doc_ECI

El Corte Inglés is a world leader in large department stores and a benchmark of Spanish
distribution.
With more than 70 years' experience, the Group has maintained from the outset a
policy of customer service and an ongoing concern with adapting itself to suit the tastes
and needs of society.
This has led, in turn, to a policy of diversification and the creation of new business
formats.
In addition to the El Corte Inglés department stores, the Group has other companies,
such as Hipercor, Supercor, Sfera, Bricor, Óptica 2000, Telecor, Viajes El Corte Inglés,
Seguros and Informática El Corte Inglés, among others.

1935
Ramón Areces Rodríguez purchases a tailor's shop founded in 1890 that bears the name El Corte Inglés (''The English Cut''), deciding to keep the name, since the
tailor's shop enjoys certain prestige in Madrid at the time.
1939
A new phase starts with the purchase of a property at number 3, Calle Preciados, Madrid. The ground floor, first floor and part of the second floor are made into sales
areas.
1940
Ramón Areces establishes the El Corte Inglés company, with his uncle César Rodríguez as a shareholder and the first chairman of the company.
1945/46
First complete refurbishment of the Preciados building. The sales area now occupies a total of 2,000 square metres, on five floors. A departmental sales structure is
put in place, as in a department store.
1966
Ramón Areces becomes company chairman following the death of César Rodríguez. Throughout the sixties El Corte Inglés expands as a department store, with
centres opening in Barcelona, Seville and Bilbao as well as Madrid.
1969
Establishment of Viajes El Corte Inglés (Travel Agency), with a wide range of domestic and international travel services. The offering is rounded out with specialised
activities such as organising conferences, conventions, etc.
1979
Establishment of Hipercor, designed as a hypermarket, with the usual textiles, household goods, groceries, perishable produce and catering sections, complemented
by El Corte Inglés Shops, a complex of spaces specialising in fashion, gifts, accessories and cosmetics.
1982
Acquisition of an insurance company, Centro de Seguros, and setting up of Grupo El Corte Inglés' insurance brokerage.
1986
Establishment of Investrónica, a company dedicated to the design, manufacture and sale of IT products. Market launch of the 512 X computer model, the first
Spanish-made IBM PC compatible computer, under the brand name Inves.
1988
March sees the incorporation of Informática El Corte Inglés, (Information Technology).
1989
Isidoro Álvarez is appointed chairman of El Corte Inglés following the death of Ramón Areces. Two new companies are set up and start to operate within the
insurance branch: the first is Seguros El Corte Inglés, Vida, Pensiones y Reaseguros, and the second is Seguros El Corte Inglés, Ramos Generales y Reaseguros. The
objective is to enable customers of El Corte Inglés, families and companies to take out cover for personal risks (life and accident insurance) and to offer them ways of
investing.
1995
A major milestone for Grupo El Corte Inglés: the acquisition of the assets of Galerías Preciados. The same year sees the creation of Telecor.
1998
El Corte Inglés and the Repsol group set up a joint venture company called Gespevesa to open service stations with small supermarkets.

2000
Launch of a new chain: Supercor Supermarkets, building on the concept of the neighbourhood shop that offers quality and variety in food, cleaning products and
cosmetics. The same year sees the launch of Opencor, a new style of shop open 365 days a year, 18 hours a day, with a large selection in food, leisure products and
gifts, etc...
2001
Hipercor acquired five hypermarkets from the Carrefour company in June. In November, the first El Corte Inglés department store abroad opened in Lisbon
(Portugal). On 2 December, El Corte Inglés acquired nine shopping centres from Marks & Spencer after the British group closed its operations in Spain.
2002
Launch of Sfera, a chain of shops specialising in fashion and accessories, with a wide range for men, women and children.
2004
El Corte Inglés enlarges its commercial offering in Asturias with the reopening of the seven Champion supermarkets acquired from the Carrefour group.
2006
The first Bricor shop, from the Group's DIY and decoration chain, opened its doors in Alcalá de Henares (Madrid). El Corte Inglés acquires Asón Inmobiliaria, which
owns, among other assets, the site on which Madrid's Windsor Building had stood before it was destroyed by fire two years earlier.
2010
The shopping area of the new El Corte Inglés building, built on the site of the former Windsor tower, has opened. The new space is attached to the Castellana
(Madrid) establishment.
2013
Dimas Gimeno Álvarez rises to the position of Chief Executive Officer of El Corte Inglés.
2014
On 14 September, Isidoro Álvarez passed away after 25 years as Chairman of El Corte Inglés, he left as his legacy a major distribution group with 88 department
stores and 43 hypermarkets, as well as smaller stores, travel agencies, a chain of opticians, insurance, IT and technology companies, etc.
On 16 September, Dimas Gimeno Álvarez was appointed Chairman of the Board of Directors of El Corte Inglés.

Brief historical notes
El Corte Inglés takes its name from a small tailor's shop founded in 1890 and located between Madrid's Preciados, Carmen and Rompelanzas Streets. In 1935, Mr.
Ramón Areces Rodríguez, backed by his uncle César Rodríguez, bought the tailor's shop, and this was the start of his entrepreneurial adventure. After the Spanish Civil
War, in 1939, he also acquired a property in Madrid's Preciados Street, number 3, converting the ground and first floors and part of the second floor into sales areas.
In June 1940, when the business had seven employees in all, Ramón Areces set up the El Corte Inglés company, with his uncle César Rodríguez as shareholder and first
chairman of the company.
Between the years 1945 and 1946 the first comprehensive refurbishment of the premises was undertaken, bringing the total sales
area up to 2,000 square metres, spread over five floors. This was the beginning of the definitive sales structure by departments t
ypical of a department store. Between 1953 and 1955 the adjacent building at number 5 Preciados was incorporated, effectively
doubling the sales area. As time went by a number of extensions and alterations were carried out in order to project a modern
image appropriate to the demands and needs of society.
The sixties were key years for the expansion of El Corte Inglés as a department store, with new centres opening in Barcelona,
Seville and Bilbao, as well as Madrid, where the number of branches steadily increased, while at the same time the existing ones
consolidated with a growing range of products.
From the late 1960s to the mid-1990s, the group experienced major growth, marked by expansion to other provincial capitals and by the diversification of its sales
activity, which began to branch out into other lines of business. Thus in 1969 Viajes El Corte Inglés (Travel Agency) was established, ten years later Hipercor was set
up, and in 1982 El Corte Inglés acquired the insurance company Centro de Seguros. The decade of the eighties was an intense period that ended with the death of
Ramón Areces on 30 July 1989. Over many of the past years, the chairman had been preparing his successor, Isidoro Álvarez, who since 1966 had held the position of
managing director.
By the time Isidoro Álvarez took over the as chairman of El Corte Inglés on 2 August 1989, he knew the business inside out. In 1989, two new companies were set up
and started to operate in the insurance branch: On the one hand, Seguros El Corte Inglés, Vida, Pensiones y Reaseguros, and on the other, Seguros El Corte Inglés,
Ramos Generales y Reaseguros, S.A. This period of sustained growth culminated in 1995 with the achievement of a major milestone: the acquisition of the properties
of Galerías Preciados, the incorporation of 5,200 employees into the workforce and major investments to adapt the acquired assets to the commercial policy and
business culture of the group.
On 29 June 2001 the company Hipercor acquired five hypermarkets from Carrefour, together with the corresponding shopping centres. All these assets were included
in the divestment plan imposed by the government following the merger of Pryca and Continente. The five hypermarkets are located in Burgos, Valladolid, Aviles,
Seville and Malaga. On Monday 2 July of that same year all these hypermarkets were opened under the name Hipercor.

