Caribbean)

Doing Business

territory) and Peru.

Colombia’s annual yield in the international debt


country was badly shaken by political violence and organized crime, Colombia’s for-tunes have changed remarkably. Now, media headlines focus on the country’s relentless growth. As the former slogan for Colombia’s national tourism slogan put it, “The only risk is wanting to stay.” The results of the Ernst & Young 2013 Latin America Outbound Expansion Survey and our qualitative research show that Colombian

from outbound expansion. The following are

at risk. Oxford Economics estimates that oil, gas and minerals represent two-thirds of Colombia’s exports. This concentration of economic activity may lead to vulnerability in the event of a sudden price shock. One case in point: although 87% of our survey respon-dents sell to customers outside Colombia, more than the Latin American average of 80%, only 20% support these operations with brick-and-mortar establishments outside their home country, compared to the Latin American average of 33%.

China accounts for only 4% of total Colombi-an exports, 32% of the Colombian executives

that anticipates a likely increase in Chinese exports. Free trade agreements with China, South Korea and Japan are in the pipeline.

Executive summary

that over 20% of their revenue will come from foreign sources three years from now, up from 46% who say they earn more than 20% of their revenue abroad now. They also

respondents say their company earns 20% or

believe they will match or pass that threshold in three years.

than their ideas. More than any other group of Latin American executives, Colombians believe in the high quality of their products

in the value of their intellectual property, less than the 12% Latin American average.

their boards. More than any other group in Latin America’s six economies, Colombian executives want to make their corporate

least interested in making their board more

perhaps of relatively close ties between the Colombian business elite and the US.

commodities sales, Colombian executives

More than other groups of Latin American executives, Colombians believe in the high quality of their products and services.

changes in sales and marketing, more than in any other function.

-tives say their companies are focused on growth through exports and by creating

are also more open to mergers than the

culture of public companies, is home to many of Colombia’s largest enterprises, includ-ing Sura, Bancolombia, Nutresa, Argos and Exito.

6 Growing Beyond

Business implications and recommendations

hese opportunities and challenges require several strategic responses from

Colombian companies that wish to succeed in international markets. Most require mov-ing beyond Colombia’s traditional role as a supplier of commodities. We recommend the following actions:

Leverage technology. Raising operational -

ties game. Today, Colombia is connected to

Colombian companies, this means that they need not wait to incorporate cutting-edge an-alytics into their business, particularly given the ever-increasing availability of software as

T Focus on differentiation. The value of many -

ment. Typically, rapid-growth economies

value before shipping out their commodities. Colombia should be no exception. CasaLuker, for example, a Colombia-based food com-pany, is now focused on differentiating its chocolate for the European market.

Go green. Since 1959, the National Federa-tion of Coffee Growers of Colombia has run advertisements that feature Juan Valdez, a

-paign educates consumers worldwide about the qualities of climate and soil that make Colombian coffee “pure” and special. Today, with more consumers becoming concerned about the quality of the goods they buy and the social and environmental consequences of their production, a similar strategy could be used to raise perceptions of other prod-

America.gov, 09

Deepen connections with China. China represents an enormous opportunity for Colombia and for every economy in Latin America. In 2010, China overtook Venezuela to become Colombia’s second-largest trading partner; Oxford Economics analysts predict that Chinese exports will rise 11% a year on average between 2011 and 2021. China has also become a key player in several Colombi-an development and infrastructure projects. For example, Mansarovar, a consortium made up of India’s oil and natural gas consortium

now controls 24% of Colombia’s oil market, exporting its outputs to Asia. Cultural differences, however, have hindered speedy development of the relationship between Colombia and China, and to take maximum advantage of business opportunities, it will be essential to bridge those differences.

Buy experience. Our survey suggests that Colombian companies seem much less daunted by the prospect of mergers and acquisitions than other Latin American companies. This adventurous instinct is prov-ing to be an advantage in a part of the world that is often conservative about deal-making. Backed by high commodity prices and a strong currency, Colombian companies with an aggressive M&A strategy could grow very quickly, whether the acquisition offers entry into a new market or brings greater value to the product.


hroughout the 20th century, Colombia knew few peaceful years. For decades, po-

forced Colombian businesses to operate under

2000s these hardships have been in sharp de-cline, and with peace in the pipeline prospects are even better. While violence, kidnappings,

bombings of energy infrastructure and similar incidents continue, Colombia has grown steadily and is now well on its way toward becoming one of Latin America’s leading economies. Looking ahead, Oxford Economics analysts expect real GDP growth to continue, reaching roughly 4% annually through 2016.

