®

LIFESTYLE MAGAZINE WINTER 2010-2011

Published by La Zagaleta S.L.U. - N.9 - Price: 10 €

DESCUBRE
AL CELTA
Adelanto de la última obra del
Premio Nobel en literatura
A FONDO
Miguel Gallego detalla
el mundo del aceite de oliva
KATE
2011: THINK CUSTOMER! WINSLET
A beauty defined
A COMPANY PHILOSOPHY
THE
LA ZAGALETA, GLOBAL
HISTORIA DE UNA MARCA PARTY
Último capítulo Linking the world
for a worthy cause
UBS’ MARKET
OUTLOOK
by Sandro Merino

EXCLUSIVE:
Cover images © Getty Images

FRANK CHAPMAN, CEO, BG Group, plc

A World
of Difference.

LA ZAGALETA ®
Benahavís, Spain
 Club de Campo La Zagaleta
Founded in 1991, La Zagaleta is located in the
Benahavís district above the hills of San Pedro
de Alcántara at approximately 400 meters above
sea level, only 60km from the Málaga airport.

La Zagaleta offers two, 18-hole private golf courses,

a riding club, tennis courts, and the most serene
natural reserve in the midst of luxury facilities.

Garnered with the Safe Home Award by

Mercedes Benz & International Property
Awards, the CNBC European Property Award
for Best Development Spain (2008) and Best
Golf Development Spain (2008), as well as
the 2010 Overseas Living Award in Spain.

Contact
Ctra. de Ronda, Km. 38,5 - 29679 Benahavís (Málaga) Spain | T. +34 952 855 450 F. +34 952 855 313 | sales@lazagaleta.com - www.lazagaleta.com | Viewing by appointment only.
 Specialists in audio-video, lighting
and control for your home.
Especialistas en audio-video, iluminación
y control para su hogar.

Illusion Home Cinema:

C/ Ávila 17 Local 2. Urb. Guadalcántara Showroom La Zagaleta:
29670 San Pedro Alcántara Coto La Zagaleta Casa C2-23
(At the back of C. de Salamanca) Contact us in 952 781 669
Tlf: 952 781 669 - e-mail: info@e-illusion.es www.e-illusion.es to arrange an appointment.
 There is always
a safe harbour
close by.

Lloyds TSB Bank plc

Feeling adrift in these
Gibraltar Branch turbulent times?
First Floor With a long tradition of being
Royal Ocean Plaza safe and reliable, we offer
Ocean Village
P.O. Box 482
you the soundness you are
Gibraltar looking for.
Tel. +350 200 77373
Join us for the journey.
Fax +350 200 70023
Legislation or regulations in your home jurisdiction may prohibit you
from entering into transactions with us. We reserve the right to make final www.lloydstsb-ipb.com
determination on whether you are eligible for any products or services.

Authorised by the Financial Services Authority in the United

Dubai Geneva Gibraltar London Luxembourg
Kingdom and regulated by the Financial Services Commission, Gibraltar. Miami Monaco Montevideo Zurich
 LIFESTYLE MAGAZINE

CONTENTS
Nº 9 - Winter 2010-2011

OPINION: What about defense? 12

OPINION: The beginning of a dangerous addiction 14
COMMENTARY: Why the obsession with genealogy? 18
MARKET OUTLOOK: The Phantom Recovery:
It´s there if you can find it 20
INVEST: Clean energy, a clean business practice 24
INTERVIEW: Mr. Frank Chapman 28
SIGNATURE VILLA: H-8 38
INTERVIEW: Miguel Gallego 40
AIRCRAFT: Pilatus PC-12 NG 46
CAR: Ferrari 1957 50
CAR: Jaguar 75th Anniversary 52
YACHT: Project Mars by Fincantieri 56

La Zagaleta Lifestyle Magazine

is published by La Zagaleta S.L.U.
Ctra. de Ronda, Km. 38,5
Apdo. Correos, 244, 29679 Benahavís
Málaga (España)
Tel: +34 952 855 450
Fax: +34 952 855 313
C.I.F.: B-29533932
EDITOR:
Ignacio Pérez Díaz
ignacio@lazagaleta.com
ASSISTANT EDITOR:
Alejandra García Farfán
lifestylemagazine@lazagaleta.com
EDITORIAL:
editorial.lzlm@lazagaleta.com
ADVERTISING:
marketing@lazagaleta.com
www.lazagaleta.com

Part of the articles of this magazine

are planned, designed and carried out by
DE LUXE COMMUNICATION
 LIFESTYLE MAGAZINE

CONTENTS
Nº 9 - Winter 2010 / 2011

TOY: Venom Design Jetski 60

WATCH: HM2 by MB&F 62
WHEN THE CUSTOMER: Chapter V (2005-2009) 66
GLOBAL PARTY 74
HISTORY: 1930s Lifestyle Scenes 78
ELEGANCE: Eton Shirt 90
CAMPAIGN: Campari 92
GOURMET: Krug Treasure for Two 94
JEWELLERY: S.T. Dupont & Philipe Tournaire 95
PHOTOGRAPHY: Foodscapes by Carl Warner 96
CELEBRITY: Kate Winslet 100
FASHION: Little Black Dress 106
BOOK: Audrey Hepburn 108
LITERATURE: Preview, El sueño del celta 110
BOOKS 116
NEWS: Zagaleta News 118

ISSN 2171-5645 - LEGAL DEPOSIT: MA-517-2008

el reloj de los líderes
Ningún reloj ha sido creado como un Rolex. El Day-Date, lanzado en 1956,
fortalece el legado del Day-Date original, el primer reloj que indicaba la fecha y el
día de la semana. Una gran expresión de elegancia y estilo que se ha convertido
en el favorito de los líderes mundiales. Aquí le presentamos el Day-Date de
36 mm en oro amarillo de 18 quilates, capaz de indicar el día en múltiples idiomas.

day-date
 la zagaleta
editorial
lifestyle magazine
Estimado lector,
Si usted viaja por el mundo, ya sea por ocio o por negocio, seguramente
habrá oído hablar o habrá usado los intermediarios que en la red existen
de viajes, hoteles o incluso alquiler de apartamentos por corta estancia
(Bookings.com, Edreams, Rumbo, etc.). Realmente son ellos los grandes
beneficiarios de la explosión de Internet y de los buscadores. Solo con
introducir la palabra hotel o el nombre de un lugar aparecen de forma
casi instantánea ya toda una serie de proveedores con magníficas ofertas
y descuentos en establecimientos, viajes, y alquiler de apartamentos, por
citar tan solo unos ejemplos.
Pensándolo bien, su modelo de negocio es bien sencillo: inversión
relativamente pequeña (por tanto riesgo económico mínimo) y
potencial enorme. Es tan sencillo como estudiar un mercado dentro
de una industria específica, recopilar datos, crear una plataforma virtual,
negociar con los proveedores (hoteles, líneas aéreas, excursiones,
temáticos…), conseguir un medio de comunicación que hable de
ello, y adelante! Estos agentes actúan, desde la perspectiva de muchos
establecimientos, como una gran “apisonadora” en el mercado, o mejor
dicho, como la “gran superficie” camuflada dentro del mundo virtual
que acaba con miles de establecimientos y negocios. Hay que saber ser
crítico, aunque la crítica no es popular, incluso cuando uno mismo no
está siendo ejemplar por usar dichos métodos de vez en cuando.
Los argumentos a favor son múltiples, pero al final la realidad es que no
“crean” nada, solo “dicen y reúnen” lo que ya existe y de paso destruyen
al mercado en su conjunto, reduciendo aún más los estrechos márgenes.
¿Cómo puede por ejemplo un establecimiento de lujo y edificio
emblemático con más de 100 años de historia y situado en un centro
histórico de una ciudad, transmitir sus valores a través de una plataforma
como Ebooking o Edreams donde la gente entra buscando el mejor
precio? Lo triste es que si dicho establecimiento no está dentro de esa
plataforma, lo más probable es que baje aun más la rentabilidad que tienen
sus habitaciones, acabando su negocio en una espiral descendiente. Para
que un establecimiento funcione, sea cual sea, es de todo punto lógico
que tiene que ganar dinero, es decir, operar con un margen de beneficio
operativo mínimo, cosa que, a los internautas no nos suele interesar
mucho ya que todo redunda en lo mismo: precio.
“Resulta que clientes de toda la vida se hospedan ahora en un hotel a
mitad de precio a solo tres manzanas de aquí, o en un apartamento que
han encontrado por Internet”, me comentó recientemente un conserje
de toda la vida que suele conocer al cliente por su nombre. Es lo que se
denomina “pérdida de fidelidad” de un cliente, el peor de los escenarios
posibles para cualquier marca,y lo que es peor aún,un cliente casi imposible
de recuperar por la sensación creada de que el hotel es demasiado caro.
www.lazagaleta.com
10
Así son las cosas. El enriquecimiento de unos (los intermediarios), con
aparente aspecto de transparencia y gran utilidad para el consumidor,
buenas prácticas corporativas de cara al consumidor (pero con cero
responsabilidad social) contra los establecimientos, y estos mismos
negocios tratando de luchar por su supervivencia o existencia. Es tan
solo un ejemplo de la pelea incesante e invisible que se produce a diario
en la industria del turismo entre los que han invertido, con esfuerzo,
tradición y quizás incluso alma, contra unos recién llegados, en nombre
de la transparencia del mercado y el mejor precio. O más aún aquellos
que se dedican a hacer “phishing”, o a copiar ideas sin ningún tipo de
escrúpulos, con el único objetivo de ganar dinero.
Es éste un fenómeno extraño, una sensación rara creada en la sociedad
moderna, una “perversión” del consumidor que navega por Internet,
en búsqueda de “algo”, sin saber muy bien “que”, que va a mejorar sus
vidas, aunque sí es verdad que a veces encuentra lo que les gusta: el precio.
La “obsesión” de que todo es demasiado caro se está contagiando entre
los consumidores y los adolescentes de nuestra sociedad, lo cual está
inevitablemente reemplazando la calidad real por una calidad aparente y
adornada de mil maneras.
Pero todo esto ¿a costa de quién? Quizás progreso, creatividad, invento,
o iniciativa. Pregúntenselo a la industrias musicales, cinematográficas,
hoteleras, turísticas, por citar algunos ejemplos. Se llama: Progreso,Valor y
Creatividad de la sociedad, tal como la conocemos y la definiríamos los
que hemos nacido antes de los años 80.
“THINK CUSTOMER” constituye en contraste un compromiso real
con la calidad y los equipos humanos que componen la cadena de valor.
Es “pensar cliente” tal como se traduce -- y no es otra cosa que lo que
expresa -- es decir, piensa como lo haría un cliente que fuera a comprar tu
producto.Es“pensar en sentido contrario”y partiendo desde el consumidor
y su necesidad, pasando por el producto y toda la cadena que lo constituye:
el embalaje, el encuentro con la marca y, finalmente la decisión de compra.
Esta manera de pensar tiene que “impregnar” a través de los departamentos
y los recursos humanos hasta crear un auténtico lema o motivación.
Constituye un “proceso”, una actitud frente a un mercado, un punto de
partida o un problema matemático en un momento preciso de la historia, y
es tan sencillo como fundamental en cualquier empresa que quiera avanzar,
un consejo que me permito darle y que invita a la reflexión en estos años
de crisis, y que quizá les pueda ayudar a competir mejor.
Como ejemplo de este concepto, les invitamos a leer una entrevista al
CEO de BG Group plc, Frank Chapman (pag. 28), en su residencia
vacacional de La Zagaleta. En tan solo seis meses, Chapman pudo
supervisar la construcción de su “dream home”, contando con el equipo
de La Zagaleta para facilitar su transición a la costa mediterránea.
A WORLD OF DIFERENCE

PUBLISHER’S LETTER
Dear reader,
If you travel around the world, whether it is for
business or pleasure, you will have heard about or
used online travel agencies, hotels or even short-
term apartment rentals (Ebooking, Edreams,
Rumbo, etc.). They are the real great beneficiaries
of the Internet and the search engines’ big boom.
By just inserting the word “hotel” or the name
of a destination, a number of suppliers with
magnificent offers appear on the screen with
discounts on hotels, trips, apartment rentals, to cite
some examples.
If you think about it, the business model is really simple: a minimum
investment (that is minimum financial risk) with great potential. It
is as simple as doing market research of a specific sector, compiling
data, creating a virtual platform, negotiating with the suppliers
(hotels, airlines, guided tours, theme parks…), getting the media
to talk about it and going for it!
These agencies, as seen from many establishments’ point of view,
are like huge bulldozers in the market, the new “shopping malls”
of the 21st century camouflaged in the virtual world, destroying
thousands of shops and businesses. One has to know when to be
critical even when the critique doesn’t sound popular, and even if
you are not setting an example by using these agencies every now
and then.
The arguments in favour are numerous but in the end, the reality is
that these sites do not “create” anything, only “inform and gather”
what is already there and at the same time destroy the market as a
whole, reducing the tight margins even more.
For example, how can a luxury hotel in an emblematic building in
the historic city centre with more than 100 years of history pass on
its values through a platform such as Ebooking or Edreams where
people only search for the best prices? But even worse is that if
this hotel is not on that platform, the profitability of its rooms will
most likely be even lower, resulting in a descending spiral for the
entire business. To make a business work, whatever it may be, it is
logical that it makes money by means of operating with a minimal
profit margin. Usually Internet users are not interested in this as it
is always based on the same thing: the price.
Recently, I was told by an experienced concierge, one of those
who knows his clients by their name: “It turns out that lifelong
customers now stay in a hotel that is half the price and just three
blocks from here, or in an apartment found online.” In marketing,
this is what is called “fidelity loss” of a client, the worst possible
scenario for any brand. Even worse is the fact that this is a client
Ignacio Pérez Díaz - Editor, La Zagaleta Lifestyle Magazine
11
la zagaleta
editorial
lifestyle magazine
who is almost impossible to regain thanks to the
feeling generated that the hotel is too expensive.
That is how things stand: The enrichment of some
(the agencies) with apparent transparency and of
great utility, good corporate practice toward the
consumer (but with zero social responsibility), and
against the establishments and businesses that are
fighting for survival. This is just an example of the
never-ending and invisible daily struggle within the
tourism sector between those who have invested
much effort, tradition and maybe even their souls
against fresh newcomers dedicated to “phishing” or
copying ideas without any qualms, just for the sake
of making money, market transparency and better prices.
This is a strange phenomenon, a very odd sensation created in
modern society, a “perversion” of the consumer surfing the
Internet looking for “something” without really knowing
“what”. Something that will improve their lives, and it is true
that sometimes they find what they like: price. This obsession that
everything is too expensive is spreading among consumers and
adolescents in our society, and thus unavoidably replacing true
quality with an apparent quality embellished in all sorts of ways.
At what cost? Perhaps progress, creativity, invention or initiative?
The music, acting and tourism industry have also fallen victims to
this type of invasion.
“THINK CUSTOMER” represents in contrast a real compromise
in quality and the human teams that comprise the value chain. It
is “Think Customer” in its most literal sense, and it means just
what it says – thinking like a customer would when buying your
product. That is thinking in the opposite direction, starting from
the need of the consumer, followed by the development of the
product and the chain of activities: packaging, encountering the
brand and finally the decision to purchase. This way of thinking
needs to “permeate” through all the departments and human
resources, until the creation of a genuine slogan or motivation. It
represents a “process,” a different market approach, a starting point
or a mathematical problem at a precise moment in history.
This is some advice that I allow myself to give you, the reader, during
these times of crisis that might help one to better compete.
As an example of this idea, we could cite the testimonial and
interview of Mr. Frank Chapman, CEO of BG Group plc (a
demerger of British Gas), from his holiday residence at La
Zagaleta. During six months Mr. Chapman was able to supervise
the construction of his dream home with the assistance of the La
Zagaleta team that greatly helped with his transition to life on the
Mediterranean Coast.
 la zagaleta
opinion
lifestyle magazine
¿QUÉ PASA CON LA DEFENSA?
por Jürgen Bartels
JÜRGEN BARTELS ES EX-CONSEJERO DELEGADO DE STARWOOD
HOTEL GROUP, QUE CUENTA CON 285.000 HABITACIONES EN MÁS
DE 950 HOTELES DE 80 PAÍSES Y 170.000 EMPLEADOS. AHORA ESTÁ
RETIRADO Y RESIDE PARTE DEL AÑO EN LA ZAGALETA, ESPAÑA.
Muchos se preguntarán por qué un antiguo ejecutivo hotelero se
atrevería a opinar sobre un tema tan intrincado y complejo como lo
es la seguridad mundial. No obstante, Jürgen Bartels ha estado presente
en más de 85 países a través del grupo hotelero Starwood Hotel Group,
lo que sin duda le ha aportado una perspectiva sobre cómo se han
desarrollado las economías mundiales, así como de la contribución de
las políticas presupuestarias al crecimiento o declive de determinados
países. En los últimos 50 años Bartels ha seguido muy de cerca a China,
prácticamente un caso de estudio, analizando su ascenso al poder desde
el momento en que empezó a redactar su tesis sobre el país, ya en sus
años de instituto.
Ahora, años después de que muchas de sus teorías se convirtieran en
realidad, Bartels se posiciona a favor de construir una fuerza militar
europea factible y capaz de crear una red de seguridad unida para una
“comunidad” importante que, según Bartels, se centra equívocamente
en medidas sociales ineficientes.
……………
El modelo social europeo es el más avanzado del mundo. Los
trabajadores gozan de más vacaciones, la educación normalmente
es gratuita, se empieza a trabajar de forma tardía y a beneficiarse de
pensiones anticipadamente. El sistema sanitario es ejemplar, el Estado
se hace cargo de los desempleados (que en ocasiones perciben ingresos
superiores a los de los empleados peor remunerados) y no es nada
fácil deshacerse de los trabajadores no productivos. El modelo social
europeo garantiza ingresos, no oportunidades. Se trata de un modelo
de crecimiento que favorece la improductividad. Sin embargo, hoy en
día es evidente que este modelo ya no es sostenible.
La insostenibilidad del modelo se oculta en partidas extracontables,
en obligaciones a largo plazo y sin provisión de fondos con el sistema
sanitario y las pensiones para una población envejecida. El resultado
de todo ello es el drástico recorte de hasta el 40% que la Comunidad
Europea está aplicando a los presupuestos de defensa, con fondos ya
de por sí insuficientes. La principal obligación de un gobierno no es
asegurar el modelo social de redistribución para algunos ciudadanos,
sino defender a todos ellos.
12
Justo en el momento en que al modelo europeo se le empieza a agotar
el dinero de los contribuyentes (el 50% de la población paga impuestos
que van destinados al 50% restante), el gobierno de Obama sigue este
modelo social europeo, ya quebrado, en Estados Unidos. Aplica el
modelo hasta tal punto que incluso ha puesto en marcha un recorte
inicial de 100.000 millones de dólares sobre los presupuestos de defensa
para los próximos cinco años.
Debemos centrarnos, a su vez, en nuestros competidores. En
el año 2000 los países industrializados abarcaron un 66% de la
producción mundial, mientras que en el 2008 el porcentaje fue
de un 50% y se espera que en el 2016 sea del 33%. La producción
está aumentando a una velocidad cada vez mayor en los países en
vías de desarrollo y ya no es posible detener este fenómeno. El
declive de nuestros trabajadores supone el triunfo de los suyos.
¿De qué tipo de crecimiento hablan los países desarrollados? Las
palabras no bastan. El presidente Obama ha prometido recientemente
a los estadounidenses que duplicará las exportaciones en un plazo de
cinco años, pero la cuestión es: ¿vender qué y a quien? La grandeza de
Estados Unidos se está desvaneciendo y la protección del mundo libre
está en tela de juicio y bajo amenaza.
EL MODELO SOCIAL EUROPEO GARANTIZA
INGRESOS, NO OPORTUNIDADES.
La principal amenaza para la seguridad estadounidense, a
nivel nacional e internacional, es la alarmante deuda del país que,
incluyendo las partidas extracontables y las obligaciones a largo plazo y sin
provisión de fondos,asciende a 94 billones de dólares.Esta suma incluye los
14 billones de dólares contabilizados en el balance financiero. En el 2010
Estados Unidos ha tomado prestado un 37% de cada dólar que ha gastado.
La Comunidad Europea tendrá que dar explicaciones y muestras de
responsabilidad, contribuyendo de forma seria al mantenimiento de la
paz y la seguridad en el mundo libre. Para ello no sólo será necesario un
incremento considerable de los presupuestos europeos de defensa, sino
también el compromiso de crear un ejército profesional europeo con
una única lengua vehicular, un equipo y un mando. Los presupuestos de
defensa actuales de los países europeos no son sino errores muy caros.
En tiempos pasados se confundió el poder de Estados Unidos con un
ejemplo de corrección, pero esto también está llegando a su fin. Al
mismo tiempo se están incrementando los conflictos internacionales y
Europa está obligada a reaccionar.
 la zagaleta
opinion
lifestyle magazine

WHAT ABOUT DEFENSE?

by Jürgen Bartels

Many may ask why a former hotel executive would venture to opine
on a topic so intricate and complicated as world security. Nonetheless,
Jürgen Bartels has been present – via the Starwood Hotel Group – in
more than 85 countries, providing him with insight as to how world
economies developed, and how budget policies have contributed to
the growth or decline of certain nations. For 50 years now, Bartels has
kept a particularly close eye on China, studying its almost case-study
rise to power since writing his High School thesis on the country.

Now, after many of his theories have come to fruition, Bartels makes
an argument for building one European military force it can afford that
can provide a safety net of unity for an important “community,” that
according to Bartels, focuses wrongly on inefficient social measures.

……………
The European social model is the most advanced in the world. The
vacation time is the longest, the education mostly free, jobs start late
and pensions early. Health care is exemplary, unemployed are taken
care of (sometimes receiving more than the employed lowest paid),
and non-performing employees are hard to shed.The European Social
model guarantees outcomes instead of guaranteeing opportunity. This
is a growth model for non-performance. However, it is now obvious
that it is no longer affordable.
The extent of unaffordability is hidden in off-balance sheets in
unfunded, long-term obligations in health care and pensions for an
aging population. Resultant from this, the European community is
severely cutting an already underfunded defense budget of up to 40
percent. The number one duty of any government is not its social
model of redistribution for some, but its defense obligation to all.
THE EUROPEAN SOCIAL MODEL
GUARANTEES OUTCOMES INSTEAD OF
GUARANTEEING OPPORTUNITY.
At exactly the time when the European model is running out of other
people’s money (50% pay taxes and 50% of the population receive), the
Obama administration of the United States follows this broken social
model of Europe, even to the extent of implementing a starting defense
cut of $100 billion in the next five years.
We also need to focus on our competition: In the year 2000 the
industrialised world produced 66% of the global production. In 2008
it was 50%, and is expected to be 33% in 2016.The speed of increasing
production in the developing world is accelerating and cannot be
MR. JÜRGEN BARTELS IS THE FORMER CEO OF STARWOOD
HOTEL GROUP, WHICH COUNTS ON 285,000 HOTEL ROOMS
IN OVER 950 HOTELS IN 80 COUNTRIES WITH 170,000
EMPLOYEES. HE IS NOW RETIRED AND RESIDES PART OF THE
YEAR IN LA ZAGALETA, SPAIN.
stopped. Our workers’ decline is their workers’ gain.
What kind of growth are developed nations promising? It takes more
than words. President Obama has recently promised America that it
will double exports in five years. The question is, selling what and to
whom? The greatness of America is slipping and the protection of the
free world is in doubt and under threat.
The biggest threat to US national and world security is the alarming
US debt, which, including off-balance sheet and long-term, unfunded
obligations, is $94 trillion.This includes the $14 trillion on the balance
sheet. In 2010 America borrows 37% out of each dollar spent.
The European community will have to explain and demonstrate
responsibility and become a serious contributor to peace and security
of the free world. That will not only demand important increases in
European defense budgets, but also its obligation to one collective
European professional army with one language, one equipment and
one command. Current European national defense budgets are very
expensive failures.
In the past, America’s power was confused with its being right. This
is also coming to an end. At the same time, conflicts in the world are
increasing and Europe has an obligation to respond.

13
 la zagaleta
opinion
lifestyle magazine
THE BEGINNING OF A DANGEROUS ADDICTION:
A PERSONAL OPINION
by Ignacio Pérez Díaz
Social networking sites like Facebook, Twitter and Co.,
responsible for a future generation of useless adolescents, work
around one argument: it’s great, fun, and it doesn’t cost a thing.
……
“Are you on Facebook?” asked me the other day a person I had
just met. I answered with a dry tone, “No thank you, I don’t
believe in it.” This person, much surprised and not expecting
such an answer on my part began to distance himself until he was
out of sight, likely marking me as arrogant or old-fashioned. But,
how would a child or an adolescent react?
I said, “No, thank you” firstly, because I interpreted it as an
invitation to join “something” and I said, “I don’t believe in
it,” because I don’t – honestly! And I’ve thought about it on
numerous occasions, why do I want to meet so many people, or do I
consider myself friends of the first person I meet or find nice?
HOw DOES ONE CRITICIzE SOmETHING THAT IS
POPULAR AND FREE, AND THEREFORE DOESN’T COST
A THING?
I would categorize friends in two ways: the ones from
childhood (that is, if they still are friends throughout the
years), and the ones you meet throughout life for family or
professional reasons. In the end, I believe in the old saying that
you can count your true friends on one hand, and I imagine
most readers will agree. It’s called dedication and time. Why
do you need 900 friends on Facebook if not even 10 would
help you in a crisis? Believing that one could possibly meet
14
Antonio Banderas or Lady Gaga thanks to a social network is
a fallacy, an initial manoeuvre by its creators to win followers.
The controversy is presented to all the fans of Facebook
and other social networking sites who are quite happy
with them and don’t share this critical view. This poses a
social problem: How does one criticize something that
is popular and free, and therefore doesn’t cost a thing?
Young people would say, it’s absurd, and if we begin to debate
this, I can assure you they would call us old and obsolete. A more
diplomatic or evasive answer is more appropriate, at least if we
want to be with the times or “in” with today’s youth. The more
diplomatic answer from many important figures in the business
world seems to be: My lawyers have advised me against joining
a social network. It’s true that there are all sorts of arguments in
favour, one being that it serves one simple purpose: to socialize
and share. After all, Facebook does have more than 500 million
registered, active users, of which 250 million log on on a daily basis.
The social networking phenomenon is unstoppable, just as was
smoking at the beginning of the 20th century, a movement started
by the tobacco industry and publicised by the first Hollywood
actors who appeared in print ads smoking Camel, Lucky Strike
and Chesterfield. The creators of social networks, which are
quickly multiplying, are massively getting richer at the cost of the
“emotional health” of web users who discover a world of wonders
and inventions based on images and digital, personal profiles, an
intrusion of the private and sometimes intimate lives of others.
At its creation, Facebook promised its new users the protection
of their personal information, a supposedly safer alternative to
its social networking counterparts.Today, the privacy agreement
changes with such frequency, that many users would be unable

to say if their “profiles” -- a type of listing where one can
publish his likes, hobbies and personal contact information
-- are accessible by the public with a simple Google search.
Moreover, if one doesn’t have time or forgets to modify the
more than 30 privacy settings currently listed, his private
information becomes public by default. Children with the
simple intention of seeing his friends’ photos or chatting with
other connected users likely won’t place the question of privacy
as a top priority, possibly exposing their information to be
used by Facebook, for say, the purpose of selling advertising.
A screenshot of some of the privacy settings for a Facebook user / Courtesy of Facebook
Like the tobacco industry, which was thought inoffensive at
the beginning, this is the newest type of addiction in modern
society. This time the consequence is called time and what one
could do with it: learning, studying or specialising oneself in
something, or a thousand other things. This industry is born
with so much power that, despite the warnings in the press and
personal disasters suffered by many users (Who, for example,
can defend himself against a rumour, a lie spread on the Web,
15
la zagaleta
opinion
lifestyle magazine
a manipulated image, or the selling of one’s information to
third parties?) that it will continue in an unstoppable manner.
Responsible for keeping Facebook highly addictive are entire
groups at the company headquarters dedicated to developing all
kinds of new strategies and products, supposedly ethical in nature.
This phenomenon is such that even many companies, with the
objective of preventing customer loss, join social networking
sites, although it’s true that it’s a way of marketing their
products and establishing their brands for free. This is the
social panorama and the horizon at which direct ourselves, an
invention with severe repercussions on future generations, until
one day, a contrary tendency begins: the gradual and progressive
prohibition of social networks. Problems will likely come much
like those related to tobacco addiction, and will constitute the
primal reason for which it is becoming prohibited in public
places: the elevated affliction to one’s mental and physical health.
In the case of social networking sites, countries are now becoming
aware of the problems they are causing and the elevated costs
that this phenomenon produces for society. It’s a phenomenon
that perhaps as parents we don’t pay enough attention to, nor
are we truly prepared for. We must consider that these sites are
so widespread that for a young person, not belonging to a social
networking site could be a motive for bullying.We have a serious
problem, and if not, who can tell their child that he cannot form
part of a social network? Because you can be clear about one
thing: once registered, the communication starts, including
invitations from strangers, outside influences, the parties, the
problems, the distractions, the distancing away from parents …
“Are you on Facebook?”a 10-year-old boy asked his father.“No son,
I don’t believe nor do I trust in it,” the father answered.The father
continued,” In life, son, we shouldn’t try everything that exists.”
 la zagaleta
opinion
lifestyle magazine
COmIENzO DE UNA ADICCIóN PELIGROSA:
UNA OPINIóN PERSONAL
por Ignacio Pérez Díaz
Redes sociales como Facebook,Twitter & Co., responsables de una
futura generación de inútiles, funcionan en torno a un argumento:
es genial, divertido, y además no cuesta nada.
……
“¿Estás en Facebook?” me preguntó el otro día una persona a
la que acababa de conocer. Le contesté “No gracias, no creo en
ello...”, con un tono un poco seco. Esta persona, estupefacta, no
esperándose tal respuesta por mi parte y sin saber bien como
reaccionar, se fue apartando hasta perderse de vista, probablemente
tachándome de arrogante o anticuado. Pero, ¿cómo respondería un
niño o un adolescente?
Respondí “no gracias” porque en primer lugar lo interpreté como
una invitación a unirme a “algo” y el “no creo en ello” lo dije
porque no creo en ello, de verdad! Y es que lo he pensado en
numerosas ocasiones: ¿Para qué quiero conocer a tantas personas o
es que me considero amigo del primero que me encuentro o me
cae simpático?
¿CómO CRITICAR ALGO qUE ES POPULAR, qUE ADEmáS
ES GRATIS y POR TANTO NO CUESTA NADA?
Los amigos en la vida los catalogaría de dos maneras: Los de la
época de la infancia, si es que aún lo son a lo largo de los años,
y los que uno va conociendo a lo largo de la vida por motivos
profesionales o familiares. Al final, creo en el viejo dicho que “los
amigos de verdad se suelen contar con los dedos de la mano” y
en esto, la mayoría de los lectores estarán de acuerdo. Se llama
dedicación y tiempo. ¿De qué sirve tener 900 amigos en Facebook
si ni 10 acudirían a tu ayuda en momentos de crisis? El creerse que
uno va a poder conocer al actor Antonio Banderas o Lady Gaga
16
gracias a una red social, es una falacia, una maniobra inicial por
parte de los creadores para ganar adeptos.
La polémica esta servida con todos los fans de Facebook o de otras
redes sociales, que están encantados con ello y que no comparten
para nada la crítica. Esto constituye un problema social: ¿Cómo
criticar algo que es popular, que además es gratis y por tanto no
cuesta nada?
Es absurdo, nos dirán los jóvenes y, si entramos a argumentar les
aseguro que nos tacharán de viejos o anticuados. Una respuesta
más diplomática o de tipo evasiva es más apropiada, al menos si
queremos estar a la vanguardia o ser “in” en la juventud de hoy en
día. La respuesta diplomática de muchos personajes importantes
tipo altos ejecutivos u hombres de negocios suele ser: Me han
recomendado mis abogados que no pertenezca a ninguna red.
Es verdad que existen argumentos de todo tipo a favor y que
en muchas ocasiones cumplen con una simple función: la de
socializar y compartir. Hoy en día, Facebook cuenta con más de
500 millones de usuarios activos registrados, de los cuales 250
millones se conectan a diario.
El fenómeno de las redes sociales es un movimiento imparable,
al igual que lo fue el fumar a principios del siglo 20, iniciado
por la industria tabaquera y publicitado por los primeros
actores de Hollywood, que aparecían fumando Camel, Lucky
Strike y Chesterfield. Los creadores de las redes sociales, que
están proliferando muy rápidamente, se están enriqueciendo
masivamente a costa de la “salud emocional” de los internautas,
que descubren un mundo de maravillas e inventos desde la imagen,
retratos digitales, hasta los perfiles personales. En definitiva una
intrusión en la esfera privada y a veces íntima de la personas.
En sus comienzos Facebook prometía a sus nuevos usuarios la
protección de sus datos, una alternativa supuestamente más segura
a otras páginas Web de interacción social. Hoy, el acuerdo de
privacidad cambia con tal frecuencia que muchos usuarios serían