That same year also saw other important milestones in the group. On 23 November, El Corte Inglés opened doors of its first department store outside Spain, in
Lisbon, Portugal. The store is located in the upper Edward VII Park area, at the junction of Avenida António Augusto de Aguiar, Avenida de Sidonio Paris and Rua de
Marquês de Fronteira, one of the Portuguese capital's main shopping areas.
Just a few days later, in December 2001, El Corte Inglés acquired Marks & Spencer's nine stores following the U.K. group's decision to withdraw from Spain. On 18
December these outlets opened to the public, in Madrid, Barcelona, Bilbao, Seville and Valencia.
On 2 December 2004, El Corte Inglés extended its offering in Asturias with the reopening of the seven Champion supermarkets
acquired from Carrefour.
The stores operate under the trade name Supercor. Another milestone in the group's history was the acquisition in
December 2006 of Asón Inmobiliaria, the company that owned, among other assets, the land on which Madrid's Windsor
building (destroyedby fire almost two years previously) had stood and 20% of the Torre Picasso building, also in Madrid.
A few months later, in July 2007, the company sold its stake in the latter building to FCC, while at the same time moving
forward with plans to convert the Windsor site into a building that would house one of Europe's biggest and most modern
shopping centres.
The shopping area of this new building, which is attached to the El Corte Inglés Castellana store, opened in late 2010. In
October 2011, new spaces and services were opened such as Gourmet Experience, Calles del Lujo (luxury articles), and
Espacio de Salud y Belleza (beauty and health); a few weeks later, the El Corte Inglés flagship store presented Espacio de
las Artes, its first contemporary art gallery in the Castellana 85 building.
Isidoro Álvarez - the chairman who brought expansion and diversification - passed away on 14 September 2014. For the 25 years that he was chairman, the company
achieved solid growth with establishments in practically every single autonomous region of Spain, two department stores in Portugal, an international presence
through the El Corte Inglés Travel Agency and the Sfera fashion chain. His business model was based on a commitment to customers and comprised five main pillars:
selection, quality, service, specialisation and guarantee.
Two days later, on 16 September, the Board of Directors of El Corte Inglés appointed Dimas Gimeno Álvarez as Chairman of the company. He had been Chief
Executive Officer up until that point, a role he had taken on just one year earlier.

Mr. Isidoro Álvarez Álvarez
Isidoro Álvarez Álvarez, Chairman of the Board of Directors of El Corte Inglés from 1989 to 2014, was born in the Spanish region of Asturias in 1935. He was married.
He began working at El Corte Inglés at the age of 18, while studying Economics and Business Sciences at the Complutense University in Madrid. In 1957, at the age of
22, he earned his degree with High Honours.
Two years later, he was appointed he was appointed a Member of the Board of Directors in 1959, at the age of 24, and then Managing Director and Chairman in
1966.
After the death of Ramón Areces, the Board of Directors appointed him Chairman of El Corte Inglés on 2 August 1989, a decision later ratified at the Shareholders'
General Meeting on 27 August of the same year.
Isidoro Álvarez is one of Spain's top experts in retail distribution. "My school," he says, "has always been El Corte Inglés and my teacher was Ramón Areces. I believe
that the history of retail trade in this country would not be the same without Mr. Areces, who introduced techniques and procedures that have modernised the retail
business in Spain".
Isidoro Álvarez's career has given him an in-depth knowledge of the different forms of distribution in the most developed countries. In close collaboration with the
entire team of professionals in the Group, he is responsible for the El Corte Inglés expansion plan and its diversification into other lines of business.
Isidoro Álvarez was named "Executive of the Year" in 1989 by Mercado magazine. At the time, he said that "the only secret to El Corte Inglés achieving the leading
position that it enjoys today is teamwork and the desire on the part of its staff to excel, since these people are, after all, a company's most valuable asset. That was
always the philosophy of Mr. Areces, and I have shared it throughout my entire life".
On 2 May 1998, he received the Gold Medal of the Region of Madrid, granted on an individual basis by its Governing Council "for his extraordinary contribution to job
creation and his commitment to productive investment". On 24 March 2001, he was appointed Member of Honour of the Royal Madrid Economic Society of Friends
of the Country , at an event in which he was seconded by economist Juan Velarde Fuertes and historian Gonzalo Anes. In 2002, he was given the Gold Medal of the
Royal Academy of Medicine. That same year he was recognised by the Government of Italy, which bestowed upon him the rank of Grand Officer of the Order of Merit
of the Italian Republic.
In October 2002, the magazine Actualidad Económica named him Businessman of the Year.
In 2003, he received the Silver Medal of the Civil Guard and the Honorary Red Cross of the Order of Police Merit.
In December 2004, as chairman of the Ramón Areces Foundation, he received the Gold Medal of the Academy of History (RAH) during a meeting of the board of
academics. The director of the RAH, Gonzalo Anés, said "El Corte Inglés has an ambitious programme including numerous social, cultural and scientific actions, many
of which are carried out through the Ramón Areces Foundation".

