business barometer survey - deloitte united states · 2020-04-03 · business barometer 26...
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26July
2013
BusinessBarometerSurvey
The businesspulse survey
Introduction
The twenty-sixth edition of Business Barometer reveals falling perceptions among business executives with regard to thebusiness climate. In fact, all component measures declined against our 2013 first quarter survey. This shift in direction isimportant: opinions gathered agree that the business climate and the situation of businesses are less favorable than inprevious months. Perceptions of the direction of economic variables can explain this downtrend: the economic situation,investment climate, employment, availability of credit, security, industrial output, production capacity and profitability alltipped to the downside and contributed to the general fall off in business leaders’ general outlook for the business climate.
Another key variable is demand, which also dipped significantly contributing to the downward bias in perceptions of thebusiness climate. This result suggests that demand in the internal market has begun to slacken, though most businessescontinue to enjoy normal demand. In this regard, the results of this quarter’s survey stand in line with the generaldeceleration of the economy. Moreover, the business leaders surveyed appear to think that this trend will carry on in thenear future.
In other matters, business leaders expressed favorable opinions of financial and telecommunication legislation reforms,which they hope will serve to stimulate the economy. With respect to financial reform, access to credit, more creditoptions, greater capacity for investment and sales, and brisker competition were the components of this generally upbeatoutlook of the coming reform package; while lower communication costs and the broader range of products and servicespromised by the telecommunications reform underpinned the optimistic outlook of business leaders answering our survey.On the other hand, the fact that these reforms enjoy the approval of the business sector in this number of BusinessBarometer did not spill over to boost their somewhat guarded opinion of the business climate and situation.
A similar dynamic can be seen in the components of inflation and the exchange rate. Business leaders remain confidentthat these factors will continue to propitiate the economy, with the latter fluctuating around the 13-peso mark.Additionally, most business leaders agreed that prices will perform in line with Banco de Mexico projections. In light ofthese outlooks, it is clear that business leaders are generally happy with current monetary policy, though not necessarilyoptimistic about the performance of the macro-economy.
Business executives’ assessments of the performance of the government declined, specifically with regard to inflationcontrol, improving infrastructure, growing the economy and reducing unemployment. Taken together, the components justmentioned serve to summarize the economic performance of the country. As such, the slowing rate of growth propitiatesa generally less favorable view of the government´s performance. The sole government performance component ratedpositively by business leaders was the reinsertion of Mexico into the world, thought the uptick was modest at best. Thescore for government performance was the lowest seen since the end of 2010. The low mark, moreover, was stronglyinfluenced by sagging scores in economic variables.
This number of Business barometer shows that political discord carries increasing weight as a threat to the Mexicaneconomy. It should be stressed that agreements are fundamental for driving the reforms the country needs in order toenjoy stronger growth and development. This is borne out by the agreements reached in the early months of the PeñaNieto administration, which helped underpin confidence and garnered the approval of investors. This ability to reachaccords must continue for the good of Mexico’s economic growth and development.
Business Barometer 26 Introduction 3
4
75
40
13
8
18
121096
191917
10
26
35
69
77
71
74 75
71
5753
68 6669
73 73
6865
60
54
42
5756
49
4541
6361
56
44
7167
5957
35
59585554
36
64
605857
33
52514743
25
50
444140
13
68
625855
18
686662
58
16
65
61
55
13
61
58
52
11
70
6462
57
14
61
56
48
14
49
333027
20
17
21
65
272524
17
67
6258
51
32
Business Environment
Current situation compared with the one in previous year(Average scores in a 01-100 basis*).
Current SituationBusiness Barometer 26 reveals a steep drop off in perception scores of business leaders surveyed, especially with regard tothe components of the current business climate, which all fell off against our 2013 first quarter survey. The decline in the scorefor the perception of the economic situation, in fact, has wiped all of the gains made over recent years. A similar result camein for employment, the investment climate and availability of credit; while the retreat in the area of security was somewhat lesspronounced. Nonetheless, the positive trend launched near the end of 2011 has clearly stalled and in fact has reversed. In lightof these descending scores, the deterioration of the business climate is patent. Moreover, we can expect this quarter’s saggingnumbers to spill over into investment and job creation in the remainder of the year and into 2014. This outlook seemsespecially worrisome in light of the general retreat in economic and financial conditions world-wide.
