COMPRENDER LA PROBLEMÁTICA DEL SECTOR EMPRESARIAL DENTRO Y FUERA DE MEXICO ANTE LA PANDEMIA COVID-19. IDENTIFICAR PRINCIPALES TENDENCIAS, ASÍ COMO RIESGOS Y OPORTUNIDADES. TO UNDERSTAND THE PROBLEMS OF THE BUSINESS SECTOR IN AND OUTSIDE MEXICO CAUSED BY THE COVID-19 PANDEMIC. IDENTIFY THE MAIN TRENDS, RISKS AND OPPORTUNITIES.

1. ENCUESTA GLOBAL DE RESILIENCIA DE NEGOCIOS
BUSINESS RESILIENCE GLOBAL SURVEY
NURICUMBO + PARTNERS
JUNIO / JUNE
2020

2. OBJETIVO
COMPRENDER LA PROBLEMÁTICA DEL SECTOR
EMPRESARIAL DENTRO Y FUERA DE MEXICO
ANTE LA PANDEMIA COVID-19. IDENTIFICAR
PRINCIPALES TENDENCIAS, ASÍ COMO RIESGOS Y
OPORTUNIDADES.
NÚMERO DE EMPRESAS QUE CONTESTARON LA
ENCUESTA
372
SEGMENTACIÓN POR TAMAÑO DE EMPRESA
61% PEQUEÑO
26% MEDIANO
13% GRANDE
PERFIL DE LA ENCUESTA
SURVEY PROFILE
OBJECTIVE
TO UNDERSTAND THE PROBLEMS OF THE
BUSINESS SECTOR IN AND OUTSIDE MEXICO
CAUSED BY THE COVID-19 PANDEMIC. IDENTIFY
THE MAIN TRENDS, RISKS AND OPPORTUNITIES.
NUMBER OF COMPANIES THAT RESPONDED THE
SURVEY
372
SEGMENTATION BY COMPANY SIZE
61% SMALL
26% MEDIUM
13% LARGE

3. EN DÓNDE OPERAN LAS EMPRESAS QUE
CONTESTARON LA ENCUESTA
73% NORTE, CENTRO Y SUDAMÉRICA
15% OPERACIONES GLOBALES
9% SOLO MÉXICO
1% EUROPA
1% ASIA
1% AFRICA
SECTORES ECONÓMICOS
27% SERVICIOS
12% MANUFACTURA
9% FINANCIERO
9% TECNOLOGÍAS DE LA INFORMACIÓN
8% BIENES RAICES
8% EDUCACIÓN
7% TURISMO
5% ENERGÍA
5% AGRICULTURA
10% OTROS
PERFIL DE LA ENCUESTA
SURVEY PROFILE
WHERE DO THE COMPANIES THAT RESPONDED
OUR SURVEY OPERATE
73% AMERICAS
15% GLOBAL OPERATIONS
9% MEXICO ONLY
1% EUROPE
1% ASIA
1% AFRICA
ECONOMIC SECTORS
27% SERVICES
12% MANUFACTURING
9% FINANCIAL
9% INFORMATION TECHNOLOGY
8% REAL ESTATE
8% EDUCATION
7% TOURISM
5% ENERGY
5% AGRICULTURE
10% OTHER