On 18 January 2005, in New York, he received the International Retailer of the Year award from the National Retail Federation, the most important association of
retailers and distributors in the United States. He received the award as a "person who has earned a reputation for his creative genius, inspired leadership and
distinguished service to the retail industry." On 13 January 2006, he was given the "Faba de Oro" ('Golden Broad Bean) of Honour from the Friends of the Broad Bean,
in the 24th edition of this award. He was introduced by the director of the Prince of Asturias Foundation, Graciano García. Álvarez's friend since childhood, García
pointed out the "preference for clear ideas and messages of one of the great figures of our time, a creator of wealth and promoter of culture and science through the
Areces Foundation". The Prince of Asturias Foundation director also said that the El Corte Inglés chairman "is helping to make a richer, more open Spain, with greater
hope than the one we lived in during our childhood". On 27 January 2006, the Mayor of Paris, Bertrand Delanoë, granted him the Ville de Paris Medal of Honour
during the "Paris Capitale de la Création" fashion week.
On 16 December 2006, Isidoro Álvarez received the Golden Moscón award from President of the Principality of Asturias, Vicente Álvarez Areces, in the town of Grado,
Asturias (northern Spain). At the awards ceremony, the head of the regional government said that Isidoro Álvarez "is a self-made man", who over the course of his
career has become "a watchword for a job well done, while his company, El Corte Inglés, is one of the most well-known Spanish brands both in Spain and abroad".
On 30 January 2007, Isidoro Álvarez received the First Gold Medal given by the Royal Academy of Moral and Political Sciences, presented by Juan Velarde. This
recognition coincided with the 150th anniversary of the creation of the Royal Academy.
Professor Velarde, Vice Chairman of the Corporation, described Isidoro Álvarez as a "businessman and economist" who had graduated with High Honours and had
always been well-known for leading businesses and institutions that support the research and dissemination work of the Royal Academy.
On 10 July 2007, the Spanish Minister for Labour and Social Affairs, Jesús Caldera, presented Isidoro Álvarez with the Gold Medal of Merit in Work. During his speech,
the minister pointed out that Álvarez had dedicated "a lifetime to creating progress", describing El Corte Inglés as a "great company" and "an example of stable
employment". He also added that this award was in recognition of "socially beneficial and exemplary conduct in the performance of duty". For his part, Isidoro
Álvarez stated he felt "deeply honoured and satisfied" at receiving this award, in recognition of 'socially useful and exemplary' conduct. Álvarez summed up his more
than 50 years of dedication in the Group as an attempt to fulfil a dual duty, as "a worker in and team manager".
On 28 February 2008, Isidoro Álvarez, as presiding patron of the Ramón Areces Foundation, received the 2007 Medal of Honour from H.R.H. the Infante Don Carlos,
the Honorary Chairman of the Spanish Association of Foundations (AEF) . In giving this award, special emphasis was placed on his work through the Ramón Areces
Foundation to promote scientific and technical research and education, making him "an outstanding social and philanthropic leader".
On 5 September 2008, during the institutional ceremonies celebrating Asturias Day, the President of the Principality of Asturia, Vicente Álvarez Areces, awarded
Isidoro Álvarez the Community Gold Medal for his prestigious international career and for his commitment to modernising and developing trade and specialist
services in Asturias.
In the international sphere, the World Retail Congress held in Berlin (Germany) in September 2011 which brought together top-level international leaders in the
world of distribution, gave the Chairman of El Corte Inglés an award for his professional and business career and for his ability to innovate.
As President of the Ramón Areces Foundation, he received a Silver Medal from the Consell Valencià de Cultura in April 2014 for the philanthropic work and scientific,
social and cultural patronage undertaken by the institution since it was set up in 1976.

Mr. Dimas Gimeno Álvarez
Dimas Gimeno Álvarez, Chairman of the Board of Directors of El Corte Inglés, was born in Madrid in 1975. He holds a Degree in Law
from Universidad San Pablo CEU. He has a Master's Degree in Private Law from the same university and an MBA from IESE.
He began his professional career as a sales assistant at El Corte Inglés, something he combined at the
time with his university studies.
After spending a year in Australia, where he studied cinema at the University of Technology in Sydney,
he returned to Madrid in 2000 to rejoin El Corte Inglés Central Services. Since then, he has worked in
various areas of the organisation and gained in-depth knowledge about how the business group
operates.
In 2001, he relocated to Portugal to help launch a subsidiary in the country and open the first El Corte
Inglés store in Lisbon. As Assistant General Director of the Portuguese subsidiary, he worked for five
years on consolidating its position and developing new projects. In 2006, the second El Corte Inglés
store in Portugal opened in the city of Porto and he became responsible for its management.
In 2008, he returned to Central Services in Madrid. For a time, he worked in those operational areas
mostly closely related to department stores; sales, procurement, logistics, marketing and the Internet,
among others. He subsequently joined the Sales Management Department.
In 2009, he was appointed as a Member of the Board of Trustees of the Ramón Areces Foundation
and, in 2010, he became a Member of the Board of Directors of El Corte Inglés.
In August 2013, he rose to the position of Chief Executive Officer of El Corte Inglés.
On 16 September 2014, Dimas Gimeno Álvarez was appointed Chairman of the Board of Directors of El Corte Inglés, following the
death of Isidoro Álvarez a few days earlier.
Dimas Gimeno Álvarez specialises in department store operations and has gained extensive experience from having worked as a
sales assistant, store manager and his subsequent time in all managerial departments of the business. He has also attended and
represented the company at international forums in the retail and department store sector.
Over the years, he has been responsible for the creation of new management teams in those areas mostly focused on commercial
activity, both in the operational management of stores and in specialised areas within the field of managing the sales network
(marketing, clients, Internet, management control, etc.). His work in sales has included leading organisational changes aimed at
specialisation and achieving greater customer knowledge, service and satisfaction.
He specialises and has great expertise in the most cutting-edge trends that emerge in the retail and department store sector. In
recent years, he has contributed to the implementation of new policies and commercial concepts (new fashion areas, new brands,
specialised areas and services, etc.).

