Our Newsletter. Mexico & Latin America. April 2020.

LATIN
AMERICA
UPDATE
April 2020
www.nuricumbo.com

Case Distributions Around the World

Total Number of Cases Surpass 2 Million

Strong Impact in the USA and the West

Strong Impact on Business Confidence

Economic Losses Could Reach 5.5 Trillion USD

Long-term view is always important

OUR VALUE PROPOSITION:
 Highly experienced consultants.
 High degree of flexibility.
 Ideal to tackle those important but not
urgent tasks that otherwise never get
done.
 Able to support in the resolution of
special or confidential projects.
 Important specialization in Finance and
Accounting projects.
 More than 50 multidisciplinary
consultants. Average of 15 to 20 years of
professional experience.
We are Nuricumbo + Partners

SOME EXAMPLES:
 Interim C-Level Executives.
 Financial Due Diligence for M&A.
 Part-Time CFOs.
 Comisarios / Consejeros.
 Interim Project Teams.
 Specialized Training Programs.
 Debt/Equity Solutions.
 Fintech Trusts (Fideicomisos)
 Process Improvement
 Special Audits (Forensic, Compliance, etc.)
How do we help some of our clients

COMPANY
PROFIT
Interim Teams for Latam
YOUR TRUSTED BUSINESS ADVISORS
What can we bring to the table:
- Consultants with more than 20 years of
experience.
- Fully bilingual.
- Expert knowledge of business
practices in the region.
- Flexible business model.
- We all have worked for multinationals
operating in Latam.
WE CAN PROVIDE EFFECTIVE AND
EXPERIENCED INTERIM TEAMS TO TACKLE
SPECIAL OR CONFIDENTIAL PROJECTS IN
LATIN AMERICA.
Our consultants bring additional capacity
in order to tackle projects and initiatives
in the region, without having to distract
your internal resources from other
priorities.
1
3
Our typical projects include Financial or
Operational Audits, Business Process
Assessments, Process Improvement,
System Implementations, Anti-Corruption
Initiatives, Forensic Investigations, Interim
Management Positions, among others.

COMPANY
PROFIT
Internal Audit Support
For more information, please visit our website
or email us at contacto@nuricumbo.com
1
4
We can enhance your audit projects in Mexico,
Latin America, or anywhere else.
Talent Mobility
Flexibility Capabilities
Our consultants can travel in Mexico, in
Latin America, or basically anywhere you
need them. We have delivered audit
projects in more than 25 countries around
the world.
Worldwide Mobility
We have a multidisciplinary approach,
combining specialists in internal controls,
forensics, IT, business intelligence,
process automation and compliance. We
have an internal quality function to ensure
objectives are always met. The result is a
powerful combination of skills that allows
us to deliver extra value in each
engagement.
Special Audit Capabilities
Talented Senior Consultants
Maximum Flexibility
Our talent is available under a very
flexible model. We have delivered
projects that have taken 1 day, 1
month or 1 year to complete. Our
rates are the best in the market. We
can manage co-sourcing or out-
sourcing audit initiatives. And in
Latin America, we have the local
knowledge and insight.
We have a base of approximately 40
senior audit consultants, all of them
highly trained and with rich
experience in multinational
environments, ready to support your
audit projects.
Our objective: To work with the best internal audit departments around the
world to help them manage the risks and opportunities of today’s global
markets.

COMPANY
PROFIT
Complete Profiles
Armando NuricumboRodrigo Llanos
Miguel Amador
Guillermo Lagos
Former CFOFormer Investment Banking
Former Controller / Auditor
Former CEO
Jesus Bush
PWC. IPG. Bombardier. RGP.
25 years of experience.
Valmex. Inverlat. Arka.
Whirlpool. Banco Azteca.
EY. Smurfit. Maxcom. Devlyn.
3M. Imperial Chemical. IMEF
Examples of our consulting talent
Alejandro Rico
Tax Partner
KPMG. Confies.
Jose Trevino
Former NAFTA Negotiator
Colmex. Comce. Cancham.
Angel Hernandez
Former CFO
Ingram. Dresser. TRW.
Roberto Fernandez
Former CIO
AT&T Capital. CIT. Alta.
Enrique Ugarte
Former VP
ProMexico. CCE. Edomex.
Former CIO
Marisol Baca
Former VP Administration
CFE. BID. Real Financiera.
José A. Ventura
Former CFO
PWC. Truper. BristolMyers.