* Figures were computed by weighing percentages of responses “better”, “the same” or “worse” by 1, 0.5 and 0
I
T1 T2T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
AverageAverage
AverageSecurity Employment Creditavailability
Investmentclimate
Economicsituation
Business Barometer 26 Business Enviroment 5
7472
66
60
7980
53
64
7976 78
88 87
79 79 80
72
56
62
78
73 76
81
86
7876
727068
56
7776
62
80
7573
67
7068
60
71
67
62
60
747170
66
60615857
49
55545250
43
666462
44
75737270
49
757271
68
46
72
70
67
47
83
787574
49
83
76
75
50
727068
49
75
68
67
47
747170
51
63
5856
42
5149
4543
Future situation within one year(Average scores in a 01-100 basis*)
* Figures were computed by weighing percentages of responses “better”, “the same” or “worse” by 1, 0.5 and 0
FutureThe future situation is also undergoing a process of re-assessment among business leaders surveyed, with respondentsexpressing a less favorable outlook than that revealed in our 2013 first quarter survey. Even though scores in the measureoutperformed those for the current situation, one cannot ignore that there is a marked flattening out of expectations acrossthe board of components that make up the future outlook score. The security component underwent a second straightretreat, though, in terms of magnitude, retreats in the economic situation, investment climate and employment were morenotorious. Moreover, the latter variables appear to be the likely culprits of slowing economic growth in the near future.
T1 T2T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
AverageAverage
AverageSecurity Employment Creditavailability
Investmentclimate
Economicsituation
6
Current SituationThe context described is mirrored in the current situation of businesses, largely, because all component variables of thisindicator, with the exception of salaries, are trending down. The decrease in output, production capacity, profitability,prices and employment provide a synthesis of the slowing economy directly faced by businesses. While it may be goodthat salaries have withstood this situation, if things go on in this way much longer they will no doubt take a hit. It isimportant to note that the business climate described in this number of Business Barometer, characterized by saggingproduction growth in Mexico, is in line with perceptions of the situation of organizations.
67
71
77
75
71
65
62
78
81
65
6261
65
61
66
72 7374
75 75
6967
6361
75
72
7477 76
7473716968
64
61
5859
63646768
7273
636261
5452
727169
6463
73
70696865
62
716967
6059
6968
64
5655
676664
5655
7271696765
63
7271
6765
62
58
67656362
59
54
666463636158
65
62605957
51
57
50
46
4039
64
57
50
40
3736
52
46
36
3332
51
45
35
3130
48
54
6263
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
AverageAverage
Prices Wages Production Productioncapacity
Profitability Employment Average
Current Company situation compared with the one in previous year(Average scores in a 0-100 scale basis)
* Figures were computed by weighing percentages of responses “better”, “the same” or “worse” by 1, 0.5 and 0
Company SituationII
Business Barometer 26 Company Situation 7
14
56
30
48
29
23
9
12 13
37
40
4954
17
55
27
18
25
16
2326
20
2624
23
30
45
51
25 24
17 1713
22
14
2629
60
1514
19 18
41
51
54 5454
5759
36
6157
27
6058 59
52
17
31
Current company demand (percentage distribution of responses)
Part of this can be attributed to the significant drop off of demand faced by companies. Fully 31% of business leadersreported sagging demand for products and services. This fall off came in both normal and high demand categories. Whilemost businesses report normal demand, those reporting lower demand increased nearly to first quarter 2010 levels, whenthe aftershocks of the 2009 crises were still afoot.
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
Normal
AverageAverage
Low High
8
FutureWith respect to the future situation, a scenario similar to the current situation prevails, except in regard to prices andsalaries. Like the assessment of the current situation, output, production capacity, jobs and profitability continue to trenddownward; and taken together constitute a significant impediment to short- and medium-term growth. In contrast tothe current situation of salaries, the future outlook is calling for decline, while prices are expected to rise. Overall, theevaluation of the current and future situations by business leaders reveals falling expectations for the climate in whichtheir respective businesses operate, largely owing to the drop off in demand.