Chairman
Mr. Dimas Gimeno Álvarez
Directors
• Ms. Marta Álvarez Guil
• Ms. Cristina Álvarez Guil
• Mr. Leopoldo del Nogal Ropero
• Mr. Juan Hermoso Armada
• Mr. Florencio Lasaga Munárriz
• Mr. Carlos Martínez Echavarría
• Mr. Manuel Pizarro Moreno
• Mr. Shahzad Shahbaz
• Cartera Mancor, S.L., represented by Ms. Paloma García Peña
Secretary to the Board
• Mr. Antonio Hernández-Gil

El Corte Inglés group has put in place a diversification strategy as well as a specialisation
policy, which has resulted in the creation of a variety of commercial
formats. Each of the strands is designed to meet the demands of a
certain market segment.
El Corte Inglés is the Group's main line of business and the widest
ranging format, as it is based on the department store model, which
encompasses all types of products and services, from the latest trends
in fashion and accessories to sporting goods, cultural products,
electronics,household goods and food.
Hipercor, the hypermarket chain, also offers a wide range of products
based on the best quality-to-price ratio format. The other formats fall
within the specialisation policy, and this puts them at the forefront of
their respective sectors, such as travel, IT, telephones, insurance,
supermarkets, opticians, fashion and DIY.
In

El At Corte the close Inglés of the group 2014 has financial put place year, a Grupo diversification El Corte Inglés strategy had as an well average as a specialisation
full-time workforce of 80.875 employees, distributed
policy, across all which companies has resulted within in the group. creation of a variety of commercial
formats. Each of the strands is designed to meet the demands of a
certain We also market provide segment. employment indirectly to many other collaborating companies and suppliers, who help us meet our main
objective: provide the best and most personalised care and service to our customers and achieve a greater level of satisfaction.
El Corte Inglés is the Group's main line of business and the widest
ranging El Corte format, Inglés, which as it is was based born on with the department a clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
encompasses needs of these all companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In

El At Corte the close Inglés of the group 2014 has financial put place year, a Grupo diversification El Corte Inglés strategy had as an well average as a specialisation
full-time workforce of 80.875 employees, distributed
policy, across all which companies has resulted within in the group. creation of a variety of commercial
formats. Each of the strands is designed to meet the demands of a
certain We also market provide segment. employment indirectly to many other collaborating companies and suppliers, who help us meet our main
objective: provide the best and most personalised care and service to our customers and achieve a greater level of satisfaction.
El Corte Inglés is the Group's main line of business and the widest
ranging El Corte format, Inglés, which as it is was based born on with the department a clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
encompasses needs of these all companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In

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Key figures
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in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In
Figures in millions of euros.
(*) The data shown from the year 2013 has been drawn up in accordance with the updates conducted within the International
Financial Reporting Standards (IFRS), for the purpose of making a homogeneous comparison with the data from the year 2014.

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million.
clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
encompasses needs
Key figures
of these all companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In
Figures in millions of euros.
(*):
Figures
Data calculated
in millions
according
of euros.
to the International Financial Reporting Standards (IFRS).
The
(*)
consolidated
The data shown
turnover
from the
for the
year
2014
2013
financial
has been
year
drawn
(closed
up in
on
accordance
28 February
with
2015)
the
amounted
updates conducted
to 14.592,03
within
million
the International
euros, which
is an increase of 2.6% on the previous financial year. This upward trend in sales can be attributed to an improvement in the
general Financial economic Reporting situation Standards (IFRS), a certain for degree the purpose of recovery of making consumption, a homogeneous as well comparison as the attractive with the nature data from of the the commercial year 2014.
offer from the group and the consistent effort to achieve customer satisfaction.

El At
The
The Corte the
El
way
Corte
close Inglés in which of
Inglés
the group turnover 2014
Group
has financial put
ended
has evolved place
2014
year, a
with
Grupo diversification over
a
the
consolidated
El Corte last four Inglés strategy years
turnover
had as is an well shown average
of
as
€
in a
14,592,03
specialisation
the full-time following
million.
workforce graphic: of 80.875 employees, distributed
policy, across all which companies has resulted within in the group. creation of a variety of commercial
formats.
The three
Each
formats
of the
which
strands
have
is
made
designed
the
to
greatest
meet the
contribution
demands
to
of
this
a
result are the department stores, hypermarkets and travel
certain We
agencies.
also market provide segment. employment indirectly to many other collaborating companies and suppliers, who help us meet our main
objective: provide the best and most personalised care and service to our customers and achieve a greater level of satisfaction.
El
The
Corte
gross
Inglés
operating
is the
profit
Group's
(Ebitda)
main line
was
of
€826.39
business
million,
and the
the
widest
operating income has risen to €295.71 million and the net
ranging El
consolidated
Corte format, Inglés,
profit
which as it
stood
is was based
at
born
€118,08
on with the department a
million.
clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
encompasses needs
Key figures
of these all companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In
Figures in millions of euros.
Consolidated profit
The contribution to consolidated earnings made by the Group's business areas is shown in the following table:
(*) The data shown from the year 2013 has been drawn up in accordance with the updates conducted within the International
Financial Reporting Standards (IFRS), for the purpose of making a homogeneous comparison with the data from the year 2014.