incapaces de confirmar si la información que se ve en sus “perfiles”
(fichas donde uno puede publicar sus gustos, hobbies, y datos de
contacto) estaría al alcance de cualquier internauta con una simple
búsqueda en Google. Es más, si uno no tiene tiempo o se olvida
modificar los más de 30 puntos de privacidad que actualmente
existen, sus datos se convierten en públicos por defecto. Niños de
12 años con la simple intención de cotillear fotos o chatear con
sus amigos no considerará la cuestión de la privacidad como una
prioridad, exponiéndose por tanto a que Facebook utilice estos
datos por razones de ventas y de publicidad.
Una imagen de algunas de las opciones de privacidad para un usuario de Facebook / Cortesía Facebook
Les voy a poner un ejemplo: Al igual que la industria tabaquera,
que se creía inofensiva en sus comienzos, este es el nuevo tipo de
adicción de la sociedad moderna. Esta vez la consecuencia dañina
se llama tiempo, y lo que uno podría hacer durante él, formándose,
estudiando, aprendiendo, especializándose o mil otras cosas. Esta
industria nace con tanto poder, que a pesar de los avisos de la
prensa y los desastres personales sufridos por muchos usuarios,
(quién por ejemplo se puede defender ante una injuria, una mentira
difundida en la red, una imagen manipulada o una entrega de datos
17
la zagaleta
opinion
lifestyle magazine
personales a terceros), seguirá adelante de forma imparable. De la
adicción y fidelización de tantos millones de usuarios a sus redes
ya se encargan grupos enteros de trabajo, expertos en desarrollo y
todo tipo de inventos y tácticas, supuestamente éticas.
El fenómeno es tal que incluso muchas compañías, con el fin
de no perder popularidad, se incorporan a las redes sociales.
Aunque es verdad que es una forma de publicitar sus productos
y afianzar sus marcas de forma gratuita. Éste es el panorama que
observamos y el horizonte hacia el cual nos dirigimos: Un invento
con importantísimas repercusiones para las generaciones futuras,
hasta que un día no muy lejano empiece la tendencia contraria:
la regulación gubernamental y por tanto la prohibición paulatina
y progresiva de las redes. Los problemas vendrán probablemente
por la misma vía por la que vino el tabaquismo, y que constituye
el principal motivo por el que se está prohibiendo cada vez en más
sitios, 70 años después de su comercialización: el elevado coste para
la salud mental y física.
En el caso de las redes sociales, los estados ya están dándose cuenta
de los problemas que las mismas están causando y de los elevados
costes que este fenómeno supone para la sociedad. Se trata de un
fenómeno al que, como padres, quizás no le damos la suficiente
importancia, ni estamos realmente preparados para asumir sus
consecuencias. Pensemos que la red hoy en día está tan expandida
que para un joven, el no pertenecer a una red social puede ser
motivo de mobbing entre los compañeros. Tenemos un grave
problema con la red, y si no: ¿A ver quién le dice a su hijo que no
puede estar en ella? Porque téngalo muy claro: una vez dentro y
registrado, empieza la comunicación, las invitaciones de terceros,
las influencias externas, las fiestas, los problemas, las distracciones,
el distanciamiento con los padres...
-¿Estás en Facebook?- le preguntó un hijo de 10 años por primera
vez a su padre. -No hijo, ni creo ni me fió de ella- dijo el padre, y
siguió -En la vida, hijo, no hay que probar todo lo que existe…-
 la zagaleta
comentary
lifestyle magazine
Why the obsession With genealogy?
by alejandra garcía Farfán
Among other things, one factor that makes
the United States quite unique is its social
diversity, its social fabric. With little more than
300 years of national history, I suppose it can be
argued that in fact, the history of its people is
actually far more rich than the world assumes
if we consider that practically every American
(with the exception of black Americans whose
descendants were victims of slavery) can
document his roots to Asia, Europe or Africa.
And while we often only remember those
ancestors who have done something
remarkable or remarkably embarrassing, it’s
more likely that we ignore or simply haven’t
thought about the details that make up the
branches on our family tree.
Courtesy of the Church of Jesus Christ
These days in the States, what was once a of Latter-Day Saints
humble hobby has turned into a national
obsession. If you live there, the chances are high that you have caught a
glimpse of Harvard professor Henry Louis Gate’s PBS mini-series that
investigates the roots of 12 prominent Americans like Meryl Streep or
Yo-Yo Ma, and takes on the nature of a “who dunnit” case, complete
with DNA testing and trips to the motherlands.
Quite family-specific reading material on the genre has also transformed
how academia views family history.Whereas once immigrant memoirs
might have not been regarded as advancing any sort of scholarly
agenda, these days, respectable historians are penning stories of their
own families’ migration struggles that are moving out of the non-
fiction aisles. But why? Why has knit-picking individual family stories
become as respected as scholarly reading on broader theories and ideas
on family trends and national identity?
For Americans at least, the token uniting factor is that everyone has
family members who have come from a different land – either running
from or toward something, or both. And while we can’t exactly relate
to a story about a Jewish family’s exile to New York’s East Side, or a
Chinese musician trying his luck in Ohio as a farmer, it’s the common
sense of fear and desire that results so familiar for anyone who has had
to leave his home.
These sentiments and reasons for immigrating say something about our
culture and human nature: people have been taking risks – big ones –
for thousands of years, with no discrimination for color, class or social
strata. Now, our mobility trends and the manner in which we travel
with such ease causes us to forget how difficult integration was and still
is for some.
18
And it seems reading and watching about others’
family trees has produced enough curiosity in
many Americans to the point of having 210
million Google results related to the word
“genealogy,” starting with social interaction
sites that allows one to search, record and share
his family heritage. Undoubtedly one of the
most impressive and extensive groups dedicated
to genealogy is The Church of Jesus Christ of
Latter-day Saints (LDS), which has the largest
genealogical library in the world located in
Salt Lake City, Utah, and provides free access to
records (they have more than 2 billion names of
deceased people) and counts on a 700-person
staff to help the more than 1.900 visitors
who come to the library each day. One of the
pinnacles of the Church’s doctrine are sealing
ceremonies that unite men and women into
eternal family relationships. And since these
ceremonies can also be performed for the dead,
finding one’s ancestors is fundamental. Thus the 4.500 history centers
in 70 countries that research the lives of people from all walks of life,
not just from the LDS faith.
And with the craze comes genealogy conventions and never-ending
online forums that allow amateur and seasoned genealogists to share new
research strategies and organize trips to, say, the LDS library in Utah.
And you may laugh, but there’s nothing like the rush of finding out your
7th great-grandmother’s name. That she married at age 19 and was the
wife of one of the founders of the state of Pennsylvania. Or in my case,
that as a Peruvian-American, my family had lived in Peru since the 1600s,
where the first members to travel to South America were young men
from the north of Spain looking for an adventure as army generals or
politicians. My father even found a direct link to Hernán Cortes, famous
for his conquering march across Mexico. It’s funny how we relate so easily
to the endearing physical and character traits of our ancestors (So that’s
where I get my ears!) and are so quick to dismiss or somehow feel guilty
about the chest of family secrets that isn’t so politically correct these dyas.
thought of how “related” we feel to these distant characters, that, had
it not been for them, our success or misfortune wouldn’t be so. Meryl
Streep said after discovering her own family heritage that she was “the
sum of all the people that had lived before her” and that she oddly felt
enveloped by her new family. Perhaps this is so if we find out that we are
direct descends of royalty or prominent figures. Are we different people
once we find out how they were or what they believed?
Alejandra García Farfán is the assistant editor of La Zagaleta Lifestyle Magazine
and can be reached at lifestylemagazine@lazagaleta.com
 Until Zaha Hadid reinvented architecture, she would not rest. Nor would Patrik Schumacher, her business partner. (London, 1993.)

Until my client knows that I put her first.

Until she knows she can talk to me whenever.

About whatever.

Until she knows that her plans are top of my

“to do” list.

That I’m always thinking about her investments.

(Even when she isn’t.)

At the office.

At the opera.

At a barbecue.

In a traffic jam …

Until her ambitions feel like my ambitions.

Until then …

We will not rest ab

www.ubs.com

Names and/or references to third parties in this print advertisement are used with permission. © UBS 2010. All rights reserved.
 la zagaleta market
lifestyle magazine outlook
The PhanToM RecoveRy: IT’S TheRe If you can fInd IT
by Sandro Merino
It’s official.The US recession is over, at least according to
statement from the Business Cycle Dating Committee
of the National Bureau of Economic Research on
September 21. It apparently already ended back in
June 2009. But the recovery is an uneven one for the
world’s largest economy. Meanwhile, the Eurozone is a
picture of contrasts, with Germany flexing its muscles
as the export champion, and getting a big boost from
the weak euro, while the football world champion
Spain still struggles in the aftermath of its real estate
crash, although the worst appears to be over.
Co-dependent rivals
Beyond Europe, China’s booming economy is fanning protectionist
flames in the US, where some pundits and politicians in this election
season are blaming America’s homemade economic misfortune on an
artificially weak Chinese currency. This view, we note, conveniently
overlooks the fact that a stronger Chinese currency would merely
make the vast oceans of merchandise imported from China a lot
more expensive on the shelves of US megastores. A stronger Chinese
currency is a wish probably best unfulfilled for the US.
On the other hand, were China to respond to the protectionist
noise from the US by even hinting that it might stop buying
US government bonds – and thus stop financing the soaring US
government debt – it could prove to be a very costly move. For one
thing, it would send US interest rates sharply higher, crippling US
growth prospects and weakening its capacity to consume China’s
products. It would also seriously erode the value of the estimated
one trillion dollars in US government debt that China already holds.
A lose-lose scenario for China, in our view.
In the end, we think the co-dependent rivals, the US and China, will
probably favor rhetoric over real action in this showdown.
Europe’s mixed picture
Despite statistical signs that growth is reviving in the US,the Eurozone,
and emerging markets, this recovery has not been vigorous enough
to ignite a burst of optimism among investors and consumers. For
the nearly 10% of the US workforce that is unemployed, it must feel
like the recession never even paused for breath, not to speak of the
problems of Europe’s southern flank.
But the situation even in southern Europe is not uniform. While
it seems unlikely that Greece can overcome its troubles without
some form of debt restructuring, Spain is making good progress at
rebalancing its economy. In fact, Spain is probably already past the
critical point in its crisis: government revenues have started to rise
while government spending is declining. After running a budget
deficit of 11.2% in 2009, all levels of government in Spain have
approved stringent austerity measures aimed at reaching EU and
IMF deficit targets of 6% in 2011 and 3% in 2013.
Residential house prices are still falling in Spain but they could bottom
out as soon as 2011. Finally, of the fact that the Spanish government
could recently issue bonds at a relatively moderate interest rate
20
shows that we are not the only ones confident that
Spain will overcome this crisis. After all, Spain still
has a government debt-to-GDP ratio at around 65%,
which is about 10% better than Germany’s. In all, we
think that Spain is now ready to turn the corner and
claw its way back to economic health.
Opportunities are out there
Underpinning our broad if modest sense of optimism
on the global economy is our growing conviction that
there will be no second act for the recent recession.
The famous double-dip is not happening. The usual
proponents of doomsday scenarios have grown rather silent lately
in light of resilient performance of various economies around the
world.
While many investors remain discouraged and financial markets
still march to the sluggish drum of the US, we are convinced that
investment opportunities are out there. Depending on your local
perspective, the glass may look half empty or half full. Investors in
rapidly growing economies see ample opportunities while those in
struggling economies only see the risks.
For investors in German or emerging market equities, the outlook
is promising. In fact, the strong exports, undervalued currencies,
and the solid government finances that both countries enjoy have
yielded a new nickname for China and Germany –”Chermany.”
We think that investing into such growth regions will reward equity
investor’s over the next 12 to 18 months.
Fig.1 Government bond yields are unsustainably low
Nominal yield of 10 year goverment bonds (in %)
Bloomberg; UBS WMR
While government bond yields have fallen to disappointingly and
probably unsustainably low levels, we think savvy investors can
profit from emerging market sovereign or corporate bonds.The risk
of a government bond bubble bursting in the near future cannot be
dismissed out of hand. But those worried about the credit risk of
emerging market states or corporations should not forget that the
credit quality of many previously rock-solid Western governments
has suffered considerably lately, while most emerging market states
can easily meet the Maastricht criteria.
 market la zagaleta
outlook lifestyle magazine

It is also interesting to note that European Telecom companies pay Frontier markets are the emerging markets of tomorrow, in
dividends higher than the coupons of many corporate bonds, which our view. They enjoy many of the economic conditions that
is a rather unusual situation. In fact, many corporations were able to supported the rapid development of China, India and Brazil,
withstand the financial crisis in remarkably good shape, with lots of for example. These generally include young and growing
cash and little debt on their balance sheets, and are now able to pay populations, ample natural resources, availability of education,
generous dividends to their shareholders. and relative political stability. These factors form the basis for
rapid economic progress. In our view, frontier market countries
Fig.2 This year´s rally in government bords leaves other bond segments include Kazakhstan,Vietnam, Bolivia, Paraguay, Lebanon and Sri
more attractive Lanka. Their large populations and under-developed consumer
Nominal yield of USD denominated bonds in % markets offer significant catch-up potential. An early investment
9 in these markets bears higher risks, certainly, but could pay off
8 handsomely in the long run
7

6 Fig.4 Frontier equity market´s recovery get to come

5 MSCI Frontier vs. MSCI Emerging Markets (indexed, 2003=100)
4

0
Government Investment-grade Emerging market High-yield corporate
corporate

Bloomberg; BoA Merrill Lynch; UBS WMR

Fig.3 Emerging markets assets have shown a strong performance

Year to date performance of diferent asset classes (1.1.2010=100)

Thomson Reuters; UBS WMR

While we expect the global economy to grow only moderately for

an extended period of time, growth is unevenly distributed around
the globe. Investment opportunities may be harder to spot in this
complex environment. Surely, careful analysis of investment risks
and potential returns is needed. Nevertheless, we are convinced
that interesting opportunities abound for those who can adapt to a
changing global economic environment.

BoA Merrill Lynch; JP Morgan,Thomson Reuters; UBS WMR

Fig.5 Slower growth will be the new normal-particulary in odvanced economies
Gold, currencies and new markets Annual real GDP growth and UBS forecasts for 2010 and 2011 (in%)

The uncertainty about the long-term effects of running the US-

dollar printing presses without restraint has boosted the price of
gold. Even at price levels beyond 1.300 dollars per ounce, we see
potential for gold to rise another 15%. Meanwhile, the outlook
for the four major currencies – the US dollar, the pound, the
yen, and euro – remains uncertain. Many factors are in place to
erode their value and we think investors should avoid exposure
to unnecessary currency risks. The winning currencies are likely
to be found in more exotic corners of the currency universe:
the Swedish krona, the Canadian dollar and some of the Asian
currencies.
Thomson Reuters; UBS WMR
Investors not satisfied merely knowing where growth can be
found today, but who want to anticipate where growth will
emerge tomorrow, should consider equities in frontier markets. Sandro Merino is Head of Wealth Management Research in Europe for UBS.

21
 la zagaleta market
lifestyle magazine outlook
La RecuPeRacIÓn fanTaSMa: eSTÁ ahÍ, SÓLo hay Que enconTRaRLa
por Sandro Merino
Es oficial, la recesión ha llegado a su fin en Estados Unidos.
Al menos según el comunicado del Business Cycle Dating
Committee de la Oficina Nacional de Investigaciones Económicas
estadounidense, emitido el pasado 21 de septiembre. Al parecer
terminó ya en junio de 2009, pero se trata de una recuperación
desigual para la principal economía mundial. La zona Euro, por
su parte, presenta un panorama de contrastes en el que Alemania
muestra su poderío como líder de exportaciones y se aprovecha
del fuerte empuje que supone la debilidad del euro, mientras que
el vigente campeón mundial de fútbol, España, sigue luchando y
viviendo las consecuencias del colapso inmobiliario, aunque lo
peor parece haber pasado.
Rivales codependientes
Más allá de Europa se encuentra la próspera economía china,
que está echando leña al fuego proteccionista en Estados
Unidos, donde algunos expertos y políticos de la actual campaña
electoral culpan a la debilidad artificial de la moneda china
del desastre económico originado en el país norteamericano.
Como puede observarse, este punto de vista pasa por alto de
forma muy conveniente el hecho de que una moneda china más
fuerte supondría únicamente que los montones de mercancías
importadas de China se ofertarían a precios muy superiores en
las estanterías de los almacenes del país americano. Es por ello
que el deseo de una moneda china más fuerte es un anhelo que,
en el caso de Estados Unidos, quizás sea mejor que no llegue a
cumplirse.
Por otra parte, si China decidiera responder al clamor
proteccionista de Estados Unidos insinuando tan solo la
posibilidad de dejar de adquirir bonos del Estado de dicho país y,
por consiguiente, dejar de financiar la cada vez más elevada deuda
pública estadounidense, podría acabar siendo una medida muy
costosa. Esto sería así por un motivo, y es que los tipos de interés
aumentarían drásticamente en Estados Unidos, paralizando las
perspectivas de crecimiento del país y menguando por tanto
su poder adquisitivo para consumir producto chino. Asimismo,
esta medida mermaría considerablemente el valor de la deuda
pública estadounidense, estimada en un billón de dólares y de la
que China ya es titular. En nuestra opinión, un escenario nada
halagüeño para China.
Creemos que los rivales codependientes, esto es, Estados Unidos
y China, finalmente serán más partidarios de la retórica que de
tomar medidas reales en esta confrontación.
22
El panorama desigual de europa
A pesar de que existen indicios estadísticos de que la economía
se está reactivando en Estados Unidos, en la zona Euro y en
las economías emergentes, esta recuperación no ha sido lo
suficientemente enérgica como para provocar un estallido de
optimismo entre inversores y consumidores. La población activa
estadounidense en situación de desempleo, que asciende a casi el
10%, debe sentirse como si la recesión nunca le hubiese dado un
respiro, sin mencionar los problemas del flanco sur de Europa.
Pero incluso en el sur de Europa la situación no es del todo
homogénea. Así pues, mientras parece poco probable que Grecia
pueda superar sus problemas sin cierta reestructuración de su
deuda, España está logrando grandes progresos en el reajuste de
su economía. De hecho, probablemente España ya haya pasado
el punto más crítico de la crisis que atraviesa, puesto que el
ingreso público ha empezado a aumentar mientras que el gasto
público, por su parte, está disminuyendo. Después del déficit
presupuestario del 11,2% registrado en 2009, todos los mandos
del gobierno de España han aprobado estrictas medidas de
austeridad cuyo principal objetivo es alcanzar las tasas de déficit
marcadas por la UE y por el FMI, es decir, un 6% en 2011 y un
3% en 2013.
El precio de la vivienda sigue cayendo en España, pero esta caída
podría tocar fondo ya en 2011. Finalmente, el hecho de que en
breve el gobierno español pudiera emitir bonos a un tipo de
interés relativamente moderado demuestra que no somos los
únicos que confían en que España superará esta crisis. Después
de todo, la deuda pública española en relación a su PIB aún está
entorno al 65%, un 10% mejor que en el caso de Alemania. En
resumen, consideramos que España ya está lista para dejar de
lado la crisis y recuperar su salud económica.
Las oportunidades están ahí
Nuestra creciente convicción de que no habrá un segundo acto
en la recesión actual es lo que nos permite mantener un gran
sentido del optimismo, si bien modesto, con respecto la economía
mundial. No se va a producir la famosa recaída. Los defensores
habituales de perspectivas apocalípticas han estado muy en
silencio últimamente en vista de la capacidad de recuperación
que han demostrado diversas economías en todo el mundo.
Aunque el desánimo sigue imperando entre muchos inversores

eS Lo Que noS PeRMITe ManTeneR un GRan SenTIdo deL
oPTIMISMo, SI BIen ModeSTo, con ReSPecTo La
econoMÍa MundIaL.
y los mercados financieros aún marchan al lento ritmo de
Estados Unidos, estamos convencidos de que las oportunidades
de inversión están ahí. En función de las perspectivas locales de
cada uno, el vaso puede parecer estar medio vacío o medio lleno.
Los inversores de las economías en rápida expansión ven grandes
oportunidades, mientras que los inversores de economías en
crisis sólo ven riesgos.
Para los que inviertan en acciones en Alemania o en economías
emergentes las expectativas son prometedoras. De hecho, la
fortaleza de las exportaciones, la devaluación de la moneda y
la solidez de las economías de gobierno de China y Alemania
han conseguido que ambos países reciban el sobrenombre de
“Chermany” (una combinación del nombre de ambos países
en lengua inglesa). Creemos que invertir en estas zonas de
crecimiento recompensará a los inversores en los próximos 12
a 18 meses.
Mientras que los rendimientos de los bonos del Estado han
caído hasta niveles decepcionantes, a la par que insostenibles,
consideramos que los inversores más espabilados pueden
beneficiarse de las obligaciones societarias o de los bonos
soberanos de las economías emergentes. No podemos ignorar
el riesgo que provocaría el estallido de la burbuja de bonos del
Estado en un futuro no muy lejano. No obstante, aquellos quienes
les preocupe el riesgo crediticio de los estados o empresas de
economías emergentes no deben olvidar que la calidad crediticia
de muchos gobiernos occidentales, anteriormente sólida, se ha
visto perjudicada considerablemente en los últimos tiempos,
mientras que la mayoría de estados de economías emergentes
pueden cumplir con los criterios de Maastricht sin mayor
problema.
Cabe destacar también que las empresas de telecomunicaciones
europeas pagan dividendos superiores a los cupones de muchas
obligaciones societarias, situación por otra parte bastante poco
habitual. De hecho, muchas empresas pudieron resistir la crisis
financiera saliendo bastante airosos, con gran cantidad de
efectivo y escasa deuda en sus balances financieros, pudiendo
permitirse incluso repartir generosos dividendos entre sus
accionistas.
Oro, moneda y nuevos mercados
La incertidumbre en relación a los efectos que podría tener a
largo plazo la emisión incontrolada de moneda, en este caso
23
market la zagaleta
outlook lifestyle magazine
nueSTRa cRecIenTe convIccIÓn de Que no
haBRÁ un SeGundo acTo en La ReceSIÓn acTuaL
dólares americanos, ha incrementado el precio del oro. Incluso
cuando ya se registran precios superiores a los 1.300 dólares por
onza (28,35 gramos), aún vemos un potencial de crecimiento
de otro 15% adicional. Mientras tanto las expectativas para las
cuatro monedas principales (el dólar americano, la libra, el yen
y el euro) siguen siendo inciertas. Son muchos los factores que
contribuyen a mermar su valor y creemos que los inversores
deberían evitar exponerse a riesgos monetarios innecesarios. Es
probable que las monedas ganadoras se encuentren en rincones
más exóticos dentro del universo monetario. Algunos ejemplos
podrían ser la corona sueca, el dólar canadiense y ciertas monedas
asiáticas
Aquellos inversores no satisfechos con sólo conocer dónde se
encuentran los mercados emergentes hoy en día, sino que además
desean anticiparse a la aparición de nuevas economías prósperas
en un futuro, deberían plantearse la adquisición de acciones en
mercados fronterizos. Desde nuestro punto de vista, los mercados
fronterizos son las economías emergentes del mañana. Gozan de
muchos de los condicionantes económicos que contribuyeron al
rápido desarrollo de China, India y Brasil, entre otros. Algunos
de estos condicionantes son la existencia de poblaciones jóvenes
en continuo crecimiento, grandes recursos naturales, acceso a
la educación, y una relativa estabilidad política. Estos factores
constituyen la base para un rápido crecimiento económico.
En nuestra opinión, algunos de estos mercados fronterizos son
Kazajstán, Vietnam, Bolivia, Paraguay, Líbano y Sri Lanka. Su
numerosa población y la existencia de mercados de consumo
subdesarrollados ofrecen un importante potencial de desarrollo.
Las inversiones tempranas en este tipo de mercados comportan
riesgos más elevados, sin duda alguna, pero podrían compensar
enormemente a largo plazo.
Mientras las expectativas para la economía mundial son de
crecimiento moderado durante un largo período de tiempo,
lo cierto es que este crecimiento se distribuye de forma nada
homogénea a nivel mundial. De ahí que sea más difícil detectar
oportunidades de inversión en este complejo entorno. Sin duda
alguna es necesario realizar un análisis meticuloso de los riesgos
de inversión y de los posibles beneficios. No obstante, estamos
convencidos de que abundan las oportunidades para aquellos que
logren adaptarse a los continuos cambios del entorno económico
mundial actual.
El Dr. Sandro Merino es Jefe del Wealth Management Research de la UBS en
Europa, una red mundial de analistas financieros.
 la zagaleta
invest
lifestyle magazine

APOSTANDO POR RENOVABLES, UNA PRÁCTICA ÉTICA

por Ricardo Solanas Sanchís
Todos hemos oído hablar en alguna ocasión de la energía kilómetros, abarcando desde Virginia hasta Nueva Jersey.
solar o la energía eólica, pero, ¿Cuáles son las razones
por las que está cambiando la concienciación social y la Petroleras como BP, RepsolYPF y gigantes inmobiliarios
involucración de las entidades financieras a gran escala? como FCC quieren que el 20% de su EBITDA en 2013
provenga de la generación de electricidad.
Gracias al protocolo de Kyoto son cada día más los
países y las entidades financieras que se quieren sumar Y nombres propios, que a través de sus Family Offices
a la industria de las renovables. La Unión Europea ha diversifican su patrimonio personal y sus carteras como es
identificado el sector de las energías renovables como un el caso de Manuel Jové con Inveravante, Amancio Ortega
sector estratégico para la consecución de los principales con Ponte Gadea y Koplowitz con Omega Capital.
retos energéticos a los que se enfrenta y que pueden
resumirse en dos: reducir la dependencia energética A nivel político,Al Gore (Ex candidato a la presidencia de
de Europa y evolucionar hacia un mix energético oprimiendo las Estados Unidos, antiguo vicepresidente durante el mandato de Clinton y
emisiones en el carbono. Premio Nobel de la Paz) es miembro del consejo de uno de los mayores
fondos de inversión del mundo destinado a las energias renovables y
La apuesta por las energías renovables se engloba en la lucha contra el su investigación (Generation Investment Management LLP). A nivel
cambio climático, identificada en el objetivo conocido como 20-20-20: nacional, Josu Jon Imaz, en apenas tres meses ha pasado a dirigir los
lograr en el año 2020 una reducción del 20% de las emisiones de gases de negocios del nuevo brazo inversor renovable de Repsol, Nuevas Energias.
efecto invernadero y alcanzar un 20% de energías renovables. Dejando el Partido Nacionalista Vasco (PNV) se incorpora a la carrera
meteórica del grupo Repsol presidido por Antonio Brufau.
A diferencia de otras tecnologías no renovables, la eficiencia de la
producción de energía solar en los últimos tres años ha aumentado El apoyo desde las instituciones financieras ha sido crucial y los
en más de un 20% gracias a la inversión de empresas privadas en el resultados de la liga 2009 de los diez primeros Mandated Lead Arragers
desarrollo de la tecnología e I+D. A este ritmo, la energía solar será (financiadotes de proyectos renovables) hablan por si solos:
competitiva y equiparable en costos de producción y precios de venta
al público en pocos años. 1.Brazilian National Bank of Economic
and Social Development 5,674
APPA (La Asociación de Productores de Energías Renovables) estima 2.UniCredit S.p.A. 3,014
que más del 54% de la electricidad consumida en España podría ser de 3.Royal Bank of Scotland 2,945
origen renovable en 2020, posicionando y liberando en gran medida 4.HSH Nordbank 2,639
la dependencia energética de países como España, que a día de hoy 5.Grupo BBVA 2,216
siguen nutriéndose de centrales nucleares francesas y gas argelino. 6.Dexia 1,443
Como referencia al impacto macroeconómico de las renovables en 7.Caja Madrid 1,426
Europa, la revista especializada “Petroleum Economist” añade que 8.Grupo Santander 1,375
las exportaciones de gas argelino han caído del 12% al 6% del total 9.Nord/LB Group 1,364
mundial en el último decenio. 10.Credit Agricole SA 1,331
*cifras en millones de dólares estadounidenses
Inversión
Fig.1 Inversión anual en capacidad de nuevas energías renovables, 2004-2009
Las grandes fortunas se unen a la fiebre verde y todos quieren de alguna
manera contribuir o limpiar su imagen.