79
69 69
86
83 83
8182
7273
63
69 69
66
62 62
77 7777
72
68
75
737170
63
70 70
7879 79
72
69
67
82
75 75 75747372
68
80
76 7676
747372
67
78
7473 73 73
69 6969
68 68
80 80
72
79 7978
74737271
66
79 79
74 74 7474 7474
71
68 68
82
78 787878
75 7576 76
7271 71
72 72 7272
69 69
67 67
77 77
75
61
67
61
68
5960
66
61
55
50
76
72
Future situation (within a year) of the companies with regard to the date of the survey(Average scores in the 0-100 scale*)
* Figures were computed by weighing percentages of responses “better”, “the same” or “worse” by 1, 0.5 and 0
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092007 2008 2010
Prices Wages Production Productioncapacity
Profitability Employment Average
AverageAverage
Business Barometer 26 Inflation and Exchange Rate 9
43%
50%
1%5%
1%
Less than 3.5 %
Between 3.5 and 4%
Between 4 and 5%
Between 5 and 6%
Between 6 and 7%
More than 7%
InflationThe outlook for inflation remains within the Banco de Mexico target range, though with a bias toward the high end of 4.0%.Fully 50% of those surveyed put inflation at in the 3.5-4.0% range, which suggests both confidence in current monetary policyand acknowledgment of recent price hikes in food and energy. This is borne out by the 43% of business leaders who putinflation in the 4.0-4.5% range, which of course lies above the Banco de Mexico target range. While expectations of inflationcoming in above the target range have increased, most business leaders continue to express confidence in monetary policyand relatively few think inflation will top 5.0%
The outlook for 2014 year-end inflation mirrors that for the current year: 49% of those surveyed peg inflation within the3.5-4.0% range, while 34% of respondents have it in the 4.0-5-0% range. In general terms, there appears to beconfidence in government inflation control measures: in fact, 10% of respondent see inflation coming in below 3.5%. Wemay well conclude that most business leaders think inflation pressures are temporary and not rooted in the structure ofprices in Mexico.
Inflation and Exchange Rate
Inflation by year-end 2013
34%
0%
49%
10%1%6%
Inflation by year-end 2014
III
Less than 3.5 %
Between 3.5 and 4%
Between 4 and 5%
Between 5 and 6%
Between 6 and 7%
More than 7%
10
Fully 60% of business leader surveyed peg the peso below 13.00 per USD, and this is the largest segment to do so sincethe end of 2011, suggesting that confidence in the peso remains strong despite international volatility. Nonetheless, onemust not ignore that the this quarter’s survey saw the gap between those expecting the peso to top 13.00 per USDnarrow by 6.0%., a situation that reversed the trend observed in recent months.
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 201320112009 2010
7
93 89 92
82
11 8
18
72
29
71
19
92
10
90
61
39
52
66 63
60
40
3437
19
81
15
52
85
8
37
4848
28
63
81
Exchange rateWhile the exchange rate is affected by growing economic and financial volatility in recent months, the results of thisquarter’s survey show that most business leaders have confidence that the current situation shall endure. Fully 51%of those surveyed believe that the 12M exchange rate will fall between 12.50 and 13.00, while 34% foresee a rate ofbetween 13.00 and 13.50. Though more business leaders perceive greater pressure on the peso, we can safely assertthat most business leaders do not live under undue fear of devaluation.