El At
The
Corte the
El Corte
close Inglés of
Inglés
the group 2014
Group
has financial put
ended place
2014
year, a
with
Grupo diversification
a consolidated
El Corte Inglés strategy
turnover
had as an well average
of
as
€
a
14,592,03
specialisation
full-time
million.
workforce of 80.875 employees, distributed
policy, across all which companies has resulted within in the group. creation of a variety of commercial
formats.
The three
Each
formats
of the
which
strands
have
is
made
designed
the
to
greatest
meet the
contribution
demands
to
of
this
a
result are the department stores, hypermarkets and travel
certain We
agencies.
also market provide segment. employment indirectly to many other collaborating companies and suppliers, who help us meet our main
objective: provide the best and most personalised care and service to our customers and achieve a greater level of satisfaction.
El
The
Corte
gross
Inglés
operating
is the
profit
Group's
(Ebitda)
main line
was
of
€826.39
business
million,
and the
the
widest
operating income has risen to €295.71 million and the net
ranging El
consolidated
Corte format, Inglés,
profit
which as it
stood
is was based
at
born
€118,08
on with the department a
million.
clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
encompasses needs
Key figures
of these all companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In
Figures in millions of euros.
(*): Data calculated according to the updates applied to the International Financial Reporting Standards (IFRS).
(**): Non-homogenous data due to the % stake held by El Corte Inglés in Financiera ECI rising to 100% in 2013 and to 49% in the 2014 financial year.
The
Figures
consolidated
in millions
profit
of euros.
posted by the group for the 2014 financial year (closed on 28 February 2015) amounted to 118.08 million
euros, which is a decrease of 32.3% on the previous year. This trend is mainly due to the act of making a comparison with the
previous
(*) The
year
data
(when
shown
the
from
capital
the year
gains
2013
stemming
has been
from
drawn
the sale
up in
of
accordance
51% of Financiera
with the
El
updates
Corte Inglés
conducted
were included)
within the
and
International
the effects
caused Financial by the Reporting financial Standards restructuring (IFRS), undertaken for the purpose in the of previous making financial a homogeneous year. comparison with the data from the year 2014.
However, both the operating profit (EBIT) and the gross operating profit (EBITDA) posted positive results, reflecting the upward trend
seen in business by the El Corte Inglés group. In this regard, it should be noted that the EBIT amounted to 295.7 million euros (an
increase of 58.8% on the previous year) while the EBITDA amounted to 826.39 million euros up 14.6% on the previous financial year.

El At
Investments
Corte the close Inglés of the group 2014 has financial put place year, a Grupo diversification El Corte Inglés strategy had as an well average as a specialisation
full-time workforce of 80.875 employees, distributed
policy, across
The total
all which
figure
companies has
for
resulted
investments
within in the group.
made
creation
by
of
the
a variety
Consolidated
of commercial
Group in 2014 was €448.01 million, broken down as follows:
formats. Each of the strands is designed to meet the demands of a
certain We also market provide segment. employment indirectly to many other collaborating companies and suppliers, who help us meet our main
objective: provide the best and most personalised care and service to our customers and achieve a greater level of satisfaction.
El Corte Inglés is the Group's main line of business and the widest
ranging El Corte format, Inglés, which as it is was based born on with the department a clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
encompasses needs of these all companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
in fashion and accessories to sporting goods, cultural products,
electronics,household • Continuously expanding goods and improving food. our selection of products and services.
• Greater presence on the market and a greater proximity to our customers.
Hipercor, • Better the use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
A significant portion of these investments correspond to renovations and refurbishments carried out at various shopping
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
centres to maintain the levels of quality and service that characterise the group. The works carried out during the course of the
their respective sectors, such as travel, IT, telephones, insurance,
2014 financial year include a remodelling of the El Corte Inglés store in Leon, as well as remodelling work on those in Mijas
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
(Malaga) and Palma de Mallorca. The Hipercor stores in Méndez Álvaro and Xanadú (Madrid) were also renovated.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
Other establishments at which improvements were made include the El Corte Inglés centres in Plaza de Cataluña (Barcelona),
In
Sabadell, Vitoria, Pintor Sorolla (Valencia), Marbella and La Coruña.
Furthermore, Bricor maintained its store opening schedule with 21 new stores at El Corte Inglés centres.
The El Corte Inglés group also acquired a plot of land this financial year on Paseo de la Castellana in Madrid, at the commercial
and financial heart of the capital. This is a unique location with excellent communication and infrastructure connections next to
the El Corte Inglés de Castellana shopping centre.
OTHER IMPORTANT INFORMATION
During the course of the 2014 financial year, the El Corte Inglés group successfully completed its first two senior bond issues for
a total amount of 600 million euros.

Below El At Corte the is close an Inglés overview of the group 2014 of has the financial put business place year, in a 2013 Grupo diversification in El line Corte with Inglés strategy current had as areas an well average of as activity a specialisation
full-time and commercial workforce of formats. 80.875 employees, distributed
policy, across all which companies has resulted within in the group. creation of a variety of commercial
• formats. El Corte Each Inglés of department the strands is stores designed to meet the demands of a
• certain We Hipercor also market provide hypermarkets segment. employment indirectly to many other collaborating companies and suppliers, who help us meet our main
• objective: Convenience provide store the (Supercor best and and most Supercor personalised Exprés) care and service to our customers and achieve a greater level of satisfaction.
• El Sfera Corte Inglés is the Group's main line of business and the widest
• ranging El Bricor Corte format, DIY Inglés, which as it is was based born on with the department a clear vocation store for model, sales, which is the main company of a consolidated business group. Meeting the
• encompasses needs Óptica of 2000 these all optician companies, types of products so that they and services, are able from to fulfil the their latest customer trends care and service objectives, involves great effort, including:
• in El fashion Corte Inglés and accessories Travel Group to sporting goods, cultural products,
• electronics,household • Information Continuously and expanding communication goods and improving food. technologies our selection of products and services.
• • Insurance Greater presence brokerage on and the insurance market and a greater proximity to our customers.
• Hipercor, • Finance Better the company use hypermarket of our human chain, resources also offers and a a greater wide range level of professionalism products and job knowledge of our personnel.
based on the best quality-to-price ratio format. The other formats fall
within Our group the specialisation of companies maintains policy, and a this policy puts of them sustained at the job forefront creation, of which is materialised in:
their respective sectors, such as travel, IT, telephones, insurance,
• supermarkets, The experience opticians, and knowlegde fashion and of industry DIY. veterans combines with the progress and contributions of younger workers.
• Encouragement of internal promotion.
• Special care in the area of staff training and orientation regarding the company and their duties.
In

The Annual Report shows the current situation of the El Corte Inglés Group, its companies, activities and services, as well as
offering an in-depth insight into the company.
Annual Report 2014 in pdf