El apoyo institucional, el marco regulatorio y la seguridad jurídica son las

bases del éxito de la inversión en materia de renovables de cualquier país.
Billones USD

Las renovables ofrecen rentabilidades del 7-15%, apto para perfiles

conservadores y una gran opción para la diversificación de grandes
carteras a largo plazo, siendo muchas las fuentes de las que podemos
generar energía limpia según las características y orografía de cada país:
Biocarburantes, Biomasa, Eólica, Geotérmica, Marina, Hidráulica, Solar
Fotovoltaica y Solar Termoeléctrica.

Google a través de Google Ventures, además de su participación como

socio en Good Energies, ha apostado por la eólica marina, en un proyecto
actualmente en desarrollo de hasta 6.000 MW y más de 5 billones de
dólares de inversión (aprox. €3,781MM), con unas dimensiones de 563 Fuente: Global Status Report 2010

24

Otros bancos, se desmarcan y diferencian del resto haciendo Banca
Ética, financiando únicamente proyectos socialmente responsables y
ecológicamente sostenibles.
Banca ética
El 26 de abril de 1986, el reactor 4 de la central nuclear de Chernóbil,
en Ucrania, explotó produciendo el accidente más grave de la industria
de la energía nuclear. Muchos vieron entonces que era necesario
apostar por otro modelo de producción energética. Un modelo tan
alejado de los combustibles fósiles, tan contaminantes, como de la
energía nuclear cuyos peligros eran evidentes tras el desastre. Triodos
Bank tomó un papel activo en esa búsqueda, financiando desde
entonces el desarrollo de las energías renovables. “Cuando nosotros
comenzamos a invertir en renovables, pocos apostaban por este tipo
de energía. Ahora se ha demostrado su importancia para contribuir a
un futuro más sostenible”, indica Esteban Barroso, director general
de Triodos Bank.
El banco tiene la especialización y el compromiso para financiar
este sector en pequeñas o grandes plantas fotovoltaicas, en suelo o
cubierta, con deuda o capital.
“Para nosotros, es importante apoyar el desarrollo de modelos
energéticos alternativos y sostenibles que ofrezcan soluciones a la
crisis energética y climática. Consideramos que las energías renovables
son un sector económico en pleno desarrollo, que ofrece nuevas
oportunidades de carácter financiero y con un gran impacto positivo
en el cuidado del medio ambiente”, explica Barroso.
Un compromiso a largo plazo de un modelo energético sostenible ha
permitido desarrollar toda la gama de soluciones para la financiación de
proyectos de energía solar fotovoltaica. Desde pequeñas instalaciones
de 5kW a plantas de varios megavatios, en suelo o tejado, en plantas
con participación de la sociedad civil, plantas para empresas del sector
o plantas propiedad de inversores profesionales. “Nuestros criterios
de financiación no se rigen por la cantidad de megavatios instalados,
sino por la calidad y la accesibilidad a todo el mundo. Nuestra
especialización nos permite estudiar caso a caso posibles soluciones
de financiación para cada instalación”, explica María de Pablo, gerente
de Energías Renovables de Triodos Bank.
Un ejemplo clásico de cliente solar de Triodos Bank es Sawsana
Energy, que a través de Sorinsa (Solanas Recuperaciones Industriales),
una empresa familiar dedicada al reciclaje, decidió diversificar sus
actividades en temas sostenibles y solicitó financiación para la
construcción de dos plantas solares de 1,9 MW promovidas por la
sociedad Fotoenergías Solanas Gestión.“Se trata de un proyecto solar
interesante por su situación emblemática dentro del casco urbano
de Córdoba, en un terreno industrial ambientalmente recuperado”,
indica de Pablo.
Grafeno, material revolucionario
Andre Geim y Konstantin Novoselov obtuvieron el grafeno a partir
del grafito (usado para fabricar minas de lápices). Este nuevo material
25
la zagaleta
invest
lifestyle magazine
se caracteriza por poseer una alta conductividad térmica y eléctrica y
por combinar una alta elasticidad y ligereza con una extrema dureza,
que lo sitúa como el material más resistente del mundo.
Los premiados consideran que los dispositivos de grafeno van a
ser sustancialmente más rápidos que los de silicio, y que aunque
actualmente poseen menor eficiencia de generación eléctrica que
el silicio fotovoltaico, sus costes también se verían drásticamente
reducidos.
Además, puede reaccionar químicamente con otros elementos y
compuestos químicos, lo que convierte al grafeno en un material con
un gran potencial de desarrollo.
Igualmente, ya existen miles de aplicaciones que revolucionarán
el consumo energético global, como el transporte marítimo que
disminuirán el consumo de su combustible hasta en un 25% con el uso
de macrocometas, aviones y coches apoyados energéticamente con
suministradores de potencia de origen solar, cargadores de móviles
fotovoltaicos, carreteras fotovoltaicas, alumbrado e infraestructuras
públicas, etc.
Concienciación social
No puede obviarse la gran contribución de aquellos ciudadanos, que
de manera individual y a pequeña escala, instalan paneles solares o
mini turbinas eólicas para el autoabastecimiento de electricidad o
consumo de agua caliente en su hogar, dejando a su paso una “huella
de carbono” positiva.Además, el impacto que tienen en comunidades
rurales aisladas, en países con carencia de infraestructuras y donde el
tendido eléctrico es en muchas zonas inexistente, mejora la calidad
de vida de miles de personas, incrementando la demanda de estas
tecnologías.
Aunque sigue existiendo una parte de la población en contra de las
subidas en sus facturas de la luz debido a los incentivos destinados a
la producción de energía limpia, no podemos ignorar los avances a
pasos agigantados que condicionan el rumbo imparable de la una
economía sostenible y las renovables.
Ricardo Solanas Sanchís es director de Sawsana Energy Investments, una
consultoría especializada en fusiones & adquisiciones, planificación, desarrollo y
financiación de proyectos de energías renovables a gran escala. Puedes contactar
con el Sr. Solanas a través de su página web, www.sawsanaenergy.com,
o info@sawsanaenergy.com.
Acerca de Triodos Bank
Banco europeo independiente con 30 años de experiencia en banca
ética y sostenible. Desarrollan un innovador modelo de negocio
bancario basado en la transparencia, que combina la rentabilidad
financiera con la rentabilidad social y medioambiental. Financian
iniciativas novedosas que, además de ser rentables, benefician
a las personas y el medio ambiente (People, Planet, Profit).
Contacto: info@triodos.es/www.triodos.es.
 la zagaleta
invest
lifestyle magazine

CLEAN ENERGY, A CLEAN BUSINESS PRACTICE

by Ricardo Solanas Sanchís

We have all heard about solar power or wind power on some Oil companies like BP, Repsol YPF and real estate giants like
occasion, but why is social awareness changing and why are FCC want 20% of their EBITDA to come from the generation of
financial institutions becoming massively involved? electricity by 2013.

Since the Kyoto protocol more countries and financial institutions Then there are wealthy people who through their Family Offices
want to join the renewable energy industry. The European diversify their personal wealth and portfolio; for example, Manuel
Union has identified the renewable energy sector as strategic in Jové through Inveravante, Amancio Ortega through Ponte Gadea,
achieving the two main energy challenges that it faces: reducing and Koplowitz through Omega Capital.
Europe’s energy dependency and moving toward an energy mix
by eliminating carbon emissions. In the political sphere, Al Gore (ex-candidate for President of the US,
former Vice- President under Clinton and winner of a Nobel Peace
This commitment to renewable energy is part of the battle against Prize) sits on the board for one of the largest investment funds in the
climate change and the 20-20-20 goal: by 2020, achieve a 20% world specialising in renewable energy and research. In Spain, in just
reduction of greenhouse emissions and reach 20% of renewable energy. three months Josu Jon Imaz has gone on to lead the businesses of
Repsol’s new renewable energy investment branch, Nuevas Energias.
Unlike other non-renewable technologies, solar power output He left the Basque Nationalist Party (PNV) to join a promising career
efficiency has risen by more than 20% in the last three years due at the Repsol group chaired by Antonio Brufau.
to private company investment in technology and R&D. At this
rate, solar power will be competitive and comparable in terms of Backing from financial institutions has been crucial and the
production costs and sale price for the public in a few years. results of the 2009 top ten Mandated Lead Arrangers speak for
themselves:
APPA (Association for Renewable Energy Producers) estimates
that more than 54% of electricity consumed in Spain could come 1.Brazilian National Bank of Economic
from renewable energy by 2020. This would largely reduce the and Social Development 5,674
energy dependence of countries like Spain, which still import 2.UniCredit S.p.A. 3,014
from French nuclear power plants and import gas from Algeria. 3.Royal Bank of Scotland 2,945
In reference to the macroeconomic impact of renewable energy 4.HSH Nordbank 2,639
in Spain, specialist journal “Petroleum Economist” adds that gas 5.Grupo BBVA 2,216
exports from Algeria have fallen from 12% to 6% of the world 6.Dexia 1,443
total in the last decade. 7.Caja Madrid 1,426
8.Grupo Santander 1,375
Investment 9.Nord/LB Group 1,364
10.Credit Agricole SA 1,331
The great world fortunes have caught “green fever” and they all * in million $US
want to contribute or clean up their image.
Fig.1 Annual Investment in New Renewable Energy Capacity, 2004-2009
Institutional backing, a regulatory framework and legal security
are the pillars of success for investment in renewable energy in
any country.

Renewable energy offers returns of 7-15%, suitable for the more

conservative and a good option to diversify long-term portfolios.
Billion USD

There are many sources of clean energy, depending on each

country’s characteristics and orography: Biofuels, Biomass, Wind
Power, Geothermal Power, Maritime Power, Photovoltaic Solar
Power and Thermoelectric Power.

Google, through Google Ventures and its shareholding in Good

Energies, has opted for marine wind power with a project
currently underway involving up to 6,000 MW and more than
$5 billion in investment. This project stretches 563 km (350 miles)
from Virginia to New Jersey. Source: Global Status Report 2010

26

Other banks stand out from the rest by going in for Ethical
Banking, only financing socially responsible and environmentally
sustainable projects.
Ethical banking
On April 26, 1986, reactor number four at the Chernobyl
nuclear plant in Ukraine exploded and caused the worst nuclear
power plant accident in history. Many people saw the need for
a new energy production model, far away from contaminating
fossil fuels and nuclear power, which had proven its danger since
the disaster. Triodos Bank played an active role in this search
by financing the development of renewable energy. “When we
started to invest in renewable energy, not many people were
on board. The importance of this type of energy to contribute
towards a more sustainable future has now been proven,” says
Esteban Barroso, CEO of Triodos Bank.
The bank specialises in and is committed to financing small and
large ground-grid connected or rooftop photovoltaic plants,
with debt or capital.
“We think it is important to back alternative sustainable energy
models that provide solutions for the energy and climate crisis.
We believe that the renewable energy sector is developing at
a fast pace. It offers new financial opportunities and plays a
significant role in looking after the environment,” Barroso
explains.
A long-term commitment to a sustainable energy model has
resulted in a wide range of solutions to fund photovoltaic solar
power projects. These range from small 5kW facilities to several
MW, ground-grid connected or rooftop, plants in which public
society participates, plants for companies in the sector or plants
owned by professional investors.
“Our financing conditions are not based on the number of
megawatts installed; they depend on quality and accessibility
for everyone. Our expertise allows us to analyse possible
financing solutions for each facility, case by case,” clarifies
María de Pablo, Renewable Energy Manager at Triodos
Bank.
A classic example of one of Triodos Bank’s solar power
clients is Sawsana Energy, which, through Sorinsa (Solanas
Recuperaciones Industriales), a family recycling business,
decided to branch out into the field of sustainable projects
and applied for funding to build two 1.9 MW solar plants
developed by the company Fotoenergías Solanas Gestión. “It
is an interesting solar project due to its symbolic location in
Cordoba old town, in an environmentally restored industrial
plot,” explains de Pablo.
27
la zagaleta
invest
lifestyle magazine
Graphene, a revolutionary material
Nobel prize winners Andre Geim and Konstantin Novoselov
produced graphene from graphite (used to make pencils). This
new material has high thermal and electrical conductivity and
combines high elasticity and lightness with extreme strength,
making it the most resistant material in the world.
They think that graphene cells are going to be considerably faster
than silicon cells, and although they are currently less efficient
at generating electricity than photovoltaic silicon, their costs are
also drastically lower.
Graphene can also react chemically with other elements and
chemical compounds. This is a material with huge potential for
development.
There are already thousands of applications that will revolutionalise
global energy consumption. For instance, maritime transport
will cut its fuel consumption by 25% through the use of skysails,
planes and cars backed by suppliers of solar power, photovoltaic
mobile chargers, photovoltaic road systems, among others.
Social awareness
Citizen contribution is also important. People contribute on a
small scale by installing solar panels or mini wind turbines for
their electricity or hot water supply at home, achieving a positive
carbon footprint and moving toward a more representative
market share.
Although a section of the population is still reluctant to see its
electricity bills go up due to incentives aimed at clean energy,
we cannot ignore the huge breakthroughs that are setting the
unstoppable pace of the sustainable economy and renewable
energy sector.
Ricardo Solanas Sanchís is the Manager of Sawsana Energy
Investments, a consultancy firm that specialises in mergers & acquisitions,
development and funding of large-scale renewable energy projects. You
can contact Mr. Solanas through his website www.sawsanaenergy.com
or info@sawsanaenergy.com.
About Triodos Bank
Triodos is an independent European bank with more than 30 years of
experience in ethical and sustainable banking.The bank’s innovative
business model is based on transparency, combining financial
return with social and environmental return. The bank finances
innovative initiatives based on the motto People, Planet, Profit.
Contact: info@triodos.es / www.triodos.es.
 la zagaleta
interview
lifestyle magazine

Mr. Frank Chapman

Chief Executive,
BG Group, plc
In his holiday home at La Zagaleta
after having finished his dream home in only six months, ceo of bg group, plc, mr. frank
chapman opens the doors to his la zagaleta estate and reflects on the active part his
family played in the construction and decoration of his home, his hobbies and his role
at bg group.
28
 la zagaleta
interview
lifestyle magazine

For us It startEd wIth a ChoICE

BEtwEEn thE south Coasts
oF spaIn or FranCE…, But I thInk thE
dECIdInG FaCtor was thE Easy rapport wE
quICkLy dEvELopEd wIth thE pEopLE
durInG our many EarLy vIsIts.

29
 la zagaleta
interview
lifestyle magazine
Frank Chapman is the Chief Executive of BG
Group plc, a world leader in natural gas with a
broad portfolio of exploration and production,
Liquefied Natural Gas (LNG) and gas
transmission and distribution interests across
25 countries on five continents. Listed on the
London Stock Exchange and headquartered in
the UK,BG Group plc,a world leader in natural
gas with a broad portfolio of exploration and
production, Liquefied Natural Gas (LNG) and
gas transmission and distribution interests across
25 countries on five continents. Listed on the
London Stock Exchange and headquartered
in the UK, BG Group is one of the largest
companies in the FTSE share index with a
market capitalisation of some $50 billion and
a track record of sector-leading shareholder
returns over the last decade. The company
is driven by a unique business strategy that
combines a deep understanding of global gas
markets with a proven track record in finding
and commercialising reserves.
Mr. Chapman is an engineer who has worked
in the oil and gas industry for more than 35
years. He joined BG Group in 1996 and
was closely involved in the two demergers
from the former British Gas, which led to
the creation of BG Group plc, becoming the
Group’s Chief Executive in October 2000.
Under Mr. Chapman’s leadership over the
last decade, BG Group has been transformed
from the old, state-owned utility to a global
integrated gas major, widely viewed as one of
the most exciting growth players in the energy
industry. Having recently purchased a holiday
residence in La Zagaleta, he reflects on his
decision to invest in this natural enclave and
how it complements his work and family life.
1. In what way did La Zagaleta appeal to you
and your family and why did you finally decide
to invest in a home here?
For us it started with a choice between the
south For us it started with a choice between
the south coasts of Spain and France.
Ultimately, the longer season and choice
of property favoured Spain. But I think the
deciding factor was the easy rapport we
quickly developed with the people during
our many early visits.
Once we had decided on Spain, from a rather
wide range of possibilities in this region, La
Zagaleta was a more obvious choice. Here
we can enjoy being outside, the mountain and
sea views, the nature, the peace and quiet but
still have the club facilities and activities and
importantly, a real sense of community. My
wife Kari is Norwegian and here she can have
the mountains and the sea, but she gets it with
the sunshine and warmth, a rare commodity
in Bergen. We thought we understood all
of this perfectly from the outset – but there
are always some surprises. I can remember
30
our astonishment at seeing many wild deer,
some stags with giant antlers in one of our
first evening outings to a La Zagaleta cocktail
party. So, you can have all of this at home, plus
restaurants and entertainment just a short
distance away, the wonderful fresh fruits – no
need for sugar here – and the historic culture
of Spain as you turn inland to the north and
northeast.
2. Most people spend a total of three years
in the process of building a dream home in
Southern Spain. What role has La Zagaleta
Company played in making your transition
efficient and satisfactory?
Life is very busy and buying a property is quite
a sizable task, particularly if you are clear about
what you want and would like to play a role
in shaping the outcome. Our lead time was
actually very short – less than a year from the
start of the Spanish search – and this was due
to a stroke of luck plus some hard work.
The stroke of luck came as we were looking for
a very contemporary design and La Zagaleta
in their first such collaboration had engaged
Marcos Sainz of MS Arquitectos, who had
produced, in our view, a spectacular concept
fashioned around a somewhat unique fusion
of east and west architecture; an evolution
of his other concepts of recent years. And
we caught this at a point in the construction
where we could still have a major influence on
the services and finishes inside the house, and
even the addition of an upstairs “wing.”
The hard work came with our question: “Can
it be finished (progressed from a structural
shell to a complete house) ready for holidays
in 6 months?” Silence and a deep intake of
breath!
So started some serious teamwork. La Zagaleta
has a concept of delivering a complete
product that needs only furnishing. So there
was no need to arrange additional designs, for
example for lighting or garden facilities – this
was all-in. It was evident too, from the very
start, that their aim “to deliver to the customer
precisely what he or she really wants” was
not just a marketing slogan, but a reality that
they approached with a commitment that sets
something of a ‘gold-standard’ in this business.

Lots of communications and fast decision
making in both directions really set the tone for
the craftsmen on the ground – they built up an
unstoppable momentum under the leadership
of La Zagaleta’s project director Pedro Lizarza,
ably supported by the sales manager Maika Díaz,
and delivered the product on time with all our
requirements incorporated. I don’t think past
January anyone would have believed it possible.
3. Who else did you get involved in order to
move in and have everything ready for the end
of July?
We decided to use our own interior designers
(Hill House Interiors) and audiovisual
specialists (ATI Ltd) -- both of Weybridge --
that worked on our home at Wentworth just a
few years ago. Those relationships meant they
could mobilise fast, identify requirements and
produce drawings and specifications to allow
the interfaces with La Zagaleta’s contractors
to be worked out. Here, too, we saw quite an
exceptional collaboration notwithstanding the
distances and language differences – it makes
you acutely aware of the role the internet now
plays in internationalising all of us, but this only
can work if you have the right-minded people
at each end. We are really pleased with the
interior design outcome – it was a complete
home from day one. We just walked in with
our suitcases and unpacked some clothes.
4. Would you agree in saying that the Spanish
“way of doing” in combination with La
Zagaleta has actually surprised you (against
all odds) and seen from a “product-service-
delivery” point of view?
You can hear a lot of horror stories. Lateness and
poor product quality are commonplace in many
countries in this industry. Coming to Spain we
were somewhat concerned about this but found
reassurance in the fact that La Zagaleta had done
it all before many times. We were most impressed
with the quality of all of the contractors used
– both from a workmanship point of view,
their commitment and customer orientation –
nothing seemed too much; all were focused on
the task. Of course at the end there will always
be a long ‘Snagging List’ of minor deficiencies –
but it’s the attitude to fixing it that matters. This
is the stage we are now in and all so far looks to
be going very well.
5. How did you find settling in for your first
holiday?
Getting a new house up and running and
learning how it all works is quite an activity.
So our first stay was quite busy. But we still
found time to get good use out of the Club de
Campo facilities, especially the children, with
riding at Hípico (the horse stables) and playing
at the tennis courts. Our start-up was also
greatly supported by Monica Manser over at
La Zagaleta Service Management who seems
to be able to organise anything and everything
at the drop of a hat. The La Zagaleta directors
also understood the importance of putting us
in touch with the Club management as well as
other fellow residents of the estate.
The BG Group
6. The BG Group operates in more than
25 countries. In what sectors of the energy
industry would you say BG Group is leader,
and why?
I believe we have over the last decade
demonstrated world-class skills at all points of
the natural gas value chain, from exploration,
development and production through to
transmission, distribution and supply to the
customer. Although we also have some very
significant oil interests, most notably in the
deepwater Santos Basin offshore Brazil, our
31
la zagaleta
interview
lifestyle magazine
portfolio is weighted towards gas, both offshore
and onshore.
Upstream activities are at the heart of our
company. We’re experts in finding, developing
and commercialising the kind of natural gas
reserves and resources that underpin economic
activity around the world. Our track record in
exploration is very strong: we’ve been involved in
some of the biggest finds in the industry in recent
years. Also, our people have earned a reputation
for their drive and commitment to project
delivery, so we have a history of bringing new
energy sources on-stream quickly and effectively.
I think there are two key points that differentiate
us from our peers.
First, our business model is market-focused
not resources-focused. In other words, we
begin with an analysis of the opportunities
for growth within key high-value markets,
then – once the best opportunities have
been identified - we seek the most effective
options to connect competitively priced
resources to those markets. I think that
gives us a resilience and depth of customer
relationships that would not exist if we simply
focused on finding resources with little sense
of market needs.This approach contrasts with
what I refer to as the ‘oil man’s exploration
mindset’ which is driven primarily by access
to hydrocarbon prospective acreage.
 la zagaleta
interview
lifestyle magazine
Second, we have what I think is a uniquely
dynamic, creative and entrepreneurial
working culture within BG Group which
enables us to move swiftly to capture
opportunities to create value. I think the
Group is defined not so much by what we
are and the assets we own, but rather by who
we are and how we do our work. Much of
our success is derived from the fact that we
invest heavily in putting the right-minded
people with the right skills into the right
places.
7. With more than 35 years of background
in the energy business, you are inevitably
an expert in the field. How do you position
the BG Group brand today on one side
and, in a nutshell, what are the company’s
perspectives on a medium to long term?
We’re proud of what BG Group has become
over the last 10 years and we’re excited about
the growth prospects for our company over
the next 10 years. We have a very strong and
well-balanced portfolio, and our business
plans include anticipated average year-on-
year increases in the volume of gas and oil
we’ll be producing which significantly
outrun the plans of our peers.
While it is true that global economic
conditions remain uncertain at present, we
believe there are reasons to be optimistic
about gas markets in the future. For example,
natural gas is the least carbon-intensive and
most energy-efficient of the fossil fuels,
offering abundant and accessible resources
within reach of key markets. Gas, therefore,
has an important role to play in governments’
climate change policies by displacing the
higher-carbon fuels, particularly coal, which
still dominates energy supply in some of the
world’s largest energy markets.
8. Talking consumer end: What are the
main evolutions in terms of customer
expectations, pricing and service? As more
and more countries like for example Spain
are liberalizing the selling and distribution
of household-gas business, do you think that
this will lead to a better service and pricing
or is it just a publicity stunt by competing
groups?
Consumers are invariably much better
served in markets that are fully and properly
liberalised. The UK retail market – in which
we are one of around 40 wholesale suppliers
– is a good example of this. Liberalisation
is also good for companies: fair and effective
competition compels businesses to become
as creative, efficient and focused as possible,
which in turn greatly benefits their
shareholders.
It was EvIdEnt From thE
vEry start that thEIr aIm “to dELIvEr
to thE CustomEr prECIsELy what hE
or shE rEaLLy wants” was not just a
markEtInG sLoGan, But a rEaLIty that
thEy approaChEd wIth a CommItmEnt
that sEts somEthInG oF a ‘GoLd-
standard’ In thIs BusInEss.
9. China’s booming economy is driving a
surge for demand in energy, now becoming
the second-largest oil consumer after the
United States. BG has recently signed
with China state officials to provide
natural gas to this country via coal-seam
deposits in Australia. What is the extent
of the energy demand in China, and how
is BG aiding the need for “cleaner fuels”
in a more environmentally responsible
field?
The rapid development of our Australian
business is a good example of the point
I made earlier about the climate change
agenda. The gas we supply to the Chinese
market will be used to meet domestic energy
demands, which would otherwise be met
by burning more coal in Chinese power
stations.
Carbon dioxide emissions from gas usage
for power generation are 40-50% lower
than emissions from burning coal – a very
significant difference which is also coupled
with improvements in air quality as gas
replaces coal in the fuel mix. We’re proud
to be in the vanguard of a new Australian
coal seam gas industry that will make an
important contribution to reducing overall
carbon emissions.
32
Lifestyle
10. When did your passion for sailing start
and what does it represent in your life?
I started to sail when I lived in Sarawak (East
Malaysian state of Borneo) in the early 1980s.
There, over the years, I must have raced many
thousands of miles in Olympic Class 470
dinghies. Huge fun and huge sunburn as I
remember! Later I progressed to cruising on
bigger yachts, before venturing into ocean
passages and ocean racing. I have made a
number of crossings of the northern North
Sea from the UK to Norway; the Bay of
Biscay, raced across the Atlantic and rounded
the Fastnet Rock. I have my Yacht Master’s
Certificate and own a 56’ Oyster sloop. It
is a passion somewhat unfulfilled because of
the demands of other parts of my life – but a
passion it remains nonetheless. It is still a source
of great happiness when I see land disappear
over the horizon and am truly out at sea with
my crew, my yacht and myself. Then you live
in the present, and deal with whatever comes,
using the skills and experience to hand. It’s a
stark contrast with the 10-year plans we work
with at BG Group.
11. When did you decide to buy a house in
Wentworth, Surrey and why this particular
location?
We were planning on building a larger house
elsewhere in Surrey. One day, I had a meeting
at the Wentworth Golf and Country Club. It
was 6th June 2006 and a beautiful peaceful
sunny day. In one of the recesses, my Chief
Financial Officer and I went outside on a
balcony overlooking the famous first tee on
the West Course. It was idyllic – sunshine,
birds singing, disturbed only now and then
by the crack of someone driving-off the first.
The CFO, a Wentworth resident himself, said
“Why aren’t you living here? You’re mad
not to.” I had no answer. On October 6 we
moved into a beautiful new home on the
East Course of Wentworth. It was a great
decision.
12. You travel around the world to an extent
that you almost live on a plane! What could
you say about developing countries and the
 la zagaleta
interview
lifestyle magazine

emerging economies? In recent statements

some world leaders are convinced that
multinational groups could help reduce
wE’rE proud to BE In thE
poverty by investing in other ventures to vanGuard oF a nEw austraLIan
create wealth. Do you think such an idea CoaL sEam Gas Industry
is realistic and how would you actually go that wILL makE an Important
about it? ContrIButIon to rEduCInG
ovEraLL CarBon EmIssIons.
One of our commitments at BG Group is to
seek to ensure that our activities yield enduring
benefits for our host nations. We are very
focused on finding ways to align our long-
term objectives with those of the governments
and communities in the countries where we
operate. There are many examples of how we
put these principles into practice, particularly
around sharing our skills to support the
development of local businesses and industries,
our investment in local infrastructure and our
involvement in education and training.

It’s also important to remember that all forms

of society depend on cost-effective and reliable
sources of energy to function. So our core
business purpose – connecting markets to
resources – in itself has an important role to
play in helping emerging nations stabilize and
grow their economies. We like to think and
behave in terms of BG Group bringing our
skills, finances and ability to access markets to
a host nation, rather than BG Group carrying
away a country’s natural resources.This is a state
of mind that finds expression in many of the
things we do – and how we do them – in the
countries where we operate.

I’d also underline our passion for safety. We have

a relentless focus on ensuring that everyone who
works for us – employees and contractors alike
– goes home safely to their families at the end
of their shift or working day. This is the absolute
priority for everyone at BG Group,me included.
Our belief that every accident is preventable
shapes every aspect of our operations, from our
drilling rigs to our corporate offices around the
world. We work very hard to encourage our
many stakeholders to join us on our journey
to a goal of zero injuries at all of our work sites.
In fact, I’d suggest that our efforts to embed
a genuine safety culture wherever we work
amounts to one of the most important long-
term contributions we try to make to our host
communities and countries.