34%
0%0%
0%
51%
8%6%
Exchange rate within a year(at the time of the survey)
Exchange rate trend over the next 12 months (percentage of responses)
Less than 12.50
Between 12.51 - 13.00
Between 13.01 - 13.50
Between 13.51 - 14.00
Between 14.01 - 14.50zs
More than 15.00
Between 14.51 - 15.00
More than $13.00 per dolar To $13.00 per dolar
Business Barometer 26 Threats to Economic Activity 11
32
24
64
37
48
70
53
38
33
49
57
52
57 57
5250
3941
33 35
49
4239
37
32
24
14
4 42 2
29
18
31
33
26
52
3230
32
29
25
2
36
23
1
37
11
1
27
18
21
18
31
23
16
21
21
27
17
31
20
16
52
27
19
32
31
22
11
3
26
21
12
2
24
15
63
18
742
22
7
3
Threats to the Mexican economy within the incoming months (percentage of responses)
Threats to EconomicActivity
ThreatsBusiness Barometer 26 shows that the sole variable to increase in terms of the threat it poses to the economy is politicaldiscord. The hike of 10 percentage points in this indicator puts it in third place, with deceleration of the US economy andsecurity still in the top spots, though the latter underwent some easing in terms of the threat it poses. Meanwhile, the threatsposed by oil prices and inflation did not carry any significant weight in this measure. As such, it would seem that the politicalclimate has taken on renewed concern in the minds of business leaders, which reverses the trend set when early in the PeñaNieto administration some degree of political consensus was achieved. Even as the US has shown some signs of reactivation,the perception of US economic deceleration as the chief threat to the Mexican economy did not otherwise increase.
IV
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
Politicaldisagreements
Us economicslowdown
Oil prices Insecurity Inflation
AverageAverage
12
Opinions on government performance (average scores in a 0-100 scale*)
6364
83
42
47
50
5657
66
53
50
464441
36
3331
62
52
3332
27
35
39
46
26
62
48
353230
3739
44
22
76
34
37
41
44
27
78
19
35
3839
51
29
16
20
27 27
41
80
3941
46
50
82
23
48
54 54
30 30
43 45
868687
50
55
5149 4948
40
23
63 63
72
62
33
42
48
58
65
46
282624
31
3538
69
38
2120
2325
30
66
38
26
24
16
2931
34
1918
15
20
23 23
25
22
87
64 65
88
59
55
5052
47
3133
26
5553
49
43
292829
47
31
62
71
61
8891
36 36
3235
68
64
56
51
32 32
3533
30
46
50
555659
79
60
403938
32
2625
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092007 2008 2010
Inflation control
Economygrowth
Unemploymentreduction
AverageRepositioningMexico in the world
Povertyreduction
Educationimprovement
Infraestructureimprovement/increase
Securityimprovement
AverageAverage
Government’s performanceThe assessment of business leaders regarding the performance of government moved downward, largely because ofthe decline in the components of inflation control, improving infrastructure, growing the economy and reducingjoblessness. Taken together, these variables summarize the economic performance of the country, as slower economicgrowth tends to fuel less favorable opinions of government performance in this area. Similarly, government efforts toreduce poverty, and improve security and education also saw their respective scores dip, though in lesser degree thanthe losses seen in economic factors. The sole variable showing any improvement was the indicator of the government’sability to reinsert Mexico into the world economy. The current measure of government performance came in below thatscored at the end of 2010. This sagging score was heavily affected by falling scores in economic variables. It appearsthe assessment of government performance over the remainder of the year could be negatively affected by the saggingoutlook for the business climate and future situation of businesses, which were outperformed by other measures.
* Figures were computed by weighing percentages of responses “better”, “the same” or “worse” by 1, 0.5 and 0
51
Business Barometer 26 News and Business 13
The analysis of federal financial reforms proposed by the current administration shows that fully 70% of business leaderssurveyed are aware of these proposals. This is a key indicator because the reforms promise to help drive economic growth,underpin consolidation of the financial sector, broaden access to credit, stabilize interest rates, and generally ease burdenson start-up enterprises while lowering financial intermediation costs.
Fully 36% of business leaders surveyed put greater access to credit as the central benefit of the financial reforms, withgreater competition and economic growth cited as the top effect by 17% and 14%, respectively. As such, access to creditappears to be the variable business leaders believe will exert the most significant effect on investment and consumptioncapacity. Similarly, it is evident that business leaders expect to see an uptick in competition in the financial sector, largelybecause of the broader array of financial products and options. It is interesting to note that reduction of interest rates andlower financial intermediation costs are not particularly significant in the minds of business leaders, though these are effectsthe reform should in fact bring about. Even though the reform is expected to spur economic growth, business leaders donot expect this to be significant in the creation of new businesses.
Are you aware of the financial reforms proposed by the federal government?