One secret of Colombia’s success is the open-ness of its economy. Ernst & Young’s 2012 Globalization Index ranks Colombia the 40th most open economy in the world, placing it ahead of many rapid-growth markets, includ-ing Brazil, Russia, India and China.

Foreign businesses have responded to Colombia’s hospitality: foreign direct invest-

in 2011. But foreign enthusiasm for their domestic market didn’t convince Colombian companies to stay home — instead, they invested US$8.289 billion abroad in 2011, a 26% gain over the previous year. They focused particularly on developing their interests in Central America and Mexico. Targeted sectors

T

Foreign Direct In-vestment in Latin America and the Caribbean, 2011, the United Nations Economic Com-mission for Latin America and the Caribbean

Many businesses had no alternative. Today, the Colombian economy is so developed that some Colombian companies don’t really have a choice but to grow abroad, says Luz Maria Jaramillo, Colombia Managing Partner at Ernst & Young Ltda. At some point, she points out, considering their market share, they are not able to continue expanding without violat-ing anti-trust rules.

Some of these cross-border transactions have been sizable. In 2011, the biggest acquisition of the year in Mexico was Colombia’s Grupo SURA purchase of Dutch bank ING’s assets, a US$3.614 billion transaction that was also one of the largest deals ever completed by a Latin American company. In fact, as ECLAC analysts note in their 2011 FDI report, Colom-bia has grown into one of the biggest sources of Latin foreign direct investment: between 2009 and 2011, 39% of outward FDI from Latin American and Caribbean countries came

Foreign Direct Investment in Latin America and the Caribbean, 2011,

One secret of Colombia’s success is the openness of its economy. Ernst & Young’s 2012 Globalization Index ranks Colombia the 40th most open economy in the world.

Business environment and economic outlook

services. The ING deal may have been the

was far from unique. Colombian banks, for example, have expanded from 35 international branches in 2007 to 175 in 2011, mostly through acquisitions. In February 2013, Ban-

Panama for US$2.1 billion. As in the case of the ING deal, Colombian banks appear to have

institutions, which have been compelled to scale back operations because of the impact

This is a situation to which Colombian banks have been largely immune, thanks to strict regulatory reforms in Colombia that followed the Latin banking crisis of the late 1990s.

into Banking Big Leagues,” America Economia, 2 February 2012; “Colombia’s Bancolombia to

8 Growing Beyond

Colombian companies are starting to look

and China remain distant. China, in particular,

know, even while pursuing Colombia-bound deals. “Unfortunately, our experience with China is that they are not easy in terms of the way they do business and the way they approach their relationships,” says Ernst & Young’s Jaramillo. “We have some dif-

investments, to try to get them to follow all the rules and procedures.”

Closer to home, another question mark is the future of Venezuela, traditionally an important market for Colombia. Although Colombian businesses were largely prevented from invest-ing in the country, it’s unclear whether the

end of economic nationalism. In some ways, however, the isolationist policies of the Chavez Government encouraged Colombia to create a more open economy and become less depen-dent on a single market. In recent years, some Colombian companies have been able to invest in Venezuela again, but Jaramillo cautions

“ We believe that what looks like a disadvantage today is actually an opportunity to begin to enter the market.”

Yonatan Bursztyn, General Manager, Nalsani SA, Colombia

that risks remain because currency exchange restrictions are still severe. The Government is also very concerned about contraband coming from Venezuela, especially since the latest devaluation.

As Colombian businesses look to other mar-

competitive advantage:

Geographic proximity. If Latin America had a heart, it would probably be near Colombia. Miami, Mexico City and Santiago are all

China are also accessible.

Openness to inorganic growth. While most Latin American companies are suspicious of inorganic growth, Colombian companies are an exception. Our survey suggests that Co-lombian companies are much more open than other Latin American companies to mergers or acquisitions, which might allow an easier way to test or gain a foothold in new markets without the expense and risk of a direct invest-ment.