33
 la zagaleta
interview
lifestyle magazine
En su residencia vacacional de La Zagaleta
Frank Chapman es el Presidente Ejecutivo de
BG Group plc, líder mundial en la producción
de gas natural que cuenta, asimismo, con una
amplia cartera de intereses de explotación y
producción, de Gas Natural Licuado (GNL),
y de transmisión y distribución de gas en 25
países y cinco continentes. BG Group, con
presencia en la Bolsa de Londres y sede en
el Reino Unido, es una de las empresas de
mayor tamaño en el índice FTSE, con una
capitalización bursátil de unos 50.000 millones
de dólares y un historial de beneficios para los
accionistas sin parangón en el sector durante la
última década. La empresa se rige por una única
estrategia comercial que combina un profundo
conocimiento de los mercados mundiales
de gas con una experiencia demostrada en la
localización y comercialización de reservas.
Chapman es un ingeniero que ha trabajado en la
industria del gas y el petróleo durante más de 35
años. Entró en BG Group en 1996 y participó
activamente en las dos escisiones de la empresa
British Gas, las cuales derivaron en la creación
de BG Group plc, empresa de la que se erigió
Presidente Ejecutivo en octubre del año 2000.
Durante la última década, y bajo el mandato
de Chapman, BG Group ha pasado de ser una
antigua empresa estatal de suministro público a
convertirse en una de las principales compañías
de gas integradas a nivel mundial,considerada por
muchos uno de los ejemplos de crecimiento más
fascinantes dentro de la industria energética.Tras
haber adquirido recientemente una residencia
de vacaciones en La Zagaleta, Chapman
reflexiona sobre su decisión de invertir en este
enclave natural y sobre cómo complementa su
trabajo y su vida familiar.
1. ¿Qué les atrajo a usted y a su familia de La
Zagaleta y por que decidió invertir en una
vivienda allí finalmente?
Frank Chapman
Consejero delegado,
BG Group, plc
Para nosotros todo empezó como una simple
elección entre las costas del sur de España y
Francia. Al final fue la oferta inmobiliaria y
el hecho de que la temporada fuera más larga
lo que movió la balanza a favor de España,
si bien creo que el factor decisivo fue la
compenetración que enseguida surgió con la
gente durante nuestras muchas visitas previas.
Una vez nos decidimos por España, La Zagaleta
resultó ser la elección más clara de entre una
selección bastante amplia de posibles destinos
en esta región. Aquí podemos disfrutar de estar
al aire libre, la montaña y las vistas al mar, la
naturaleza, la paz y tranquilidad, pero pudiendo
al mismo tiempo acceder a las instalaciones
y actividades del club y, más importante aún,
teniendo la sensación de vivir en comunidad. Mi
mujer, Kari, es noruega, y aquí puede disfrutar
de la montaña y del mar, pero además con sol
y buenas temperaturas, algo poco habitual en
Bergen. Viéndolo desde fuera pensamos que
entendíamos todo esto a la perfección, pero
siempre hay alguna que otra sorpresa. Aún
recuerdo nuestro estupor cuando, durante una
de nuestras primeras salidas nocturnas a un
cóctel en La Zagaleta, vimos numerosos ciervos
salvajes, algunos de ellos con una cornamenta
gigantesca. Puedes tener todo esto en tu propia
casa, además de restaurantes y lugares de ocio
a escasa distancia, fruta fresca maravillosa (aquí
no es necesario el azúcar) y la cultura histórica
española a medida que te adentras hacia el
interior en dirección norte y noreste.
2. Mucha gente invierte un total de tres años
en construir la casa de sus sueños en el sur de
España. ¿Cómo ha contribuido La Zagaleta
Company a que este proceso fuese eficiente a
la par que satisfactorio?
Todos estamos muy ocupados en nuestro día
a día y comprar un inmueble es una tarea
34
considerable, especialmente si tienes claro lo
que buscas y deseas participar en el proyecto
dando forma al producto final. El tiempo de
construcción fue en realidad muy corto (menos
de un año desde el inicio de la búsqueda en
España) y esto se debió a un golpe de suerte,
además de al duro trabajo.
El golpe de suerte se produjo cuando
buscábamos un diseño muy contemporáneo
y La Zagaleta, en su primera colaboración
de este tipo, contrató los servicios de Marcos
Sainz, de MS Arquitectos, quien en nuestra
opinión había desarrollado un concepto
espectacular creado entorno a una fusión de
arquitectura oriental y occidental un tanto
única. Era en realidad una evolución de otros
conceptos suyos de años anteriores. Y resultó
que encontramos este proyecto en una fase de
su construcción en la que aún era posible tomar
decisiones importantes sobre los servicios y
acabados del interior de la vivienda, o incluso
solicitar la construcción de un “ala” superior.
El trabajo duro llegó cuando preguntamos si era
posible acabar el proyecto para las vacaciones,
es decir, en un plazo de 6 meses, entendiéndose
por acabar el hecho de pasar de una estructura
laminar a una casa terminada.
Así es como comenzó el arduo trabajo en equipo.
La política de La Zagaleta es la de entregar
productos terminados en los que lo único que
falta por hacer es amueblar. Es por ello que no
tuvimos que preparar diseños adicionales para
las instalaciones del jardín o para el sistema
de iluminación, ya que estaba todo incluido.
También resultó evidente, desde el principio,
que el objetivo de dar al cliente exactamente lo
que busca no era un simple eslogan comercial,
sino una realidad que intentaron alcanzar con
un nivel de compromiso tal que pusieron el

listón muy alto en este sector. La constante
comunicación y la rapidez en la toma de
decisiones por ambas partes ciertamente
marcaron la pauta a los obreros que trabajaban
sobre el terreno. Crearon una fuerza imparable
que, a las órdenes del jefe de proyecto de La
Zagaleta, Pedro Lizarza, siempre arropado
por la directora comercial, Maika Díaz, hizo
posible entregar el producto final a tiempo y
cumpliendo con todos nuestros requisitos. No
creo que nadie hubiese confiado en que fuera
posible el pasado mes de enero.
3. ¿A quién más involucró en el proyecto para
poder avanzar con la mudanza y tener todo
listo para finales de julio?
Optamos por recurrir a nuestros propios
interioristas (Hill House Interiors) y a un
grupo de expertos en imagen y sonido
(ATI Ltd), ambos de Weybridge, con los
que ya habíamos trabajado en nuestra casa
de Wentworth años atrás. El hecho de que
hubiésemos colaborado anteriormente
contribuyó a que se movilizaran con rapidez,
identificaran las posibles necesidades y
prepararan planos y especificaciones que
permitiesen que la interacción con los
contratistas de La Zagaleta funcionase a la
perfección. En este caso también observamos
una colaboración excepcional, a pesar de la
distancia y de la diferencia de idioma. Esto
te hace ser plenamente consciente del papel
que juega Internet hoy en día en el proceso
de internacionalización de todos nosotros,
pero algo así sólo puede funcionar si se cuenta
con la gente adecuada a uno y otro lado.
Estamos muy satisfechos con el resultado final
de la decoración interior, ya que fue como
un verdadero hogar desde el primer día.
Simplemente tuvimos que entrar con nuestras
maletas y deshacer el equipaje.
para nosotros todo EmpEZó Como una sImpLE
ELECCIón EntrE Las Costas dEL sur dE España y
FranCIa… EL FaCtor dECIsIvo FuE La CompEnEtraCIón
quE EnsEGuIda surGIó Con La GEntE durantE
nuEstras muChas vIsItas prEvIas.
4. ¿Diría que la forma española de “hacer
las cosas”, en conjunción con el trabajo de
La Zagaleta, le ha sorprendido realmente y
contra todo pronóstico desde el punto de vista
del trinomio “producto-servicio-entrega”?
Se oyen muchas historias para no dormir. Los
retrasos en la entrega y la mala calidad del
producto son algo muy común en este sector
en muchos países.Al venir a España estábamos
un tanto preocupados por este tema, pero
nos tranquilizó el hecho de que La Zagaleta
contase ya con una amplia experiencia. Nos
impresionó especialmente la calidad de
todos los contratistas que participaron en el
proyecto, tanto desde el punto de vista del
trabajo como en lo relativo al compromiso
y orientación al cliente. Nada parecía ser
demasiado y todos ellos se centraban en la
tarea a realizar. Evidentemente, al final siempre
habrá una “Lista de desperfectos” donde
se detallen pequeñas imperfecciones, pero
es la predisposición a reparar esos defectos
lo que importa. Esa es la fase en la que nos
encontramos ahora mismo y por el momento
todo parece ir viento en popa.
5. ¿Qué le pareció cuando se instaló por
primera vez para sus vacaciones?
Poner en marcha una nueva vivienda y aprender
cómo funciona todo requiere mucho trabajo,
así que nuestra primera estancia fue bastante
ajetreada. Aún así encontramos tiempo para
disfrutar de las instalaciones del Club de Campo,
en particular los niños, que montaron a caballo
en Hípico (la cuadra del complejo) y jugaron
en las pistas de tenis.Al principio contamos con
la inestimable ayuda de Monica Manser, de la
Dirección La Zagaleta, que siempre parecía ser
capaz de organizar cualquier cosa y en cualquier
momento.Además, los directores de La Zagaleta
35
la zagaleta
interview
lifestyle magazine
comprendieron la importancia de ponernos en
contacto con la dirección del Club, así como
con otros vecinos de la urbanización.
BG Group
6. BG Group está presente en más de 25 países.
¿En qué sectores de la industria energética
diría usted que BG Group es líder? ¿Por qué?
Creo que durante la última década hemos
demostrado nuestra competencia de primer
orden en todos los procesos de la cadena de
valor del gas natural, desde la exploración, el
desarrollo y la producción hasta el transporte,
la distribución y el suministro al cliente.
Aunque también contamos con numerosos
intereses petrolíferos, particularmente en aguas
de la Cuenca de Santos, frente a las costas de
Brasil, nuestra cartera se centra en el gas, tanto
en tierra como mar adentro.
Las actividades de exploración y producción
son la base de nuestra empresa. Somos expertos
en la localización, desarrollo y comercialización
del tipo de recursos y reservas de gas natural
que sostienen la actividad económica a nivel
mundial.Tenemos una amplia trayectoria en el
sector de la exploración, habiendo participado
en algunos de los principales hallazgos de
la industria en los últimos años. Asimismo,
nuestros trabajadores se han ganado una gran
reputación por su dinamismo y su compromiso
de entrega. No en vano, contamos con una
vasta experiencia en la puesta en marcha de
nuevas fuentes de energía.
Creo que existen dos puntos fundamentales
que nos diferencian del resto.
El primero es que nuestro modelo de negocio
está orientado al mercado, no a los recursos. Es
 la zagaleta
interview
lifestyle magazine
decir, empezamos analizando las oportunidades
de crecimiento en mercados clave de alto valor y,a
continuación,una vez que hemos identificado las
mejores oportunidades, buscamos las soluciones
más efectivas para conectar estos mercados
con los recursos que demandan a precios
competitivos. Pienso que esto nos proporciona
una capacidad de adaptación y un nivel de
relación con el cliente que no existiría en caso
de limitarnos a la búsqueda de recursos sin tener
en cuenta las necesidades reales del mercado.
Este enfoque contrasta con lo que yo denomino
“mentalidad exploratoria del petrolero”, cuya
principal motivación es la búsqueda de posibles
yacimientos de hidrocarburos.
El segundo punto es la cultura de trabajo que
tenemos en BG Group y que, en mi opinión, es
una cultura dinámica, creativa y emprendedora
que nos permite movernos rápidamente para
captar oportunidades que, a su vez, crean valor.
Creo que el grupo no se define tanto por lo
que somos y los activos que tenemos, sino más
bien por quién somos y cómo hacemos nuestro
trabajo. Gran parte de nuestro éxito deriva
de la gran importancia que le otorgamos al
hecho de poner a la persona adecuada y con las
calificaciones apropiadas en el sitio oportuno.
7. Con más de 35 años de experiencia
en el sector energético se ha convertido,
inevitablemente, en un experto en la materia.
¿Cómo posicionaría hoy en día a la marca
BG Group y, en resumen, cuales son las
expectativas de la empresa a medio-largo
plazo?
Estamos orgullosos de ver en qué se ha
convertido BG Group en los últimos 10
años y, al mismo tiempo, entusiasmados con
las previsiones de crecimiento para nuestra
empresa en los próximos 10 años. Contamos
con una cartera muy sólida y equilibrada.
Además, nuestros planes estratégicos prevén
incrementos interanuales medios en los
volúmenes de producción de gas y petróleo
que superan de forma significativa a los de
nuestros competidores.
Si bien es cierto que la situación de la economía
mundial sigue siendo incierta ahora mismo,
creemos firmemente que hay motivos para ser
optimista respecto a los mercados del gas en
un futuro. Así, por ejemplo, el gas natural es
el combustible fósil con menor contenido de
carbono y el de mayor rendimiento energético
y, a su vez, ofrece recursos abundantes y
accesibles al alcance de los mercados clave. Es
por ello que el gas juega un papel importante
en las políticas estatales de cambio climático,
permitiendo reemplazar otros combustibles
con mayor contenido de carbono, en particular
el carbón, que sigue siendo la principal fuente
de suministro energético en algunos de los
mercados de la energía más importantes del
mundo.
8. En cuanto al consumidor final, ¿cuáles
son los principales avances en materia de
expectativas de cliente, precios y servicio?
Cada vez más países están liberalizando la
venta y distribución del gas de uso doméstico,
como es el caso de España. ¿Cree que con esto
se conseguirá un mejor servicio y un precio
más moderado o se trata simplemente de
una maniobra publicitaria de las empresas
implicadas?
Los consumidores siempre reciben un mejor
servicio en los mercados liberalizados, siempre
y cuando la liberalización haya sido total y se
haya realizado de forma adecuada. Un buen
ejemplo de ello es el mercado minorista
del Reino Unido, donde somos uno más
de los cerca de 40 mayoristas de origen.
La liberalización también es buena para las
empresas, puesto que una competencia justa y
efectiva les obliga a adecuarse a las necesidades
del cliente y a ser tan eficientes y creativos
como sea posible, lo que a su vez beneficia a
sus accionistas.
9. El auge de la economía china está
provocando un repentino aumento en la
demanda energética y China ha pasado
a ser, en la actualidad, el segundo mayor
consumidor de petróleo, sólo superado
por Estados Unidos. Recientemente BG ha
firmado un contrato con los funcionarios del
Estado chino para suministrar gas natural a
su país a través de depósitos de vetas de carbón
situados en Australia. ¿Cuál es el alcance de
la demanda energética en China y cómo está
contribuyendo BG al uso de “combustibles
más limpios” en un campo cada vez más
respetuoso con el medio ambiente?
36
El rápido desarrollo de nuestra actividad
en Australia es un excelente ejemplo de lo
que he planteado anteriormente sobre el
cambio climático. El gas que suministramos
al mercado chino estará destinado a cubrir
la demanda energética para uso doméstico
que, en cualquier otro caso, se satisfaría con la
quema de mayores cantidades de carbón en las
centrales eléctricas de China.
uno dE Los CompromIsos dE
BG Group Es EL dE IntEntar
GarantIZar quE nuEstras aCtIvIdadEs
GEnErEn BEnEFICIos duradEros
para Los paísEs dE aCoGIda.
Las emisiones de dióxido de carbono
procedentes de la utilización de gas en la
producción de energía son entre un 40 % y un
50% inferiores a las emisiones resultantes de la
quema de carbón, lo que supone una diferencia
muy significativa que también está unida a
la mejora de la calidad del aire, puesto que el
gas sustituye al carbono en la combinación
de combustibles. Estamos muy orgullosos de
estar en la vanguardia de la creación de una
nueva industria de gas de veta de carbón que
contribuirá considerablemente a reducir las
emisiones totales de carbono.
Estilo de vida
10. ¿En qué momento surgió su pasión por la
vela y qué representa en su vida?
Empecé a navegar a principios de la década
de los 80, cuando vivía en Sarawak, un estado
oriental malayo de Borneo. En mis años
allí debo haber recorrido miles de millas a
bordo de botes 470 de categoría olímpica.
Según recuerdo, mucha diversión y muchas
quemaduras solares. Más tarde pasé a navegar
en embarcaciones de mayor tamaño, justo
antes de atreverme con las travesías y carreras
transoceánicas. Crucé el Mar del Norte en
varias ocasiones (desde el Reino Unido
hasta Noruega), llegué a la Bahía de Vizcaya,
competí en regatas por el Atlántico y rodeé
Fastnet Rock.Tengo mi licencia de patrón de
barco y poseo un velero Oyster de 17 metros
de eslora. Es una pasión de la que no disfruto
tanto como quisiera debido a las exigencias
de otros aspectos de mi vida, pero una pasión

que aún así sigue presente. Sigo sintiendo una
inmensa felicidad cuando veo cómo la tierra
desaparece en el horizonte y me encuentro
mar adentro con mi tripulación, mi velero
y yo mismo. Allí vives el presente y afrontas
todo cuanto pueda surgir haciendo uso de los
conocimientos y experiencia que tienes a tu
disposición. Es un marcado contraste con los
planes a 10 años vista con los que trabajamos
en BG Group.
11. ¿Cuándo decidió comprar una casa en
Wentworth (Surrey) y por qué optó por este
lugar en concreto?
Pensábamos en construir una casa más grande
en cualquier otra zona de Surrey, hasta que
un día tuve una reunión en el club de golf
de Wentworth. Era el 6 de junio de 2006,
un día bonito y tranquilo. Durante uno de
los descansos, mi Director de Finanzas y yo
salimos a un balcón desde el que se divisaba el
célebre primer tee del Campo Oeste. Aquella
era una imagen idílica, con la luz del sol y el
canto de los pájaros, sólo interrumpido de vez
en cuando por el ruido de jugadores al hacer
su primer golpe. El Director de Finanzas, que
también residía en Wentworth, me preguntó
por qué no vivía allí, y sentenció diciendo
que estaba loco por no hacerlo. No supe
qué responder, así que el 6 de octubre nos
mudamos a una casa nueva preciosa situada
en el Campo Este de Wentworth. Fue una
gran decisión.
12. Viaja tanto por el mundo que
prácticamente vive en el avión. ¿Qué podría
decir sobre los países en vías de desarrollo y
las economías emergentes? Algunos líderes
mundiales han declarado recientemente
estar convencidos de que las multinacionales
pueden ayudar a reducir los índices de
pobreza, invirtiendo en otras empresas
para así crear riqueza. ¿Cree que esta idea
es realista y cómo la pondría en práctica
realmente?
Uno de los compromisos de BG Group es el
de intentar garantizar que nuestras actividades
generen beneficios duraderos para los países de
acogida. Nos centramos de forma muy especial
en la búsqueda de soluciones que nos permitan
alinear nuestros objetivos a largo plazo con los
de los gobiernos y comunidades de los países en
los que tenemos presencia. Existen numerosos
ejemplos de cómo ponemos en práctica estos
principios, especialmente en lo relativo a la
transmisión de conocimientos para fomentar el
desarrollo de industrias y empresas locales, las
inversiones en infraestructuras locales y nuestra
participación en la educación y la formación.
De igual modo, es importante recordar que
cualquier tipo de sociedad requiere de fuentes
de energía fiables y rentables para poder
funcionar. En consecuencia, nuestro objetivo
empresarial fundamental de conectar mercados
con recursos tiene de por sí un papel muy
importante, pudiendo servir de ayuda en el
37
la zagaleta
interview
lifestyle magazine
proceso de estabilización y desarrollo de las
economías en los países emergentes. Queremos
pensar y actuar según el enfoque de BG Group,
aunando nuestros conocimientos, nuestras
finanzas y nuestra destreza para permitir el
acceso a los mercados a los países de acogida, en
lugar de llevarnos sus recursos naturales. Se trata
de un estado de ánimo que expresamos a través
de muchas de la cosas que hacemos (y cómo
las hacemos) en aquellos países donde estamos
presentes.
También destacaría nuestra pasión por la
seguridad. Nos centramos de forma incansable
en asegurar que todos cuantos trabajan
para nosotros, tanto si son empleados como
contratistas, vuelvan a casa sanos y salvos al
acabar su turno o su jornada laboral. Esta
es la prioridad absoluta para todos los que
formamos parte de BG Group, yo incluido.
Creemos que todo accidente puede prevenirse
y esta creencia condiciona todos y cada uno de
los aspectos de nuestra actividad, desde nuestras
perforadoras hasta nuestras oficinas en todo
el mundo. Trabajamos muy duro para animar
a nuestros innumerables accionistas a que
se unan a nosotros en la lucha por conseguir
alcanzar los cero accidentes en todos nuestros
centros de trabajo. De hecho, diría que nuestros
esfuerzos por inculcar una verdadera cultura de
la seguridad allá donde vamos supone una de
las mayores contribuciones a largo plazo que
intentamos hacer a las comunidades y países
que acogen nuestros centros.
 la zagaleta
property
lifestyle magazine

VIEW FROM THE ENTRANCE

SIDE VIEW

38
 la zagaleta
property
lifestyle magazine

VILLA H8
this villa is part of the new and innovative line
of “signature villa” properties by la zagaleta,
characterized by outstanding quality. at the moment
it is in its initial phase of construction based on a
superb southwest orientation with views of the golf Plot: approx. 6.982 m2
course and mountains.
Total built: approx. 2.100 m2
this exceptional property also offers many special Total terraces, porches & patio: approx. 309 m2
water features and is the perfect retreat situated in
the private and exclusive hideaway “la zagaleta golf * Data provided by the project architect, constituting no
and country club.” liability on behalf of La Zagaleta S.L.U.

39
 la zagaleta
interview
lifestyle magazine
M G IGUEL
The Growth of a Spanish Tradition
During the last few years, the family run
company from Seville, Miguel Gallego
SA (MIGASA), has been recognized for
helping companies in crisis to pick up,
creating agreements of collaboration and
new corporations in order to recover their
market positions.
The company’s core business is the extraction
and refining of olive oil, and now, it also
covers the packaging market with exports
to other European countries and North
America. MIGASA has positioned itself as
Spain’s second largest olive oil group with
a turnover between 450 and 500 million
Euros, only behind Koipe-Carbonell. Miguel
Gallego, President of the group, speaks about
the success of the company and its plans for
the future.
1.How do you structure the consumption
of olive oil in the world, and what is Spain’s
role?
ALLEGO
The first thing you have to find out is where
this much-appreciated olive oil is produced,
and in that way we will better understand its
consumption map.
The production depends mostly on the
Mediterranean climate, as this is the
production area. The olive tree is a tree that
every year produces a fruit -- the olive -- but
with irregular crops; one year it produces a lot
of olives, the next year the quantity of olives
is lower. This is called alternance. This does
not happen so often anymore because the
olives are replaced by those coming from the
plantations with irrigation, which give more
regular productions every year.
Let’s look at the production map. If we take
the average production between 2008 and
2010, we can say that the production around
the world is approximately 2.800.000 tons.
The leading producers are the EU Countries
with 2.100.000 tons, that is 75% of the total
40
production, and the most representative
countries are Spain, Italy, Greece and Portugal;
the remaining 25% is distributed along
countries of the Mediterranean Basin such as
Tunisia,Turkey, Syria, Morocco and Algeria.
The structure of the consumption is in
principle very natural. What this means is
that the producing countries are the biggest
consumers, exposing themselves to the rest
of the world, and in turn, increasing their
success.
I will explain it in global figures for a better
perspective: During the 2009/2010 campaign,
the forecast was 2.8500.000 tons, from which
65% is estimated to be consumed within the
EU, that means 1.850.000 tons. The rest of
producing countries will have 11% (320.000)
tons and 24% (680.000 Tons) corresponds to
the rest of the world Twenty-five perecent of
the market that consumes are non-producing
countries and are experiencing the largest
 la zagaleta
interview
lifestyle magazine

THROUGH THE YEARS MIGASA HAS

ENTERED INTO THE BRANDING AND
PACKAGING WORLD AS A NATURAL PROCESS
WITHIN ANY GROWING COMPANY, WITHOUT
ABANDONING THE CORE BUSINESS
AND OUR VOCATION FOR SERVICE.

41
 la zagaleta
interview
lifestyle magazine

growth. The main countries are USA MIGASA is present in the domestic market great trajectory in exports. The rest of the
(250.000), Brazil (40.000) Australia (38.000) with various products of leading brands, brands are leaders at a local level, and in
Canada (32.000), Japan (30.000), Central and such as Ybarra, La Masia, Rafael Salgado, La this way, we cover demand at all levels of
South American countries as well as emerging Huerta de Bertín, Mueloliva, Cexac, etc. distribution. Regarding the strategy to
countries in Asia. obtain this positioning, we have followed
In Spain we are the leaders of bulk sales and several: the acquisition of La Masia from the
USA has had a 300% increase in consumption second in packaged brands. We are present multinational Unilever Group, the creation
in the last 20 years. in more than 60 countries where we are the of the Ybarra Group in conjuction with
leaders in some of them. Hijos de Ybarra, plus strategic agreements
2. What are the major companies within with other companies.
MIGASA and which sectors do they cover? 3.Which is MIGASA’s most successful brand
What are their market positions? and what strategy did you follow to achieve
IN SPAIN WE ARE THE LEADERS
its placement? OF BULK SALES AND SECOND IN
MIGASA is purely a family business, originally PACKAGED BRANDS. WE ARE PRE-
dedicated to the extraction and refining of all This is a difficult question to answer, as all SENT IN MORE THAN 60 COUNTRIES
sorts of vegetable and olive oils. MIGASA is our brands are successful, but at different WHERE WE ARE THE LEADERS IN
very service-minded, with the top packaging positions and markets. Each one is placed SOME OF THEM.
brands and food suppliers and the aim being strategically in the right place and territory.
to always be the leading supplier of excellent 4.What percentage of the turnover does the
quality products, meeting the most demanding From MIGASA’s point of view, it’s a success that packaging market represent and how are you
requests from our customers. We also offer they belong in our Group. I would probably going to take over this market, for instance,
a very efficient delivery service with short have to value each brand in its area of influence. from countries like Italy?
delivery times. I dare to say that without any doubt, the most
recognized brand worldwide is Ybarra. Our turnover for 2009 was around 700 million
Through the years MIGASA has entered Euros, a 12% increase compared to 2009 and
into the branding and packaging world as a Ybarra has been present for years in more than 14% higher benefits. Our growth is gradual,
natural process within any growing company, 60 countries, which makes it the best brand, with no big jumps. We like to establish roots
without abandoning the core business and not only for olive oil but also in all its other in the companies we acquire, analyze them
our vocation for service. Today MIGASA is products. It is true that it’s not the leader in from the bottom and make any necessary
part of and has agreements with other leading terms of quantity (this is reserved for an Italian changes. All the members of our team are
businesses, not only with olive oil companies brand), but it is certainly among the first. very demanding with themselves; nobody is
but also with companies specializing in food indispensable but everybody is needed.
products such as mayonnaise, sauces, vinegars, The second brand within the domestic
olives, canned vegetables, soups, etc. market of olive oil is La Masia, with a The turnover percentage and the flow of

goods is around 12% of the domestic volume.
How are we going to take over the market in
Italy? I must state that it is not our target.
Italy is Spain’s best customer of olive oil in
bulk (without bottling) and it would not be
good to lose that market by taking over with
Spanish brands. It would become a war, and
it would not benefit neither the companies
nor the European sector of olive oil. Quite
the opposite, we have to create new markets,
it is there where we want to be. We cannot
waste any time in price wars against the
Italians who have been present in these
traditional markets for many years.
Let us fight for the emerging markets instead;
it will benefit everyone and consumption
will increase.
5.A few years ago the exports of olive oil
suffered a decrease in turnover; the surveys
showed that, during a crisis, olive oil is not
considered as a basic food product. What
is your opinion regarding the demand for
olive oil from other countries during the
past years?
The decrease of the turnover is due to a fall
in the price of the raw material, in this case
the olive oil’s price of origin, not because of
the crisis, although everything influences.
The real problem today is that the prices at
origin are not the same as a few years ago.
As in any other market, the devaluation of
the product starts with supply and demand,
which is how markets work.
The increase in number of plantations,
better tree treatments, new planting
technology and better irrigation systems
have resulted in better crops. This has lead
to a production increase in all the countries
of the Mediterranean Basin.The production
has tripled in 50 years, especially during the
last few years. All this has helped to obtain
better crops every year, although growth
with respect to consumption is larger.
We are talking about a growth in exports
between 12-14% only in Spain, and this is not
enough despite the growth in production.
Growth in production creates a surplus
outside the campaign, which is unusual in
this type of market. The stock available at
the beginning of the campaign is ridiculous
with respect to other agricultural products
with 2-3 months consumption around the
world, but this is a very particular market
and backed by many facts.
In reference to your question about
whether olive oil is a basic food product,
I would answer yes, if we do not consider
that water, bread and milk are basic food
products in developed countries. Olive oil
reduces the risk of cardiovascular diseases;
it is a healthy and essential component of
la zagaleta
interview
lifestyle magazine
the Mediterranean diet which is so popular
lately. Olive oil is nutritional and easy to
digest; also it has great culinary advantages
in culinary dishes for very little money with
respect to other fats.
My observations regarding the demand
from other countries are that the emerging
countries are using more olive oil. It is a fact:
The increase in consumption of this product
was unthinkable 10 years ago, accounting for
the increas e in exports in Spain this year. Part
of the population of countries like China or
India have reached a higher economic level
which entails better food habits and this
includes our olive oil.
6. Are there any new projects for MIGASA?
Migasa has no other projects except to
continue growing with what we already
have: leading products and brands with
great potential to become bigger both in
the domestic and international markets.This
will be a reality in the coming years because
we are strengthening our teams as well as
our expansion plans. This does not mean we
are not open to new projects.
Thank you very much for giving me the
opportunity to share our interests with
the readers of this prestigious magazine
from La Zagaleta, a place where I feel very
comfortable and relaxed.
 la zagaleta
interview
lifestyle magazine
M G
Impulsando la Tradición Española
En los últimos años la empresa familiar
Sevillana, Miguel Gallego SA (MIGASA) ha
sido reconocida por levantar empresas en crisis,
creando acuerdos y sociedades para recuperar
cuotas de mercado.
Fundamentalmente dedicada a la extracción y
refinado de aceites, la empresa ahora abarca el
mercado de envasados, exportando a otros países
de Europa y Estados Unidos. Así, MIGASA ha
conseguido establecerse como el segundo grupo
aceitero de España con una facturación entre
450 y 500 millones de euros, sólo por detrás de
Koipe-Carbonell. Miguel Gallego, Presidente
del grupo, nos habla sobre el éxito de la empresa
y sus planes de futuro.
1. Cómo se estructura el consumo de aceite
de oliva en el mundo, y qué papel desempeña
España?
Lo primero que debemos analizar es donde se
produce el tan apreciado aceite de oliva y de
esta forma entenderemos mejor el mapa de su
consumo.
Las producciones dependen en gran parte de la
climatología Mediterránea, ya que esta es la zona
de producción. El olivo es un árbol que produce
un fruto, las aceitunas, y todos los años pero de
forma irregular. Es decir, el año que tiene mucha
aceituna (buena cosecha), el siguiente es más baja
su cantidad de aceituna, aunque esta llamada
beceria, se da cada vez menos, pues es suplida por
las plantaciones en zonas de riego, ya que dichos
olivos de riego no tienen tanta diferencia en sus
producciones anuales.
Entremos en el mapa de producción. Partiendo
de unas cosechas medias de 2008 a 2010,
podemos decir que la producción mundial de este
producto es de 2.800.000 toneladas aproximadas.
Los países productores principales son la Unión
IGUEL ALLEGO
Europea con 2.100.000 toneladas, es decir, el
75% de la producción y de estos los países, los
más representativos son España, Italia, Grecia y
Portugal. El otro 25% está repartido en países de
la cuenca Mediterránea como Túnez, Turquía,
Siria, Marruecos y Argelia.
La estructura del consumo es, en principio, muy
natural. Es decir, los países productores son los
de mayor consumo, estando abierto a los demás
países del resto del mundo, cada vez con mayores
éxitos. Lo explico en cifras globales para tener
una mejor visión: En la campaña 2009/2010 la
estimación es de 2.850.000 toneladas,de las cuales
se prevén consumir en la Unión Europea el 65%,
es decir, 1.850.000 toneladas. En el resto de los
países productores el 11% (320.000Tn.) y el resto
el 24% (680.000 Tn.) por el resto del mundo.
Este mercado del 25% aproximado que se
consume en los países no productores es el que
mayor crecimiento ha tenido y tiene actualmente.
Los principales países de este consumo son
EE.UU. (250.000), Brasil (40.000), Australia
(38.000) Canadá (32.000), Japón (30.000), países
de Centro/ Sur America y países emergentes en
el continente Asiático.
Como ejemplo diremos que en EE.UU. ha
subido el consumo un 300% en los últimos
20 años.
 ¢&XiOHV VRQ ODV SULQFLSDOHV ÀUPDV TXH
forman parte de MIGASA y qué sectores
abarcan? ¿Qué puesto ocupa en el mercado?
MIGASA es una empresa netamente familiar
y dedicada en sus principios a la extracción y
refinación de todo tipo de aceites vegetales y
aceites de olivas, teniendo siempre una fuerte
vocación de empresa de servicios orientada a
los Envasadores de primeras marcas e Industrias
de Alimentación. Su objetivo siempre ha sido
44
liderar la posición de elaboración de productos,
de excelente calidad, de acuerdo con las más
exigentes solicitudes de nuestros clientes, con un
eficaz servicio de entrega, en el menor plazo de
tiempo posible.
En el transcurso de los años, MIGASA ha
tenido que entrar en el mundo de las marcas y
del envasado, como es natural en toda empresa
de crecimiento continuo, sin renunciar a sus
principios, sin abandonar su actividad principal y
su vocación de servicios. MIGASA al día de hoy
forma parte y tiene acuerdos con otras empresas
líderes del sector, no solo de aceites, también
de otros productos de alimentación, como
mayonesas, salsas, vinagres, aceitunas, conservas
vegetales, gazpachos, caldos, etc.
MIGASA está presente en el mercado nacional
con diferentes productos de marcas líderes, tanto
en cantidad como en calidad; marcas como
Ybarra, La Masia, Rafael Salgado, La Huerta de
Bertin, Mueloliva, Cexac, etc.
Nuestro posicionamiento en el mercado nacional
es de líderes en graneles y segundo en marcas
de envasado. En los mercados internacionales,
estamos presente en más de 60 países, siendo líder
en alguno de ellos.
3. ¿Cuál es la marca más exitosa de MIGASA
y cuál ha sido la estrategia para conseguir este
posicionamiento?
Es difícil contestar a esta pregunta, pues todas
nuestras marcas son exitosas, pero en diferentes
mercados o posicionamiento, es decir, cada
una está situada estratégicamente en su lugar y
territorio.Desde el punto de vista de MIGASA,el
éxito es que estén dentro del Grupo MIGASA.
Quizás,tendría que situar cada marca en su lugar de
influencia y puedo dar algunareferencias de ellas.
 la zagaleta
interview
lifestyle magazine

