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Annual Report 1999

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Annual Report 1999 Annual Report 1999 Summary Highlights 5 Message from the President 6 FINANCIAL GROUP 9 • Caja Laboral 11 • Lagun-Aro 13 • Seguros Lagun-Aro 14 INDUSTRIAL GROUP 15 • Automotive 18 • Components 19 • Construction 20 • Industrial Equipment 21 • Household Goods 22 • Engineering and Capital Goods 23 • Machine Tools 24 DISTRIBUTION GROUP 25 • Eroski 28 • Erkop 30 RESEARCH, TRAINING AND EDUCATION 31 • Research Centres 32 • Training and Education Centres 34 Financial Statements and Trading Account 37 Organisational Structure 42 Social and Management Bodies 42 List of MCC Companies 45 3 Highlights In millions of pesetas In millions of euros 1997 1998 1999 Total Sales 726,706 889,760 1,043,893 4,368 5,348 6,274 International Sales 208,788 238,647 272,885 1,255 1,434 1,640 Assets Under Administration* 836,029 949,769 1,058,922 5,024 5,708 6,364 Equity ** 244,185 288,220 334,232 1,468 1,732 2,009 Investment 62,837 70,763 86,838 378 425 522 Results 52,316 68,907 76,479 314 414 460 * Caja Laboral ** Excluding Lagun-Aro’s Funds Workforce 34,397 1997 42,129 1998 46,861 1999 5 veryone who forms attempt to maintain the part of MCC can essence of our history, EE feel legitimately updating its expression in satisfied with the accordance with the social achievements made in 1999. and economic framework in It was a year in which most which our actions in the of the objectives set were future must form an integral met. part. Antonio Cancelo As far as the development of President of the General Council The year represented a step forward in the reality of a the Management Model is project that in its Mission concerned, we have now statement is defined as gone beyond the company “created by and for people, certification stage, and are committed to the community, making advances in EFQM competitive improvement assessment where, in overall and customer satisfaction, to terms, an average score in generate wealth in society by excess of 400 points has means of business been achieved. development and job creation”. The improvements achieved in People Satisfaction are of During this period of time particular importance. This is there has been a lot of one of the keys to a system reflection about basic based on the prominent role aspects of the organisation. of the human beings who There has been a redefinition form part of it. of the Mission statement, Corporate Values, Basic Our commitment to Objectives and General development is clear from the Policies in a successful investment of close to 6 87,000 million pesetas made, innovation and help shape the enabling 4,732 new jobs to be companies of the future. created. Finally, it should be pointed out that our The gradual application of the activities have been profitable in Business Promotion Model has made economic terms, with improvements on a significant contribution to past situations. This has enabled us to development, enabling new ideas, help each person, the workforce as a capable of becoming the embryo for whole and society in general make newprogress with the wealth generated. businesses, to be discovered and channelled. The organisation of the activities most directly related to knowledge with an overall view enabled, among other things, work to be carried out on what will be, when it is approved in 2000, MCC’s first Science and Technology Strategic Plan. This will establish the path to be followed for the next few years. The idea of the Garaia Centre of Innovation was also one of the outstanding milestones of the year. Collaboration between Mondragón Unibertsitatea, the technological centres and companies will make it possible to set up a network of advanced knowledge to boost 7 FINANCIAL GROUP 9 FINANCIAL GROUP n the financial area 1999 business recorded during the management process was also stood out for the fact that the year. Other factors which had a documented in order to be able II euro came into operation as favourable effect on profitability to transmit the best practices from a billable, although not yet physi- were the recovery in the stock one business centre to another. cal, currency, and the change in market in the last quarter of the the trend in interest rates, which year, with the resulting Training during the year was after falling during the first half of favourable effect on the mainly aimed at improving the the year began to rise in the investment portfolio, and the technical level of staff, promotion second half. significant reduction in courses and help for delinquency. All these factors complementary courses. It should MCC’s Financial Group helped to consolidate the results. also be highlighted that over the continued to record the high year, 1,381 million pesetas from levels of efficiency already Internationalisation. In 1999 Caja Laboral’s Education and demonstrated in the two previous there was an increase in 13% in Promotion Fund were earmarked years, having successfully the volume of commercial for co-operative training and overcome adverse circumstances operations abroad. 