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Overview of the activity of Grupo SEPI in the financial year 2015

The financial year 2015 has been mostly defined by the increase in the corporate activity and turnover in Grupo SEPI, as a result of the significant recovery in the orders won by its production companies, especially ENSA, which recorded a 56% increase of its turnover, and of Grupo TRAGSA, whose turnover grew 5%.

Notwithstanding this increase in the activity, the annual accounts of the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) corresponding to the financial year 2015 showed for the Group a consolidated net result attributed to SEPI, as the parent company, of a 151 M€ loss.

This figure, to a very large degree, comes from the impact of the application of the equity method to its shareholding in INDRA, a company which, on the other hand, presents a great potential, and which in 2015 recorded one-time losses as a result of its making large scale provisions for its activities and being required to implement a labor force adjustment plan.

However, and thanks to the positive evolution experienced by part of the portfolio of controlled companies, as well as of the listed companies in which SEPI has a stake, especially of RED ELÉCTRICA CORPORACIÓN and the AIRBUS GROUP, it was possible to offset in part the losses recorded by NAVANTIA and HUNOSA and the application of the equity method to INDRA’s losses.

During the financial year, the most significant investment was the bailout of Alestis Aerospace S.L., after the subscription by SEPI of 24.05% of that company’s capital, which meant the disbursement of 13.5 M€, with the ultimate goal of securing the company’s feasibility and future and of preserving its 1,600 jobs. ALESTIS supplies air structures to Airbus (both civil and military), and the company has its social domicile in Seville. It has six production facilities, of which five are in Spain, while the remaining one is in Brazil.

Increase in the corporate activity and in the turnover

The activity carried out in 2015 by the companies which make up Grupo SEPI generated a 4,166 M€ consolidated turnover, which represents 14% more than in 2014. An increase recorded by groups TRAGSA, ENUSA, NAVANTIA and CORREOS, as well as by the company DEFEX.

The turnover obtained, together with other net income has resulted in a total operating income of 4,453 M€ for the state-owned industrial holding, 3.5$% more than in 2014.

Net operating expenses amounted to 4,903 M€. This figure represents a 5.9% increase on those recorded a year before, the result of the payment of the Christmas extra month salary and of the increase in the activity by the Group’s companies.

With this evolution of the income and expenses, the operating results shows a favorable contribution due to the offset of the profits resulting from the positive financial results recorded and the consolidation due to the equity method of the minority shareholdings, with a joint positive effect amounting to 300 M€ which prevent an accumulated loss, even after taking into account the application of the equity method to INDRA’s losses, and the correction in the value of the shareholding stake in Corporación RTVE.

Besides, it must be highlighted that in Grupo COFIVACASA (the entity in charge of the liquidation of the companies) provisions were made amounting to 51 M€ as a result of the no firm court decisions resulting from the guarantees granted to the employees within the framework of the privatization of the company Babcock Wilcox Española carried out in 2001.

Equally, it is worthwhile to mention the very low or null financial debt of Grupo SEPI after the repayment in 2015 of the bond issues made by INI in 1995 for the amount of 90 M€.

Investment effort

In general terms, the Group’s investment effort was channeled into the adaptation and maintenance of the facilities and equipment required for continuing with the companies’ activities, as well as to improving the efficiency, with disbursements for tangible, intangible, and real estate investments for a total of 116 M€, which include works in business parks in which Grupo SEPIDES has a majority shareholding stake.

The net worth of the Group at the end of the financial year amounted to 4,951 M€, after including the contribution to the consolidated result of the different companies included within the scope of consolidation, the effect of the funds provided by the Administration for purchasing the shares of CORPORACIÓN RTVE, as well as the payment of dividends.

The final workforce of Grupo SEPI as of December 31st, 2015 amounted to a total of 73,239 employees.

On the lateral menu are already available the following reports from the Office of the General State Comptroller (IGAE) in Spanish:

  • The Auditor's Report for the Consolidated Annual Accounts of Grupo SEPI for the financial year 2015
  • The Auditor's Report for SEPI's Annual Accounts for the financial year 2015

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