$4.28 $4.47
$5.21
$0.00
$1.50
$3.00
$4.50
$6.00
January February March
Brazil
Exchange Rates
$3,420.57 $3,524.13
$4,065.37
$0.00
$1,500.00
$3,000.00
$4,500.00
Colombia
$18.84 $19.64
$23.67
$0.00
$10.00
$20.00
$30.00
Mexico
$3.38 $3.45 $3.43
$0.00
$1.00
$2.00
$3.00
$4.00
Peru
Source: Bloomberg, 2019.
*USD / PEN
*USD / MXN
*USD / CLP
*USD / BRL
*USD / COP
$0.00
$200.00
$400.00
$600.00
Chile
*USD / CLP
$60.35 $62.21 $64.40
$0.00
$25.00
$50.00
$75.00
Argentina
*USD / ARS

Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2019.
53.80% 52.90% 50.30%
0.00%
20.00%
40.00%
60.00%
December January February
Argentina
Inflation Rate
4.30% 3.92%
3.31%
0.00%
1.50%
3.00%
4.50%
6.00%
Brazil
3.62% 3.72% 3.86%
0.00%
1.00%
2.00%
3.00%
4.00%
Colombia
3.50% 3.90% 3.70%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
Chile
3.24%
3.70%
3.25%
0.00%
1.50%
3.00%
4.50%
Mexico
1.89% 1.90% 1.82%
0.00%
0.90%
1.80%
2.70%
Peru

$44,917 $44,832 $43,724
$0
$15,000
$30,000
$45,000
$60,000
Argentina
International Reserves
$366,376 $356,884 $359,394
$0
$120,000
$240,000
$360,000
$480,000
December January February
Brazil
$53,462 $53,676 $53,337
$0
$18,000
$36,000
$54,000
$72,000
Colombia
$37,438 $36,154 $37,945
$0
$13,000
$26,000
$39,000
$52,000
Chile
$182,796 $184,250 $185,509
$0
$60,000
$120,000
$180,000
$240,000
Mexico
$68,399 $67,611 $68,022
$0
$20,000
$40,000
$60,000
$80,000
Peru
*Million U.S. Dollars
Source: Argentina, Brazil, Colombia, Chile, Mexico and Peru Central Banks, 2019.

40,105.04
34,973.18
24,384.24
0
12,000
24,000
36,000
48,000
Argentina
Capital Markets
113,760.60 104,171.60
73,019.80
0
30,000
60,000
90,000
120,000
Brazil
1,623.83 1,549.61
1,123.85
0
500
1,000
1,500
2,000
January Feburary March
Colombia
19,834.90 18,264.30
14,463.96
0
7,000
14,000
21,000
January Feburary March
Peru
44,108.31 41,324.31
34,554.53
0
15,000
30,000
45,000
60,000
Mexico
4,572.06 4,122.63
3,487.49
0
1,200
2,400
3,600
4,800
Chile
*IPSA:IND
*MEXBOL:IND
*SPBLPGPT:IND
*MERVAL:IND
*IBOV:IND
*COLCAP:IND
Source: Bloomberg, 2019.

Foreign Direct Investmet
$3,260
$11,517 12162
$0
$4,000
$8,000
$12,000
2016 2017 2018
Argentina
$52,751
$67,583 $61,223
$0
$30,000
$60,000
$90,000
2016 2017 2018
Brazil
$13,850 $13,836
$11,010
$0
$5,000
$10,000
$15,000
2016 2017 2018
Colombia
$11,942
$6,856 $7,160
$0
$4,000
$8,000
$12,000
2016 2017 2018
Chile
$30,865 $32,091 $31,604
$0
$12,000
$24,000
$36,000
2016 2017 2018
Mexico
$6,863 $6,769 $6,175
$0
$3,000
$6,000
$9,000
2016 2017 2018
Peru
*U.S. Dollars at Current Prices in Millions
Source: United Nations Conference on Trade and Development, UNCTAD, 2019.
$12,162

Land Area
Source: The World Bank, 2018.
2,736,690
8,358,140
1,109,500
743,532
1,943,950
1,280,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
Argentina Brazil Colombia Chile Mexico Peru
Note: Kilometers

Ease of Doing Business Index
126 124
67
59 60
76
0
20
40
60
80
100
120
140
Note: 1 = Most Business-friendly Regulations

Population Growth
1.0%
0.8%
1.5%
1.4%
1.1%
1.7%
0%
1%
1%
2%
2%
Note: Annual Percentage

Total Population
44,494.5
209,469.3
49,648.7
18,729.2
126,190.8
31,989.3
0
50,000
100,000
150,000
200,000
250,000
Note: (i) Thousands; (ii) Total Inhabitants

Urban Population
92%
87%
81%
88%
80% 78%
0%
20%
40%
60%
80%
100%
Note: Percentage of Total Population

Poverty Headcount Ratio
1.0%
4.4%
4.1%
0.3%
1.7%
2.6%
0%
1%
2%
3%
4%
5%
Source: The World Bank, 2017 - 2018.
Note: (i) At US$1.90 / Day; (ii) Percentage of Population

Exports of Goods and Services
14.3% 14.8% 15.9%
28.8%
39.3%
25.4%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Note: Percentage of GDP

Foreign Direct Investment
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
11,872
78,162
11,535
6,082
37,495
6,487
Note: (i) Net Inflows; (ii) BoP, Current Million US$

Gross Domestic Product
$519,871.5
$1,868,626.1
$331,047.0 $298,231.1
$1,220,699.5
$222,045.0
$0
$300,000
$600,000
$900,000
$1,200,000
$1,500,000
$1,800,000
$2,100,000
$2,400,000
Note: Millions, Current US$

GDP Per Capita
$20,610.6
$16,096.4
$15,012.9
$25,222.5
$19,844.6
$14,418.1
$0.0
$5,000.0
$10,000.0
$15,000.0
$20,000.0
$25,000.0
$30,000.0
Note: (i) PPP; (ii) Current US$

Inflation
3.7%
3.5%
2.6%
3.6%
2.1%
0%
1%
2%
3%
4%
5%
Note: (i) Consumer Prices; (ii) Annual Percentage
* Data not officially available for Argentina at the World Bank website. Other sources estimate anual inflation rate at
around 50%.

