12
MANAGEMENT REPORT
Message from
the Chairman of
the Board of Directors
For a large group such as Ibersol, 2013 proved that per-
sistence and focus are vital in order to stay on course.
We knew it would be another difficult year for house-
holds and businesses in Portugal and Spain, because of
the high unemployment and the increasing tax burden,
in a context of uncertainty, which in our line of business
directly affects the consumption profile.
Times have changed and, with them, the consumer deci-
sion-making process, whether through a reduction in con-
sumer purchasing power or through changes in consump-
tion habits and rates, changes which have come to stay.
In this context, our persistence and our focus on cost re-
duction, both at the operational level and at a more struc-
tural level, have been decisive in enabling us to maintain
the sustainable pace that has characterized our manage-
ment, providing assurance to all our stakeholders.
This desideratum was only achieved because we were
able to rely on the effort and involvement of our entire
team (for which they deserve praise), who have inter-
nalized and grasped the importance of the current ad-
justments, which are crucial in order to maintain the
Group’s economic and financial health.
Portugal is regaining confidence. There are signs of re-
covery and hope, mainly due to the effort and sacrifice
of the Portuguese people and their creative energy.
The tide of unemployment is on the ebb and economic
growth, though still fragile, appears to have returned,
giving real hope that the worst is over.
In the Ibersol Group we have weathered the storm,
protecting jobs and employment and showing rigor
and persistence in all we do. It is this same persis-
tence and rigor in action that guides us every day in
the Ibersol Group in Portugal, Spain and Angola.
MODERNIZATION OF THE PORTFOLIO OF UNITS
HUMAN RESOURCES DEVELOPMENT
INTERNATIONALIZATION
