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Annual Report 2018

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Annual Report 2018 ANNUAL REPORT 2018 ANNUAL REPORT 2018 1 NACIONAL FINANCIERA 2 ANNUAL REPORT 2018 BOARD OF DIRECTORS AND COMMISSIONERS ON DECEMBER 31, 2018 SERIES “A” ADVISER HOLDERS DEPUTIES CARLOS MANUEL URZÚA MACÍAS JOSÉ DE LUNA MARTÍNEZ Secretary of Finance and Public Credit and Head of the Development Banking Unit Chairman of the Directive Board Secretariat of Finance and Public Credit ARTURO HERRERA GUTIÉRREZ GABRIEL YORIO GONZÁLEZ Deputy Secretary of Finance and Public Credit Head of the Public Credit Unit Secretariat of Finance and Public Credit GRACIELA MÁRQUEZ COLÍN TO BE APPOINTED Secretary of Economy Chairman of the Entrepreneur National Institution ROCÍO NAHLE GARCÍA ALBERTO MONTOYA MARTÍN DEL CAMPO Secretary of Energy Deputy Secretary of Energy Secretariat of Energy JESÚS ALAN ELIZONDO FLORES HÉCTOR DESENTIS MONTALBÁN General Director of Financial System Affairs Director of Promotion Financial Intermediaries Banco de México Banco de México MARÍA ELENA ÁLVAREZ-BUYLLA ROCES TO BE APPOINTED General Director Head of Insurance, Pension and National Council on Science and Technology Social Security Secretariat of Finance and Public Credit 3 NACIONAL FINANCIERA SERIES “B” ADVISER HOLDERS DEPUTIES JUAN PABLO CASTAÑÓN CASTAÑÓN EDUARDO RAMÍREZ LEAL Chairman of the Business Coordinating Council Chairman of the Mexican Chamber of Construction (CCE) (CMIC) FRANCISCO ALBERTO CERVANTES DÍAZ ENRIQUE GUILLÉN MONDRAGÓN Chairman of the Confederation of Industrial National Chairman of the National Chamber of the Chambers of Mexico (CONCAMIN) Transformation Industry (CANACINTRA) JOSÉ MANUEL LÓPEZ CAMPOS GUSTAVO ADOLFO DE HOYOS WALTHER Chairman of the Confederation of National Chairman of the Employers Confederation of the Chambers of Commerce, Service and Tourism Mexican Republic (COPARMEX) (CONCANACO-SERVYTUR) SERIES “B” INDEPENDENT ADVISERS THERE ARE ONLY INDEPENDENT HOLDER ADVISERS CARLOS JOSÉ GARCÍA MORENO ELIZONDO JOSÉ SALVADOR MARTÍNEZ CERVANTES Financial Director América Móvil, S.A.B. de C.V. Independent Professional COMMISSIONERS HOLDER SERIES “A” DEPUTY SERIES “A” TO BE APPOINTED BRIGITTE CORNEJO JIMÉNEZ Delegate and Principal Public Commissioner of Deputy Delegate and Deputy Public Commissioner Finance of Finance Secretariat of Public Service Secretariat of Public Service HOLDER SERIES “B” DEPUTY SERIES “B” ARACELI ESPINOSA ELGUEA IGNACIO NÚÑEZ ANTA Professor and Researcher of the Management and Comptroller and Manager of Grupo Financiero Business Academic Department of the Instituto Anáhuac Tecnológico Autónomo de México (ITAM) SECRETARY OF THE DIRECTIVE BOARD LÁZARO JIMÉNEZ GARCÍA PERLA LILIANA DE LA PEÑA AMANTE Secretary of the Directive Board Prosecretary of the Directive Board 4 ANNUAL REPORT 2018 EUGENIO FRANCISCO DOMINGO NÁJERA SOLÓRZANO General Director (CEO) CATALINA BONNEFOI MONROY Deputy General Director of Development Finance OFFICER RAÚL SOLÍS WOLFOWITZ ATTENDING Deputy General Director of Investment Banking SESSIONS PEDRO GUERRA MENÉNDEZ Deputy General Director of Treasury and OF THE DIRECTIVE Financial Markets BOARD ON PEDRO A. ARGÜELLES RODRÍGUEZ MONCADA DECEMBER 31, 2018 Deputy General Director of Credit TONATIUH SALINAS MUÑOZ Regional Advertising and Institutional Relations Deputy General Director TOMÁS TRUEBA ZEPEDA Deputy General Director of Legal and Fiduciary Affairs FEDERICO BALLÍ GONZÁLEZ Deputy General Director of Finance and Management ADRIANA COVARRUBIAS DEL PERAL Technical Coordinator of the CEO LÁZARO JIMÉNEZ GARCÍA Secretary of the Directive Board PERLA LILIANA DE LA PEÑA AMANTE Prosecretary of the Directive Board 5 NACIONAL FINANCIERA CONTENTS ECONOMIC ENVIRONMENT 8 PROMOTION 14 Credit and Guarantees to Private Sector Program 15 Productive Chains Program 15 Sector-based Program 15 Alternative Channels 18 Private Sector Credit Portfolio Balances 20 Business Training and Technical Assistance Program 20 Regional Promotion Network and Institutional Relations 24 INVESTMENT BANKING 29 Structured and Corporate Credits 30 Financial Advisory Services 32 Government Banking 32 Investment Programs 32 Sustainable Projects 33 INTERNATIONAL 34 Project Management 35 International Cooperation 37 Financial Agent 40 TREASURY AND MARKETS 42 Treasury 43 Markets 44 Investment Funds 47 Cetesdirecto 47 6 ANNUAL REPORT 2018 LEGAL AND FIDUCIARY OPERATIONS 48 Corporate and Business 49 Governmental Regulations 51 Legal and Collecting Disputes and Credit Department 52 Fiduciary Operations 53 OPERATIONS SUPPORT 54 Quality Management and Organizational Culture 55 Human Capital Development 55 Internal Comptroller 56 Internal Auditing 62 Computing 64 FINANCIAL RESULTS 65 INTERNAL CONTROL 68 ANNEX A Nacional Financiera important figures 70 ANNEX B “Report on Consolidated Financial Statements with Subsidiaries, as of December 31, 2018.” 