SEPI Sociedad Estatal de Participaciones Industriales

Activity developed by the SEPI Group companies


On March 3rd, 2012 SEPI’s Board of Directors nominated Mr. José Antonio Vera as Chairperson of the news agency Agencia EFE.

In December, EFE subscribed a number of agreements with Spain’s open university UNED, for setting up an International Journalism Master, and with the state-sponsored Brand Spain for promoting and improving the country’s image abroad. Equally, EFE and RTVE agreed to share synergies and resources, jointly using their offices in some capitals and with the creation of the figure of the ’shared correspondent’ in Buenos Aires, Río de Janeiro and Tokyo.

On December 20th, Agencia EFE launched, a portal specialized on tourism and whose goal is becoming the reference site for travelers, with a multimedia content in different languages.


Mr. Javier Gómez Darmendrail became this year CETARSA’s Chairperson after being nominated by SEPI’s Board of Directors on February 24th.

CETARSA’s commitment to purchase the tobacco’s harvest for 2012 was concluded on March 29th, with a volume of 29,357 Tons of tobacco, 19.5% more than in the previous year. The highest increase, 22.4%, took place in the purchase of the Virginia variant, with 24,168 Tons, thus showing the Company’s commitment with the domestic tobacco industry, especially in Extremadura, which grows 95% of the Spanish harvest.


On May 28th, 2012 SEPI’s Board of Directors nominated Ms. Matilde Galván Vallina as COFIVACASA’s Sole Administrator.

COFIVACASA has continued carrying out the actions required for the orderly liquidation of Grupo SEPI’s non-trading companies.

As a result of the Resolution of the Council of Ministers on March 16th, 2012, by which was approved the Plan for the Reorganization and Rationalization of the state-owned corporate sector and trusts, COFIVACASA was appointed as the Liquidator or Member of the Liquidation Body of the following companies; FCA (Compañía del Ferrocarril Central de Aragón, in liquidation), MZA (Compañía de los Ferrocarriles de Madrid a Zaragoza y Alicante, in liquidation) and V Centenario, replacing IMPROASA.


On June 7th, 2012 SEPI’s Vice President and General Manager concluded with the Director-General of Patrimonio del Estado the transfer to SEPI of the shares of the post state-owned company Sociedad Estatal Correos y Telégrafos, in accordance with the resolution taken by the Council of Ministers on March 16th, 2012.

On December 18th, 2012 the Chairperson of Grupo CORREOS, Mr. Javier Cuesta Nuin, submitted the Action Plan 100-300-1,500, whose goal is to turn the Company into the best provider of physical and electronic communication services in the Spanish market through the implementation of more than 130 actions.


Mr. Fernando Aguilar Viyuela, DEFEX’s Chairperson after his designation on April 27th, 2012 by SEPI’s Board of Directors presents a professional career which for the most part has taken place within this company, in which he has been during the last 20 years the Commercial Manager.

DEFEX carried out in 2012 a number of organizational and structural changes, such as the take over of its affiliated company CIREX and the expansion of the scope of its corporate goals, achieving a wider reach in its export activity, which will make possible to diversify its products and services range towards the capital goods industry.


On May 28th, 2012 SEPI’s Board of Directors nominated Mr. Francisco Gil Ortega as ENRESA’s Chairperson.

The Minister of Industry, Tourism and Trade, Mr. José Manuel Soria, and the President of the regional Government of Castilla-La Mancha, Ms. María Dolores de Cospedal, together with SEPI’s Chairperson, Mr. Ramón Aguirre and his counterpart from ENRESA, Mr. Francisco Gil Ortega, attended the official presentation ceremony of the Temporary Centralized Storage Facility (ATC) project, which will be built in the municipality of Villar de Cañas, in the province of Cuenca.


ENSA’s new Chairperson, after his nomination by SEPI’s Board of Directors on April 27th, 2012, has been working for many years in the Company performing different positions, the last of which was Projects Manager.

During this year, ENSA concluded new contracts in the international market for manufacturing steam generators. That concluded with the North American company Westinghouse contemplates the manufacture of three generators for the nuclear power station at Beaver Valley in Pennsylvania. For the French AREVA, ENSA will manufacture two sets of four generators intended for two nuclear power plants owned by EDF.

