Analistas Financieros Internacionales (Afi) Overview & Services April 2013
Index Leader in Spanish consultancy since 1987 pg. 3 Client structure and international experience pg. 4 Team pg. 5 Business areas & services pg. 6 Credentials for foreign institutional investors pg. 9 Services to foreign investors (I): Research on Spain pg. 11 Services to foreign investors (II): Financial Advisory Financial Services Transactions pg. 13 Public Sector pg. 14 Corporates pg. 15 Client book (selection) pg. 16 2
Leader in Spanish independent consultancy since 1987 Afi, Analistas Financieros Internacionales is a leading consulting firm specialized in economics, banking and public finance, with twenty-five years of experience in the Spanish financial market and abroad. It was originally set up in 1987 by a group of renowned academics that provided Spanish saving banks with insightful economic and financial analysis to compete in an increasingly demanding and changing environment. Over time Afi developed consulting capabilities, spun off several specialized subsidiaries, created the School of Applied Finance (EFA) and grew into the group of firms that is Afi today. With ca. 100 highly skilled professionals, Afi has a clear objective to help our clients succeed. We strive to offer them a wide range of tailored services covering financial research and analysis, consulting and advisory services and specialized training. We pride ourselves on always looking for a better solution to a client s challenge by combining deep technical expertise with creativity and innovation. Served with integrity and honesty a long list of clients including most Spanish financial institutions, private international clients (financial and corporate sector), multilateral organizations, large corporations, SMEs, and public administrations both in Spain and abroad. 3
Client structure International experience 2012 4
Team A strong and stable partnership that combines profound experience in a broad variety of fields o Number of partners: 25 o Average age, years: 44 o Working for Afi, years, average: 14 o Experience in the industry, years, average: 21 A stable staff of ca. 75 consultants and analysts, with high-standing qualifications and skills o Over 50% of staff are MSc and PHd o Average age, years: 33 o Working for Afi, years, average: 6.5 o Experience in the industry, years, average: 10 5
Business areas & services RESEARCH & ANALYSIS TRAINING & PUBLICATIONS ADVISORY & CONSULTING TECHNOLOGY INTERNATIONAL ACTIVITIES 6
Business areas & services RESEARCH & ANALYSIS Macro & markets research, with a focus on Spanish issues Banking analysis & research, with a focus on Spanish institutions Public finance research, with a focus on Central government and Spanish regions ADVISORY & CONSULTING Financial advisory Applied economics consultancy Corporate finance International projects M&A Risk management consultancy Public sector financial advisory Transaction Advisory Services Public sector economic & bugdetary advisory 7
Business areas & services INTERNATIONAL ACTIVITIES (emerging markets) Housing Finance SMEs Access to finance Infrastructure & energy Capital Markets infrastructure TECHNOLOGY Business intelligence systems (design, development & implementation) Information and contents systems Financial & management applications (design & development) TRAINING & PUBLICATIONS Postgraduate programs (MSc in Banking, Finance and Quantitative Finance) Open training courses (Finance and Risk Management) Tailored programs (Regulators, Supervisors, Financial institutions and Corporates) Regular Publications (Journal of International Finance, Journal of Local Analysis) In-house collections 8
Credentials for foreign institutional investors Thorough knowledge of the Spanish economy and its public sector and financial services sector, acquired over the last 25 years through the provision of macro, banking and public sector research and advisory, consultancy and training services to a broad range of clients including most domestic financial institutions, many listed and non-listed corporations and the public sector (central, regional and local governments). Main independent and fully Spanish-owned Spanish consultancy in the provision of macro analysis and financial markets research, with more than 60 domestic clients among financial institutions, private and public corporations, and official institutions. Services including macro forecasting, scenario analysis and contingency plans (i.e. Euro exit, etc). Main stategic advisor for the Spanish public sector, providing ongoing advisory services to 15 regional governments, more than 12 public corporations in several sectors of activity, in budgetary and economic projects and in the design and implementation of their funding strategy. External advisors in 4 broad economy and sectorial due diligence processes for foreign investors (private equity firms and hedge funds) in their approach to investments in Spain, including experience in specific assets like ABS/RMBS and Cédulas. Design and implementation of medium-term strategic plans & business models for more than 25 financial institutions, including: financial modelling; financial and business strategy; optimization of commercial distribution models; improvements in efficiency; risk management; design and implementation of management information systems; etc. Financial advisors in more than 15 integration, merger and restructuring processes among Spanish Cajas, banks and credit coops. since 2009, and in more than 3 recapitalization processes initiated since 2011, including 2 bank IPOs. Ongoing research and advisory services related to the Spanish economy (macro, banking sector, public finance and specific asset classes) for more than 15 foreign institutional investors, including hedge funds, asset managers, private equity firms, pension funds and banks both commercial and investment banks-. 9
Services for Foreign Investors 10
(I) Research on Spain Research & market intelligence Role: external research advisor Services / areas of expertise: o Recurring & ad-hoc research on broad macro issues, public sector and banks. o Due diligence (macro, regions, asset classes, etc.) o Sector analysis o Forecasting & Scenario modeling Clients: o Hedge funds o Pension funds o Asset Managers o SWFs o Private Equity firms o Industrial Corporations o Family Offices 11
www.afi.es/ros 12
(II) Financial Advisory on Transactions Financial Sector Target Seller Buyer Assets Branches Written-down assets NPL portfolios Performing portfolios Repossessed Assets Afi Services Analysis & optimization of package(s) of branches/ porfolio for sale Data Room Elaboration of Info memo NDAs Valuation Price negotiation DD Coordination Agreement and signature of contracts 13
(II) Advisory on Public Sector & Transactions Opportunities in the Reform Process of the Spanis Public Sector Where? Driver Specifics Afi Expertise Central Government Asset sales Funding Public Corporations. Real Estate AENA, ADIF, Tollroads, etc. Advisory & Valuation (AENA, ADIF, etc.) Regions Public sector rationalization. Externalizing Health reform. Funding Public Corporations Hotels & viable Co s. Hospitals ICF Currently advising 14 Regions. Valuation of Public Corporations. Local Authorities Local sector reform (Outsourcing) Concession of public services Funding for Specialized Services Water & Waste Transport Currently advising 10+ large Cities. Concession Valuation 14
(II) Advisory on Other Sectors Opportunities in Other Sectors of high relevance in Spain Sector Driver Afi Expertise Renewables New regulation puts profitability under pressure and forces to deleverage Regulation advisory Close relationship with main players Hospitals New privatization models currently under study Strong PPP experience Financial advisors in recent deals Real Estate Depressed prices offer good opportunities + developers need to deleverage Ongoing RE sector analysis Close relationships with main players: banks & developers 15
Clients: Spanish financial institutions 16
Clients: Regions and Local Authorities 17
Clients: Spanish non-financial corporations 18
Clients: Foreign Financial Institutions & Others. Afi foreign recurring clients - last three years Commercial & Investment banks Private Equity & Alt. investment firms Non-Financial Corporations Hedge Funds & Asset Managers 2 French banks 2 UK/Global banks 1 Benelux bank 1 US bank 5 Global PE firms 2 US firms 1 UK firms 1 French firm 6 HF s < 10bn AUM 3 HF s > 10bn AUM 5 Asset Managers 19
2012 Afi. Todos los derechos reservados.