NUESTRO POSICIONAMIENTO EN EL
MERCADO NACIONAL ES DE LÍDERES
EN GRANELES Y SEGUNDO EN MARCAS
DE ENVASADO. EN LOS MERCADOS
INTERNACIONALES, ESTAMOS PRESENTE EN
MÁS DE 60 PAÍSES, SIENDO LÍDER EN
ALGUNO DE ELLOS.

45
 la zagaleta
interview
lifestyle magazine
Me atrevería a decir, que sin lugar a duda, la marca
más conocida mundialmente es la marca Ybarra.
Ybarra está presente en más de 60 países desde
hace años, lo que la hace la mejor marca, no solo
de aceite, sino también de todos sus productos.
Es verdad que no es la marca líder en cantidad,
que está liderada por una marca Italiana, pero sí
es de las primeras.
La Masia es la segunda marca dentro del mercado
nacional en aceites de oliva y con una gran
trayectoria en el mercado de la exportación.
El resto de marcas, pueden ser líderes a nivel
local, con lo que abarcamos todos los niveles de
exigencias de la distribución.
Respecto a las estrategias para conseguir estos
posicionamientos,han sido varias,desde la compra
de La Masia a multinacionales como el Grupo
Unilever, pasando por la creación del Grupo
Ybarra conjuntamente con Hijos de Ybarra, a
acuerdos estratégicos con otras empresas.
4. ¿Qué porcentaje de la facturación
representa el sector de envasados y cómo
piensan arrebatar este mercado, por ejemplo,
a países como Italia?
Nuestra facturación en el año 2009 ha sido de
cerca de 700 millones de euros y venimos con
un crecimiento del 12% respecto al año 2009
en lo que respecta a facturación, y un 14% en lo
que respecta a beneficios. Nuestro crecimiento
es progresivo, sin grandes saltos. Nos gusta echar
raíces en las empresas que entramos,analizar desde
abajo y acometer los cambios que sean necesario.
Todo nuestro equipo es exigente consigo
mismo y formamos un gran equipo; nadie es
imprescindible, pero todos son necesarios.
El porcentaje de facturación y de movimiento
de mercancías es sobre el 12% del volumen
nacional.Sobre como le vamos arrebatar el
mercado a Italia, tengo que decir que no es
nuestro objetivo.
Italia es el mejor cliente que tiene España en
aceite de oliva, Italia es nuestro mejor cliente de
aceites a granel (sin envasar) y no sería bueno
que se perdiera este mercado, para que pasase a
manos de marcas Españolas, creo que seria una
guerra, de la cual no saldrían beneficiado ni las
empresas ni el sector europeo del aceite de oliva. unos stock fuera de campaña no habituales en
Por el contrario, hay que crear nuevos mercados este tipo de mercado. El stock que existen a
- es ahí donde queremos y vamos a estar. No principios de campaña son ridículos respecto a
podemos perder tiempo en guerras de precios otros productos agrícolas de dos/tres meses de
contra Italianos que llevan muchos años en esos consumo mundial. Pero este mercado tiene su
mercados tradicionales. originalidad y está muy marcado por estos datos.
Peleémos en los mercados emergentes y nos irá Sobre su pregunta si el aceite de oliva es un
mejor a todos y aumentaremos los consumos. articulo de primera necesidad, yo contestaría
que si, lógicamente si no consideramos que los
5. Hace un par de años el sector de la artículos de primera necesidad son el agua, el pan
exportación de aceite de oliva sufría un y la leche dentro de países desarrollados. El aceite
descenso en facturación, estudios decían de oliva es un producto que reduce los riesgos
porque el aceite en tiempos de crisis no de padecer enfermedades cardiovasculares,
es de primera necesidad. ¿Cuáles son sus es saludable, es imprescindible en la dieta
observaciones sobre la demanda del aceite de Mediterránea tan de moda en los últimos
oliva por otros países en los últimos años? tiempos. El aceite es nutritivo y de fácil digestión,
aparte de tener grandes ventajas culinarias para
El descenso en la facturación, viene originado la elaboración de muchos platos con un costo
por una caída del precio de la materia prima, en ínfimo por unidad respecto a otra grasa.
este caso concreto el aceite de oliva en su origen,
y no realmente por la crisis, aunque todo afecta. Mis observaciones en lo que respecta a la
demanda de otros países, le diré que los países
El problema real actualmente es que los precios emergentes se están incorporando al consumo
en origen no son lo que eran hace unos años. de aceite de oliva, cada vez con mas notoriedad.
Esta devaluación del producto está originada, Es una realidad: El consumo de este producto
como en cualquier mercado, por la oferta y la en países impensable hace 10 años, de ello el
demanda así funcionan los mercados. crecimiento que le comentaba en este año en la
exportación en España.
El aumento de las plantaciones, el mejor
tratamiento de los árboles, las nuevas técnicas de Países como China o la India están alcanzando
plantación y los sistemas de riego, entre otros, un crecimiento en el nivel económico en parte
han dado un resultado de mejores cosechas, de la población y esto lleva aparejado una mejor
es decir, un crecimiento de la producción en alimentación, que va muy ligado a nuestro
todos los países de la cuenca Mediterránea. La aceite de oliva.
producción en 50 años se ha triplicado, pero en
estos últimos con mas severidad. Todo esto ha 6. ¿Se estudian otros proyectos en MIGASA?
influido para tener unas cosechas buenas todos
los años y aunque el crecimiento en lo que MIGASA no tiene más proyectos que seguir en
respecta al consumo es cada vez mayor. su línea de crecimiento y creemos que tenemos
suficientes, Productos y marcas líderes, con un
gran potencial de crecimiento en los mercados
EL ACEITE DE OLIVA ES UN
PRODUCTO QUE REDUCE LOS
internacionales como nacionales y que serán
RIESGOS DE PADECER ENFERMEDADES una realidad en los próximos años. Para ello
CARDIOVASCULARES, ES SALUDABLE, estamos reforzando nuestro equipos y planes
ES IMPRESCINDIBLE EN LA DIETA de expansión. Esto no quiere decir que estemos
MEDITERRÁNEA TAN DE MODA cerrados a nuevos proyectos.
EN LOS ÚLTIMOS TIEMPOS.
Le agradezco la oportunidad que me brindas
Concretamente en España estamos hablando en de poder compartir nuestras inquietudes con
este año de crecimientos en exportación entre los lectores de esta prestigiosa revista de La
el 12-14%; no es suficiente aunque sea mayor el Zagaleta, lugar donde me encuentro del todo a
crecimiento en la producción, lo que produce gusto y relajado.
A warm welcome to Hand Picked Hotels
Hand Picked Hotels is a collection of 4 star luxury country house hotels located
throughout the United Kingdom and Channel Islands. We provide guests with
welcoming and charming service delivered in the inspirational surroundings
of magnificent country house hotels. We encourage you to feel at home, relax,
kick off your shoes and indulge.

To find out more about Hand Picked Hotels please call HOTELS
+44 (0)845 458 0901 or visit handpickedhotels.co.uk B U I L T F O R P L E A S U R E
The 9.34m³ cabin can be configured for six to nine passenger
seats.The baggage area is in-flight accessible.A luxurious
executive configuration provides two crew seats, six executive
chairs and fitted cabinets and tables.The executive chairs can be
arranged for private relaxation or for work with conference style
seating for four.A combi-conversion kit is provided for securing
cargo during mixed four- or six-seat passenger / cargo opera-
tions.The standard commuter seating or the executive cabin can
easily be converted to a combination passenger and cargo layout
which provides a large usable cargo area in the aft of the cabin.

48
 AIRCRAFT PILATUS PC-12 NG

ExcEEding ExpEctations
EvErywhErE
the pilatus pc-12 ng has gained a reputation for outstanding versatility, performance,
reliability and operational flexibility. as such, it is one of the most popular turbine-
powered business aircraft on the market today. whether it is the large cabin, single
pilot operations, long range, low operating costs, high speed, short-field capability,
or precision swiss engineering and construction, customers find the perfect balance
of features to serve their needs in the pc-12 ng.
The PC-12 NG features state-of-the-art Honeywell Primus Apex avionics.
Four large displays, provide an unprecedented amount of viewing area and ONE OF THE UNIQUE ATTRIBUTES OF THE PILATUS PC-12 NG IS ITS
ADAPTABILITY TO PERFORM A WIDE RANGE OF MISSIONS. NOT
integrate flight information, engine monitoring, aircraft configuration, ONLY HAS THIS FACT CREATED A HIGH DEMAND FOR THE PC-12 NG,
pressurization, and environmental controls. Flight and weather data, charts, BUT IT ALSO LENDS A VERSATILITY THAT OWNERS FIND IRRESISTIBLE.
aircraft system information, and trip planning functions are all within WITH THE ABILITY TO INTEGRATE THIS AIRPLANE IN TO BOTH THE
BUSINESS AND PERSONAL LIFE, SOME PEOPLE HAVE COME TO CALL
easy reach, while a new cockpit environment designed by BMW Group IT THE ULTIMATE AERIAL SUV.
Designworks USA sets a new standard for ergonomics and aesthetics.

49
 la zagaleta
car
lifestyle magazine

A 2,953 CC SINGLE OVERHEAD-CAMSHAFT V12

ENGINE WITH THREE WEBER CARBURETTORS, FOUR-
SPEED MANUAL TRANSMISSION, INDEPENDENT
FRONT SUSPENSION WITH A-ARMS AND COIL
SPRINGS, LIVE REAR AXLE WITH SEMI-ELLIPTIC SPRINGS,
FOUR-WHEEL HYDRAULIC DRUM BRAKES AND A
WHEELBASE OF 2,600 MM (102.4”).

Photos by: RM Auctions Italia S.r.L.

50
 la zagaleta
car
lifestyle magazine

RM AUCTIONS JEWELS

FERRARI 250 GT

the ferrari 250 gt berlinetta ‘tour de france’ not only has breathtaking looks, but
it is also unquestionably one of the greatest ferrari racing cars ever built and a car
of such class that the various versions that followed have become legendary in their
own right. the 250 gt ‘tour de france’, chassis 0925 gt, is one of those cars and
was completed on 20th december 1957 as a left-hand drive example in red with a tan
interior and a factory roll bar. its all-alloy bodywork, desirable covered headlamp
design and stunning red finish are a feast for the eyes. it is ferrari classiche certified
and could compete with distinction in any of the great events around the world.
51
 J
la zagaleta
car
lifestyle magazine

AGUAR
75 anniversary

Jaguar celebrates on board its classics what its history has left as a legacy
to the world. a decalogue of models on parade to stake a claim today, on what the past
has brought to the forefront: the iconic excellence, a british emblem that is already
global. some of the most iconic jaguar models of all time, which are a part of the
company’s private collection, including the e-type, the c-type, the jaguar ss sedan cars
from before world war ii and a selection of its latest models, performed as the masters
of ceremonies. a historical, unique event.
The exclusive event began at 10:30 am on Friday, September 17 at coronation that same year, and received a reply from Her Majesty
London’s May Fair Hotel. The same stage where in 1935 the first congratulating it for the achievement.
Jaguar model made its debut. Since then everything changed. The
course of history with weighty arguments, delegated a determining One of the 16 XKSS cars built was bought by the actor and racing
role in the production of a line of models that have inspired feelings driver Steve McQueen, who kept it for 10 years before selling it.
of unconditional admiration. Some curiosities such as those below Of all his vehicles, this was possibly the one he enjoyed the most,
have succeeded in making this emblem a reference point in the although his passion for speed got him into trouble and earned him
automobile world: a few speeding fines. After those ten years, he had decided to sell it,
although he quickly regretted it and therefore McQueen bought the
When the first Jaguar made its debut, Sir William Lyons (the founder car back and kept it for the rest of his life. On seeing the E-Type for
of Jaguar Cars) asked those attending the launch ceremony to try the first time, Enzo Ferrari said it was “the most beautiful car ever
to guess how much the Jaguar SS 2.5-liter Sedan could cost. There made.” On the other hand, the magazine America’s Road & Track
was speculation with an average price of 632 pounds sterling. In wrote in the language of the time, that it was “The greatest obsession
reality, this extremely beautiful and luxurious model sold for just for a collector.”
385 pounds.
The XJ220 was designed by a group of Jaguar employees in their
In the 1938 edition of the Motor Show in Britain, Lyons introduced spare time, known as the “Saturday Club” who, as the name suggests,
a coupe version of the SS100. Beautifully sinuous lines with touches devoted their spare time to developing special projects.
of Art Deco that were received as truly sensational, but unfortunately
only the car exhibited at that Show was ever built, as the following The automobile industry can thank Jaguar for the use of disc brakes.
year the Second World War broke out. They were first installed in the C-Type driven by Stirling Moss and
Norman Dewis in the Mille Miglia race in 1952.The new technology
The Jaguar C-Type won several victories in 1953 at Le Mans: first, confounded the authorities of the Italian race who required a
second and fourth place in the race. The company sent a telegram demonstration to ascertain that it really was a brake rather than an
to the Queen, dedicating the triumph to the celebration of her addition to the vehicle that was not allowed.

52
 la zagaleta
car
lifestyle magazine

ANECDOTES OF THE FIRM REFLECT A

TENACIOUS CAREER DRIVEN WITH
PERSEVERANCE: AS A TEENAGER,
IAN CALLUM, THE PRESENT DESIGN
MANAGER OF JAGUAR CARS,
WROTE TO BILL HEYNES (THEN
THE ENGINEERING MANAGER OF
THE BRAND) SENDING HIM SOME
OF HIS OWN DESIGNS OF HOW
HE BELIEVED A JAGUAR SHOULD
LOOK. HEYNES KINDLY ANSWERED
HIM, RECOMMENDING HIM TO
STUDY INDUSTRIAL ENGINEERING
AND DESIGN TO ONE DAY MAKE
HIS DREAMS COME TRUE...

53
 la zagaleta
car
lifestyle magazine

54
 la zagaleta
car
lifestyle magazine

William Lyons, a native of Blackpool, was a magnificent and

intuitive designer, who gave shape to almost all the sidecar and
car models created by his different companies over 50 years.The
only vehicles on which his personal imprint was not apparent
were the racing cars, the e, the D and the E, as well as the
XJI3 models, which were the fruit of the last
20 years of his work.Without
having money, although
he did have great
courage,William
Lyons made
his way into
the business,
retaining the
majority of
financial control of
all his companies until
1966, when he agreed to
merge Jaguar with the British
BMC monopoly. He started
in Blackpool, associating himself
with William Walmsley, with whom he
founded the Swallow Company, intended in its
inception, to manufacture motorbikes, but which from
1927 onwards, also manufactured special bodywork for many
such popular cars such as the Austin Seven.Thus the firm began its
business, a career that was not without its challenges, to which only
fate had reserved some unconventional privileges, where the passion
for every single detail, led to an unprecedented degree of success. A
degree of success that today has become a major victory.

SINCE 1935, THE YEAR IN WHICH THE FIRST SS-JAGUAR SAW THE
LIGHT, UNTIL THE OFFICIAL WITHDRAWAL FROM THE MARKET IN 1972,
WILLIAM LYONS INSPIRED EACH AND EVERY ONE OF THE CARS OF THIS
BRAND. HOWEVER, HIS INFLUENCE WENT EVEN FURTHER, AS HE WAS
A FOUNDING PARTNER OF THE SWALLOW SIDECAR COMPANY SINCE
1922, AND YEARS AFTER HIS RETIREMENT, JAGUAR STILL CONTINUED
TO ASK HIM FOR ADVICE ON STYLE AND MARKETING ISSUES.

55
 la zagaleta
yacht
lifestyle magazine

FINCANTIERI YACHTS

Project Mars
creating a yacht below 3000 grt, with a futuristic, unique martial exterior profile
whose lines gently glide into balanced, relaxing, linear, clean, modern and comfortable
interior environments. this was h2’s brief for the design of fincantieri’s project mars.

56
 la zagaleta
yacht
lifestyle magazine

GLASS IS SET TO BE A DEFINING FEATURE OF THE YACHT’S DESIGN

WITH 300-SQUARE-METRES HAVING BEEN SPECIFIED FOR THE BUILD
WHILE OUTSIDE LIVING SPACES ARE MAXIMIZED WITH 980-SQUARE-
METRES OF OPEN DECK SPACE.
AMONGST THE HIGHLIGHTS OF PROJECT MARS’ MODERN DESIGN
ARE AN IMMENSE BEACH CLUB SEPARATED BY GYM AND SPA AREAS
BY SUBTLE GLASS DIVIDERS; AND A PRIVATE OWNER’S DECK LOCATED
ABOVE THE MAIN DECK COMPLETE WITH A PRIVATE SEVEN-METRE
POOL AND SEATING AREA FORWARD.

Casual yet sophisticated, minimal yet homely, this mature

contemporary interior, combined with a crisp linear design discipline,
creates pure understated luxury. The materials convey warmth and
variation of tone and texture, whilst providing a refined elegance
without excess. Raw rustic detailing, neutral panels in leather or
paint with accents of rich stone or timber combine to form a cool
modern look. From aft, a distinctive horseshoe seating arrangement
adorns the transom. A Further exterior lounge area is connected to
the Main Saloon where an enclosed living garden separates you from
the back lit bar. The spacious saloon with its feature back lit onyx
fireplace and multiple lounge areas lead you on to the entrance lobby
where you are greeted with an impressive dual aspect double height
space linking the main deck to the owner’s deck above.

Enhanced by a glass bridge and seamless oval balustrade, this

multifunctional space which converts to a formal dining area, is
flanked by further exterior lounge areas and balconies. Further
forward, a luxurious VIP Cabin, children’s quarters and guest cabins,
which convert to generous suites by the use of a simple sliding
partition hidden in a central media unit.

The Owner’s Deck is, as expected, fully dedicated to the Owner’s

personal requirements. From aft, a private lounge bar and al fresco
dining area are present on the aft deck. Forward, a contemporary
yet homely lounge area with large fireplace makes for an inviting
environment to relax with the family. A glass coffee table provides a

57
 la zagaleta
yacht
lifestyle magazine

WITH NAVAL ARCHITECTURE BY ITALIAN SHIPYARD FINCANTIERI AND LINES AND INTERIOR BY THE INNOVATIVE TEAM AT H2 YACHT DESIGN, THE
ATTENTION-GRABBING PROJECT MARS FEATURES AN AGGRESSIVE PROFILE, SENSUAL CURVES AND DISTINCTIVE SIDE BALCONIES.

58
 la zagaleta
yacht
lifestyle magazine

view through the deck to the main guest saloon below. Through the
open lobby and across the glass bridge is the owner’s cabin entrance.
Another small lobby leads you through the open dressing area and
onto an imaginative bathroom layout, where a fully glazed bath
cubicle and adjustable mirrored panel separate the twin wash basins
from the bed head.

The Owner’s Suite enhances the openness of space through the use of a
sliding mirrored partition which provides adjustable privacy between
bathroom and bedroom. A large oval skylight located directly above
the master bed, panoramic views and direct access to the foredeck sun
beds and pool make this the ultimate Owner’s cabin.

A large office space with spectacular views occupies the aft interior
of the Bridge Deck, offering quick access to the helideck on the aft
deck. On the deck above, a central pool surrounded by dining areas
and sunbeds is the perfect hang out for the sun worshipper.

A starboard side Beach Club, with direct access to the sea via a swim
platform, includes a large gym, Jacuzzi and lounge area, all of which
offer impressive sea views. Forward, a sauna and steam room are
separated by a cylindrical shower.

59
 la zagaleta
toy
lifestyle magazine

VENOM DESIGN

The Ultimate JetSki

if you are the owner of a jet ski boat, a helicopter or a plane and want to personalise
any one of them, making it different from the other models existing on the market,
turning it into an item that reveals your most exquisite style and creativity, “venom
design” is the perfect company to change the image of each one of them into a unique
model. the plus is the possibility and opportunity of participating in and being an
essential part of this beautiful process of creativity and customisation. the latest
brilliant idea that these english designers have come up with is their ‘jetski’ project;
an indispensable toy.
60
 la zagaleta
toy
lifestyle magazine

iCONTROL FEATURES:
- 255 hp engine
- Intelligent Brake & Reverse (iBR)
7KHZRUOGVÀUVWEUDNLQJV\VWHPIRUDZDWHUFUDIW
Lets riders stop with enhanced control.
- Intelligent Suspension (iS)
The worlds first full suspension for a watercraft offers
more comfort and control, so you can ride longer, even in
rough water.
- Intelligent Throttle Control (iTC)
The most advanced throttle control for a watercraft, iTC
features the worlds first “neutral” making for easier dockside
starts and stress-free maneuverability, even in tight areas.
- S3 hull
The worlds first stepped hull design for a PWC delivers
precise,tuneable handling that makes your watercraft corner
like its riding on a rail.
- Seating: 3 persons

An example of the meticulous change of image achieved by

the Venom Design stamp can be seen in the jet skis which are
never the same again once they have passed though the hands
of the firm’s talented designers, who put all their imagination
and knowledge into including high quality, innovative materials
which give more emphasis to the original base.

Such outstanding projects are ‘Gold Finish’, ‘Ferrari Red

Finish’ and ‘Lamborghini Green Finish’, each one of which
is a model of exclusivity. The customization of these jet
skis covers a change of colour, seats made of carbon fibre
and upholstered in crocodile and ostrich skin or any other
material demanded by the client, as the firm points
out that it is capable of carrying out all the possible
combinations with rare or exotic materials.

The idea is to create a model without precedent,

which will make you feel proud as you skip
across the sea at full speed. These designs
can also include a waterproof telephone, a
stereo system with ipod attachment, LED
underwater and rear lighting and a specially
designed petrol cap with the firm’s logo.

These details can be improved in accordance

with the client’s demands and dreams, since,
as far is Venom Design is concerned, nothing
is impossible when redesigning the vehicle to
match the one your imagination has conjured up.

61
 la zagaleta
watch
lifestyle magazine

WHILE THE COMPLICATIONS AND FUNCTIONALITY OPERATE WITH

MAXIMUM EFFICIENCY, WITH 349 COMPONENTS IN THE MOVEMENT
ALONE, THERE ARE NO DOUBTING HM2’S CREDENTIALS AS AN
INCREDIBLY TECHNICAL TOUR DE FORCE.

62
 la zagaleta
watch
lifestyle magazine

MB&F AND AGENHOR

THE HM2
the new horological machine nº 2 is as amazing as all the mb&f watches. maximilian
büsser has joined jean-marc wiederrecht and his company agenhor to create hm2, a
breathtaking example of the union of the highest technology and the most advanced
and elaborated design.

The word that could better define this watch is tension: tension
between cutting-edge technology and sculptural art; tension
between matte textures and mirror-polishes; tension between high-
tech alloys and precious metals, and tension between traditional
watchmaking and 21st century micro-engineering. The principle
technical challenge in developing the movement was ensuring
that the jumping hour functioned both instantaneously and
simultaneously when the retrograde minute flies back from 60
to 0. The solution was as brilliant as it was simple: an ingenious
mechanism was designed so that when the minutes fly back, a snail
on the minute mechanism hits the hour star causing the hour to
jump. MB&F keeps as inventive as ever.

63
 la zagaleta
watch
lifestyle magazine

64
 la zagaleta
watch
lifestyle magazine

SPECIFIC GEARS IN HM2’S MOVEMENT ARE MANUFACTURED TO

EXTREMELY HIGH PRECISION USING MIMOTEC’S UV-LIGA TECHNOLOGY.
THEY MESH TOGETHER WITH A VIRTUALLY NO-TOLERANCE/NO-PLAY
ENGAGEMENT.

65
 la zagaleta corporate
lifestyle magazine history

WH EN T HE C USTOM ER ME E T
WHEN THE CUSTOMER MEETS THE BRAND – CHAPTER V

LA ZAGALETA
HISTORY OF A BRAND
THE YEARS 2005 - 2009

the years of prosperity of the european economies have come to an end. the demand
for properties from international customers comes to a standstill in 2005 and is
replaced temporarily (and surprisingly) by an interest from the spanish domestic
market. however, a strange feeling is left: property valuations and prices, which have
been fuelled by a lending banking sector, have reached sky high levels, putting a big
question mark on their sustainability. and what is worse: for the first time, the off-
plan sales drop and seem to have reached a dead-end.

First warning signals are raised and the big
questions associated with it:
Why have the developers stopped selling
new property off-plan? Does this implicate
a change of cycle, a change of trend? What
is the point of having huge land reserves
on which large real estate groups are firmly
based on? What is the real value of these
land reserves taking into account the long
and uncertain administrative procedures
needed to get final planning approval? Or
considering that reserve depending on
the real use of it? What will happen to the
profit of the real estate groups if their most
profitable division, the development of
new houses, grinds to a halt? How will this
stagnation affect the balance sheets of the
banks and the approvals of new mortgage
loans for the house purchases?
Once the virtual paralysis becomes
confirmed in 2006, the economists and
financial analysts start attacking the business
models of the listed real estate groups.
The large property developers’ business
model with an exponential “supply” of
new dwellings and the argument about the
“substance” given to the land reserves is
beginning to be permanently questioned
by all the analysts and financial experts.
This feeling is also starting to permeate in
the public opinion.
Although it is true that the major property
developers and construction companies
have known how to diversify their income
during the years of prosperity, other more
recent groups that emerged from mergers
or takeovers did not have a forward-looking
approach or the time for it.

