COFIDES approves its accounts and reaches 1,052 million euro in committed portfolio management

COFIDES´s General Meeting of Shareholders has approved the annual accounts of the company corresponding to the year 2017 today in a meeting opened by Marisa Poncela, the Secretary of State for Trade.

The shareholders supported the accounts of the company, accounts which show that the committed portfolio of investments managed by COFIDES reached the amount of 1,051.77 million euro. In addition to this, COFIDES achieved in 2017 a record in the total investment portfolio with 937.99 million euro, 5% more than the total managed portfolio in 2016.

ANNUAL RECORD FOR SMBs PROJECTS

Regarding approvals, in 2017 COFIDES financed a higher number of companies and projects (65 projects amounting to a total of 216.84 million euro), which highlights the catalytic and additional effect of COFIDES.

According to Salvador Marín, COFIDES´s Chairman, "the effort the company has put in its 2016-2019 Strategic Plan to support the projects of SMEs (Small and Medium-sized Enterprises) is producing results, since more and more small-sized companies are submitting their proposals to COFIDES and receiving our support every year".

Regarding the aforementioned, it is worth noting that COFIDES achieved the annual record of approvals by number of projects promoted by SMEs (39) and it amounts to 60% of the total of projects approved this year.

In addition to this, formalizations have also reached a high level, with 203.30 million euro. The total investment related to these formalizations amounts to 1,176 million euros, which shows that COFIDES is consolidating its leading position in its field of Foreign Direct Investment (FDI). Furthermore, the companies which promoted the formalised projects in 2017 provide 35,510 jobs in Spain.

With regard to expenditure, this year is one of the three most successful years in COFIDES´s history, reaching an amount of 197.50 million euro.

EFFICIENCY, PRODUCTIVITY AND PROFITABILITY

Salvador Marín, COFIDES´s Chairman, stated that "the accounts which have been approved today show that COFIDES is undertaking a great deal of activities in the internationalisation field with a high level of precision and openness". He also emphasised that "in 2017 the efficiency, productivity and profitability indicators kept improving, increasing 11% in the operating income for operating costs, 11.4% in the operating income for active employees and 16.1% in the operating profits for paid-up capital.

Moreover, the operating profit reached 13.27 million euro, an amount 15.4% higher than the operating profit registered in 2016, thus increasing the financial soundness and the solvency of the Company and also consolidating its position as a model in the field of the internationalisation of the Spanish economy. According to Salvador Marín, "this is the result of the increase of the managed portfolio, together with an adequate management and a reduction of the specific influence of the operating costs".

DIGITALIZATION

In addition to this, COFIDES is currently undergoing a digitalization process through the implementation of its Strategic Plan for Digital Transformation which intends to focus on automation, modernization, digital culture, simplicity, agility, usability and cost optimization factors, "a full and ambitious process in this important field", Salvador Marín stated.

BLENDING

Throughout the year 2017, COFIDES has consolidated its role as accredited entity for the indirect management of the union budget before the EU by means of blending instruments, after officially submitting its first operation within the scope of the financing initiative AgriFI. Furthermore, it has continued working on deal sourcing, having a regular communication with the European Commission. At the same time, COFIDES is also actively working with the Secretariat of State for Trade in order to identify and analyse operations which can be financed with funds taken from the Credit Line "FIEM-EU Facilities".

COFIDES 30TH ANIVERSARY

To celebrate COFIDES´s 30th anniversary, which will be this year, Salvador Marín explained that "COFIDES is already a model and a leader in Foreign Direct Investment (FDI), holding a record of more than 900 investment projects in nearly 90 countries and amounting to a total investment of 34,900 million euro".

In this sense, he has announced that, in order to celebrate these 30 years, COFIDES will include a new identity in its logo, will hold an award ceremony and will present two studies: "The Spanish company investing abroad financed through COFIDES. Characteristics, goals, environment and evolution" and "1988-2018: 30 years leading the support to the private sector abroad and investing in development and internationalisation. The new role of bilateral DFIs in the context of supporting Foreign Direct Investment (FDI), and 2030 agenda". In the context of this anniversary, COFIDES is also developing the campaign "#30 years #30 acts of solidarity" through which COFIDES´s employees take part in activities including, but not limited to, donating blood, collecting mobile and glasses or cultivating an organic vegetable garden.

COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat for Trade, within The Ministry of Economy, Industry and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF (Development Bank of Latin America).