4. RESUMEN
EN EL MES DE JUNIO DE 2020 OBSERVAMOS:
ü UNA LIGERA MEJORÍA EN LAS CONDICIONES DE
NEGOCIO COMPARADO CON EL MES ANTERIOR,
PROBABLEMENTE VINCULADO A LA REAPERTURA
GRADUAL DE LA ECONOMÍA.
ü SIN EMBARGO, LAS EMPRESAS ENCUESTADAS VEN
MUCHOS MÁS RIESGOS QUE OPORTUNIDADES EN LA
COYUNTURA ACTUAL.
ü FALTA DE LIQUIDEZ Y FALTA DE DEMANDA CONTINUAN
SIENDO LOS RIESGOS MÁS IMPORTANTES.
ü LA MAYORÍA DE LAS EMPRESAS ENCUESTADAS ESPERA
UN REGRESO A LA NORMALIDAD QUE VA A TARDAR MÁS
DE 1 AÑO.
ü LIGERO DESCENSO EN EL APETITO DE RIESGO PARA
ENTRAR EN FUSIONES, ADQUISICIONES, O ALIANZAS
ESTRATÉGICAS.
ü EL DESEMPEÑO DE LAS AUTORIDADES
GUBERNAMENTALES SE SIGUE PERCIBIENDO COMO
NEGATIVO.
ü ENTRADA EN VIGOR DEL TMEC APARECE COMO UNO DE
LOS POCOS FACTORES REPORTADOS DE OPTIMISMO.
ü EN GENERAL, LAS EMPRESAS OBSERVAN UN AMBIENTE
DE INCERTIDUMBRE Y FALTA DE CONFIANZA GENERADO
POR LA PANDEMIA COVID-19, POLÍTICAS PÚBLICAS
CONTRADICTORIAS, Y UNA CRISIS ECONÓMICA
PROFUNDA Y QUE PARECE INMINENTE.
SUMMARY
IN THE MONTH OF JUNE 2020 WE OBSERVE:
ü A SLIGHT IMPROVEMENT IN BUSINESS CONDITIONS
COMPARED TO THE PREVIOUS MONTH, PROBABLY
CAUSED BY THE GRADUAL REOPENING OF THE ECONOMY.
ü HOWEVER, SURVEYED COMPANIES SEE MANY MORE
RISKS THAN OPPORTUNITIES IN THE CURRENT SITUATION.
ü LACK OF LIQUIDITY AND LACK OF DEMAND CONTINUE TO
BE THE MOST IMPORTANT RISKS.
ü MOST OF THE SURVEYED COMPANIES EXPECT A RETURN
TO NORMALITY THAT WILL TAKE MORE THAN 1 YEAR.
ü SLIGHT DECREASE IN RISK APPETITE TO ENTER INTO
MERGERS, ACQUISITIONS, OR JOINT VENTURES.
ü THE PERFORMANCE OF GOVERNMENT AUTHORITIES IS
STILL PERCEIVED AS NEGATIVE.
ü ENTRY INTO FORCE OF USMCA IS ONE OF THE FEW
POSITIVE REPORTED ASPECTS.
ü IN GENERAL, COMPANIES OBSERVE AN ENVIRONMENT OF
UNCERTAINTY AND LACK OF CONFIDENCE GENERATED BY
THE COVID-19 PANDEMIC, CONTRADICTORY PUBLIC
POLICIES, AND A SEEMINGLY DEEP AND IMMINENT
ECONOMIC CRISIS.
RESUMEN DE LOS PRINCIPALES HALLAZGOS
SUMMARY OF MAIN FINDINGS

5. 1. 63% de las empresas encuestadas encuentran
las condiciones ACTUALES de negocio como
MALAS o MUY MALAS. Este indicador
permaneció sin cambio comparado con el mes
anterior.
2. 60% de las empresas encuestadas encuentran
las condiciones de los PRÓXIMOS 6 a 12
MESES como MALAS o MUY MALAS. Este
indicador mejoró, pasando de 63% en el mes
anterior.
3. 53% de las empresas encuestadas reportan
condiciones de negocio PEORES que el mes
anterior. Este indicador mejoró, pasando de
57% en el mes anterior.
PRINCIPALES HALLAZGOS
MAIN FINDINGS
1. 63% of surveyed companies find the
CURRENT business conditions as BAD or VERY
BAD. This indicator remained unchanged
compared to the previous month.
2. 60% of surveyed companies find the
conditions of the NEXT 6 TO 12 MONTHS as
BAD or VERY BAD. This indicator improved,
moving from 63% in the previous month.
3. 53% of surveyed companies report WORSE
business conditions than the previous month.
This indicator improved, moving from 57% in
the previous month.