Fig. 1/ Major Spanish real estate mergers and acquisitions

Year Involved companies Comments

Following the merger, the valuation of assets are estimated
December 2007 Colonial / Gecina
at 25.000 million €

April 2007 Martinsa / Fadesa Combined value of 4.045 million €

A 3.500 million €, deal, closed months before

February 2007 Colonial / Inmocaral
the Colonial-Gecina merger

Reyal Constructora / For 3.317 million €, combined assets estimated at 10.300 million €.
June 2007
Urbis Inmobiliaria Debuts on the IBEX 35 with an 8% increase

January 2007 Habitat / Ferrovial Estimated at 2.200 million €

Following merger, the company is now called Afirma,

January 2008 Astroc / Rayet & Landscape
with a combined asset value of 3.420 million €

66

TS THE B RAN D – C HA P TER V
YEAR 2006
Investments in Brazil and other emerging
countries from Eastern Europe:A courageous
step but with the completely wrong timing.
What began as a good idea from a
geographical diversification point of view
would result years later, in most cases, in a
very expensive adventure without a clear-
cut solution. The high profit earned by the
real estate business during the good years
before this period got many businessmen
to think that they could repeat the success
of the Spanish model somewhere else in
the world. To try and go for it was the only
thing to do. But as the saying goes, ”there is
no easy business, and in the end everything
is very difficult,” and that is what happened
to most of those who tried. Firstly, to
arrive in a remote foreign country where
almost everything is different; the biggest
obstacle is the language, the people, the
culture and the habits. Then come the laws,
the administrations, the procedures, the
banking system, the currency exchange, the
tourism, the visas, etc.
Which area to choose? Can it be built on?
Who to hire? Who is your target market?
Which product to build? All this from a
distance of thousands of kilometres away.
BIG PLANS AT THE COST
OF A HUGE INDEBTMENT
This was the beginning of the end for
many Spanish property developers and
constructors.
It is easy to make big plans, especially with
the money from third parties. The contacts
and string-pulling around the executives’
suites of the big Spanish soccer teams cannot
turn out well. When the principle for great
businessmen such as Warren Buffet is based
on a comprehensive analysis after which
the decision of where or in what company
to invest is made analyzing many others in
the same sector. The friendships around the
big Spanish sports events would generate
all sorts of corporate transactions that in
the end simply would not fit. Furthermore,
these not only do not fit but, in many cases,
endanger both entities and can bring down
the strongest company, as seen repeatedly
on many occasions.
The moral is that a joint venture does not
always mean more strength and it is actually
the egocentric phenomenon that makes
directors and businessmen compete to see
who is greater and richer.
On a domestic level, only a few multinational
companies listed in the IBEX 35 are
the exception as these have made great
corporate deals for their shareholders during
this period (see Fig. 1).
Three collective mistakes that affected the
Costa de Sol: Who would have been against
them then?
1. The investment in property is the best and
the safest long-term (see Fig. 2).
2. The GIL era (Grupo Independiente
Liberal of the mayor Jesus GIL) for Marbella,
was the best and most profitable time for the
town.
3. The European Union represented a
potential market of 495 million residents.
LA ZAGALETA:
THE EXCEPTION TO THE RULE
At the end of 2006 and during 2007 La
Zagaleta stands out with amazing strength.
While many constructions are paralyzed due
to lack of resources, the activity continues in
La Zagaleta. The famous index of prosperity
consisting in counting the number of cranes
working in a specific area of the planet seems
to confirm this phenomenon at La Zagaleta,
where the number of active constructions
greatly surprises the visitor. It is the big
exception in an area where pessimism is
starting to invade the thoughts of the
investors.
The analysis of the reasons for prosperity in
such a market points at two key factors:
67
corporate la zagaleta
history lifestyle magazine
Fig. 2/ Major
strategic errors
during the
economic bonanza
Frenetic “race” for the accumulation
of land reserve.
Initially a good idea, but turns into a fatal
mistake that would lead to bankruptcy for many
businesses. In a market where everything that is
built is sold, executives’ priorities are centred on
sustainability and increasing benefits.
Property reserve becomes a major issue in the
debate between investors and external analysts,
since, besides becoming the “fuel” for future
projects, it is also favourable for asset valuation.
Results: massive purchase of urban property or in
process being rezoned, creating real estate debt,
a negative factor for liquidity.
Consequences: Risk of bankruptcy. High
dependency on regional banking, and therefore,
on politics.
Business structure with
high human resource and fixed costs.
Many companies, urged by the purchase and
growth dynamic, went “all in.” The high profit
margins of the real estate developer, combined
with the construction profit margins fuelled the
desire for mergers, purchases and the hiring
of personnel. The purpose of large businesses
with high turnover, self-sustaining and with many
synergies in every aspect of the real estate
business would be to follow the fulminating
growth and fight for a market share.
Failure to diversify the “core” Business.
During the years of bonanza, the majority of real
estate developers don’t diversify their business, so
that when demand decreases almost to null, the
business shuts down. Diversifying is not an easy
concept, although it is true that some companies
have learned to do so properly. As an example
we could cite the group Sacyr (today called Sacyr
Vallehermoso), that as a construction company
dived into multiple other businesses, such as
patrimonial real estate, promotion, civil works,
hydraulics, airports, high-speed train tracks,
highways, and public and private construction.
Wrong financial planning.
The majority of financial operations are
contracted with short and mid-term maturities.
Today, only businesses with good management
teams and substance (real estate) have been able
to restructure their debt and survive the crisis.
 la zagaleta corporate
lifestyle magazine history
WH EN T HE C USTOM ER ME E T
Debt and value of assets of major
Spanish real estate groups
Real Estate Total debt (in million Asset value
Group of €)as of Nov. 2010 (in million of €)
Metrovacesa 6.200 8.954 (2009)
Colonial 6.400 7.038 (2009)
Reyal Urbis 4.600 6.095 (2009)
Sacyr Vallehermoso 12.015 N/A (not available)
Grupo Prasa 2.000 3.272 (2008)
Source: Expansión.com, Bloomberg, Informes anuales corporativos
Key factor No. 1: A higher market share and follows:“Place in the national territory which
a steady increase in favour of La Zagaleta in concentrates the highest number of exclusive
detriment of other areas. properties and whose owners are influential
people in the European economy”. Such fact
This is mainly due to the exclusivity and others related are and will always make
and uniqueness of its product, offering a the headlines, especially in a world in which
variety of sports activities and high security. information search and globalization establish
Although speaking about “market share” in part of the news that reaches the public.
the real estate world can seem a little strange Combined with the famous saying “money
as it is not a retail product, in the case of La attracts money” this creates a “snowball
Zagaleta it is a crucial factor and explains effect” with an obvious constant increase in
partly its sustainability. For instance, when the the market share.
mobile phone operators constantly fight for
clients and market share by means of huge Key factor No. 2: High competitiveness and
and expensive marketing campaigns in the innovation: “The higher the competition the
media, in the real estate business it is quite higher the efficiency”.
the opposite: Direct Marketing is usually
scarce and it is the public relations “indirect In markets with high growth rates, consumers
marketing” that obtain the biggest attention and manufacturers usually “adapt” themselves
and repercussion. to the good times and tend to relax with the
quality and innovation as everything sells
Here is where the human factor steps in and anyway.With such a market, many managers and
where La Zagaleta is, without a doubt, the executives adopt the leitmotiv “Why change
National Champion in what you could call if everything works and the balance sheet is
“the international category”. positive?” This is the situation we had in Spain
in the middle of the last decade, hence not so
In terms of definition it could be stated as long ago. What failed in the real estate sector?
68
Well, it’s called the lack of Research &
Development, R & D, which also applies
to small and medium-sized businesses. It’s a
typical Cash Cow situation; developers have
been milking the cow until the cow finally
dies without a replacement product.
Let us say that instead of asking ourselves the
question:“Why do more if everything is OK?”
when everything runs smoothly and gently,
one should think differently, namely: “What
will we do when everything goes wrong?” or
“How could we remain competitive in the
future?”
With this in mind, it is essential for the
management teams to have a long-term
strategy and plan without losing the vision
statement at all times. This sort of attitude
where teams are creating products with a real
competitive spirit and a “forward-thinking
mind” would have probably changed the sake
of many real estate companies and developers,
who today have been left without business.
THE AUTUMN OF 2007
Beginning of a strategic re-positioning of
the core product: The luxury finished home
product at La Zagaleta. A real challenge in a
rapidly cooling economy.
The re-definition of the business model
suggested by the management of the company
gets the backing of La Zagaleta`s board. The
company configures a new reinforced team
for its Signature Villas collection, aimed at
delivering the turnkey home for the ultra-
high net worth individual looking for high
luxury living in the beautiful entourage
Symbolizing the beginning of a new stage
initiated in the fall of 2007; the new high-
standing property line at La Zagaleta.
Nueva línea de propiedades alto-standing,
simbolización del comienzo de una nueva
etapa iniciada en el otoño del 2007.
 corporate la zagaleta
history lifestyle magazine

TS THE B RAN D – C HA P TER V

Large real estate and construction groups: Market capitalization before and after bubble burst

Sacyr Vallehermoso
Colonial
Metrovacesa
13.200
10.800
MAJOR REAL 10.100
ESTATE GROUPS
Market capitalization
at the end of 2006

1.300 3.000 1.400

Market capitalization
Ferrovial as of Nov. 2010
FCC
Acciona 10.373 *value in million of Euros
10.080
MAJOR
7.200
CONSTRUCTION
COMPANIES

Source: Expansión/
Informes Anuales 2006
3.558 5.772 2.500

AT LA ZAGALETA THIS CRISIS HAS ALLOWED
A CHANGE IN FOCUS, ANALYSIS AND
PROBABLY IN THE DECISION MAKING AT ALL
LEVELS AS WELL, RESULTING UNMISTAKABLY
IN AN IMPROVEMENT IN ALL ASPECTS
OF THE COMPANY AND ITS DIFFERENT
DEPARTMENTS, STARTING WITH THE MOST
IMPORTANT WHICH IS TOWARDS THE
CUSTOMER, THE PRODUCT PROPERTY AND
THE QUALITY ASSOCIATED WITH IT AND ITS
ENVIRONMENT.
or total wealth loss, the most impressive de-
leveraging process in known history, caused
as we all know by the credit crunch and the
huge real estate bubble in the USA. In the La
Zagaleta estate, where a considerable number
of homeowners are influential individuals
of the European Union, the residents are
following with great concern the markets and
the news of the rescue operations and bailouts
of entire nations, banks, and corporations
around the globe.
individuals involved have suffered the crisis
with strong emotions. This has allowed a
change in the focus, the analysis and the
perception. This has probably led to a good
decision-making process at all levels, resulting
in a strong improvement in all aspects of the
company and its divisions, starting with the
most important one: The customer is King!
THINK CUSTOMER!

of the estate. With superior standards of
safety and qualities, the company would
finally achieve “a consumer attractive end-
product, carrying all luxury and comfort, at
an affordable price,” a solid base to face the
real challenging times that were about to
happen, and whose magnitude no one could
have predicted.
THE YEARS 2008 AND 2009:
LES JEUX SONT FAIT!
This same year the Spanish government ‘When the Customer Meets the Brand’ was written by Ignacio
celebrates its re-election talking about Pérez Díaz in collaboration with the marketing team at La
Zagaleta SLU.
“only a soft landing” in the economy and
sends reassuring messages with moderate
optimism. The reality is that the decline is
much stronger than expected and that no
business can escape it. This turns out to be
a long period of adjustments. Nobody could
predict the extent of this crisis, although
maybe this crisis will bring the opportunity
to improve and a change of attitude.

When the majority of businesses are not

With the global stock exchange markets
collapsed and the strong deflation of most
commodities, millions of investors all over the
world are trapped.Whereas some can still sell
their share (of course at much lower prices),
others are trapped completely with massive
going well, their human teams are depressed
because of the cutbacks and are afraid of
losing their jobs. That is when you have to
motivate and enhance the human quality of
the individuals.
At La Zagaleta I would dare to say that the
69
 la zagaleta corporate
lifestyle magazine history

WH EN T HE C USTOM ER ME E T
CUANDO EL CONSUMIDOR SE ENCUENTRA CON LA MARCA – CAPÍTULO V

LA ZAGALETA
HISTORIA DE UNA MARCA
LOS AÑOS 2005 A 2009

los años de bonanza de las economías europeas están llegando a su fin. a lo largo
del año 2005 y dentro del mercado inmobiliario español, la demanda de viviendas
procedente de clientes internacionales se estanca y, sorprendentemente es sustituida
temporalmente por peticiones de producto procedente de clientes nacionales. sin
embargo, se ha creado una sensación rara en el mercado, por un lado se empiezan a
cuestionar los altos precios del sector y de las tasaciones que las entidades bancarias
y las propias empresas de valoración de activos inmobiliarios están realizando, y por
otro, y por primera vez, la vivienda que se comercializaba sobre plano deja de venderse
y parece no tener salida.

Han saltado las primeras alarmas y con ellos
los grandes interrogantes:
¿Porqué los promotores han dejado de vender
sobre plano nuevas viviendas? ¿Significa esto
un cambio de ciclo y de tendencia? ¿De
qué sirve la enorme reserva de suelo sobre
la cual están firmemente establecidos los
grupo inmobiliarios? ¿Cómo está valorada
esa reserva de suelo, contabilizando la
expectativa de tramitación administrativa aún
no aprobada? ¿O considerando dicha reserva
según la utilidad del suelo que realmente tiene?
¿Qué pasará con los beneficios de los grupos
inmobiliarios si su división más beneficiosa,
la promoción de viviendas nuevas, sufre un
frenazo? ¿Cómo afectará ese estancamiento
a los balances de los Bancos y Entidades de
Crédito y al otorgamiento de créditos nuevos
para la adquisición de viviendas?
Con la parada casi en seco que fue
posteriormente confirmada en el año 2006,
los economistas y analistas financieros
arremeten contra el modelo de negocio de
las inmobiliarias cotizadas.
El modelo de negocio de la gran inmobiliaria
promotora con un “suministro” exponencial
de vivienda nueva y el argumento del
“substance” que se otorga a la famosa
gran reserva de suelo empieza a estar
permanentemente cuestionado por parte
de todos los analistas y expertos financieros.
Este sentir empieza también a calar en la
opinión pública.

Tabla 1/ Principales fusiones y adquisiciones de inmobiliarias españolas

Año Empresas involucradas Comentarios

Tras fusión, valoración de activos
Diciembre 2007 Colonial / Gecina
se estima en 25.000 millones €

Abril 2007 Martinsa / Fadesa Valor total de 4.045 millones €

Por 3.500 millones €,

Febrero 2007 Colonial / Inmocaral
acordado meses antes de la fusión Colonial-Gecina

Reyal Constructora / Por 3.317 millones €, activos tras fusión valorados en 10.300 millones.
July 2007
Urbis Inmobiliaria Estrena en bolsa con repunte de 8%

Enero 2007 Habitat / Ferrovial Estimado en 2.200 millones €

Forman nueva sociedad, Afirma,

Enero 2008 Astroc / Rayet & Landscape
con una valoración de activos de 3.420 millones €

70

TS THE B RAN D – C HA P TER V
Si bien es verdad que los grandes grupos
inmobiliarios y de la construcción han
sabido diversificar sus ingresos durante
los años de bonanza, otros grupos de más
reciente creación y surgidos de fusiones o
adquisiciones no han tenido la visión o el
tiempo de hacerlo.
AÑO 2006
Inversiones en Brasil y otros países
emergentes de Europa de Este: Un paso
valiente pero con un timing equivocado.
Lo que a priori empezaba como una
idea buena desde un punto de vista de
la diversificación geográfica del negocio
resultaría años más tarde, en la mayoría de los
casos, como un error muy costoso y de difícil
arreglo. Los altos beneficios producidos por
el negocio inmobiliario durante los buenos
años que precedían a esta época hicieron
pensar a muchos empresarios que, en algún
lugar del mundo se podría repetir el éxito
del modelo español. Había simplemente que
intentarlo y lanzarse. Pero, como señala el
dicho,“no hay negocio que sea fácil y al final
todo cuesta mucho trabajo” y así fue con los
que decidieron hacerlo. Lo primero aterrizar
en un país extranjero y lejano donde casi
todo es diferente, empezando por el idioma,
un enorme obstáculo, la gente, la cultura, los
hábitos. Luego las leyes, las administraciones,
los trámites, el sistema bancario, los cambios
de la divisa, el turismo, los visados, etc..
¿Que zona elegir? ¿es edificable? ¿a quién
contratar? ¿que mercado objetivo? ¿que tipo
de producto crear? Todo esto a distancia y
desde miles de kilómetros.
GRANDES PLANES A BASE
DE GRAN ENDEUDAMIENTO
El principio del fin para muchas empresas del
gremio inmobiliario y constructor español.
Es fácil tener grandes planes,sobre todo cuando
se usa el dinero de terceros. El amiguismo
en torno al palco de los grandes equipos de
fútbol nacionales no puede salir bien. Cuando
corporate la zagaleta
history lifestyle magazine
Tabla 2/ Principales errores estratégicos
durante la bonanza económica
“Carrera” frenética por la acumulación de la reserva de suelo.
En principio un buena idea, en la práctica un fatal error que conduciría a la quiebra. En un mercado en
donde todo lo que se construye se vende, las prioridades de los directivos de las compañía se centran
en la sostenibilidad y los crecimientos futuros de los beneficios. La reserva de suelo se convierte en un
argumento primordial en el discurso con los inversores y analistas externos, ya que además de constituir la
“gasolina” para futuros proyectos afecta muy favorablemente a la valoración de los activos.
Resultados: compra masiva de suelo urbano o en fase de recalificación a base de endeudamiento del
grupo inmobiliario, un factor muy negativo en un contexto de falta de liquidez total. Consecuencias: Riesgo
de quiebra o suspensión de pago. Alta dependencia de la banca regional, y por lo tanto, la política.
Estructuras con elevadísimos costes de personal y gastos fijos.
Muchas empresas lanzadas en la dinámica de las compras y crecimientos fueron “a por todas”. Los
márgenes del negocio de la promoción, añadidos a los márgenes de la construcción fueron alimentando
las ganas de fusiones, compras o contratación de personal. La idea de grandes estructuras, con alta
facturación, autosuficientes y con sinergias en todos los aspectos del negocio inmobiliario y marca única,
serían la máxima a seguir en el ascenso fulminante del negocio y su lucha por la cuota de mercado.
Falta de diversificación del negocio “core”.
Durante los años de bonanza la inmensa mayoría de las promotoras no han diversificado su negocio,
de modo que cuando la demanda disminuye y se para casi por completo, el negocio se acaba. La
diversificación no es un tema fácil, pero sí es verdad que algunas empresas han sabido hacerlo a tiempo.
Como ejemplo se podría citar el grupo Sacyr (hoy Sacyr Vallerhemoso), que desde una constructora se
metieron en múltiples negocios, inclusive el negocio de inmobiliaria patrimonial, promoción, obra civil y
edificación, obras de transporte víal, ferroviarias, hidráulicas, aeroportuarias, portuarias de urbanización,
líneas de alta velocidad ferroviaria, metro, aeropuertos, autopistas, obra pública como privada.
Planificación financiera equívoca.
La mayoría de las operaciones financieras de sociedades promotoras se han realizado con vencimientos
a corto y medio plazo. En la actualidad solo las empresas con buenos equipos, gestores y substancia
(inmobiliaria) muy importante, han podido reestructurar sus deudas y sobrevivir a la crisis.
el principio de grandes empresarios, como La gran excepción a nivel nacional la
por ejemplo de Warren Buffet, se basa en un imprimen unas cuantas multinacionales
análisis exhaustivo a partir del cual la decisión del IBEX 35 que durante este periodo sí
de dónde o en qué empresa invertir se toma han sabido hacer magníficas operaciones
tras haber analizado muchísimas otras en un corporativas a favor de sus accionistas (ver
mismo sector, las amistades alrededor de los Tabla 1).
grandes acontecimientos nacionales acabaría
dando lugar a todo tipo de operaciones Tres errores colectivos que afectarían a la
corporativas que, en el fondo, no encajan. Es Costa del Sol: ¿Quién llevaría la contraria en
más, no solo no conectan sino que en muchos su día?
casos, ponen en peligro a ambas entidades y
como se ha visto reiteradamente pueden 1. La inversión en el ladrillo es la mejor y la
lastrar al más fuerte. más segura a largo plazo (ver Tabla 2).
2. En Marbella, la era GIL es la mejor y la
Moraleja: La unión no siempre hace la fuerza y más beneficiosa para la ciudad.
es más bien el fenómeno del egocentrismo el 3. La Unión Europea representaba un
que mueve a directivos y empresarios hacia la mercado potencial de 495 millones de
carrera de querer ser el más grande y el más rico. habitantes.
71
 la zagaleta corporate
lifestyle magazine history

WH EN T HE C USTOM ER ME E T
LA ZAGALETA: LA EXCEPCIÓN
QUE MARCA LA REGLA
A finales del 2006 y durante todo el 2007,
La Zagaleta destaca con una sorprendente
robustez.
Mientras que muchas obras en la Costa del
Sol son paralizadas por la falta de medios, en
La Zagaleta se continúa con la actividad. El
famoso índice de prosperidad que consiste en
contar el número de grúas en activo en una
zona concreta del planeta parece confirmar
este fenómeno en La Zagaleta donde un
alto número de obras en activo sorprende
al visitante sistemáticamente. Es la gran
excepción en la zona en donde el pesimismo
ha ido invadiendo el pensamiento de los
inversores.
El análisis de las razones de la prosperidad en
tal mercado apuntan a dos factores claves:
Factor clave nº1: Una mayor cuota de mercado
evidente y constante a favor de “La Zagaleta”
en detrimento de terceros.
Debido principalmente a la exclusividad y la
singularidad su producto, su oferta deportiva
y su seguridad. Aunque en el negocio
residencial inmobiliario hablar de cuota de
mercado puede sonar un tanto extraño y por
no tratarse de un producto “retail”, en el caso
de La Zagaleta resulta un factor fundamental y
explica en parte su sostenibilidad. Cuando por
ejemplo en la telefonía móvil los operadores
se libran batallas constantes por clientes y
cuotas de mercado a través de amplísimas y
Endeudamiento y valor de activos de las
grandes inmobiliarias nacionales
Grupo Endeudamiento total (en
inmobiliario millones de €) en Nov. 2010
costosísimas campañas publicitarias en casi
todos los medios, en el mundo inmobiliarios
es completamente diferente: La publicidad
directa suele ser escasa y son más bien las
relaciones públicas o sea la “publicidad
indirecta” la que consigue la mayor atención
y repercusión.
Aquí es donde interviene el “factor
humano” y donde La Zagaleta es, sin lugar
a duda, el campeón nacional en lo que
se podría denominar como “la categoría
internacional”.
En términos de definición esto tendría la
siguiente expresión: “Lugar en el territorio
nacional donde se concentra el mayor
número de viviendas de alto standing y cuyos
propietarios son a su vez personas influyentes
en la economía europea”. Semejante realidad
siempre es y será motivo de noticia y todo lo
que con la misma pueda ser relacionado, más
aun en un mundo en el que la información, la
búsqueda y la globalización determinan parte
de la información que llega al gran público.
Combinado con el conocido dicho “el
dinero atrae el dinero” crea un factor “bola de
nieve” con un evidente y constante aumento
de cuota de mercado.
Factor clave nº2: Una alta competitividad
e innovación: “A mayor competencia mayor
eficiencia”.
En mercados con altas tasas de crecimiento,
consumidores y productores suelen
“adaptarse” a lo bueno y tienden a relajarse en
cuanto a calidades e innovación ya que “todo
se vende”. Con este tipo de mercado, muchos
Valor de los activos
(en millones de €)
gerentes suelen adoptar el leitmotiv : “Para
qué cambiar si todo funciona y la cuenta de
resultado va bien?” Este es precisamente el
entorno que teníamos en España a mediados
de la década pasada, no hace tanto tiempo.
¿Donde hemos fallado en nuestro sector? Se
llama innovación y desarrollo, el conocido
I+D, y también es de aplicación en la pequeña
y mediana empresa.
Digamos que en vez de preguntarse: ¿Para
qué hacer más si todo va bien?
Cuando todo va bien, pensar de otra manera
como ¿Qué haremos cuando todo vaya
mal? ¿Cómo podremos competir el día de
mañana?
EN ESTE ASPECTO ES FUNDAMENTAL LA
MENTALIDAD Y LA VISIÓN DEL EQUIPO
GESTOR A LARGO PLAZO Y EL ESTAR A LA
VANGUARDIA EN TODOS LOS ASPECTOS. ES
ÚNICAMENTE CON UNA ACTITUD SIMILAR Y
UNA CONVICCIÓN REAL CON LAS QUE SE
PUEDE COMPETIR Y CREAR UN PRODUCTO
COMPETITIVO Y CON GRAN VALOR
AÑADIDO.
OTOÑO 2007
Comienzo de un re-posicionamiento estratégico
de la “marca casa” dentro de La Zagaleta y
en un contexto de prudencia.
Con la re-definición del modelo de negocio,
propuesta por la dirección y apoyada por
los máximos órganos de la sociedad, La
Zagaleta pone en marcha su nueva división
de viviendas de alto standing para clientes
finalistas de altas expectativas. De la mano
de un equipo de diseñadores reforzado y
con unos estándares realzados, la compañía
consigue una gama de productos muy
atractivos.

Metrovacesa 6.200 8.954 (2009)

AÑO 2008 y 2009:
LES JEUX SONT FAIT!
Colonial 6.400 7.038 (2009)
Reyal Urbis 4.600 6.095 (2009)
Sacyr Vallehermoso 12.015 N/D (no disponible)
Con el hundimiendo de las bolsas
Grupo Prasa 2.000 3.272 (2008)
mundiales y el contexto de deflación,
Fuente: Expansión.com, Bloomberg, Informes anuales corporativos no hay quien se salve, y el año quedaría

72
 corporate la zagaleta
history lifestyle magazine

TS THE B RAN D – C HA P TER V

Grandes grupos inmobiliarios y de construcción: Capitalización Bursátil, Antes y Después del “bubble burst”

Sacyr Vallehermoso
Colonial
Metrovacesa
13.200
10.800
PRINCIPALES 10.100
INMOBILIARIAS
Capitalización
bursátil al cierre
ejercicio 2006
1.300 3.000 1.400
Capitalización
Ferrovial bursátil en
FCC
noviembre 2010
Acciona 10.373
10.080 *valores en millones de Euros
PRINCIPALES 7.200
CONSTRUCTORAS

Fuente: Expansión/
Informes Anuales 2006
3.558 5.772 2.500

marcado en los libros de la historia como
uno de las peores crisis económicas que se
recuerda. En La Zagaleta, los propietarios
de viviendas, algunos de ellos con una alta
exposición en los mercados, miran con
mucha preocupación la evolución de los
mercados y las noticias de rescate de países
de la Eurozona.
quizás sea ésta crisis la oportunidad para
mejorarse y cambiar de actitud.
Cuando la mayoría de las empresas van mal
y los equipos humanos que las componen
están deprimidos por los recortes y los
miedos al despido, entonces es cuando hay
que motivar y resaltar la calidad humana de
las personas.

EN LA ZAGALETA, SE PUEDE AFIRMAR QUE En La Zagaleta, se puede afirmar que este

ESTE ENTORNO DE CRISIS HA PERMITIDO,
CASI A TODOS LOS NIVELES, UN CAMBIO EN
EL ENFOQUE, EL ANÁLISIS Y SEGURAMENTE
EN LA MISMA TOMA DE DECISIONES, LO
CUAL SE HA TRADUCIDO INEQUÍVOCAMENTE
EN UNA MEJORA EN TODOS LOS ASPECTOS
DE LA EMPRESA Y LOS DEPARTAMENTOS QUE
LA COMPONEN , EMPEZANDO POR EL MÁS
IMPORTANTE DE CARA AL CONSUMIDOR, EL
PRODUCTO CASA Y LA CALIDAD ASOCIADA
A ÉSTE Y AL DE SU ENTORNO.
entorno de crisis ha permitido, casi a todos
los niveles, un cambio en el enfoque, el
análisis y seguramente en la misma toma
de decisiones, lo cual se ha traducido
inequívocamente en una mejora en todos los
aspectos de la empresa y los departamentos
que la componen , empezando por el
más importante de cara al consumidor, el
producto casa y la calidad asociada a éste y
al de su entorno.

En España, el gobierno que celebra su THINK CUSTOMER!

reelección asegura que se trata de un
aterrizaje suave y lanza mensajes de
tranquilidad y de optimismo moderado. En
“Cuando el consumidor se encuentra con la marca” fue escrito por
realidad el declive ya ha empezado y no hay
Ignacio Pérez Díaz en colaboración con el equipo de marketing
empresa que se escape. Se trata de un largo de La Zagaleta SLU.
periodo de ajuste que duraría tiempo. Nadie
2010 construction line.
podía anticipar la magnitud de la crisis, pero

73
 la zagaleta
the global party
lifestyle magazine “THE LONG-AWAITED ARRIVAL OF THE CHIC HOTEL
CONFIRMS THE LEBANESE CAPITAL HAS REGAINED
ITS OLD SPIRIT’, SAID IAN MCCURRACH FOR THE
INDEPENDENT. WHY NOT MAKE BAR THREESIXTY AT THE
TOP OF LE GRAY, THE PLACE TO BE FOR THE GLOBAL
PARTY!” CHRISTOPHE HAZEBROUCK; GENERAL MANAGER;
BAR THREESIXTY, LE GRAY, BEIRUT

Bar Threesixty, Le Gray - Beirut

 la zagaleta
the global party
lifestyle magazine

LINKING THE WORLD FOR A WORTHY CAUSE...

THE GLOBAL PARTY

What ingredients make a Global Party? David Johnstone knows how to throw a party having organised
The perfect cocktail for The Global Party over 300 to date for VIP’s and royalty. His business partner
1 x Party Stanley Fink knows a good party having attended some of the
40 x Countries best around the world from London, through Courchevel to
61 x Cities Necker Island via La Zagaleta.
80+ x Premium Venues
100 x Hosts The Global Party has secured 88 of the best venues in 61
176 x DJs and Live Bands cities around the world from Antwerp to Brisbane, Baku to
10,560 x Songs Cape Town, New Delhi to Marbella, New York, Warsaw to
100,000 x VIP invited guests Washington.
400,000 x Cocktails
800,000 x Canapes On the nights of Thursday 15th and Friday 16th September
And most importantly millions for Charity 2011 The Global Party will host 80+ events in just 24-hours.
Stir well and pour over a 24-hour period = fireworks and The journey begins in London on the Thursday night with
sore feet! an exclusive dinner on The Orient Express train, harking back
to the Phileas Fogg adventures in the book Around The World
The Global Party has a mix of great ingredients, innovative In Eighty Days.
chemistry and lots of fizz and is set to be the party of 2011.
Save the date now… Each owner will host their party in their venue, inviting the
elite from their own city. Invited guests will form the ultimate
For most of us organising one party is enough of a nightmare but global guest list from the worlds of business, fashion, media
80+ in 24 hours…who could be mad enough - only an Englishman! and society.