The Annual Report shows the current situation El of Corte the El Inglés Corte regards Inglés Group, Corporate its companies, Social Responsibility activities and as part services, of its as management
well as
offering an in-depth insight into the company. strategy, a factor in its competitiveness and a fundamental element of its policy to
form links with society, which it has maintained since it was first established.
Annual Report 2014 in pdf
All the companies within the Group have accepted this commitment to social
responsibility from the very outset, working to ensure an ongoing and fluid
relationship with all the stakeholders with which they have a connection.
As part of that socially responsible policy, the El Corte Inglés group forms part of
the United Nations Global Compact. This means assuming the principles of respect
for human rights, labour rights, environmental rights and anti-corruption that
comprise this international code of ethics.
For more information, please download the CSR Annual Report 2014

Our business model
Backed by more than 70 years' experience, our business model, based on innovation and constant adaptation to the new needs and
demands The Annual of society, Report shows extends the to current all our areas situation of activity.From El of Corte the El Inglés Corte El regards Corte Inglés Inglés, Group, Corporate a its dynamic companies, Social department Responsibility activities store and as part model, services, of its to as management
our well travel as agencies,
insurance offering an business, in-depth supermarkets insight into the and company. DIY chain, strategy, they all operate a factor within in its competitiveness the same parameters and a of fundamental innovation and element pursuit of its of policy excellence. to
We innovate in our products and services, in the form development links with of society, IT tools, which logistical it has processes maintained and since management it was first systems. established. This vocation
means Annual we Report are pioneers 2014 in in pdf a number of areas of activity and we have introduced some brand new concepts to the world of commerce.
All the companies within the Group have accepted this commitment to social
Our customers
responsibility from the very outset, working to ensure an ongoing and fluid
Customers are at the heart of our business model. relationship For this reason, with all our the entire stakeholders commercial with strategy which they is aimed have at a connection.
ensuring maximum
customer satisfaction, maintaining a relationship built on mutual trust.
Our commitment to our customers is based on five As part basic of principles, that socially which responsible define our policy, way the of doing El Corte business Inglés and group underpin forms part our moral of link
with our customers. These are the principles which the El United Corte Nations Inglés has Global defined Compact. throughout This means its history, assuming and which the principles we renew of respect when we
start to do business in each and every one of our for shopping human rights, centres:centres: labour rights, environmental rights and anti-corruption that
comprise this international code of ethics.
• Extensive range
• Top quality
• Excellent service
• Specialisation in every department
• Total guarantee
Commitment to choice
For more information, please download the CSR Annual Report 2014
Our commitment to quality covers all kinds of products and services. Quality in food products, fashion, homeware, leisure, sports,
electronics... But also in our buildings, in our facilities and in the atmosphere we create for our customers.
Commitment to quality
We believe in freedom of choice and that is why we offer our customers a wide range of possibilities, with brands, products and models
to suit all needs, tastes and pockets.
Commitment to service
Our service-oriented approach means we are able to offer a personalised, customer-focused service, we are able to listen to customers'
suggestions and respond accordingly and it means we offer a wide range of services in all our stores.
Commitment to specialisation
We are specialists in each and every one of the areas we work in:Fashion, perfumes, food, travel, decoration, insurance, IT, culture and
leisure.... This is backed up by our well-trained staff and extensive range.
Commitment to guarantee
This commitment sums up all the previous ones because through this commitment we guarantee the products and services offered in
our stores.It is the foundation on which our relationship of trust with our customers is built and it enables us to uphold our slogan: "If
you're not satisfied, we'll give you your money back".
El Corte Inglés is maintaining its attitude of always listening to customers in order to meet their expectations. The aim is to know what
they think, to answer their queries and help them find what they need. El Corte Inglés has a connection with its customers.

Our products and services
Our business model enables us to offer a diverse and extensive range of products and services.We seek out the best in every area,
trying The Annual to satisfy Report all kinds shows of the customers current with situation different El of Corte the preferences El Inglés Corte regards Inglés and economic Group, Corporate its needs. companies, Social Responsibility activities and as part services, of its as management
well as
- offering We aim an to in-depth guarantee insight the quality into the and company. safety of strategy, the products a factor we sell, in its through competitiveness quality controls and a and fundamental analysis in element laboratories. of its policy to
- We are working on increasing the range of sustainable form links products with society, in all the which product it has categories maintained we since sell (food, it was first cosmetics, established. textiles,
electrical Annual Report appliances, 2014 etc.). in pdf
- We offer a wide range of ecological and fair trade All the products, companies and within others the adapted Group to have specific accepted needs this and commitment tastes. to social
responsibility from the very outset, working to ensure an ongoing and fluid
relationship with all the stakeholders with which they have a connection.
Our suppliers
A good choice of suppliers is key to achieving customer As part of satisfaction.For that socially responsible this reason policy, we maintain the El Corte collaborative Inglés group relationships forms part with of our
suppliers based on mutual trust, enabling us to align the United ourselves Nations with Global our customers' Compact. tastes This means and needs. assuming the principles of respect
All our suppliers have to accept and take on board for ethical human commitment rights, labour principles rights, environmental which include rights compliance and anti-corruption with the Code that of Conduct
of the BSCI (Business Social Compliance Initiative), comprise a non-profit this international association of code which of ethics. El Corte Inglés is a member. BSCI takes as a
reference the fundamental conventions of the International Labour Organisation (ILO) which aims to ensure human rights and union
rights are upheld, freedom of association, no child For labour more information, forced labour, please etc. download This initiative the CSR comes Annual in addition Report to 2014 the Principles of
Action of the El Corte Inglés Group which include a code of ethics based on the principles of the United Nations Global Compact, signed
by the Group and its affiliates.
The Group is making progress in its aim to verify the social and working conditions of its suppliers in third countries, through social
audits conducted within the framework of the BSCI. These audits, in conjunction with a number of training initiatives with suppliers in
third countries, help to ensure these suppliers are aware of their social and work-related obligations and that they comply with these.
Logistics
Logistics is a key part of the distribution business. Therefore, in addition to constantly incorporating and adopting the latest
technologies and systems as they reach the market, El Corte Inglés innovates its own processes in order to gain effectiveness and
flexibility. These improvements in the field of logistics management, also have a clear impact on the environment.