GDP Growth
-2.5%
1.1%
2.6%
4.0%
2.1%
4.0%
-3%
-2%
-1%
0%
1%
2%
3%
4%
5%
Note: Annual Percentage

Gross Savings
15%
14%
15%
20%
24%
20%
0%
5%
10%
15%
20%
25%

Personal Remittances
$0.0
$10,000.0
$20,000.0
$30,000.0
$40,000.0
$515.9 $2,933.5
$6,364.3
$66.1
$35,768.4
$3,224.8
Note: (i) Received; (ii) Millions, Current US$

Total Reserves
$66,221.5
$374,709.7
$47,887.6 $39,858.8
$176,390.3
$60,333.2
$0.0
$50,000.0
$100,000.0
$150,000.0
$200,000.0
$250,000.0
$300,000.0
$350,000.0
$400,000.0
Note: (i) Includes Gold; (ii) Millions, Current US$

Revenue
19%
27%
23%
22%
19%
17%
0%
5%
10%
15%
20%
25%
30%
Note: (i) Excluding Grants; (ii) Percentage of GDP

Government Expenditure on Education
5.5%
6.2%
4.5%
5.4%
4.9%
3.7%
0%
2%
4%
6%
8%

Labor Force
20,434.1
106,328.7
27,249.2
9,533.1
57,558.6
18,818.4
0
20,000
40,000
60,000
80,000
100,000
120,000
Note: Thousands

Labor Force (Female)
42.0%
43.4% 43.2%
41.8%
37.2%
45.8%
0%
10%
20%
30%
40%
50%
Note: Percentage of Total Labor Force

Unemployment
10.0%
12.2%
9.2%
7.4%
3.4%
2.9%
0%
3%
6%
9%
12%
15%
Note: (i) Percentage of Total Labor Force; (ii) Modeled ILO Estimate

Energy Use
2,030
1,496
724
2,006
1,537
790
0
500
1,000
1,500
2,000
2,500
Note: Kg of Oil Equivalent per Capita

Renewable Electricity Output
28.1%
74.0%
68.2%
43.6%
15.4%
52.7%
0%
10%
20%
30%
40%
50%
60%
70%
80%
Note: Percentage of Total Electricity Output

Population Living in Slums
17%
22%
13%
9%
11%
34%
0%
10%
20%
30%
40%
Note: Percentage of Urban Population

External Debt Stocks
56.1%
30.3%
42.3%
38.0%
31.3%
0%
10%
20%
30%
40%
50%
60%
Note: Percentage of GNI

Bank Capital to Assets Ratio
11.0%
10.1%
16.6%
8.4%
10.7%
12.5%
0%
3%
6%
9%
12%
15%
18%
Note: Percentage

Bank Nonperforming Loans
to Total Gross Loans
3.1% 3.1%
4.4%
1.9%
2.1%
3.3%
0%
1%
2%
3%
4%
5%
Note: Percentage

Deposit Interest Rate
25.1%
6.9%
4.7%
2.7% 3.3% 2.6%
0%
5%
10%
15%
20%
25%
30%
Note: Percentage

Lending Interest Rate
37.4%
39.1%
12.1%
4.2%
8.1%
16.5%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
Note: Percentage

Listed Domestic Companies
93
334
66
205
140
211
0
50
100
150
200
250
300
350
400
Note: Total

Market Capitalization of Listed Domestic
Companies
$45,986.05
$916,824.39
$103,848.38
$250,739.56
$385,051.43
$93,385.36
$0.0
$200,000.0
$400,000.0
$600,000.0
$800,000.0
$1,000,000.0
Note: (i) Millions; (ii) Current US$

Strength of Legal Rights Index
2 2
11
4
10
7
0
2
4
6
8
10
12
Note: 0 = Weak to 12 = Strong

Military Expenditure
2.1%
3.9%
11.6%
7.4%
2.1%
5.6%
0%
2%
4%
6%
8%
10%
12%
14%
Note: Percentage of General Government Expenditure

We care about your business priorities.
Let’s talk!
E-mail: contacto@nuricumbo.com
Mobile/Whatsapp: + 52 (155) 5453 6309
Skype: nuricua
Twitter: @a_nuricumbo
Office: Montes Urales 424
Lomas de Chapultepec, CDMX
Please visit our website

Our Newsletter. Mexico & Latin America. April 2020.

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Our Newsletter. Mexico & Latin America. April 2020.