What will be the most significant impact on the national economy of the financial reform package?
36%
17%
14%
11%
10%
5%
4%
3%
0 5 10 15 20 25 30 35 40
Greater access to credit
Greater competition the financial sector
Economic growth
Solidity of the financial sector
Reduced interest rates
Lower financial intermediation costs
Creation of new businesses
Other
30%
70%
No
Yes
News and BusinessV
14
These results are congruent with the expectation of the benefits of the reforms in their respective organizations. Fully31% believe that enhanced access to credit will have a positive impact, while 20% reported that the reform will result in abump in sales and 17% said their company’s investment capacity will be improved. Another 16% of those surveyed foreseea reduction in collection costs as a key benefit of the reform. It is clear that enhanced access to credit is foreseen and thatrespondents expect this to have a positive impact on investment capacity and sales. Moreover, 38% of those surveyedbelieve all aspects of the economy shall benefit from the reforms, while 26% believe small and medium sized enterprisesshall reap the most benefit from the reform package. No doubt these results show a broad consensus of the positive effectsof the reform on Mexico’s overall economic performance.
31%
20%
17%
16%
8%
6%
2%
0%
0 5 10 15 20 25 30 35
More financing options
Increased sales
Growth of investment capacity
Lower credit and collection costs
Easing of collection risk
Don’t know
None
Other
What will be the major benefit of the financial reform for your company?
Business Barometer 26 News and Business 15
With respect to telecommunications reform, Business Barometer 26 reveals that 62% of those surveyed are aware ofit, while 30% believe it will rein in communications overhead. Fully 24% of business leaders believe the reform willbroaden communication services, while 23% expressed the belief that their respective companies will enjoy greater accessto communication and information technologies, including broad-band services. In contrast, only 14% of those surveyedbelieve the reform will serve to improve communication services. In synthesis, our survey shows that business leaders believethe telecommunication reform package will help lower communication costs while providing more options to the benefitof both internal operations and client services.
38%
26%
19%
6%
5%
3%
2%
1%
0 5 10 15 20 25 30 35 40
All economic agents
Small and medium sized companies
The large banks
The large companies
The government
Private individuals
Small banks
No one in particular
38%
62%
No
Yes
In your view, who will benefit most from the financial reforms?
Are you aware of the telecommunications reform?
16
30%
24%
23%
14%
4%
2%
2%
1%
0 5 10 15 20 25 30 35 40
Lower communications overhead
Broader array of communications services
Greater access to information and communication technology, including broad-band
Improved communication services
More and enhanced client communication strategies
None
Don’t know
Other
In your view, what is the most important benefit for your company promised by the telecommunications reform?
Business Barometer 26 Conclusions 17
ConclusionsBusiness Barometer 26 offers a perspective quite distinct from the panorama previously reported. In general terms,we can see a less favorable outlook of productive activity in Mexico. Currently and for the immediate future, the economicsituation, employment and the investment climate are casting a negative shadow within the minds of business leaderssurveyed. While there is generally upbeat consensus with regard to the recently approved telecommunications reformpackage and the pending financial reform, this has not translated into positive opinions of the economy and the businesssituation of companies. Sagging demand faced by businesses has begun to worsen, something that appears to weigh onthe minds of business leaders surveyed. In this regard, the performance of the economy seems to carry significant weightin business leaders’ assessment of the government’s performance, which in this edition dropped against previousmeasurements. Moreover, worries about the development of infrastructure, growing the economy, strengthening jobcreation and improving education continue to weaken the government performance score. All told, one can infer thatthe performance of the economy has begun to carry more weight in the minds of the business leaders surveyed.
Consequently, Business Barometer 26 reveals similar opinions of both the business climate and the situation of businesses.Unfortunately, and for both for the current time and the immediate future, it appears business leaders have adjusted theiroutlook for the Mexico’s productive activity to the downside. Despite this adjustment, inflation and the exchange ratecomponents remain upbeat. In terms of prices, most business leaders believe Banco de Mexico targets will be met, whileexpecting the peso to fluctuate around 13.00. As such, it appears clear that there is considerable confidence in currentmonetary policy, though this has not spilled over to boost confidence in the performance of the macro-economy.