“THE WRIGHT VENUE IS THRILLED TO BE THE IRISH

HOST OF THE GLOBAL PARTY. SINCE OPENING IN
2009, THE WRIGHT VENUE HAS HOSTED PARTY’S FOR
RIHANNA, 50 CENT AND MANY OF THE WORLD’S BEST
KNOWN FACES, BUT TO BE PART OF A WORLDWIDE
PARTY ON THIS SCALE IS SOMETHING WE ARE VERY
EXCITED ABOUT! FROM THE PENTHOUSE FLOOR TO
THE MAIN ROOM THE ENTIRE VENUE WILL A GLEAMING
BEACON OF GLAMOUR, EXCITEMENT AND GOOD TIMES.
VIVA LE GLOBAL PARTY!” JOE CLARKE; MARKETING
MANAGER; THE WRIGHT VENUE, DUBLIN The Wright Venue - Dublin
 la zagaleta
the global party
lifestyle magazine
The official invitation is as extraordinary as the event itself;
guests will receive The Global Party Official Invitation
Box containing tickets, two books and a pair of Key-2
Luxury limited edition silver key rings - the ultimate
corporate gift, which allows the holder access to a world
of privileges and personal contacts for life.
The Global Party will also hold a two-day press event
on the 17th March 2011 at the stunning location The
Marbella Club, Marbella, Spain. Set against a backdrop
of glamour, The Marbella club aptly reflects the essence
of The Global Party, by its opulence, style and renowned
international clientele.
Mr Daniel Shamoon of The Marbella Club has shown
great hospitality in inviting all 80+ venue hosts, sponsors,
partners and international press to attend The Global
Party press conference and black-tie reception later
that evening. A lunch will also be hosted at the elegant
neighbouring resort, La Zagaleta by Ignacio Perez Diaz.
This exceptional press event will allow journalists to
meet the leading figures within the hotel, entertainment
and night life industry. Never before have such
Moon Nightclub - Las Vegas Embassy London - London
“THE VINE HOTEL, LIKE A GOOD WINE – HAS
SOUL... AND THAT’S EXACTLY WHAT OUR ‘
GLOBAL PARTY’ WILL HAVE. WE ARE THRILLED
TO BE HOSTING THIS EVENT AND PROMISE
A TRULY DECADENT AND SOPHISTICATED
EVENING. WE LOOK FORWARD TO
WELCOMING YOU TO THE VINE HOTEL
FOR A NIGHT THAT MADEIRA WILL LONG
REMEMBER.” ANTONIO HENRIQUES; OWNER;
THE VINE HOTEL, MADEIRA
The Vine Hotel - Madeira
figureheads been gathered under one roof and all with
the intention of promoting one of the largest private
parties ever held.
Luxury lifestyle brands including Harry Winston and
Mikimoto have already secured sponsorship of The Global
Party seeing it as the perfect platform to bring their
brands to life in front of an elite, worldwide audience.
The Global Party aim is to raise money for the respected
children’s charity ARK (Absolute Return For Kids)
which is an international charity whose purpose is to
transform children’s lives and also support many other
worthy causes running up to the event including the
Red Cross - Pakistan Appeal.
Founded in 2002 by a group of leaders in the alternative
investment industry pooling their skills and resources,
ARK delivers high social returns on philanthropic
investment. They bring together passionate experts with
the best talent from business to deliver its vision under
the leadership of its board of trustees including Ian Wace,
Arpad Busson and Stanley Fink. Their programmes are
highly focused on meeting pre-defined strategic goals in
Fluxx - San Diego

“THE GLOBAL PARTY IS NOT ONLY THE
EVENT OF THE CENTURY BUT A WONDERFUL
OPPORTUNITY TO RAISE AWARENESS ON
THE LEAST FORTUNATE CHILDREN AND
HELP PROVIDE TOWARD THAT CAUSE, WE
ARE PROUD OF BEING PART OF THIS UNIQUE
EVENT.” MASSIMO FERRARA; MANAGING
DIRECTOR; PANTA REI, CAPRI
Panta Rei - Capri
the areas of Health (Sub-Saharan Africa), Education (UK,
India) and Child Protection (Eastern Europe).
ARK will celebrate it’s 10th Anniversary next year and it
seems fitting that this achievement will be complimented
by The Global Party which will take the charities amazing
works and name to a wider global audience.
From March, David Johnstone will also be spending 3
months on the road, or rather in the sky, visiting each of the
80+ venues involved.This exciting journey will be captured
on film by The Luxury Channel.The Channel is the world’s
leading provider of luxury lifestyle television, renowned
for bringing the best of the best onto our screens. With
a strap line of “Luxury through discovery” it seems they
Bed Supperclub - Bangkok Greenhouse - New York
la zagaleta
the global party
lifestyle magazine
Hawke And Hunter - Edinburgh
have found their perfect content. Their programmes are
broadcast to more than 120 million households throughout
Europe, the Middle East, Africa and across Asia Pacific.
As well as Global Sponsorships, Corporate Charity Packages
are also available. Manhattan Loft Corporation, Brevan
Howard, and GLG Partners have already committed to
Corporate Charity Packages. These packages are an ideal
way to help ARK and be an integral part of a unique event
like The Global Party. In addition only 30 pairs of Charity
Tickets per city have just been released to help towards this
wonderful fund raiser – the race is on!
For further information on how to become a part of the
record breaking event do visit www.theglobalparty.com
Symbol - Budapest
 la zagaleta
history
lifestyle magazine
 la zagaleta
history
lifestyle magazine

DETERMINATION, DREAMS AND PROJECTS

‘30 LIFESTYLE
SCENES
hope always waits in a crouch. although
the world seemed to agonise under dense
economic gloom, it was the need to reinvent
itself that made the values reappear that
had been lost up until then and which
would sustain a society heavily in need. with
unmistakable symptoms of exhaustion and
the world stage of the 30’s, this seemed no
time for celebration. but the world has never
again seen such obvious excess at a time of
widespread poverty, which has cemented the
reputation of 1930’s high society into the
stuff of legend. but even when the situation
does not harbour any hope, ideas, dreams
and projects are born, which shine a light
on the darkest present.
79
 la zagaleta
history
lifestyle magazine

THE WOMAN MUST BE SLENDER BUT

FEMININE, ATHLETIC, NATURAL AND WELL-
CARED. SHE SHOULD NEVER HIDE HER
CURVES. HER HAIR IS WORN LONGER
THAN IN THE PREVIOUS DECADE, AT
LEAST HALF-LENGTH, AND IT IS COMBED
CAREFULLY IN WAVES. IT WAS IN THE
1936 OLYMPIC GAMES IN BERLIN, WHERE
IT BECAME FASHIONABLE COMB HAIR
UPWARDS, FORMING A LARGE LOOP.

80

During the decade of the 30’s, the American Dream, and the rest of
the world had become a sad nightmare, the land of promise was the
land of despair, where the enthusiasm for democracy, capitalism and
individualism faded in view of the reality of a country that was immersed
in despair. In just two years, the purchasing power, of say an American,
was reduced by 40% and the minimum income dropped from $2,300
a year, to only $1,500.
81
la zagaleta
history
lifestyle magazine
But for others the Depression was simply an inconvenience especially
in New York where the city’s glamorous venues – places to see and be
seen – such as El Morocco and The Stork Club were heaving with
celebrities, socialites and aristocrats.
For many American dynastic families, parties helped to escape the reality
on the street and the grander the better.
 la zagaleta
history
lifestyle magazine

While storefronts stood empty, the 47-storey Waldorf-Astoria

Hotel opened in 1931 at a cost of $42 million ($600 million
today). Hosting a number of lavish parties during the Depression,
the Waldorf even had it’s own in-house professional hostess in Elsa
Maxwell. She delighted high society with her child-like bashes:
costume and painting parties, cooking soirees, and parlor games. In
fact, it was during this decade that this “hostest with the mostest”
invented the “scavenger hunt” to keep her guests entertained.

The Ritz was another favored venue for extravagant celebrations. It

hosted two of High Society’s most memorable coming out parties
during the Great Depression. Socialite and “poor little rich girl”
Barbara Hutton, grand-daughter of the dime-store magnate Frank
W. Woolworth, made her debut there in 1933. Costing more than
$60,000 ($1million today) it was one of the most glamorous parties
of the 1930s. Eucalyptus and silver birch trees were imported from
California, four orchestras played accompanied by singer, Rudy
Vallee. It was attended by a veritable Who’s Who list of the rich
and famous, including the Astors and the Rockefellers.

It was on the West Coast that even greater excesses were witnessed, at
a time when most Americans could not afford to feed their family.

Newspaper magnate William Randolph Hearst was fast losing

revenue from advertisers taking flight. Yet he refused to believe
it would last: the worse the Depression got, the more frantic
Heart’s spending became. Throughout the early 1930’s Hearst
held elaborate parties and commissioned new bedrooms at his
home to accommodate all the guests. According to the Hollywood
gossip and historian Kenneth Anger, the parties were “the most
extravagant the movie colony had ever seen.” On New Year’s Eve
1932, he held a Kids’ Masquerade that was so extravagant that

TABLE GAMES WERE ALSO A WAY OF BRINGING FAMILY AND FRIENDS TOGETHER. IN 1935, “PARKER BROTHERS, INTRODUCED THEIR GAME “MONOPOLY”,
WHICH SOLD 20 MILLION UNITS IN THE FIRST WEEK. AN APPARENT CONTRADICTION AND AN EXERCISE IN RETURNING TO THE ROOTS, AS PEOPLE
COULD DREAM OF BECOMING MILLIONAIRES AND BUYING HOUSES, BUILDINGS, HOTELS AND EVEN THE CITY’S PUBLIC SERVICES.

82
 la zagaleta
history
lifestyle magazine

gossip columnist Louella Parsons apologized to her readers and In order to find a counterpoint to this lack of glamour, Hollywood
explained “the beauty of this party was that the costumes were turned to the divas, such as Betty Davis and Greta Garbo, who
inexpensive.” filled the silver screen with their mere presence.

It was the decade of Garbo, of Marlene, of the personal vision of The fashion industry had to adapt itself to this new situation. For
fashion of Coco Chanel, of the extreme length eyebrows, of the women, a more feminine and lighter style took over. The length of
catchy dances of Ginger Rogers and Fred Astaire. dresses and skirts dropped to the ankles and the garments tended to
 la zagaleta
history
lifestyle magazine

pinch the waist and fit snugly to the figure. The suit jacket for street wear and for
parties, dresses cut very low at the back, and also long fur coats, became popular.The
length of skirts depended on the time of day; so it was long at night and half-length
during the day. Men’s trousers had wide bottoms, a high waistband and with pleats.
To complete the three-piece set for men, the waistcoat was replaced with a pullover,
and although the hat was still in use, it gave up its supremacy to give way to a beret or
jockey type hat, which was more reasonably priced to complete the look.

In the field of music Duke Ellington, Benny Goodman, Tommy Dorsey and Glen
Miller were some of the classic exponents that arose at the time. George and Ira
Gershwin composed “Strike up the Band”, “Girl Crazy” and “Of Thee I Sing”,
while Cole Porter wrote “Anything Goes”, “Jubilee” and “Red Hot and Blue”. In
1936, the Department of the Interior hired Woody Guthrie to travel around the
country promoting country and western music.

84

As was happening in Germany, in this decade radio broadcasts reached
their peak. In 1939, 80% of the population owned a radio set, but most
rural communities did not have electricity 24 hours a day. Comedy shows
were abundant and operettas were tuned into to every day, entertaining
millions of listeners. Soap operas and series quickly became popular:The
Lone Ranger,The Shadow, Green Hornet and Jack Armstrong, were only
a few of the weekly serials that were listened to in every household.The
stations gave real weight to news programmes and thanks to this there
are still live recordings of the tragedy of the Hindenburg airship, which
burst into flames when Herb Morrison was broadcasting its arrival.This
was also the year the famous Orson Welles “War of the Worlds” occurred,
which he broadcast with such realism that people actually believed that
there had been an alien invasion in the United States, creating absolute
panic throughout the population of the U.S.
85
la zagaleta
history
lifestyle magazine
The need to increase family income made gambling become one of the
favourite entertainments of America.Baseball’s popularity increased with
the broadcasting over the airwaves, for those who could not attend the
stadiums and the 1932 Winter Olympics, renewed its interest in sports.
For the more cultured, reading was an almost compulsory escape, led
by the pen of Agatha Christie, Dashielle Hammett and Raymond
Chandler and other authors, who managed to let the imaginations fly
of those who preferred to take refuge in books. Literature was at its best
with the appearance of well-known authors such as F. Scott Fitzgerald,
Ernest Hemingway, John Dos Passos, and Thornton Wilder.
Meanwhile, in cities such as NewYork, height started to be prominent
in the skyline of the city. It was in the early thirties when the first
 la zagaleta
history
lifestyle magazine

86
 la zagaleta
history
lifestyle magazine

87
 la zagaleta
history
lifestyle magazine

THE 30’S BECAME THE GOLDEN AGE OF CINEMA. THE STUDIOS CONTINUOUSLY PRODUCED NEW MOVIES AND THE EUROPEAN STARS SAW HOLLYWOOD
AS THE GOAL TO SET OUT TO. CLARK GABLE, BETTE DAVIS, GRETA GARBO, AND ERROL FLYNN STARRED IN MOVIE AFTER MOVIE. PEOPLE LAUGHED WITH
BOB HOPE AND THE MARX BROTHERS, WHILE SHIRLEY TEMPLE ENTHRALLED AMERICA. FRED ASTAIRE AND GINGER ROGERS AND THEIR BALLROOM
DANCING, WERE THE ALMOST DE RIGUEUR DANCERS IN FILMS.

skyscrapers were finished. The Empire State Building, the Chrysler
Building and the Rockefeller Center adopted their leading role in
the face of the adversity and stood proudly to show the world the
way forward.
In 1939, the San Francisco Fair and New York World Fair were
held, showing the “world of tomorrow” to about 26 million people.
Visitors marvelled at the first broadcast of television in the U.S. and
were impressed with the presentation by General Motors of a 7-lane
highway project that crossed the United States. Despite advances
in medicine, as was the case of improved anaesthesia, which helped
save many lives, the lack of money prevented the development of
other aspects of science, although the first attempts were made at
atomic fission, thanks to the immigration of the German scientist,
Albert Einstein, who in 1939 wrote his famous letter to President
Roosevelt, recommending to push ahead with the building of the
atom bomb. In 1930, as the result of a lucky accident, the planet
Pluto was discovered, when Clyde W. Tombaugh, by using wrong
parameters, discovered the planet from the Observatory of Arizona.
These were difficult, turbulent years and full of fears, which brought
out the best in international society. An entire world in a crisis,
which would years later experience a resurgence that was solely due
and thanks to the rebel and visionary nature of the people who
believed that the end of the road there was not only shadows and
darkness. An exemplary degree of tenacity, allowing for lessons to
be drawn for the coming decade, now that we are fully immersed
in the 21st century.

88
 la zagaleta
history
lifestyle magazine

89
 la zagaleta
elegance
lifestyle magazine

90
 la zagaleta
elegance
lifestyle magazine

Eton Shirt
when tradition treasures invariable premises the outcome is unequivocal. the desire
not to lose those values which turn a flagship into the reference and the model to
follow, achieve the creation of a product, exemplary in its concept and exquisitely made.
eton has followed the path of success since 1928, seven decades of knowledge and
experiences where the dedication to age old traditions, experience and the development
of this handmade work have caused its history to leave an indelible stamp on the history
of fashion. painstaking and conscientious work created by and for men.
Inspired in the season’s colours from the North of Scandinavia with heart of Manhattan, 625 Madison Avenue on the corner of 58th
predominantly dark shades, light blue, red, black and grey. Working Street - of the first independent Eton store in New York. This
with these colours in a sophisticated and timeless fashion, Eton presents store promises to become the new Mecca for the city’s most
a line dedicated to men, backed up by high doses of textile efficiency. demanding consumers as has happened throughout the whole of
Europe, where unconditional clients wear its most sophisticated
Only the highest quality satins, twills and poplins are in the and elegant creations with unquestionable style. From the very
spotlight of this Christmas collection, the perfect gift for someone beginning, in1928, Eton’s objective was to create beautiful shirts of
or for you yourself. A universe of infinite quality, made by hand, the highest quality. The obstacles they might find in the way didn’t
which represents the excellent work the family has put into a matter then. After all, part of the success is due to that courageous
brand which is admired today. The flagship is, moreover, proud and determined approach which the house has always stamped on
to announce the opening, on the 13th December2010 - in the each of its creations, an exquisite result aimed at a select public.

91
 la zagaleta
campaign
lifestyle magazine

92
 la zagaleta
campaign
lifestyle magazine

CAMPARI CALENDAR 2011

THE RED AFFAIR

the story begins when an illegal art dealer is commissioned with an important task
which includes rescuing a beautiful and mysterious woman. the calling card in the
new campari campaign is left by a star of the silver screen to entice as an absolute
and definitive invitation. benicio's presence goes beyond frames and lenses. only the
exceptional hand of michel comte can capture stills of overwhelming intensity and
style; a campari plot.
In its 150th anniversary year, Campari has chosen to make a break Concewitz explains why The Red Affair is a calendar of firsts for
with more than a decade of tradition by choosing to introduce a male Campari: “At Campari, challenging the status quo is in our DNA.
lead to the Campari Calendar for the first time. Del Toro becomes The introduction of our first ever male star and the creation of this
the first ever Campari Man, taking on the lead role previously held unique cinematic style take our iconic Calendar in a completely
by some of the world’s most beautiful women, including the 2010 new direction. Although the Calendar has a very new look, it retains
star, ‘Quantum of Solace’ Bond girl, Olga Kurylenko, Salma Hayek, the unmistakable Campari red that binds our characters together
Eva Mendes and Jessica Alba. Gruppo Campari CEO Bob Kunze- and the thrill of anticipation felt in each image”

93
 la zagaleta
gourmet
lifestyle magazine

KRUG
TReAsuRe foR Two
how can one resist the temptation of uncorking and discovering? the little golden
key gently sways at the end of a fine chain and seems to be there just to arouse
desire. an invitation to follow the steps of an enthralling initiation ritual, to enter the
confidential world of the krug champagne house. for several generations, krug has
deployed limitless demands and expertise, to create exceptional vintages. the closely
guarded secrets of maison krug captivate the initiated and seduce the aesthetes who
love the exceptional. in 2010, krug offers you the key to its world of excellence, a
world that definitely stands out in the universe of champagne.
After desire comes the surprise. The small key-gem opens a reflects the special expertise of the Maison, a perfect control of the
world of beauty and splendour, as if Krug were opening its heart ensemble. The making of Grande Cuvée may require over 1,000
to treasure lovers. Two stylised glasses join a half-bottle of Krug tastings and can be comprised of more than a hundred different
Grande Cuvée. A unique occasion to discover or rediscover this wines. Some wines are from the base year, over 250 of them, and
exceptionally prestigious vintage. Like an accomplice allusion, the others, about 150, are vintage wines of up to 15 years of age.
small key lies in a small hole, the witness of a unique moment No fewer than 10 different vintages are used for making it,
to be shared as a couple. And this incomparable taste will forever ensuring the impeccable quality and taste of Krug, which has been
be remembered. La Grande Cuvée is the Krug style emblem maintained over the years.Virtuosity in its purest form.

94
 la zagaleta
jewellery
lifestyle magazine

S.T. Dupont
&
Philippe Tournaire:
Architectual masterpices
ever since it was established, s.t.dupont has been creating
unique products from precious materials. royalty, statesmen
DQGFHOHEULWLHVKDYHDOOÇRFNHGWRVWGXSRQWVLQFHWR
order customised travel cases or personalised objects. the
MHZHOOHU\ DUWLVW SKLOLSSH WRXUQDLUH KDV ZRUNHG IRU RYHU 
years with the same rigorous approach. his fascination with
the hand-crafted jewellery and ornaments of our earliest
ancestors, his open-mindedness and his incessant quest
for originality are the qualities that transform each of his
creations into masterpieces.
An exceptional and exclusive series in which S.T.Dupont’s art of writing is reinterpreted by
Philippe Tournaire according to a common theme: the world’s greatest monuments. Transforming
the iconic Olympio fountain pen into a historic monument, crafting it like a piece of art to be put
on view, looked at and used is a first for S.T.Dupont and offers a new mode of expression to Philippe
Tournaire. Three destinations, three monuments :The Invalides of Paris, Saint Basil’s Cathedral in
Moscow and China’s Sun Pagoda. These three works in bronze are engraved, polished and finished
by hand.The dome of the Invalides, those of Saint Basil’s and the roof of the Pagoda are crafted from
solid 18 carat gold. The columns with their gilt patina are engraved with a floral frieze inspired by
those found on 17th century Parisian buildings.They rest on a magnificent pedestal engraved
with the names of S.T.Dupont and Tournaire. On each carefully crafted replica, the
details of the monument and the finishing touches are worked in rare and precious
materials: pink gold for the Sun Pagoda, coloured lacquer for the domes of Saint
Basil’s. Each piece is numbered in a series of 15. An exclusive collection will enchant
all those collectors in search of exotic dreams and world travel.

95
 la zagaleta
photography
lifestyle magazine

96
 la zagaleta
photography
lifestyle magazine

CARL WARNER PHOTOGRAPHY

FOODSCAPES
according to the photographer he is already well known in the neighbourhood in
kent, england, where he lives, for the hours he spends in the shops looking for the
best broccoli or the best peppers to “compose” his scenes. in order to gain depth
the photos are taken on tables measuring 1.2 by 2.4 metres. the process, moreover,
is carried out in “phases” so that the food does not lose its freshness before the
SKRWRJUDSKLVÆQLVKHGºLOLNHWKHZD\WKDWWKHVPDOODVSHFWVRIQDWXUHDUHVLPLODUWR
the large ones”, says carl warner. a photographic recipe book which has enabled the
photographer, born in london in 1965, to stamp a unique and unmistakable style on
his stills, an ode to food.

These so called “foodscapes” (a joining together of the words food
and landscape) show underwater caverns, woods, beaches under the
sun, using fruits, pulses, cheeses and pastas, amongst other foods. An
ingenious fusion created to stimulate the senses and lead them over
naturally distorted paths. An overflow of creativity: fruit and pulse
balloons, broccoli trees, potato rocks, fields sown with corncobs and
cucumbers; visual impact.
HE ADMITS THAT, UP TO NOW, HE HASN’T MANAGED TO CONVINCE
HIS FOUR CHILDREN TO EAT MORE VEGETABLES. “AT LEAST I CAN’T
SAY THAT THEY ENJOY EATING THEM AS MUCH AS I DO”, STATES THE
PHOTOGRAPHER. THESE PHOTOGRAPHS WILL BE USED BY A BRITISH
CHAIN OF SUPERMARKETS IN A BIG PUBLICITY CAMPAIGN. WARNER
ALSO HAS THE INTENTION OF COLLECTING THEM TOGETHER IN
A BOOK TO PROMOTE HEALTHY EATING AMONG CHILDREN, A
PRAISEWORTHY END FOR A CREATIVE APPROACH.

97
 la zagaleta
photography
lifestyle magazine
Broccoli, chicory, aubergines, pasta, tomatoes and corncobs are
transformed into meadows, streets and forests. Loaves of bread are
mountains with waterfalls, sardines become moving seas, crabs are
caverns, sausages, bacon and salami an alpine landscape. This is a
different point of view, within the framework of bucolic landscapes
which allow the spectator to enjoy a nature proud of being displayed
in all its glory. It is a world where the protagonist is food.
98
CARL WARNER IS A PHOTOGRAPHER FASCINATED BY LANDSCAPES,
WHO, A DECADE AGO, FOUND A WAY OF UNITING DIFFERENT
INTERESTS. IN HIS PHOTOGRAPHS WE CAN FIND PAINTING SCULPTURE,
ECHOES OF POETRY, MUSIC AND A GREAT DEAL OF ARCHITECTURE,
WHOSE MAIN BRANCH, IT COULD BE SAID AFTER SEEING THEM, IS
HORTICULTURE. SUPERMARKET CHAINS AND FOOD COMPANIES ALL
OVER EUROPE DISPUTE HIS IMAGES AS PUBLICITY FOR THEIR PRODUCTS:
FOOD PASSION TO DELIGHT THE EYE.
 la zagaleta
photography
lifestyle magazine

99
 la zagaleta
celebrity
lifestyle magazine
 la zagaleta
celebrity
lifestyle magazine

Kate
Winslet
A beauty defined
SDVVLRQDWHDQGLQWHQVHNDWHGHÆQHVKHUVHOI
ºL DP QRW D SHUVRQ ZKR GRHV DQ\WKLQJ E\
KDOYHV»IDWHLQFRPELQDWLRQZLWKDQXQZDYHULQJ
SHUVHYHUDQFHZRUNHGWKHPLUDFOHDQGWKLVLV
EHFDXVH \RXQJ NDWH ZHQW IURP FDUYLQJ FROG
FXWVLQDORQGRQGHOLFDWHVVHQWRVWDUULQJLQ
WKHJUHDWURPDQWLFHSLF¼WLWDQLF½LQWHUQDWLRQDO
UHFRJQLWLRQ FDPH TXLFNO\ EXW NDWH GLG QRW
ZDQW WR EH D KROO\ZRRG VWDU EXW D JRRG
DFWUHVV WKH EHVW ZLWK WZR JROGHQ JOREHV
DQG DQ RVFDU XQGHU KHU EHOW EXW ZLWKRXW
WKH DLUV RI HJRFHQWULFLW\ WKDW DUH IUHTXHQW
LQDFWUHVVHVRIKHUOHYHOVKHQRZUXOHVWKH
RO\PSXVRIWKHEHVW
 la zagaleta
celebrity
lifestyle magazine
Kate never intended to be an actress; she simply knew that she
would become one. Born to a family of actors and actresses, with
a lot less luck than she had, acting was something that surrounded
her naturally. Her grandparents organised theatre plays in the garden
of their home in Reading (England), her uncle Roger was one of
the players in the first musical version of ‘Oliver’, and her father was
never given the opportunity of proving himself as an actor. Kate
has always felt the need to justify herself, to apologise for being the
first one in her family to succeed. And it is Kate, the second of four
children, all dedicated with more or less luck to the difficult world
of acting, who continues to have the same humility as when she was
only 17, preparing a pastrami sandwich at the deli in London where
she worked, when she received a call from her manager, confirming
that she had been chosen for the role of Juliet Hulme in “Heavenly
Creatures” (1994) - a film with a modest distribution but which was
very well received by critics worldwide-, thus passing the casting
she went through with more than 175 other aspiring young people.
“Her intensity made all the rest of those in the audition seem dull in
comparison,” claimed Peter Jackson, the film’s director.
But her true start in acting had begun much earlier. At the age of
11, Winslet danced in front of the ‘Honey Monster’ in an ad for
102
children’s cereal. At that time she had already started taking acting
lessons, which continued later when she joined the “Redroofs
School” Higher Art School in Maidenhead (United Kingdom).
I WAS BROUGHT UP TO ALWAYS BE WHO I AM,
TO NOT TRY TO BE WHO I AM NOT. AND BEING AN
ACTRESS ALLOWS ME TO DO JUST THAT. IT GIVES ME THE
FREEDOM TO INVENT MYSELF A NEW WORLD EVERY
DAY AND CONTRAST IT WITH ALL THOSE DIRECTORS
AND ACTORS WHO I MEET AT EVERY STEP
A school friend of hers said on a television programme: “She used
to help us with the work. I was 8 years old when I joined, and in a
sense she took care of me”. Another friend added:“I know she loved
what she did and felt confident doing it. She was more mature than
the rest of us. She called the teachers by their first names and would
go and talk to them. I was basically at her level [...] When we staged
the play “Steel Magnolias”, we had to cut out about 10 minutes. And
she offered:‘Oh, I’ll tell you what we’ll do: I’ll take it home, I’ll cut it
and I’ll edit it’, and she did just that. “She was always offering to do
things”The school’s headmaster said:“She was a very good dancer. If
she had dedicated herself to that she could have become an excellent
 ®

LIFESTYLE MAGAZINE

LA ZAGALETA
®

SUMMER 2008
LIFESTYLE MAGAZINE su m m e r 2 0 0 8

LIFESTYLE MAGAZINE

Published by La Zagaleta S.L.U. - N.3 - Price: 10 €

LA ZAGALETA

EL EFECTO REAL MADRID

Nº3

®
SPRING 2010

LIFESTYLE MAGAZINE spring 2010

CLINT EASTWOOD
Versatile & steadfast,
the cowboy does it his way

The
500-million
Job Idea
Why China´s Plan is working
by Jürgen Bartels
Published by La Zagaleta S.L.U. - N.7 - Price: 10 €
LIFESTYLE MAGAZINE

Modern Outlook
La Zagaleta presents its newest Signature Villa

The Gardner Heist

The search continues for the art world´s Holy Grail

Key-2 Luxury
Pure luxury around the world

EXCLUSIVE:
Nº7
Santiago FONCILLAS
Executive Board, Santander Investment

SUBSCRIBE TO A PRESTIGIOUS BRAND MAGAZINE

3 yearly issues - all costs included
SUSCRIPCIÓN A UNA REVISTA CORPORATIVA DE PRESTIGIO
3 ediciones anuales - todos los gastos incluidos

YEARLY PRICES / PRECIOS ANUALES:

Spain: 50€
United Kingdom: 60£
Switzerland: 90 ChF
Eurozone: 60€
Russia: 90$
U.S.A.: 110$
United Arab Emirates: 110$

PAYMENT FORM:

Credit Card / Tarjeta de Crédito or / o Bank Transfer / Transferencia Bancaria

Through our web / A Través de Nuestra Página Web: www.lazagaleta.com/subscription