Fearlessness. The experience of Colombia’s last tumultuous century seems to have left many Colombian executives with an unusually nuanced sense of risk. For example, it’s prob-ably safe to say that a mature market where unemployment tops 26% and youth unemploy-ment has hit 55% would probably not be on

Bursztyn, General Manager of Nalsani SA, is looking at opportunities to expand in Spain. “Conditions are bad in Spain, but this is when opportunities arise,” Bursztyn explains. “We believe that what looks like a disadvantage today is actually an opportunity to begin to enter the market.”

%

Argentina

Real GDP growth in Latin America

10

9

8

7

6

5

4

3

2

1

02012 2013 2014 20152011 2016

Source: Ernst & Young Rapid-Growth Markets Forecast, Winter edition, January 2013

Chile

Brazil

Mexico

Colombia


Rest of Asia

India

China

Colombia

United States

Middle East andNorth Africa

Europe

Rest ofLatin America

12

9

96

37

22

148

21

1

2

Colombia regional goods exports by US$b, 2011-21

Source: Oxford Economics�

2021

20116

Natural and cultural beauty. With its moun-tains, beaches and some of South America’s most beautiful colonial cities, Colombia should be an important tourist destination. At the moment, growth of the industry remains low, just 3.6% between 2010 and 2011, compared with the double-digit increases enjoyed by

consumers in North America come to realize that the security situation in Colombia is very different from what it was 10 or 15 years ago,

Multiple free trade agreements. Like Peru and Mexico, Colombia has made free trade agreements a core of its investment strategy. Colombia now has free trade agreements with 47 countries, giving Colombian companies preferential access to 1.5 billion consumers, according to a tally by Colombia Proexport. Now, the Ministry of Commerce is working on

that will deepen Colombia’s relationship with Mexico, Chile and Peru, three of its most important trading partners.

10 Growing Beyond

Latin America is the top investment destination

olombian companies might sell minerals and hydrocarbons that are similarly

valued the world over, but the Colombian strategy remains largely focused on the Latin American region. Colombian companies conduct more business nearby than the average Latin American company, according to our survey: 87% of Colombian executives say they export to markets in Latin America, compared with a Latin average of 80%. At the same time, fewer sell outside Latin America than average: 60% versus 66%. The same

C

Where, why and how Colombian

preference for the “near abroad” markets appears when they are asked about the top markets: Ecuador is the leader, at 51%, compared with a 15% average. The numbers are also well ahead for every market but Argentina. Interest in the US and Canada is

China is also seen as a more crucial market, but here, executives may be getting ahead of themselves. Although not yet reported in the trade data, total goods exports are only

about 4% of Colombia’s total, according to Oxford Economics. At the same time, Oxford Economics analysts predict that Chinese exports will rise 11% a year on average

Looking ahead three years, Colombian executives are more optimistic about growth within Latin America than the average Latin American company. They see brighter

15

54

21

17

21

15

27

22

10

20

51

49

29

43

28

36

24

32

20

31

Figure 1: Colombian companies conduct most of their international business in Ecuador and North America

(excluding your company’s home country)? Select all that apply.

Ecuador

United States or Canada

Brazil

Peru

Chile

Source: Ernst & Young 2013 Latin America Outbound Expansion Survey

Venezuela

Argentina

China

Panama

Mexico

Colombia Latin America


days ahead in Mexico, Brazil, Ecuador and Chile. They are even more optimistic about

to the US or Canada or China, Colombians are slightly less optimistic, although they still expect the best growth opportunities to

One exception is clothing retailer Nalsani SA. General Manager Yonatan Bursztyn

the US market, but sees an opportunity commensurate with the risk.

“When Totto enters the United States, no one will know what Totto is, basically,” he says. “You’re competing against very powerful brands with a lot of money and established roots. But, on the other hand, there are always opportunities, and the most important is to bring an innovative brand concept, to offer new things. You have to offer something different from what they have today. If not, you’ll fail.”

Access to new technology is the key reason for developed-market expansion

Colombians’ motivations for expansion into rapid-growth markets within Latin America

markets outside Latin America seems driven by similar priorities.

43

13

9

16

15

8

5

5

4

20

40

25

15

24

11

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Figure 2: Best growth opportunities are expected from North America and Mexico in the next three yearsWhich countries/regions outside your organization’s home country do you expect will hold the best growth opportunities for your company over the next three years? Select the top three.