68% of this promotion. like the tightening of the gross business was with co-operative earnings margin and the volatility enterprises and the remaining Among the aspects relating to of the financial markets. 32% with other business clients. Lagun Aro, the positive During the year the network of performance of the Employment foreign correspondent banks was Aid benefit should be In 1999 MCC’s Financial reinforced, extending it to new highlighted, which enabled a Group’s compliance with its geographical areas, and taking reserve fund totalling 3,843 Basic Corporate Objectives has the total to more than 900. million pesetas to be set up for been as follows: the future. Mention should also Development. The activity of be made of the increasing Customer Satisfaction. During this Group increased significantly activity of the Company the year advances continued to be in 1999 with both assets under Medicine Service, due to the made in the continuous administration and bank increase in the number of improvement of quality, with ISO investment recording two-digit workers in the Group and the 9002 certification obtained for a growth. The considerable awareness among the co- number of activities, like Caja profitability obtained also helped operatives about the prevention Laboral’s telebanking service, to reinforce the soundness of the of occupational hazards and the Lagun Aro’s Company Medicine net worth of the institution, taking control of environmental Service and in the sale and Caja Laboral’s equity to pollution. management of car insurance. 125,453 million pesetas, a 13% increase and Lagun-Aro’s funds Juan María Otaegui In the banking area, customers to 333,303 million pesetas, a MCC Vice-president Chief Executive – Financial Group have been assigned to specific 16% increase. Geographical managers and products and expansion was concentrated services prepared for different mainly on the leading cities in the types of customers. Castilla-León region, where four Complementary sales channels, new branches were opened. like telephone banking and Finally, the increase of 2,074 in Internet banking (Caja Laboral the number of Lagun Aro NET), have been consolidated members stands out, as it was the and the number of branches largest increase in its history. opening in the afternoon increased. Worker Participation. In 1999 the opinion that members Profitability. The tightening of of this Group have of its Policy the gross earnings margins was and Strategy was assessed for offset by the increased volume of the first time. The knowledge 10 FINANCIAL GROUP CAJA LABORAL Sdad. Coop. de Crédito aja Laboral is a credit institution set up by the C industrial co-operatives. From the start it has played a key role in the promotion, financing and business development of the co-operative movement, of which it has become the flagship, establishing the bases of what is today Mondragón Corporación Cooperativa. 1999 was a good year for Caja Laboral, in spite of a number of complications inherent in the Caja laboral, Elorrio branch. volatility of the financial markets and the historic minimum levels of interest rates, which put a lot of pressure on the gross earnings the institution’s capital central bank figures as well margin of the banking sector. adequacy ratio was 19.1%, as the net position with credit well in excess of the minimum institutions, fell by 15%, with Total assets on the balance sheet requirement of 8%, as well as a balance of 90,118 million accounted for 997,565 million the average for the sector. pesetas at the end of the pesetas at the end of 1999, year. which is an increase of 9.5% As far as lending business compared to 1998. was concerned, net bank In terms of the profitability investment increased by obtained in 1999, in spite of Customer assets under 19.5% over the year, taking the difficulties deriving from administration, including those the balance of this heading to the low interest rates in force administered off the balance 612,620 million pesetas. The during the year, the increase sheet, totalled 1,058,922 million most active type of loan is in business volume enabled pesetas at the end of the year, still the mortgage loan, with the gross earnings margin to with a notable increase over the an increase of 71,788 million be improved by 7%. This year of 12%. There was a pesetas. Mortgage loans now together with the fact that the change in the market trend, with account for 71% of all loans net commission on services a return to traditional savings to the private sector.
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