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.

2. ENCUESTA GLOBAL DE RESILIENCIA DE NEGOCIOS
BUSINESS RESILIENCE GLOBAL SURVEY
GRUPO MUNDO EJECUTIVO / NURICUMBO + PARTNERS
JULIO / JULY
2020

3. 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
233
SEGMENTACIÓN POR TAMAÑO DE EMPRESA
63% PEQUEÑO
23% MEDIANO
14% 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
233
SEGMENTATION BY COMPANY SIZE
63% SMALL
23% MEDIUM
14% LARGE

4. EN DÓNDE OPERAN LAS EMPRESAS QUE
CONTESTARON LA ENCUESTA
49% NORTE, CENTRO Y SUDAMÉRICA
16% OPERACIONES GLOBALES
29% SOLO MÉXICO
2% EUROPA
2% ASIA
2% AFRICA
SECTORES ECONÓMICOS
24% SERVICIOS PROFESIONALES
13% FINANCIERO
9% COMERCIO
8% MANUFACTURA
6% TECNOLOGÍAS DE LA INFORMACIÓN
6% TURISMO
5% EDUCACIÓN
5% ENERGÍA
5% SALUD
4% BIENES RAICES
3% AGRICULTURA
12% OTROS
PERFIL DE LA ENCUESTA
SURVEY PROFILE
WHERE DO THE COMPANIES THAT RESPONDED
OUR SURVEY OPERATE
49% AMERICAS
16% GLOBAL OPERATIONS
29% MEXICO ONLY
2% EUROPE
2% ASIA
2% AFRICA
ECONOMIC SECTORS
24% PROFESSIONAL SERVICES
13% FINANCIAL
9% TRADE
8% MANUFACTURING
6% INFORMATION TECHNOLOGY
6% TOURISM
5% EDUCATION
5% ENERGY
5% HEALTH
4% REAL ESTATE
3% AGRICULTURE
12% OTHER

5. RESULTADOS
RESULTS

6. 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?
55% de las empresas encuestadas
encuentran las condiciones
ACTUALES de negocio como
MALAS o MUY MALAS. Este
indicador mejoró, pasando de
63% en el mes anterior.
55% of surveyed companies find
the CURRENT business conditions
as BAD or VERY BAD. This
indicator improved, moving from
63% in the previous month.

7. 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?
55% de las empresas encuestadas
encuentran las condiciones de los
PRÓXIMOS 6 a 12 MESES como
MALAS o MUY MALAS. Este
indicador mejoró, pasando de
60% en el mes anterior.
55% of surveyed companies find
the conditions of the NEXT 6 TO
12 MONTHS as BAD or VERY BAD.
This indicator improved, moving
from 60% in the previous month.

8. 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:
39% de las empresas encuestadas
reportan condiciones de negocio
PEORES que el mes anterior. Este
indicador mejoró, pasando de
53% en el mes anterior.
39% of surveyed companies
report WORSE business conditions
than the previous month. This
indicator improved, moving from
53% in the previous month.
26% de las empresas encuestadas
reportan condiciones de negocio
MEJORES que el mes anterior.
Este indicador mejoró, pasando
de 18% en el mes anterior.
26% of surveyed companies
report BETTER business conditions
than the previous month. This
indicator improved, moving from
18% in the previous month.

9. 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?
Tres principales riesgos
reportados por las empresas
encuestadas:
• Falta de demanda
• Falta de liquidez
• Falta de rentabilidad
Three main risks reported by
surveyed companies:
• Lack of liquidity
• Lack of demand
• Lack of profitability

10. 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?
Tres principales oportunidades reportadas
por las empresas encuestadas :
• Nuevos Mercados / Nuevos Productos
• Menor Competencia a Causa de la Crisis
• Trabajo Remoto / Home Office
Three main opportunities reported by
surveyed companies:
• New Markets / New Products
• Less Competition Due to the Crisis
• Remote Work / Home Office

11. 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?
27% 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
31% en el mes anterior.
27% 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
31% in the previous month.

12. 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?
16% de las empresas
encuestadas piensan que el
regreso a la normalidad tardará
MÁS DE DOS AÑOS. Este
indicador mejoró, pasando de
21% en el mes anterior.
16% of surveyed companies
think that the return to normality
will take MORE THAN TWO
YEARS. This indicator improved,
moving from 21% in the previous
month.

13. 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)
85% de las empresas
encuestadas piensan que el
desempeño de las autoridades
federales, estatales y municipales
ha sido MALO o MUY MALO.
Este indicador permaneció igual
que el mes anterior.
85% of surveyed companies
think that the performance of
federal, state and municipal
authorities has been BAD or
VERY BAD. This indicator
remained unchanged from the
previous month.

14. Las empresas encuestadas ven muchos más
riesgos que oportunidades actualmente:
RIESGOS
• Falta de apoyo gubernamental.
• Larga duración de la pandemia.
• Problemas de liquidez y de financiamiento.
• Posible devaluación del peso mexicano.
• Ambiente de incertidumbre económica.
• Ambiente de bajo crecimiento económico.
• Cambios en la reforma energética.
• Crisis de cartera vencida.
• Crisis de seguridad.
OPORTUNIDADES
• Mayor presión para innovar.
• Mayor presión para explorar nuevos productos.
PRINCIPALES RIESGOS Y OPORTUNIDADES
MAIN RISKS AND OPPORTUNITIES
The surveyed companies see far more risks than
opportunities today:
RISKS
• Lack of government support.
• Long duration of the pandemic.
• Liquidity and financing problems.
• Possible devaluation of the Mexican peso.
• Economic uncertainty environment.
• Low economic growth environment.
• Changes in energy reform.
• Bad debt crisis.
• Security crisis.
OPPORTUNITIES
• Greater pressure to innovate.
• Greater pressure to explore new products.

15. SOMOS NURICUMBO + PARTNERS

16. 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

17. 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

18. 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.

19. § 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

20. 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