Respect The Annual for the Report environment shows the is current one of our situation main lines of the of El action Corte and Inglés this Group, affects its the companies, whole of the activities organisation, and services, with particular as well as
emphasis offering an on in-depth the following insight areas:Consumption into the company. of resources (energy, water and materials), waste management, range of sustainable
products, internal training and customer information.
Annual Report 2014 in pdf
Materials
We minimise the consumption of materials, as the best waste is no waste.For this reason, each year we try to consume fewer nonreusable
containers and less non-reusable packaging, and we are making improvements to the materials used to make our products
more sustainable.
In 2014, we made progress on incorporating more environmentally-friendly materials, placing special emphasis on those certified
products of sustainable origin and responsible environmental management. As a result of these steps, an important boost has been
given to the FSC certification that guarantees origin from responsibly managed forests. This certification has been extended to
cover the paper used for point of sale receipts, leaflets and catalogues, as well as event tickets.
Energy
We are improving our facilities, using advanced technologies that help to increase energy efficiency, and in our new buildings we
are also incorporating photovoltaic solar panels that enable us to generate power for our own consumption.
The measures adopted include: Replacing our air conditioning systems with high energy efficiency equipment, introducing LED
technology in the majority of our lighting systems, central control systems for optimising the management of all electrical elements
(air conditioning, lighting, fire prevention systems, smoke detectors, security), putting doors on freezers, etc.
We are also pro-actively working with our suppliers on the search for alternatives to coolants (HFC) by increasing the use of
coolants with less Global Warming Potential (GWP).
The set of measures put in place have led to a reduction in electricity consumption - measured in kWh/m2 - of over 2.6% in 2014
and an overall reduction now in excess of 32% when compared with 2008.
Water
The Plan for the Sustainable Management of Water implemented in our centres entails a series of measures that are enabling us to
reduce and optimise water consumption without affecting comfort or the quality of the resource.
In 2014, a 4% water consumption reduction was achieved - measured in m3/m2 - and an overall reduction of 22% in the period
2009-2014.

Emissions The Annual Report shows the current situation of the El Corte Inglés Group, its companies, activities and services, as well as
We offering are constantly in-depth reducing insight our into electricity the company. consumption by adopting all the best available techniques, both on new premises and by
modifying existing premises. We also work on consumption awareness, regulation and measurement to improve energy control
results. Annual Report 2014 in pdf
In 2014, we also increased the percentage of certified electricity purchased from renewable sources from 16% of the total in 2013
to almost 27%.
Over the period 2008-2014, accumulated emissions from the El Corte Inglés group have been reduced by over 38% in absolute
terms.
Waste
The efficient waste management methods we use in our shopping centres mean we have
to separate the waste generated into more than 20 different categories.This separation
process means that each type of waste is sent, according to its nature, to the most suitable
waste manager to achieve greater efficiency.The goal is to ensure that only waste that
cannot be reused ends up in the dump.
The provision of the waste collection service for certain kinds of waste generated by
customers accounts for a significant amount of the total waste managed.The bulk of
the waste corresponds to electrical and electronic appliances.
We generated over 30 million kilograms of cardboard in 2014, tightly closing the
cycle of this particular waste as it is converted into the raw material for the cardboard
packaging re-used by the company.
As regards waste electrical and electronic equipment (WEEE), over 17 million kilograms
of electrical appliances from customers have been processed.

Our Emissions The corporate Annual Report culture shows is characterised the current by situation our staff's of the identification El Corte Inglés with Group, and commitment its companies, to the activities goals of and the services, company, as in well a teamwork as
oriented We offering are constantly environment. in-depth reducing insight This is our into one electricity the of our company. principles, consumption as is by developing adopting the all the full best potential available and talent techniques, of the both people on who new make premises up the and by
organisation, modifying existing in an premises. atmosphere We of also collaboration work on consumption and continual awareness, improvement. regulation and measurement to improve energy control
The results. Annual average Report workforce 2014 in of pdf the Group in 2014, in terms of full-time employees, was 80,875 people, and the total workforce at year-end
stood In 2014, at 91.437 we also people, increased 63% the of percentage whom were of women. certified This electricity consolidates purchased our position from renewable as one of sources the business from groups 16% of with the total the highest in 2013
employment to almost 27%. rates in Spain.
Over the period 2008-2014, accumulated emissions from the El Corte Inglés group have been reduced by over 38% in absolute
terms.
Waste
The efficient waste management methods we use in our shopping centres mean we have
to separate the waste generated into more than 20 different categories.This separation
process means that each type of waste is sent, according to its nature, to the most suitable
waste manager to achieve greater efficiency.The goal is to ensure that only waste that
cannot be reused ends up in the dump.
The provision of the waste collection service for certain kinds of waste generated by
customers accounts for a significant amount of the total waste managed.The bulk of
the waste corresponds to electrical and electronic appliances.
We generated over 30 million kilograms of cardboard in 2014, tightly closing the
Training cycle of this particular waste as it is converted into the raw material for the cardboard
Training packaging is one re-used of the by strong the company. points of the organisation, which sets us apart from the competition. For this reason, both the people who
join As regards the Group's waste companies electrical and electronic the staff working equipment in them (WEEE), regularly over 17 receive million training kilograms to meet the requirements of their positions.
In of 2013 electrical more appliances than 13,700 from onsite customers training have courses been were processed. held, each with an average of 11 participants. In total, more than 412,000 hours
of training.
Social benefits
El Corte Inglés offers a wide range of social benefits to all its professionals, including funding support for the schooling of employees'
children, financial help for employees with disabled children, cultural and sports activities, etc.
In the area of training, the company helps its staff to attend the Ramón Areces University Study Centre.

