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Spanish companies, with BBVA, Santander, Naturgy, Iberdrola, Repsol, Telefonica and Melia in the lead, are closely following developments in Mexico, a key market for their business.
Spain follows closely the evolution of events after the victory of Andrés Manuel López Obrador in Sunday's elections. About 6,000 Spanish companies in sectors such as banking, energy, telecommunications, infrastructure, tourism, automotive and textile, among others, operate in Mexico, with which the Spain has a close commercial relationship between the months of January and April. from the Spanish Institute of Foreign Trade (Icex), Spain exported 1,477 million euros to the region, while it imported a Mexican production valued at 1,571 million euros. # 39; euros. These are some of the sectors in which the presence of Spanish firms is greater:
Banks
In the financial sector, Santander, BBVA, Sabadell and Mapfre have interests in Mexico. The bank chaired by Ana Botín last year earned a profit of 710 million euros in the country, accounting for 7% of the overall profit of the entity.
BBVA, meanwhile, has its major subsidiary Bancomer, an entity that earned last year 2,162 million, 40.3% of the profit allocated from the bank. Sabadell, after several previous adventures, resumed its banking operations in Mexico in early 2016 and that of the private bank this year. Mapfre earned 26.5 million euros last year in its Latam Norte unit, where its Mexican unit is integrated. The result of Mapfre has been hampered by the higher costs and the impact of some natural disasters.
Energy
The Spanish energy companies most exposed to Mexico are Repsol, Iberdrola and Naturgy (formerly Gas Natural Fenosa). In its bid for the Aztec country, Repsol has launched this year the first 10 service stations in this market, where it also has assets for hydrocarbon exploration. For Iberdrola, Mexico represents 2% of its gross operating profit (ebitda), while for Naturgy (Gas Natural Fenosa) it is 4%.
Infrastructure
Morena's leader, Andrés Manuel López Obrador, generated a lot of uncertainty in the Mexican business class. More than for his real threats to the current status quo of the country, for the unreliability of his statements, since "one morning says one thing and the next day, he thinks differently," say the Spanish businessmen present in the country. The guiding thread of his political message was the fight against corruption, which suggested a revision of public procurement policies in the country. As the campaign progressed, its position on some key projects was moderate.
The most striking case is the new Mexico airport, where companies like Acciona and FCC play for more than 3 billion euros. At first, López Obrador hinted that he was going to paralyze the work, but he now considers that the project must go from the front, to the point of demonstrating in favor of its privatization once a year ago. public consultation will take place. "His way of being is closer to Lula in Brazil or Bachelet in Chile than to Hugo Chavez in Venezuela or Evo Morales in Bolivia," say those who know him at the time he was there. headed to Mexico.
] Under his mandate, important work has been done, such as the extension of the metro or the second floor of Periférico with the close collaboration of the private sector. Something similar has happened with the so-called Toluca train, a job with millionaire cost overruns that the president-elect of Mexico has pledged to finish in his Legislative Assembly. In this work, divided into several phases, have also worked Spanish companies such as CAF, Azvi, Isolux and Rubau, among others. Where there is more doubt, it is in the road policy and the future of motorway concessions.
López Obrador was very critical of the corruption cases that afflicted OHL México (now of the IFM fund). Among the most difficult issues is the process of liberalization and privatization of the energy market in Mexico, which affects the giant Pemex. López Obrador is against this new regulation promoted by Peña Nieto.
In terms of energy, the Spanish infrastructure groups with the most interests in Mexico are ACS, Acciona and Abengoa, among others. Companies such as Tecnicas Reunidas, Elecnor and Duro Felguera are regular suppliers to the country's electrical authorities and giant Pemex.
Telecommunications
Telefónica, whose president, José María Álvarez-Pallete, is also present in Mexico, said Monday. In an interview with Onda Cero, the company is accustomed to the electoral processes of different signs in the countries where they are present and respects the results. "What we try to do later, is to explain our case, to explain the importance of a sector like ours and to try to understand the importance of this technological transition that we are going through. As soon as they call us, we will share it with them, "he said.Telefónica Mexico's business turnover decreased by 5.4% in the first quarter, to 277 million euros. Euros, and gross operating profit (EBITDA) amounted to 41 million, a decrease of 28.1% .The operator explained that, at the Except for regulatory changes in Mexico, billing would increase by 0.7% and EBITDA by 7.6%.
Textile
Inditex landed in Mexico in 1992, opening its first Zara store in the capital Nowadays it has about 400 establishments spread among schools such as Zara, Bershka, Pull & Bear and Oysho.It is one of the international markets where it has grown the most in recent years. 19659003] Tourism
Mexico plays a very important role for the main Spanish hotel chains Meliá, NH, Barceló, Iberostar, RIU concentrate their establishments in the main tourist centers: Cancún and Playa del Carmen. NH, Meliá and Iberostar each add a dozen hotels in the country. It also has interests in the country Iberia, which flies to Mexico since 1950. It currently offers two daily flights between the Spanish capital and Mexico City, although this summer season offers up to three, carrying its flights weekly at 19
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