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Activity and Sustainability Report 2019 COFIDES

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Activity and Sustainability Report 2019 COFIDES 2019 and Report Edited by: Coordination: COFIDES' Sustainability and Impact Division and External Corporate Communication Unit Design and layout: David León Quintero / www.bigonedesign.es Photographs: Photo file of COFIDES Images courtesy of: Page 15: Klingele Embalajes Canarias Page 17: International Finance Corporation (IFC) Page 18: Grenergy Renovables Pages 22 & 23: Adara Ventures Page 25: Boix Maquinaria Page 26: NBI Bearings Page 27: TEC CUATRO Page 29: GAWA Capital Pages 34: Grupo SEMI and Grupo ENERLAND Compañía Española de Financiación del Desarrollo, COFIDES, S.A., S.M.E. Paseo de la Castellana, 278 - 28046 (Madrid). Phone: (+34) 91 562 60 08 Fax: (+34) 91 561 00 15 E-mail: [email protected] www.cofides.es ES-1580/200 3 2019 COFIDES Activity and Sustainability Report Index Letter from the Chairman ................................................................................................................................................................. 6 Milestones ................................................................................................................................................................................................................... 10 Management milestones ........................................................................................ 10 Activity milestones .................................................................................................. 10 Corporate milestones .............................................................................................. 11 Operating milestones .............................................................................................. 11 COFIDES Bussiness History Map ........................................................................................................................................ 12 Strategy and Adaptation (Rodrigo Madrazo, COFIDES Director-General) ........................................................................................................................... 14 Our Actions and our Impact ...................................................................................................................................................... 16 Impact and sustainability ......................................................................................... 16 – Interview with Diane C. Damskey, IFC ............................................................... 17 – We support renewable energy power generation .............................................. 18 – Added impact ................................................................................................... 20 Technology start-ups ............................................................................................... 22 – We empower Spanish companies’ innovation and competitiveness .................... 22 Support for SMEs .................................................................................................... 24 – Favouring SME growth ...................................................................................... 24 Agriculture and microfinancing ................................................................................ 29 – We help small farmers access financing ............................................................. 29 – Interview with Gawa Capital joint CEOs Luca Torre and Agustín Victórica .......... 29 4 2019 COFIDES Activity and Sustainability Report Management Activities ...................................................................................................................................................................... 32 Functional and management capacity ..................................................................... 33 Approvals, formalisations, outlays ........................................................................... 37 Geographic and sectoral portfolio ........................................................................... 38 Analysis of non-financial business risks .................................................................... 39 – Social and environmental factors ...................................................................... 40 – Corporate governance ...................................................................................... 43 Commercial and institutional action ........................................................................ 44 Our Organisation ............................................................................................................................................................................................ 45 Board of Directors and Management Team ............................................................. 45 Management Team ................................................................................................. 46 Stakeholder relations ............................................................................................... 48 Financial Statements ............................................................................................................................................................................... 51 Supplementary Information .................................................................................................................................................. 100 Report parameters ................................................................................................ 100 Global Compact principles .................................................................................... 103 GRI table of contents ............................................................................................ 104 Report of external assurance ................................................................................. 109 5 2019 COFIDES Activity and Sustainability Report Letter from the Chairman "COFIDES has always prided itself on standing by its clients even in the most trying of times" implications by country, industry and population have yet to be quantified. The devastation inflicted will depend on the duration of the pandemic, on when science can find an effective treatment or vaccination and on whether health care systems can contain the disease and its lethality. It will also depend, however, and most prominently, on whether countries and multilateral organisations are able to cooperate in designing and implementing measures to prevent worldwide economic collapse and provide a moderately soft landing as we exit the various crises without leaving too many population groups or businesses by the wayside. Such exit measures should lead to a future "new normal" in which certain global trends that had been emerging in prior years will more than likely deepen: global leadership crisis and questioning of a rules- based multilateral model; back-tracking in globalisation and regionalisation of value chains and digitisation; and consolidation of non-liberal tendencies, among others. Although the immediate future is not overly optimistic, Dear friends, COFIDES has always prided itself on standing by its clients even in the most trying of times. The FIEX and FONPYME I’m drafting this letter against the backdrop of a major funds were created in the late twentieth century to help public health crisis that has a considerable portion of investors shoulder the risks inherent in the early stages the world’s population, both in developed and developing of internationalisation. Company support in consolidating countries, in shutdown and facing the future with fear. the foreign sector during the 2008 crisis proved to be The covid-19 pandemic is creating havoc irrespective of providential for the Spain’s recent economic expansion. nations’ wealth, with a virulence that makes no distinction In the present crisis, COFIDES is also working and will among social groups. Barely any of the statistics on the continue to work with companies and entrepreneurs to offer evolution of the pandemic inspire optimism. And although personalised solutions to re-gear their internationalisation anticipating its possible long-term effects is no easy task, strategies. the next few years may be expected to be hard on the world economy, perhaps inflicting greater hardship than any other The Company has adopted extraordinary short-term event since World War II. With our infrastructure intact, measures to provide its client companies and their we must now turn our efforts to recovering a beleaguered projects abroad with efficient and immediate assistance global economy, stricken by millions of unemployed and to successfully confront the liquidity strictures generated. rampant poverty. COFIDES has expedited procedures to ease debt payment terms to which a number of companies have subscribed. As it spreads around the planet the health crisis is And in the medium and long term the Company, with its successively inducing social, fiscal, financial, debt and own assets and those managed on behalf of third parties, political crises. The severity of the side effects and their will continue to stand by the private sector and share 6 2019 COFIDES Activity and Sustainability Report Letter from the Chairman the business risk involved in future internationalisation projects in an environment in which, as I noted above, new challenges will have to be successfully confronted. "The Company will continue The pandemic has revealed the vulnerability of our to stand by the private sector economic system. In developed countries we have come and share the business to realise
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