6. 4. 18% de las empresas encuestadas reportan
condiciones de negocio MEJORES que el mes
anterior. Este indicador mejoró, pasando de
11% en el mes anterior.
5. Tres principales riesgos reportados por las
empresas encuestadas:
A. Falta de liquidez
B. Falta de demanda
C. Disrupción en cadenas de suministro
6. Tres principales oportunidades reportadas
por las empresas encuestadas :
A. Nuevos Mercados / Nuevos Productos
B. Menor Competencia a Causa de la Crisis
C. Trabajo Remoto / Home Office
PRINCIPALES HALLAZGOS
MAIN FINDINGS
4. 18% of surveyed companies report BETTER
business conditions than the previous month.
This indicator improved, moving from 11% in
the previous month.
5. Three main risks reported by surveyed
companies:
A. Lack of liquidity
B. Lack of demand
C. Disruption in supply chains
6. Three main opportunities reported by
surveyed companies:
A. New Markets / New Products
B. Less Competition Due to the Crisis
C. Remote Work / Home Office

7. 7. 48% de las empresas encuestadas reportan
que NO ESPERAN ENTRAR en ninguna
transacción de M&A o Joint Venture en los
próximos 6 a 12 meses. Este indicador
empeoró, pasando de 43% en el mes anterior.
8. 31% de las empresas encuestadas reportan
que SÍ ESPERAN ENTRAR en alguna
transacción de M&A o Joint Venture en los
próximos 6 a 12 meses. Este indicador
empeoró, pasando de 39% en el mes anterior.
9. 21% de las empresas encuestadas piensan que
el regreso a la normalidad tardará MÁS DE
DOS AÑOS. Este indicador empeoró
ligeramente, pasando de 19% en el mes
anterior.
PRINCIPALES HALLAZGOS
MAIN FINDINGS
7. 48% of surveyed companies report that they
DO NOT EXPECT TO ENTER into any M&A or
Joint Venture transaction in the next 6 to 12
months. This indicator worsened, moving from
43% in the previous month.
8. 31% of surveyed companies report that they
DO EXPECT TO ENTER into some M&A or Joint
Venture transaction in the next 6 to 12
months. This indicator worsened, moving
from 39% in the previous month.
9. 21% of surveyed companies think that the
return to normality will take MORE THAN
TWO YEARS. This indicator worsened slightly,
moving from 19% in the previous month.

8. 10. 42% de las empresas encuestadas piensan que
el regreso a la normalidad tardará ENTRE UNO
Y DOS AÑOS. Este indicador empeoró,
pasando de 39% en el mes anterior.
11. 31% de las empresas encuestadas piensan que
el regreso a la normalidad tardará de 6 a 12
MESES. Este indicador empeoró ligeramente,
pasando de 33% en el mes anterior.
12. 84% de las empresas encuestadas piensan
que el desempeño de las autoridades
federales, estatales y municipales ha sido
MALO o MUY MALO. Este indicador
permaneció prácticamente igual, pasando de
85% en el mes anterior.
PRINCIPALES HALLAZGOS
MAIN FINDINGS
10. 42% of surveyed companies think that the
return to normality will take BETWEEN ONE
AND TWO YEARS. This indicator worsened,
moving from 39% in the previous month.
11. 31% of surveyed companies think that the
return to normality will take from 6 to 12
MONTHS. This indicator worsened slightly,
moving from 33% in the previous month.
12. 84% of surveyed companies think that the
performance of federal, state and municipal
authorities has been BAD or VERY BAD. This
indicator remained basically unchanged,
moving from 85% in the previous month.

9. Las empresas encuestadas ven muchos más
riesgos que oportunidades actualmente:
RIESGOS
• Incertidumbre en políticas públicas.
• Falta de confianza económica.
• Falta de estado de derecho.
• Incertidumbre sobre vacuna Covid-19.
• Desempleo masivo.
• Falta de apoyo gubernamental.
• Violencia e inseguridad.
• Ambiente de bajo crecimiento económico.
• Problemas de liquidez y de financiamiento.
• Cartera vencida.
• Marco legal, laboral y fiscal inflexible.
• Demoras en proyectos de infraestructura.
OPORTUNIDADES
• Entrada en vigor del TMEC.
• Mayor presión para innovar.
PRINCIPALES RIESGOS Y OPORTUNIDADES
MAIN RISKS AND OPPORTUNITIES
The surveyed companies see far more risks than
opportunities today:
RISKS
• Uncertainty in public policies.
• Lack of economic confidence.
• Lack of rule of law.
• Uncertainty about Covid-19 vaccine.
• Wide-spread unemployment.
• Lack of government support.
• Violence and insecurity.
• Environment of low economic growth.
• Liquidity and financing problems.
• Past due credit portfolio.
• Inflexible legal, labor and fiscal frameworks.
• Delays in infrastructure projects.
OPPORTUNITIES
• Entry into force of USMCA.
• Greater pressure to innovate.