United States or Canada

Mexico

Chile

Brazil

Argentina


Peru

Venezuela

Ecuador

Costa Rica

China


12 Growing Beyond

Colombian executives are much more aggressive than other Latin American executives in considering

Priorities, however, are somewhat different when it comes to developed-market expansion. Although they also want to reach new

Colombian executives are seeking qualities in their expansion markets that were once elusive in Latin America but are becoming easier to

their biggest challenges when going abroad

and making sure that the headquarters management team has the right blend of skills to manage a growing multinational business

When they size themselves up against the competition, Colombian executives tout the quality of their products or services much more

and the cost-competitiveness of their workforce

property, which is seen as important by only

Direct export, franchises and licensing are the main expansion methods

Our Colombian respondents’ growth plans in Latin America over the next three years will be primarily an extension of their current program: direct export and local sales and distribution. Interestingly, Colombian executives are much more aggressive than other Latin American executives in considering potential partnerships with a local

mergers.

60

47

22

48

18

39

18

43

21

34

63

57

29

44

23

41

20

40

16

37

Which aspects of the business environment do you assess most carefully when targeting an

Macroeconomic stability

Political stability

Legal and regulatory environment

Quality of research and development centers


Exchange rate stability

Tax policy and environment

Size of potential customer base

Cost of capital

Local trade barriers or protectionism


54

32

37

37

25

21

64

48

43

39

25

20

Figure 4: Finding reliable business partners and gaining detailed market understanding are biggest challengesOverall, what do you see as the biggest challenges for a Latin American company planning international expansion? Select up to three.

Identifying reliable business partners

Getting detailed market understanding

Getting the right blend of skills


Getting the right managers at the country level

Integrating products and brands

Cultural compatibility Colombia Latin America


Outside Latin America, the game changes. While the strategy is broadly similar for the minority who are looking to move into developed markets, the slightly larger minority who want to enter rapid-growth markets outside Latin America are looking at a somewhat different model. They say they

To execute their strategy, many respondents think they will need to make their corporate

Every Latin American economy has a somewhat different approach to trade development. Colombia is no exception. We discussed the country’s trade policy with Gabriel A. Duque Mildenberg, Colombia’s Vice Minister of Commerce, who points to three important aspects:

Colombia doesn’t try to pick winners. “We don’t have a vision of a particular choice of sectors, so we give support across sectors,

than others. Much of Colombia’s exports are now mining-related — that is, hydrocarbons, oil and gold, which do not really require any effort to market or export. So we take steps to promote and negotiate the components of all that is not mining and energy, which is more

Colombia has a long history of successful public-private partnerships. “The development of coffee and its international growth is a result of close public-private collaboration, which goes back decades. That is, more than 50 years of collaborative effort have

was a great deal of public-private work dedicated to overcoming the barriers that the sector faced, and there were people working hard to make this occur. More recently, we have launched a program for the ‘productive transformation’ of sectors, based on joint public -private work, which is proving very successful.”

Colombia’s trade initiatives don’t end with free trade agreements. with Mexico, Chile, Peru and Colombia, which is deepening the already comprehensive FTAs among the four of us. We are constituting an area of deep integration that will facilitate the free movement of goods, services, capital and people and help us further integrate with the rest of the world. The process is going very well and has generated a lot of interest worldwide, so much so that nine countries have become observers of the process. They are Costa Rica, Panama, Canada, Spain, Australia, New Zealand, Uruguay, Guatemala and Japan.”

Trade policy, Colombian style

49

35

55

30

22

25

17

28

13

63

45

35

35

21

29

7

27

5

Figure 5: Making corporate culture more international is the most important change needed to expand successfully Which of the following changes will be most important for your business to succeed with its international expansion plans? Select up to three.

Making our corporate culture more international

Entering new market segments

Making our board more representative of global markets


Decentralizing decision-making

Altering the value proposition for customers

Getting the right local partners

Strengthening corporate governance

Developing new distribution channels

Changing our organizational structure


14 Growing Beyond

those kinds of changes may not be easy, at least within Colombia. Growth at home and the free trade agreement with the US are likely to heighten competition for home-grown business talent, according to Nestor D’Angelo, head of operations for CTPartners Latin America, a Bogota-headquartered executive

El Tiempo,

Few respondents think about strengthening

development economists often see corporate

architecture as keys to sustainable growth. Sales and marketing is the business function respondents view as most in need of change

are less concerned about tax planning and

“ We had to adapt our product, even though it was imported, so

Luz Adriana Osorio, General Manager, CasaLuker, Colombia

50

39

43

29

11

11

22

11

24

18

60

49

44

27

13

5

20

13

19

7

ensure the success of your company’s international expansion plans? Select up to three.