73 ANNEX C Directory of Regional and Overseas Offices 78 7 NACIONAL FINANCIERA ECONOMIC ENVIRONMENT During 2018, the performance of global economic activity was positive; such expansion phase lasted for nine consecutive years after the 2008-2009 crisis. Based on the figures available to date, in their Gross Domestic Product (GDP) the estimated economic growth rate was 2.3%, that is, a tenth less than the was 3.7%, two tenths lower than the initial growth rate of 2017. The developed forecasts, and a tenth below the value countries had smaller growth rates in observed in 2017. comparison to the previous year, except the economy of the United States of The developed world, after having America (USA), which was bolstered by synchronized its cycles, showed the tax stimulus. Thus, the USA grew divergences once again throughout the by 2.9% vs 2.2% in 2017; the Eurozone year, in great measure as a consequence grew by 1.9% vs 2.4%, Japan grew by 0.9% of the economic policy actions of some vs 1.9%; Canada grew 2.1% vs 3.0% and the countries, political decisions in others, United Kingdom, under the Brexit effect, and delayed events in general which still grew 1.4% vs 1.8%. have not been resolved. The emerging and developing The growth rate of this group of economies had a yearly advance of economies, weighed by its participation 4.6%, down from the 4.7% observed the 8 ANNUAL REPORT 2018 previous year, and lower than the prior forecast of economies, particularly due to the effects of the general 4.9%. The disparity among this group of countries appreciation of the United States Dollar (hereafter, was bigger in comparison with the developed dollar). Likewise, inflation rose in these countries as countries. The countries that grew more in 2018 follows: Brazil from 2.95% to 3.75%; Chile, from 2.30% than in 2017 were as follows: Chile, 4.0% vs 1.5%; Peru, to 2.60%; Peru, from 1.36% to 2.19%; China, from 1.8% 3.9% vs 2.5%; Bolivia, 4.3% vs 4.2%; Brazil, 1.3% vs 1.1%; to 1.9%; Russia, from 2.5% to 4.3%; India, from 3.58% to India, 7.3% vs 6.9%; Thailand, 4.2% vs 3.9%; Indonesia, 3.80%; Colombia, from 4.09% to 3.18%; South Africa, 5.2% vs 5.1%; Hungary, 4.6% vs 4.1%; Poland, 5.0% vs from 4.7% to 4.5%; Poland, from 2.1% to 1.1%, and South 4.8%, and Russia, 1.7% vs 1.5%. On the other hand, the Korea, from 1.9% to 1.3%. countries with growth rates below 2017 results were headed by China with 6.6% down from 6.8% (this is In keeping with the normalization process of its its smaller growth rate since 1991 [3.8%]), followed by monetary policy, the U.S Federal Reserve System South Africa with 0.7% vs 1.3%; South Korea, 2.7% vs or Fed increased in 100 base points (bp) the target 3.1%; Argentina, -2.4% vs 2.9% and Venezuela, -15.0% range for the federal funds rate, that is, 25 bp in each vs -10.5% (both are estimates in the absence of of the meetings held on March, June, September official information). and December, raising the roof of the range to 2.50%, the highest level since the 4.25% of December 2007, The labor markets kept improving significantly, with when the target was exceptional. Nevertheless, at some exceptions. Unemployment rates in several the time of unveiling their economic estimates countries dropped to levels not seen in years, even for the next three years, the Fed reduced the federal decades. For example, in the USA, 2.88 million jobs funds rate associated with their growth, inflation and were created by the end of the year, which was unemployment rate expectations for 2019, indicating reflected on an unemployment rate of 3.9%, the lowest that, although their strategy of raising rates will for a year since 1969. Likewise, the unemployment rate continue, the rhythm thereof will be slower. reached 8.2% in the Eurozone, 2.4% in Japan, and 4.2% in the United Kingdom, their lowest rates since 2008, 1992 and 1974, respectively. Other central banks On the other hand, the dynamism of the world that made changes to economy observed during the first quarter, which later began to slow down on the second quarter, their monetary policy brought greater inflationary pressures, which diluted gradually during the last months of the year in the during 2018 appear in the face of the drastic drop of oil and associated fuels prices. The annual inflation in USA, as measured by following table: the Consumer Price Index published by the Bureau of Labor Statistics, finished the year at 1.9%, down from 2.1% in 2017, while the core inflation, that is, discounting energy and food prices, rose from 1.8% to 2.2% due to the price increase on medical services, Level at the end Varia�on on among other factors. Central Bank of 2018 2018 (%) (PP) The economic slowdown that started being noticeable during the second semester of the year United States 2.50 100 was reflected in a lower annual inflation in other United Kingdom 0.75 25 places such as Japan, from 1.0% to 0.3% and the Canada 1.75 75 United Kingdom, from 3.0% to 2.1%.
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