10. RESULTADOS DETALLADOS
DETAILED RESULTS

11. 1: ¿Cómo calificaría el entorno comercial
ACTUAL en el que opera su empresa?
1: How would you rate the CURRENT business
environment in which your company operates?

12. 2: ¿Cómo calificaría el entorno de negocios
PROSPECTIVO hacia los próximos
seis a doce meses?
2: How would you rate the PROSPECTIVE
business environment towards the next six
to twelve months?

13. 3: En comparación con el MES ANTERIOR, la
condición general de su empresa es:
3: Compared to the PREVIOUS MONTH, the
overall condition of your company is:

14. 4: ¿Cuál es el MAYOR RETO para su empresa
en los próximos seis a doce meses?
4: What is the BIGGEST CHALLENGE for your
company in the next six to twelve months?

15. 5: ¿Cuál es la MAYOR OPORTUNIDAD para su
empresa en los próximos seis a doce meses?
5: What is the BIGGEST OPPORTUNITY for your
company in the next six to twelve months?

16. 6: ¿Qué tan probable es que su compañía
considere ADQUIRIR un negocio o entrar en
una ALIANZA ESTRATÉGICA en los próximos
seis a doce meses?
6: How likely is that your company will
consider ACQUIRING a business or entering
into a JOINT VENTURE in the next six to
twelve months?

17. 7: ¿Cuánto tiempo cree que pasará hasta que
regresemos a la normalidad?
7: How much time do you think will pass until
we go BACK TO NORMAL?

18. 8: ¿Cómo calificaría la gestión de esta crisis por
parte de sus OFICIALES GUBERNAMENTALES?
(Promedie su respuesta para considerar niveles
federales, estatales y municipales)
8: How would you rate the management of this
crisis by your ELECTED GOVERNMENT
OFFICIALS? (Average your answer to consider
federal, state and municipal levels)

19. SOMOS NURICUMBO + PARTNERS

20. COMPANY
PROFIT
Our Firm at a glance
Key Facts Industries
• 50 CONSULTANTS
• MULTIDISCIPLINARY
• BIG 4 BACKGROUND
• INTERNATIONAL
EXPOSURE
• ACTIVE ACROSS MEXICO
• ABLE TO TRAVEL IN LATAM
• FLEXIBILITY
• BILINGUAL / BICULTURAL
Professional
Organizations
Our Service
Portfolio
• MANUFACTURING
• FINANCIAL SERVICES
• PROFESSIONAL SERVICES
• TRADING
• RETAIL
• ADVERTISING
• EDUCATION
• PRIVATE EQUITY
• FAMILY BUSINESS
• MEXICAN INSTITUTE OF
PUBLIC ACCOUNTANTS
• MEXICO CITY ACCOUNTANCY
BOARD
• MEXICAN INSTITUTE OF
FINANCIAL EXECUTIVES
• ILLINOIS ACCOUNTANCY
BOARD
• AMERICAN CHAMBER OF
COMMERCE
• EXTERNAL AUDIT
• INTERNAL AUDIT
• PART TIME CFO’S
• INTERIM
MANAGEMENT
• FORENSIC
• TAX
• TRANSFORMATIONS
• ADVISORY BOARD
For more information: www.nuricumbo.com
EY PWC. BBVA / BANAMEX ZIMAT CIT METLIFE LESAFFRE
KPMG DELOITTE. INTERPUBLIC BOMBARDIER +GF+ GM KANDEO
1990 1995 2000 2004 2005 2010 2015 2020
Formal launch as
independent consultancy
Professional Experience
as Employees
History
Some of our interventions as
Consultants