Or drop us an email to / o envíe un mail a: natascha@lazagaleta.com
 la zagaleta
celebrity
lifestyle magazine
 la zagaleta
celebrity
lifestyle magazine

teacher. But she had other ideas [...] we always thought: ‘This girl During the summer of 2000 she recorded audio-books of Enid
will go far’, but we never dreamed that she would do it so fast and Blyton’s trilogy: “The Enchanted Wood”, “The Magic Faraway Tree”
reach so high”. And so it was. and “The Folk of the Faraway Tree”.These were my favourite books
when I was little”, says Kate. She also put her voice for the CD “Listen
Just a year after her debut on the silver screen, Kate played the amorous to the Storyteller”, which earned her a Grammy.
and impulsive Marianne Dashwood in “Sense and Sensibility” by
Ang Lee (1995), a role which earned her first Oscar nomination, In 2001, came “Enigma” by Michael Apted and “Iris” by Richard
allowing her to choose better roles and she became a familiar face in Eyre, for the latter, Kate would receive her third Oscar nomination.
the United Kingdom.
After “Finding Neverland” by Marc Forster, in January 2003, she
Kate wanted to join the Hollywood standard and she became obsessed began the shooting of “Eternal Sunshine of the Spotless Mind” which
about her weight. “At 19 I was very worried about my appearance is her personal favourite movie, for which she got her fourth Oscar
and spent 95% of my head to think about my appearance. While nomination and a nomination to the Golden Globes. “When I read
we were shooting ‘Sense and Sensibility’, Emma Thompson realized the script, I thought: ‘Great, I’ll have to change my hair colour’ (...) I
that I skipped meals or did not eat enough and she said to me, ‘If came to work in the morning, and my hair had to be orange and at
you’re trying to lose weight to stay in this job, I’ll get really angry lunchtime it had to be red” [...] “It was an excellent opportunity and
with you’. She went and bought me the book “The Beauty Myth” I had a great time. Now, every day I get my part of Clementine”. Kate
and since then I have been much more relaxed about this aspect”. commented after the shooting.
An obsession that she had dragged with her since her teenage years.
“At 15 I was called ‘flabby’, ‘baby whale’ and then eventually ‘Kate- With an admirable sense of humour, Kate laughed at herself and her
weighs-a-lot”. I was 165 centimetres tall and weighed 84 kilos”, the failure to win an Oscar, despite her four nominations, in a chapter of
actress pointed out some years ago. But that absurd complex did not the British TV series “Extras”; a role for which she was nominated for
put a brake on the success that was still to come in her career and the Emmy Awards.
in her life.
Her superb interpretation of a mother who
In 1996, she participated in “Jude” by THE SUCCESS OF TITANIC was unloving towards her daughter in “Little
Michael Winterbottom, and in “Hamlet” by MEANT BIG CHANGES IN MY Children” by Todd Field, in addition to being
Kenneth Branagh where she played Ophelia. LIFE, AND I DON’T KNOW IF I WAS a great challenge for Kate, led to her fifth
The day when she was being filmed in the READY FOR SOMETHING LIKE THAT. BUT Oscar nomination. That year, Winslet made
NOW I LIKE SURPRISES, I ENJOY THAT
straitjacket scene, she received the news that UNPREDICTABLE SIDE OF MY CAREER,
history by becoming the youngest actress (at
she had been chosen for the role of Rose AND I DO THINGS WITH MY 31) to receive five nominations, after having
DeWitt Bukater in “Titanic” (1997) by FAMILY AS MUCH AS I CAN made 19 films.
James Cameron. At the time, she had no
idea that that role would make her become the youngest actress to But Kate would get her own back with the history of cinema, which
receive two Oscar nominations, and that it would be a real turning had always been unjust with her, by winning two Golden Globes on
point in her career. the same night, in early 2009.As in 2008, Kate Winslet premiered in the
film “Revolutionary Road” directed by her then second husband, Sam
Despite being the only one in the ‘Titanic’ team who did not go up Mendes, and in which she shared the credits with her good friend Leo
to collect an award that year in the Academy Awards ceremony, the DiCaprio, with whom she was reunited as a couple film after more than
financial security that she would have after that film, gave her just a decade.At that same time,‘The Reader’ by Stephen Daldry, premiered.
enough courage to take on more intense roles in smaller productions These two films carried her to the top of Hollywood.Then came her well
such as “Hideous Kinky” by Gillies MacKinnon (1998), “Holy deserved reward: two Golden Globes, one for each leading character in
Smoke” by Jane Campion or “Quills” by Philip Kaufman, both in each of them, and a long-awaited and well deserved Oscar for Daldry’s
1999. film. Every little role, every hour of rehearsal and each harsh criticism of
her performances, had led her to the golden statuette. It was hers.
Many rumours indicated at the time that Kate had refused the leading
roles in ‘Shakespeare in Love’ and ‘Anna and the King’, which went Today, the coveted Oscar has a preferential place in the actress’s home: her
with succulent financial offers. She explains: “The fact is that I could bathroom. And this is because her sense of humour has led her to place
choose. This was the treasure that ‘Titanic’ gave me. I was under the statuette in the bathroom of her house, so that, in her own words “all
pressure to do something ‘big’, but I completely avoided it. I had to those who go in there, may pick it up calmly and sneakily”.A recognition
do it, otherwise I would have been burned out at 25. I escaped to be that will surely be followed by many more. But while these awards are
able to feel safe once again”. This ‘escape’ for Kate was but the time on their way to Kate Winslet’s house, she will continue to be focused on
that the actress was devoted in body and soul to her sick husband. what she knows how to do best: acting.Without any half measures.

105
 TAGE VINTAGEVINTAGEV
la zagaleta
fashion
lifestyle magazine

DIDIER LUDOT IS THOUGHT OF AS

ONE OF THE WORLD´S MOST FAMOUS
VINTAGE CLOTHING DEALERS, THE
RACKS LINED WITH FRENCH COUTURE
FROM THE 20´S TO THE 80´S, CLASSIC
CHANEL SUITS, BALENCIAGA DRESSES
AND HERMÈS SCARVES. THE STORE
IS DIVIDED INTO THREE DIFFERENT
BOUTIQUES: NO. 2 IS HOME TO HIS
AMAZING COLLECTION OF VINTAGE
COUTURE; NO 24. IS FULL OF VINTAGE
READY-TO-WEAR PIECES; AND AT NO.
125 HIS OWN VINTAGE-INSPIRED
BLACK DRESS AND HIS COFFEE-TABLE
BOOK CAN BE FOUND.

106
 la zagaleta
fashion
lifestyle magazine

THE LITTLE BLACK DRESS

A VINTAGE TREASURE
the little black dress is an essential piece of clothing in a woman´s closet because it
always ‘works’. didier ludot, owner of the legendary la petit robe noire in paris, has
celebrated the timeless style by publishing a photographic catalog of his meticulously
built and maintained collection of black dresses from the store’s inventory featuring
designs by chanel, balmain and gaultier among others.
The little black dress has maintained its popularity through all trends Ludot celebrates this unique style with 80 pages of photographs
because it seems like the right thing to wear for every occasion. But following the evolution of the dress. The photographs of the dresses
the idea of black being used as a color other than for a period of are juxtaposed with archive photos of Romy Schneider, Catherine
mourning is relatively new. In 1926, Coco Chanel published a picture Deneuve, Jeanne Moreau, Sofia Loren, Edith Piaf, Paloma Picasso,
of a short, simple black dress in American Vogue. The calf-length, Marilyn Monroe and Elizabeth Taylor - all in their finest black dress.
simply decorated dress, like the Model T, was simple and accessible Didier Ludot is the perfect place to search for a hand-crafted Hermés
for women of all social classes. Vogue predicted that the little black Kelly or Chanel tweed jacket, immaculate Courréges, Yves Saint
dress would become a uniform for women of all taste. Almost 90 Lauren and Lanvin blouses, as well as Manolo Blahnik pumps and
years later, their prediction has come true. Audrey Hepburn helped Chanel flats - all in great condition. Whether flipping through the
eternalize the get up in Breakfast at Tiffany’s when she donned a pages of The Little Black Dress or browsing through his boutiques,
black Chanel dress accessorized with a single strand of white pearls. Ludot´s love for fashion unites all who see it.

107
 la zagaleta
book
lifestyle magazine

AUDREY
HEPBURN
LIMITED EDITION WILLOUGHBY
the princess of tiffany’s in
the little black dress; the
girl who seduced the world
with her angelic gaze, who
with her eternal presence
gave us the footage which
today fills the iconic imagery
of the world of cinema. and
she made this possible thanks
to a travel companion who
seduced and surrendered at
the feet of one of the most
immortal divas.
Over his distinguished career as a Hollywood
photographer Bob Willoughby took pictures
of Marilyn Monroe, Elizabeth Taylor and
Jane Fonda, although his clear weakness was
Audrey Kathleen Ruston, later Edda Van
Heemstra Hepburn-Ruston, who was better
known as Audrey Hepburn.Willoughby was
commissioned to film the new star shortly
after her arrival in Hollywood in 1953.
It was a monotonous assignment for the
photographer who is credited with having
perfected photojournalist film. However,
when he met the Belgian-born beauty,
Willoughby was enthralled. “She took my
hand ... just like a princess, and dazzled
me with that smile that God designed to
melt the hearts of mortal men,” he recalls.
As Hepburn’s career skyrocketed after her
debut in Roman Holiday, which won an
Oscar, Willoughby became a trusted friend,
portraying her in her work and in her family
life. Pictures of a timeless icon that are
captured in “Audrey Hepburn. Photographs
1953–1966,” edited by Taschen.

108
 la zagaleta
book
lifestyle magazine

109
 la zagaleta
literature
lifestyle magazine

El irlandés Roger Casement, protagonista de la

última novela de Mario Vargas Llosa, fue una de las
primeras personas en denunciar las consecuencias del
colonialismo en Africa y en la selva Amazónica.
 la zagaleta
literature
lifestyle magazine

Los héroes no
nacen en la cuna
solo 10 días después de su lanzamiento en el mercado
hispanoamericano, la editorial alfaguara anunciaba que la última
novela del premio nobel de literatura mario vargas llosa, ya
tenía dueño. 50.000 dueños para ser exactos. con una segunda
edición ya en marcha, el orgullo de perú – y también de españa
¸MXVWLÆFDHOSUHPLRTXHQXQFDWXYRDVSLUDFLRQHVGHUHFLELUFRQ
una novela que relata la historia de una aventura cívica llevada
a la devastación.
 la zagaleta
literature
lifestyle magazine

No resulta extraño ver a un Mario Vargas Aquí, un adelanto de las primeras páginas de grisáceo. ¿Por qué tenía tanto frío? Era julio,
Llosa (Arequipa, Perú, 1936) defensor en su El sueño del celta. el corazón del verano, no había razón para ese
última obra, El sueño del celta (Alfaguara, hielo que le erizaba la piel.
2010), recién estrenado el pasado noviembre ……………
en países hispanohablantes. Desde los inicios Al entrar al estrecho locutorio de las visitas, se
literarios de Vargas Llosa, el fiel seguidor ha CONGO I afligió. Quien lo esperaba allí no era su abogado,
podido contrastar las críticas del escritor sobre maître George Gavan Duffy, sino uno de sus
la injusticia social y la infamia de los jefes y Cuando abrieron la puerta de la celda, con ayudantes, un joven rubio y desencajado, de
militares corruptos. En pocas palabras, que la el chorro de luz y un golpe de viento entró pómulos salientes, vestido como un petimetre, a
pobreza literal y metafórica de Latino América también el ruido de la calle que los muros de quien había visto durante los cuatro días del
nace fundamentalmente de la élite económica piedra apagaban y Roger se despertó, asustado. juicio llevando y trayendo papeles a los abogados
y política, burocrática y religiosa. Pestañeando, confuso todavía, luchando por de la defensa. ¿Por qué maître Gavan Duffy, en
serenarse, divisó, recostada en el vano de la vez de venir en persona, mandaba a uno de sus
Lo más emocionante, sin embargo, es ver lo puerta, la silueta del sheriff. Su cara flácida, pasantes?
que un reciente Premio Nobel de Literatura de rubios bigotes y ojillos maledicentes, lo
es todavía capaz de crear tras más de 45 años contemplaba con la antipatía que nunca había El joven le echó una mirada fría. En sus
de carrera y lucha personal, en la que aparecen tratado de disimular. He aquí alguien que sufriría pupilas había enojo y asco. ¿Qué le ocurría a
docenas de galardones, una fallida candidatura si el Gobierno inglés le concedía el pedido de este imbécil? «Me mira como si yo fuera una
presidencial, un cambio de pasaporte, además clemencia. alimaña», pensó Roger.
del rechazo y el subsecuente perdón de su
Perú natal. —Visita —murmuró el sheriff, sin quitarle los —¿Alguna novedad? El joven negó con la
ojos de encima. cabeza. Tomó aire antes de
En la presentación oficial de su libro en Madrid, hablar:
Vargas Llosa contaba que para él, el comenzar Se puso de pie, frotándose los brazos. ¿Cuánto
a escribir es un “terror feliz” que aumenta había dormido? Uno de los suplicios de Pentonville —Sobre el pedido de indulto, todavía
cuando se va desenvolviendo el camino que Prison era no saber la hora. En la cárcel de —murmuró, con sequedad, haciendo una mueca
tomará la escena y los personajes.. Un personaje Brixton y en la Torre de Londres escuchaba las que lo desencajaba aún más—. Hay que esperar
real, Roger Casement, causó tal impresión en campanadas que marcaban las medias horas y que se reúna el Consejo de Ministros.
Vargas Llosa que inmortalizó su verdad sobre las horas; aquí, las espesas paredes no dejaban
la leyenda de Casement, y según algunos llegar al interior de la prisión el revuelo de las A Roger le molestaba la presencia del sheriff y
críticos, hizo justicia literaria en El sueño campanas de las iglesias de Caledonian Road ni del otro guardia en el pequeño locutorio. Aunque
del celta. Vargas Llosa da vida a la historia de el bullicio del mercado de Islington y los guardias permanecían silenciosos e inmóviles, sabía
Casement, un diplomático irlandés que fue apostados en la puerta cumplían estrictamente que estaban pendientes de todo lo que decían.
una de las primeras personas en revelar la cara la orden de no dirigirle la palabra. El sheriff le Esa idea le oprimía el pecho y dificultaba su
más trágica del colonialismo, tanto en el Congo puso las esposas y le indicó que saliera delante respiración.
como en la selva Amazónica. Eventualmente, de él. ¿Le traería su abogado alguna buena
estas experiencias nutren la sensación de noticia? ¿Se habría reunido el gabinete y tomado —Pero, teniendo en cuenta los últimos
nacionalismo dentro de Casement, llevándolo una decisión? Acaso la mirada del sheriff, más acontecimientos —añadió el joven rubio,
a un enfrentamiento contra la Inglaterra que cargada que nunca del disgusto que le inspiraba, pestañeando por primera vez y abriendo y
tanto admiraba. Traidor en los ojos de la corona se debía a que le habían conmutado la pena. cerrando la boca con exageración—, todo se ha
Inglesa e invadido injustamente en cuanto a las Iba caminan do por el largo pasillo de ladrillos vuelto ahora más difícil.
preferencias de su vida íntima, para Vargas Llosa, rojos ennegrecidos por la suciedad, entre las
Casement no es nada menos que un héroe en el puertas metálicas de las celdas y unos muros —A Pentonville Prison no llegan las noticias de
cuerpo de un normal y corriente ser humano, descoloridos en los que cada veinte o veinticinco afuera. ¿Qué ha ocurrido?
defectos y contradicciones incluidos. pasos había una alta ventana enrejada por la
– Alejandra García Farfán que alcanzaba a divisar un pedacito de cielo ¿Y si el Almirantazgo alemán se había decidido
112
 la zagaleta
literature
lifestyle magazine

LOS HÉROES NO NACEN EN LA CUNA

CON HABILIDADES IMPRESIONANTES
 la zagaleta
literature
lifestyle magazine
Sir Roger Casement (1864-1916), patriota irlandés
y Oficial Consular Británico, es acompañado a la
horca de Pentonville Prison, Londres. Casement fue
encontrado culpable por traición tras intentar conse-
guir ayuda alemana para la causa de la independencia
irlandesa. (Foto de Hulton Archive/Getty Images)
por fin a atacar a Gran Bretaña desde las costas
de Irlanda? ¿Y si la soñada invasión tenía lugar
y los cañones del Káiser vengaban en estos
mismos momentos a los patriotas irlandeses
fusilados por los ingleses en el Alzamiento de
Semana Santa? Si la guerra había tomado ese
rumbo, sus planes se realizaban, pese a todo.
—Ahora se ha vuelto difícil, acaso imposible,
tener éxito —repitió el pasante.
Estaba pálido, contenía su indignación y Roger
adivinaba bajo la piel blancuzca de su tez su
calavera. Presintió que, a sus espaldas, el sheriff
sonreía.
—¿De qué habla usted? El señor Gavan Duffy
estaba optimista respecto a la petición. ¿Qué ha
sucedido para que cambiara de opinión?
—Ya sé que su vida privada no es asunto mío, ni Cuando sintió cerrarse la puerta a sus espaldas,
—Sus diarios —silabeó el joven, con otra mueca del señor Gavan Duffy ni de nadie —añadió el fue a tumbarse boca arriba en el pequeño
de disgusto. Había bajado la voz y a Roger joven pasante, esforzándose por rebajar la cólera camastro. Cerró los ojos. Hubiera sido bueno
le costaba trabajo escucharlo—. Los descubrió que impregnaba su voz—. Se trata de un asunto
Scotland Yard, en su casa de Ebury Street. estrictamente profesional. El señor Gavan Duffy
ha querido ponerlo al corriente de la situación.
Hizo una larga pausa, esperando que Roger Y prevenirlo. La petición de clemencia puede
dijera algo. Pero como éste había enmudecido, verse comprometida. Esta mañana, en algunos
dio rienda suelta a su indignación y torció la periódicos ya hay protestas, infidencias, rumores
boca: sobre el contenido de sus diarios. La opinión
pública favorable a la petición podría verse
—Cómo pudo ser tan insensato, hombre de afectada. Una mera suposición, desde luego. El
Dios —hablaba con una lentitud que hacía señor Gavan Duffy lo tendrá informado. ¿Desea
más patente su rabia—. Cómo pudo usted que le transmita algún mensaje?
poner en tinta y papel semejantes cosas,
hombre de Dios. Y, si lo hizo, cómo no tomó El prisionero negó, con un movimiento casi
la precaución elemental de destruir esos diarios imperceptible de la cabeza. En el acto, giró sobre
antes de ponerse a conspirar contra el Imperio sí mismo, encarando la puerta del locutorio. El
británico. sheriff hizo una indicación con su cara mofletuda
al guardia. Éste corrió el pesado cerrojo y la
«Es un insulto que este imberbe me llame puerta se abrió. El regreso a la celda le resultó
“hombre de Dios”», pensó Roger. Era interminable. Durante el recorrido por el largo
un maleducado, porque a este mozalbete pasillo de pétreas paredes de ladrillos rojinegros
amanerado él, cuando menos, le doblaba la edad. tuvo la sensación de que en cualquier momento
tropezaría y caería de bruces sobre esas piedras
—Fragmentos de esos diarios circulan ahora por húmedas y no volvería a levantarse. Al llegar a
todas partes —añadió el pasante, más sereno, la puerta metálica de la celda, recordó: el día que
aunque siempre disgustado, ahora sin mirarlo—. lo trajeron a Pentonville Prison el sheriff le dijo
En el Almirantazgo, el vocero del ministro, el que todos los reos que ocuparon esta celda, sin
capitán de navío Reginald Hall en persona, una excepción, habían terminado en el patíbulo.
ha entregado copias a decenas de periodistas.
Están por todo Londres. En el Parlamento, en —¿Podré tomar un baño, hoy? —preguntó,
la Cámara de los Lores, en los clubes liberales y antes de entrar.
conservadores, en las redacciones, en las iglesias.
No se habla de otra cosa en la ciudad. El obeso carcelero negó con la cabeza, mirándolo
a los ojos con la misma repugnancia que Roger
Roger no decía nada. No se movía. Tenía, había advertido en la mirada del pasante.
otra vez, esa extraña sensación que se había
apoderado de él muchas veces en los últimos —No podrá bañarse hasta el día de la ejecución
meses, desde aquella mañana gris y lluviosa —dijo el sheriff, saboreando cada palabra—. Y,
de abril de 1916 en que, aterido de frío, fue ese día, sólo si es su última voluntad. Otros, en
arrestado entre las ruinas de McKenna’s Fort, vez del baño, prefieren una buena comida. Mal
en el sur de Irlanda: no se trataba de él, era negocio para Mr. Ellis, porque entonces, cuando
otro de quien hablaban, otro a quien le ocurrían sienten la soga, se cagan.Y dejan el lugar hecho
estas cosas. una mugre. Mr. Ellis es el verdugo, por si no lo sabe.
114
 la zagaleta
literature
lifestyle magazine

MIS ASPIRACIONES LITERARIAS HAN SIDO

MÁS AMBICIOSAS DESDE QUE EMPECÉ
A ESCRIBIR. ERA ESCRIBIR BUENAS NOVELAS ...
QUE ALGÚN DÍA MIS LIBROS SE LEYERAN COMO
HE LEÍDO YO LOS LIBROS QUE ME HAN
CAMBIADO LA VIDA.

MADRID, PRESENTACIÓN OFICIAL DE

EL SUEÑO DEL CELTA

sentir el agua fría de ese caño enervándole la piel

y azulándola de frío. En Pentonville Prison, los
reos, con excepción de los condenados a muerte,
podían bañarse con jabón una vez por semana EL SUEÑO DEL CELTA
en ese chorro de agua fría. Y las condiciones de
las celdas eran pasables. En cambio, recordó con
Mario Vargas Llosa
un escalofrío la suciedad de la cárcel de Brixton,
donde se había llenado de piojos y pulgas que
Alfaguara, 2010. 464 Páginas
pululaban en el colchón de su camastro y le
ISBN: 9788420406824
habían cubierto de picaduras la espalda, las Precio: 22.50 €
piernas y los brazos. Procuraba pensar en eso, www.alfaguara.com
pero una y otra vez volvían a su memoria
la cara disgustada y la voz odiosa del rubio
pasante ataviado como un figurín que le había
Queda prohibida, salvo excepción prevista en la ley, cualquier forma de reproducción, distribución, comunicación pública y transformación de esta obra
enviado maître Gavan Duffy en vez de venir él sin contar con autorización de los titulares de propiedad intelectual. La infracción de los derechos mencionados puede ser constitutiva de delito contra
en persona a darle las malas noticias. la propiedad intelectual (arts. 270 y ss. Código Penal).

115
 ZAGALETA LIBRARY
THE FUTURE OF GLOBAL
FINANCIAL SERVICES
Author: Robert E. Grosse
Editorial: Wiley
This book explores the future of the financial
services industry, giving readers an idea of
the kinds of institutions and services that will
survive in the early twenty-first century. An
informative and provocative exploration of
the future of the financial services industry.
Focuses on likely changes in the near future,
such as greater use of the Internet for banking
transactions and the increasing globalization
of financial services. The book describes
changing conditions in key financial centres,
especially the US, the UK, Germany, Japan and
Switzerland.
LUXURY TOYS FOR MEN
Editorial: Teneues
Enter a world of luxurious indulgence with a select assortment
of products and technical innovations for our gentlemen
friends. Covering electronics, transport, accessories and
gadgets, this truly is a dazzling array. For many men these
coveted objects will represent dreams they’ve held since
childhood. Without exception, these exclusive playthings are
top of their class. Brand histories and distinctive details feature
prominently. This lavishly illustrated volume helps readers
make their wildest wishes come true.
MONET OR THE TRIUMPH
OF IMPRESSIONISM
Author: Daniel Wildenstein
Editorial: Taschen
It could be said that Monet reinvented the
possibilities of colour, and whether it was through
his early interest in Japanese prints, his time in
the dazzling light of Algeria as a conscript, or his
personal acquaintance with the major painters of
the late 1800s, what Monet produced throughout
his long life would change forever the way we
perceive both the natural world and its attendant
phenomena. The high point of his explorations
were the late series of waterlilies, painted in his
own garden at Giverny, that, in their moves
towards almost total formlessness, are really the
origin of abstract art.
NEUTRA,
COMPLETE WORKS
Editorial: Taschen
Originally from Vienna, Richard
Neutra came to America early in
his career, settling in California. His
influence on post-war architecture
is undisputed, the sunny climate and
rich landscape being particularly
suited to his cool, sleek modern style.
Neutra had a keen appreciation for the
relationship between people and nature; his trademark plate glass walls and ceilings which turn into
deep overhangs have the effect of connecting the indoors with the outdoors. His ability to incorporate
technology, aesthetic, science, and nature into his designs brought him to the forefront of Modernist
architecture. In this volume, all of Neutra’s works are gathered together, illustrated by over 1000
photographs, including those of Julius Shulman and other prominent photographers.
116

THE LIGHT
OF NEW YORK
Author: Jean-Michel Berts
Editorial: Assouline
Award winning photographer Jean-Michel
Berts does just that in this epic visual
showpiece of to the world greatest city. At
dawn, the streets of New York resonate with a
life of its own:muted,subdued,and mysterious.
That’s precisely the moment in which Berts
has elected to capture it. The City’s greatest
landmarks and views are captured here like
they never have been before, framed by
Berts’s camera obscura. Buildings, bridges,
completely deserted streets, and even its trees
and empty flights of stairs take on a poetic,
ethereal, almost dream-like quality. Much
more than a hymn, this photographic gem is
a moving homage to the world’s greatest city,
seen as a virtuoso sculptor’s masterpiece. Each
of the print is given ample breathing space in
a gift-volume whose opulent trim size befits
the spectacular quality of the shots.
ZAGALETA LIBRARY
LEROY GRANNIS, SURF PHOTOGRAPHY
OF THE 1960S AND 1970S
Author: Steve Barilotti
Editorial: Taschen
First published in a limited edition, which sold out instantly on publication, this new edition showcases
Grannis’s most vibrant work—from the bliss of catching the perfect wave at San Onofre to dramatic
wipeouts at Oahu’s famed North Shore.An innovator in the field, Grannis suction-cupped a waterproof
box to his board, enabling him to change film in the water and stay closer to the action than other
photographers of the time. He also covered the emerging surf lifestyle, from “surfer stomps” and hoards
of fans at surf contests to board-laden woody station wagons along the Pacific Coast Highway. It is in
these iconic images that a sport still in its adolescence embodied the free-spirited nature of an era—a
time before shortboards and celebrity endorsements, when surfing was at its bronzed best.
THE CIRCUS,
1870S-1950S
Editorial: Taschen
This book brings to life the grit and
glamour of the circus phenomenon. Images
include photographic gems by early circus
photographers Frederick Whitman Glasier
and Edward Kelty, many of the earliest color
photographs ever taken of the circus from the
1940s and 1950s, iconic circus photographs
by Mathew Brady or Cornell Capa, and little-
known circus images by Stanley Kubrick and
Charles and Ray Eames. For the first time,
contemporary readers can experience the
legend of the American circus in all its glory.
THE GOLDEN AGE
OF FORMULA 1
Editorial: Teneues
Few spectator sports generate such
excitement as Formula 1. The name refers
to the most advanced and competitive of the
FIA’s racing formulae. It’s a raw combination
of speed, skill, and that certain hint of daring.
Journey back in time to the glory years of the
1960s. Marvel at the vintage cars, big-name
champions and heart-stopping victories. All
the big names are here: Jim Clark, Jacky Ickx,
Jack Brabham—just to name a few. With
Schlegelmilch’s compelling photographs, this
exceptional volume takes fans so close they
can almost smell the burning rubber and hear
the engines roar!
117
 la zagaleta
news
lifestyle magazine

TOURNAmENT & DiNNER, 20s sTYLE

For the sixth year in a row, Capital Markers celebrated their
tournament and dinner at La Zagaleta. Starting with a Hole-
in-One tournament at the Los Barrancos Course, more than
100 guests later joined together for a 1920s-themed night,
poolside at the Club House. Photos: Jorge Andreu.

THE GLOBAL PARTY PRE-LAUNCH

On August 10, directors from The Global Party organized a pre-launch dinner
in conjuction with La Zagaleta to present the details of the worldwide event.
The party, supporting the ARK (Absolute Return for Kids) Charity and
inspired by the travels of Phileas Fogg, consists of running 80 parties around
the world simultaneously in a matter of 24 hours. La Zagaleta will be hosting
one of the Spanish parties, set for September of 2011.

118
 la zagaleta
news
lifestyle magazine

ZAGALETA NEWs

CHiNEsE AmBAssADOR VisiTs LA ZAGALETA

In an effort to tie up diplomatic relationships with the People’s Republic
of China, Felipe de la Morena, Ambassador to Spain and board member
of La Zagaleta Company, invited the Chinese Ambassador to Spain, Mr.
Zhu Bangzao, and his wife to stay at one of La Zagaleta’s villas.

CORRiDA DE CANDiLEs, A NOsTURAL BULLFiGTH

The second annual “Co rrida de Candiles” took place on August 6 at the Marbella bullring.
Unlike other bullfights, this particular one invokes three guest bullfighters to show their
artform under the moonlight and by the light of the lanterns given to spectators. La
Zagaleta hosted the presentation to the press and counted as sponsor of the event. This
year, Cayetano Rivera Ordoñez, Miguel Ángel Perera and Julio Aparcio took to the ring,
with a special honorary award granted to Miguel Baez “El Litri.”

119
A WORLD OF DIFFERENCE

LA ZAGALETA ®
Signature Villas
The starting point for this contemporary villa is its
spectacular landscape and marvellous views of the bay of
Marbella and Sierra Blanca. The generosity of the rooms is a
predominant characteristic of this house, throught of for en-
joyment: a living room with high ceilings opening to a dining
room from where you can discern the coast and a spacious
porch which melds with the exterior pool and the Mediter-
ranean. The pool is surrounded by two open terraces and the
kitchen. The property is complemented with four spacious
bedrooms ensuite plus a staff apartment. Ref. 524

CONTACT

Ctra. de Ronda, Km. 38,5 - Benahavís (Málaga)

T. +34 952 855 450 F. +34 952 855 313
sales@lazagaleta.com - www.lazagaleta.com
Viewing by appointment only.
“Tanto uno como el otro
eran en efecto relojes Breguet,
maravillosamente precisos,
extraordinariamente resistentes (…).”

Patrick O’Brian,
“Blue at the Mizzen”, 1999

Marine Royale – Automático Alarma – 5847BR