Progress in the implementation of reforms received a good score. Business leaders surveyed believe these reforms will bebeneficial for the general population and for business. Access to credit, more credit product options, greater investmentcapacity, higher sales volume and brisker competition are the components that make up this score reflecting the effectsof the financial reform package pending in Congress. Meanwhile, lower costs of communication and a broader supply oftelecommunications products and services are some of the benefits anticipated by respondents from the recently passedtelecommunications reform package. In this regard, one must keep in mind that political discord could begin to cast ashadow on future scores for this indicator. Business Barometer has shown that political discord as a threat to the Mexicaneconomy has in fact ticked upward, suggesting that business leaders grasp the importance of reaching basic agreementsabout reforms and other structural modifications required by Mexico. This situation can be seen clearly in the pactsachieved early in the Peña Nieto administration, which underpinned a general sense of certainty and approval amonginvestors, something to be kept in mind as Mexico strives to grow and develop its economy. These matters have been inthe works for many years and they currently are the main factors of dipping expectations among business leaderssurveyed. As such, they should not be underestimated.
VI
18
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
89
72
79
7169
6058
84
78
82
87 88
8483
87
84
6971
7067
7273
75
6873
7473
67
74
68
76
7073 73
80
6972
57
62
52
83
87 89
83
7270
77 777474
7470
70
7575
8585
6767
49
AverageAverage
Businessenviroment
Company Companies’ general
Future situation and business environment (within a year at the time of surveys)(0: pesimist; 100: optimist)
* Business environment: Five indicators (Investment climate, credit availability, employment, security and economic situation).** Company: Six indicators (Production capacity, employment, prices, production, profitability and wages).*** Companies’ general situation.
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T1Prom.Prom.
2012 2013201120092007 2008 2010
T2T1T4T3T2T1T4T3T2T1T4T3T2T1T4T3T2T12012 2013201120092009 2009 2010
AverageAverage
Survey universe
0
5
10
15
20
25
30
17%
28%
4%3%
15%
5%4%3%
21%
Transport and Aviation Services
Consumer Products
Life Sciences and Healthcare
Manufacturing
Real State
Financial Services
Technology, Media and Telecommunicat
Energy and Natural Resources
Services
33%
11%
13%
10%
8%
7%
12%
6%Not available
More than 10,000
Between 5,001 and 10,000
Between 2,001 and 5,000
Between 1,001 and 2,000
Between 501 and 1,000
Between 301 and 500
Less than 300
Business Barometer 26 surveyed 418 executives working in Mexico’s leading companies, June 3-21, 2013.According to the most recent information available, these companies achieved collective sales amountingto 6,403,976.50 million pesos.
Participation rate by industry
VII
We thank all those who participated in the research for Business Barometer No. 25, especially Dr. Jose Luisde la Cruz Gallegos, Director of the Business and Economic Research Center of ITESM-CEM, for his invaluableanalysis and assistance in drafting this report.
Income level
For further information, please contact us at:
www.deloitte.com/mx/barometrobarometro_mexico@deloittemx.com
Phone. +52 (55) 5080 6633, in Mexico City and the metropolitan area01 800 4 Deloitte (01 800 4 3356 4883)Toll free for the rest of the country.
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Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms,each of which is a legally separate and independent entity. Please see www.deloitte.com/mx/aboutus for a detailed description of the legalstructure of Deloitte Touche Tohmatsu Limited and its member firms.
Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globallyconnected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients,delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, allcommitted to becoming the standard of excellence.
As used in this document, "Deloitte" means Galaz, Yamazaki, Ruiz Urquiza, S.C., which has the exclusive legal right to engage in, and limit itsbusiness to, providing auditing, tax consultancy, financial advisory, and other professional services in Mexico, under the name "Deloitte".
This publication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities(collectively the “Deloitte Network”) is, by means of this publication, rendering professional advice or services. Before making any decision or takingany action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte Network shallbe responsible for any loss whatsoever sustained by any person or entity who relies on this publication.
© 2013 Galaz, Yamazaki, Ruiz Urquiza, S.C.
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