21. Managing Partner of Nuricumbo + Partners.
His career started as Audit Manager with PWC Mexico. After a few years, he moved into the
advertising industry where he held Internal Audit positions with Y&R and IPG, two international
advertising groups, working in New York City for five years. He returned to Mexico as CFO for
the New Business division of McCann Group Worldwide. Started his career as independent
consultant delivering audit work for several multinationals in Latam and leading several fraud
investigations in Mexico. Won a contract with Bombardier Transportation to work for three years
in Canada and Europe on a financial transformation initiative. Worked with the American Consultancy RGP as their Country
Manager.
Today, Nuricumbo + Partners is specialized on subjects such as financial due diligence for M&A, internal and external audit,
independent process assessments, debt/equity solutions, on-demand financial talent, anti-corruption initiatives, enterprise risk
management, and corporate governance. Nuricumbo + Partners have become trusted business advisors for companies of all
sizes, providing direct support to CEOs and CFOs in special or confidential projects.
Armando has held different positions at the Mexican Institute of Public Accountants, including Vice President of the Business
Sector, President of the International Affairs Committee, and Member of the Audit Quality Control Committee. He is member of
Editorial Committees at Mundo Ejecutivo and AAPAUNAM. He is Treasurer and Board Member at the British Chamber of
Commerce, as well as the Anglo-Mexican Foundation. He was President of the charity Amistad Británico-Mexicana. He is
member of the Mexican Institute of Financial Executives. He has been Board Member or Comisario at many companies. His
opinions have been referenced by El Financiero, Reforma and Canal 40.
Armando graduated as a public accountant, Summa Cum Laude, from the National University of Mexico (UNAM). He is certified
in Mexico by the Mexican Institute of Public Accountants and in the U.S. by the Illinois Accountancy Board. He has a Masters
Degree in Asian Studies by the University of Tamkang in Taiwan. He recently completed the program “Leading Professional
Service Firms” at Harvard Business School.
Armando Nuricumbo
Managing Partner

22. COMPANY
PROFIT
Armando NuricumboRodrigo Llanos
Miguel Amador
Guillermo Lagos
Former CFO / AuditorFormer Investment Banking
Former Controller / Auditor
Former CEO
Jesus Bush
PWC. IPG. Bombardier. RGP.
25 years of experience.
Valmex. Inverlat. Arka.
30 years of experience.
Whirlpool. Banco Azteca.
30 years of experience.
EY. Smurfit. Maxcom. Devlyn.
25 years of experience.
3M. Imperial Chemical. IMEF
30 years of experience.
Some members of our consulting team
Alejandro Rico
Tax Advisor / Auditor
KPMG. Confies.
25 years of experience.
Jose Trevino
Former NAFTA Negotiator
Colmex. Comce. Cancham.
30 years of experience.
Oscar Becerril
Former Banker / Credit VP
Scotiabank. Citi. Fonatur.
30 years of experience.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
30 years of experience.
Enrique Ugarte
Former CEO
ProMexico. CCE. Edomex.
30 years of experience.
Former CIO
Marisol Baca
Former PMO
CFE. BID. Real Financiera.
25 years of experience.
José A. Ventura
Former CFO / Auditor
PWC. Truper. BristolMyers.
30 years of experience.

23. § Historic Lessons of the 1918 Pandemic.
https://www.youtube.com/watch?v=slTWGx6XAs0&t=59s
§ Hong Kong or the Discreet Charm of the New Cold War.
http://www.nuricumbo.com.mx/hong-kong-or-the-discreet-
charm-of-the-new-cold-war/
§ Willingness to Pay & Value Stick.
https://www.youtube.com/watch?v=ki3p1gmABU4
§ Mexico’s Top 25 CFO’s of 2017
https://www.youtube.com/watch?v=Wi-bR_jbxes
• Why should we measure Economic Confidence?
https://imcp.org.mx/publicaciones/el-imcp-comunica-para-
que-nos-sirve-medir-la-confianza-economica/
§ Interview with Ana Maria Salazar (ADN40)
https://twitter.com/adn40/status/1150034010451529731?s=
20
§ Interview with the Ambassador of Spain in Mexico.
http://www.aapaunam.mx/assets/jul_sep_read_2019.pdf
§ Interview with Pedro Ferriz de Con (Central FM)
http://www.nuricumbo.com.mx/acerca/media-events/
Nuricumbo + Partners in the Media

24. Estamos a la orden para profundizar
sobre cualquier aspecto relacionado con
la encuesta.
We are at your service in case you require
more information about any aspect of the survey.
contacto@nuricumbo.com
Muchas gracias
Thank you very much