Sales and marketing

Strategic planning

Information technology


Public relations

Financial reporting

Financial management

Internal communications

Risk management/enterprise

Tax planning



Looking ahead: bright prospects for growth

Blessed with rich natural resources and arguably one of the most strategic locations of any South American country — no other country in the region faces both the Caribbean

enormous potential. Add to that a number of sophisticated cities and the possibilities seem even richer. With forethought, Colombian companies should be able to build on that consumer experience abroad as well.

to move beyond the traditional boundaries of a classic commodity business. This can be done through increasing operational

or developing educational campaigns that

be perceived by consumers as a differentiated offering. And for many companies that already have a large share of the domestic market,

there is no alternative but to look outside for growth. “I’d say that at least 70% of our efforts will be dedicated to international expansion,” says Nalsani SA’s Bursztyn. “There is not much that we can do locally, other than maintain and grow a little bit more, because we really have a very strong leadership position. We’ve achieved a dominant level of coverage and positioning in the country.”

Perhaps the greatest opportunity of all is one that remains relatively latent in Colombia: the capacity for reinvention. More than most Latin American executives, Colombians are open to inorganic growth. This suggests that the most crucial differentiator for Colombian companies as they grow beyond their home market will be neither capital nor the availability of a particular commodity, but creativity.

When CasaLuker, a Colombia-based food company, began to focus on exporting chocolate to Europe, executives realized that they needed to make some changes: the cacao they had was different from the cacao Europe valued. Although they were focused at home on growing mass consumption, chocolate was such a mature category in the developed markets that CasaLuker’s managers concluded the company would be better off focusing on the sale of cacao ingredients in those markets.

or like,” explains Luz Adriana Osorio, General Manager of CasaLuker. “We had to adapt our product, even though it was imported, so that

chocolate has less vanilla than in Latin America. So one has to put [in] less vanilla and adjust the overall formulation so that it’s consistent with the tastes that they developed as children.”

At the same time, CasaLuker marketers realized that European consumers wanted other attributes in their chocolate that had nothing to do with taste. Just as particular products in Europe have long been associated with particular regions, such as champagne, which takes its name from the Champagne region, or burgundy wines with Burgundy, cacao could be sold by origin as well. What had worked for Colombia’s coffee could work for its cacao.

“The business in Europe is based upon cacao ingredients with traceability and origin,” says Osorio. “This is a well-differentiated product in the global market. In Colombia, the concept is still not

fundamentally sound. “We expect the cacao brand for the world to be

Sweetening the deal

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© 2013 Ernst & Young S.A.S. All Rights Reserved.

This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither Ernst & Young S.A.S. nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor.

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Growing Beyond

In these challenging economic times, opportunities still exist for growth. In Growing Beyond, we’re exploring how companies can best exploit these opportunities — by

new ways to innovate and taking new approaches to talent. You’ll gain practical insights into what you need to do to grow. Join the debate at www.ey.com/growingbeyond.

ContactsLuz Maria Jaramillo Country Managing Partner Tel: +57 1 484 7230 Email: [email protected] Jorge Piñeiro Assurance Managing Partner Tel: +57 1 484 7140 Email: [email protected]

Andres Parra Tax Managing Partner Tel: +57 1 484 7600 Email: [email protected]

Javier Macchi Advisory Managing Partner Tel: +57 1 484 7060 Email: [email protected]

Edgar Sanchez Partner Financial Services Advisory Tel: +57 1 484 7250 Email: [email protected]

Andres Gavenda Transactions Managing Partner Tel: +57 1 484 7524 Email: [email protected]

Sam H. Fouad Americas Emerging Markets Leader, SASA Market Leader Tel: +1 212 773 3504 Email: [email protected]

www.ey.com/latinamerica

For more information on how Ernst & Young can help you in a globalized world, please visit us at: www.ey.com/growingbeyond.

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