Letter to


Brands, Services and Products

Key Financial Information

Letter to Shareholders

Report of the Chief Operating Officer

Retail and Consumption Division

Industrial and Manufacturing Division

Infrastructure and Construction Division

Board of Directors

Report of the Corporate and Auditing Practices Committee

Consolidated Financial Statements





The economic outlook since 2000 includes structural problems, mainly in developed countries, which have not been resolved and have only been faced with aggressive monetary and fiscal policies.


With the change in civilizations from industrial to service societies, as well as rapid technological advances that have allowed large productivity increases and the ability to produce goods and services at lower costs, we should be seeing the generalized creation of value and wealth. However,  fiscal and structural trade deficits, as well as an unsustainable welfare state and problems with the financial system that do not appropriately guide change are provoking high levels of unemployment that are most evident even among the best-prepared youth.


Despite a global economic situation that is unfavorable for the exports of developed nations, the monetary policies of these nations have allowed important capital access and long-term,

low-interest financing for developing nations. It has also permitted developing countries to focus on domestic economies and impulse the activities necessary for development with the formation of human and physical capital, as well as the promotion of activities that will be intensive job engines in coming years. Investments in coming years that are equivalent to 25% of GDP would create high sustained economic growth, as well as sustained job growth, which would allow developing countries to cross the threshold of per capita income of $15,000 dollars. This in turn would result in a larger middle class and bring currently marginalized and poverty-stricken groups to the benefits of better education and health, leading to a virtuous cycle of development for our countries.


Even with the negative effects of the global economy, Mexico and other emerging countries are facing more growth opportunities than developed nations. Mexico has an adequately-

capitalized banking system, better public finances, low interest rates, long-term peso and dollar-indexed financing, and most importantly, many needs that become investment opportunities for the private sector, which in turn lead to potential for development and more employment.


Grupo Carso

Despite difficulties in the global economy, Grupo Carso consolidated its leadership position within the Mexican economy through three industries that we consider strategic: Industrial, Construction and Retail.



Following the spin-off of the mining and real estate businesses, the relative weight of each division was reconfigured within consolidated results. During 2011, 50% of revenue and 58% of operating profit came from retailing. Within this division, Grupo Sanborns has a very large presence in the country through traditional formats