One Emissions The of Annual the objectives Report shows of El Corte the current Inglés since situation its beginnings of the El Corte has been Inglés to Group, become its companies, integral part activities of the and society services, of each as region well as where it is
present, We offering are constantly and in-depth this is reducing why insight the concept our into electricity the of company. social consumption responsibility by is adopting so firmly all rooted the best in our available organisation. techniques, both on new premises and by
modifying existing premises. We also work on consumption awareness, regulation and measurement to improve energy control
This results. Annual social Report integration 2014 in takes pdf place at different levels, from institutional representation to social action, and includes us organising and
taking In 2014, part we in also all kinds increased of cultural, the percentage educational, of certified social and electricity sports events, purchased both from nationally renewable and at sources regional from and 16% local of level. the total in 2013
Collaboration to almost 27%. with organisations
Our Over links the with period the 2008-2014, local area mean accumulated we are in emissions permanent from contact the El Corte with a Inglés number group of agents, have been institutions reduced and by over social 38% partners. in absolute
terms.
We have an active presence in the leading business organisations at national and regional levels. In order to tighten our links with the
organisations Waste that represent an important part of society, we maintain frequent contact with consumer groups and we have open
channels The efficient for collaboration waste management with numerous methods NGOs. we use in our shopping centres mean we have
Connections to separate the with waste society generated into more than 20 different categories.This separation
In process line with means our that social each integration type of waste policy, is both sent, nationally according and to its locally, nature, we to carry the out most a set suitable of programmes and activities with varying
coverage waste manager according to achieve to different greater public efficiency.The interests and goal tastes. is to ensure Every year, that El only Corte waste Inglés that supports various types of initiatives, designed to
suit cannot the be particular reused ends characteristics up in the dump. of the places where they are carried out.
The provision of the waste collection service for certain kinds of waste generated by
customers accounts for a significant amount of the total waste managed.The bulk of
Our the waste activities corresponds include: to electrical and electronic appliances.
We generated over 30 million kilograms of cardboard in 2014, tightly closing the
Sponsorship
cycle of this particular waste as it is converted into the raw material for the cardboard
Charity packaging and re-used development by the company. aid projects
Social As regards action waste electrical and electronic equipment (WEEE), over 17 million kilograms
Culture of electrical appliances from customers have been processed.
Education and teaching
Environment
Sport

The Ramón Areces Foundation is dedicated to promoting and furthering
research, education and culture in Spain.
Founded by Ramón Areces en 1976, it provides patronage to the sciences
through support for research, contributing to the generation of human
capital and the spread of knowledge in three specific fields: Life and
Materials Sciences, Social Sciences and the Humanities.
One of its main lines of action is the support given to scientific research,
mainly through announcing national tenders. In 2014, a total of 128 projects
were underway involving 643 Spanish researchers.
Human resources training is one of the priorities for the institution, offering
new opportunities to young degree graduates and doctors. This line of action
is materialised under an internal overseas grants programme and support for
grants programmes run by other institutions. In 2014, the foundation had 64 post-graduate and post-doctorate grant recipients at
the most outstanding research and university centres around the world, mainly in Europe and the United States.
As regards the communication of knowledge, the Ramón Areces Foundation organised 82 of its own activities in 2014
(conferences, seminars, master classes, congresses, etc.), at which a number of cross-cutting issues were discussed, such as aging,
financial education, the energy transition in Europe and climate change; the application of Big Data to business management;
innovation policies; preventive vaccines against tuberculosis; and rare or uncommon diseases, etc. 475 experts spoke at these
events (245 from Spain and 230 from abroad), which were attended by 13,530 people.
Web Page: www.fundacionareces.es
.

The direct and joint contribution to National Income made The Ramón by El Corte Areces Inglés Foundation and its Consolidated is dedicated to Group promoting of Companies and furthering stood
at €3,785.3 million in 2014. This amount is detailed in research, the graphic education below: and culture in Spain.
Founded by Ramón Areces en 1976, it provides patronage to the sciences
through support for research, contributing to the generation of human
capital and the spread of knowledge in three specific fields: Life and
Contribution to National Income / millions Materials Sciences, of euros Social Sciences and the Humanities.
One of its main lines of action is the support given to scientific research,
Shareholders
mainly through announcing national Company tenders. In 2014, a total of 128 projects
20,13
were underway involving 643 Spanish 313,40 researchers.
Human resources training is one of the priorities for the institution, offering
new opportunities to young degree graduates and doctors. This line of action
is materialised under an internal overseas grants programme and support for
grants programmes run by other institutions. In 2014, the foundation had 64 post-graduate and State, post-doctorate autonomous grant recipients at
the most outstanding research and university centres around the world, mainly in Europe and the United States.
As regards the communication of knowledge, the Ramón Areces Foundation organised 82 of its own activities in 2014
(conferences, seminars, master classes, congresses, etc.), at which a number of cross-cutting issues were 1.242,07 discussed, such as aging,
financial education, the energy transition in Europe and climate change; the application of Big Data to business management;
innovation policies; preventive vaccines against tuberculosis; and rare or uncommon diseases, etc. 475 experts spoke at these
events (245 from Spain and 230 from abroad), which were attended by 13,530 people.
Web Page: www.fundacionareces.es
.
communities and local
corporations
Staff
2.209,70

The direct and joint contribution to National Income made The Ramón by El Corte Areces Inglés Foundation and its Consolidated is dedicated to Group promoting of Companies and furthering stood
at The €3,785.3 Annual million Corporate in 2014. Social This Responsibility amount is detailed Report in provides research, the graphic a summary education below: of and all the culture principles Spain. that govern our company, with the aim
of achieving the greatest possible transparency in our Founded management by Ramón and to Areces ensure en greater 1976, it stability provides and patronage security to for the our sciences customers
and employees.
through support for research, contributing to the generation of human
capital and the spread of knowledge in three specific fields: Life and
Contribution to National Income / millions Materials Sciences, of euros
CSR Annual Report 2014 in pdf
Social Sciences and the Humanities.
One of its main lines of action is the support given to scientific research,
Shareholders
mainly through announcing national Company tenders. In 2014, a total of 128 projects
20,13
were underway involving 643 Spanish 313,40 researchers.
Human resources training is one of the priorities for the institution, offering
new opportunities to young degree graduates and doctors. This line of action
is materialised under an internal overseas grants programme and support for
grants programmes run by other institutions. In 2014, the foundation had 64 post-graduate and State, post-doctorate autonomous grant recipients at
the most outstanding research and university centres around the world, mainly in Europe and the United States.
As regards the communication of knowledge, the Ramón Areces Foundation organised 82 of its own activities in 2014
(conferences, seminars, master classes, congresses, etc.), at which a number of cross-cutting issues were 1.242,07 discussed, such as aging,
financial education, the energy transition in Europe and climate change; the application of Big Data to business management;
innovation policies; preventive vaccines against tuberculosis; and rare or uncommon diseases, etc. 475 experts spoke at these
events (245 from Spain and 230 from abroad), which were attended by 13,530 people.
Web Page: www.fundacionareces.es
.
communities and local
corporations