Letter from the CEO
Constant effort, SOLID VALUES
For almost 20 years, since 1994, the ONCE Business Corporation (CEOSA) has been making a timely account of its activities available to the public. And it has done so both because Spanish law requires it and because its stakeholder, ONCE, insists on TRANSPARENCY as one of the core values of its activity. This report is intended not only for its internal and external clients (employees, customers, suppliers and associates), but for Spanish society as a whole.
From a purely financial standpoint, the last year continued to reflect the damaging effects of a downturn that seems to have taken root in Spain’s economy, despite the fact that neighboring European countries are starting to show clear signs of emerging from the crisis.
Specifically, CEOSA’s net turnover in 2010 was 483.9 million euros, a figure that bested the previous year’s amount by 2.8%.
Both the services (5.8%) and real estate (16.99%) sectors increased their turnover, while the figures for the foodstuffs (-46.26%), insurance (-10.22%) and travel agency (-7.87%) businesses decreased. In other words, despite the worsening economic situation that is affecting the entire Spanish economy, we managed to grow slightly while laying the necessary groundwork for improved results in 2011.
Social corporation
This environment necessitates cost-cutting and debt-reduction measures in order to prepare for the near-term restructuring of the Corporation so as to make ready for the new business opportunities that always arise after periods of crisis, like the one we has gripped us in these past few years.
These adverse circumstances, however, were not sufficient to cause us to adjust our workforce, as evidenced by the fact that we continue to employ 1,676 individuals with some type of disability, or 7.65% of the CEOSA staff which, as of 31 December 2010, totaled 21,897 employees.
Training, career planning for employees - especially for those with some type of disability -, compatibility between work and family life and equality continue to be our core management principles, and CEOSA stands by them, even in the most difficult of times, such as the one facing us now. Our corporate values require that we uphold a culture of responsibility that will undoubtedly continue to define CEOSA’s character in the future.
José María Arroyo Zarzosa
President of CEOSA