Special mention is deserved by the contract which ENSA has won in the international project ITER amounting to 74.5 M€, which includes the development of specialized welding and machinery trials until the year 2020.


At a ceremony chaired by Mr. Ramón Aguirre, SEPI’s Chairperson, on June 24th, 2012 the first biogas power plant fed with stockbreeding waste of the autonomous region of Castilla y León was inaugurated; this facility was built by Grupo ENUSA in Juzbado (Salamanca).

EMGRISA, a ENUSA affiliated company, subscribed a strategic agreement with Grupo Impulsa for managing industrial waste and treating polluted soils in Algeria. Equally, with the Grupo Inzamac it concluded an agreement for carrying out the same activity in Chile.

ENUSA’s nuclear fuel factory exceeded, on November 20th, 2012 the mark of 6,000 Tons of Uranium manufactured since it began to operate in 1985. More than 70% of the uranium manufactured during the year was destined to the export market.

SEPI’s Board of Directors resolved on December 17th, 2012 to begin the process for selling the companies ENUSEGUR and ETSA DOI, which are affiliated of Grupo ENUSA.


Ms. Maria Teresa Mallada was promoted this year to chairing HUNOSA, after being nominated by SEPI’s Board of Directors on February 24th, 2012. Until then, she was an Engineer for coal extracting at the Modesta pit of the coal mining company, in which she has worked for most of her professional career.

A consortium made up by SADIM, an affiliated company of HUNOSA, and Ademi, with the collaboration of the Oviedo University, concluded in May an agreement with the Colombian Government for training that country’s mining engineer corps.

Also through SADIM-Atex, Grupo HUNOSA concluded on November a contract for taking over the design of industrial safety plans for the Mexican brewery Cuauhtémoc Moctezuma.


MERCASA’s Chairperson is Mr. Eduardo Ameijide y Montenegro, after he was nominated by SEPI’s Board of Directors on February 24th, 2012.

On July 2nd and 3rd took place in Madrid the Conference 2012 of the World Union of Wholesale Markets, which was organized by MERCASA. This international organization is made up by more than 200 partners from around 50 countries from all over the world.

MERCASA presented its Food in Spain 2012 Report on November 13th, 2012, together with a Practical Guide for Pork, also edited by the company.


In the meeting of SEPI’s Board of Directors which took place on April 27th, 2012 Mr. José Manuel Revuelta was nominated as NAVANTIA’s Chairperson.On June 21st, 2012 was concluded a framework agreement with the Norwegian Navy for carrying out the support work for the life-cycle of the F-310 frigates built in the Fene-Ferrol shipyard.

The second amphibious LHD ship which NAVANTIA built for the Australian Navy was launched on July 4th, 2012. In the same month, NAVANTIA began to operate the 3D Design Center at the Cartagena’s shipyard, which means a significant improvement in the submarines’ design and construction processes.

Another landmark with regard to orders was that concluded on July with Algeria for the repair, modernization and life extension of two amphibious ships of the Algerian Navy. It is the biggest contract ever won by NAVANTIA for the ship repair unit of the Fene-Ferrol shipyard.

On September 19th, 2012, NAVANTIA subscribed with the multinational company PEMEX an agreement for the construction of one flotel at the Fene-Ferrol shipyard.During the year, NAVANTIA has repaired in its shipyards a total of 185 ships, of which 138 were merchant ships and the remainder, military. Up to 52 ships were repaired in Fene-Ferrol, 58 in the Cádiz-San Fernando shipyard, and 28 in that at Cartagena.


In 2012, SEPIDES continued managing Funds and Management Orders promoted from different Ministries. Together with the Ministry for Agriculture, Food and the Environment it has managed the Fund for Supporting the Diversification of the Fishing and Aquaculture Industry, for providing financial support to those companies which start diversification projects in this industry. Also jointly with the Ministry for Education, Culture and Sports, the Fund for Supporting Dependant Persons, whose goal is to provide financial support to those companies which carry out an activity promoting and developing infrastructures and services of the System for the Autonomy and Attention to Dependant Persons. Besides, it concluded with the Ministry of Industry, Energy and Tourism the following Management Orders:

  • Management Order for the management of a number of procedures regarding the pre-allocation of remuneration and administrative authorization to facilities for the generation of electricity within the special regime.
  • Management Order for the management of the technical aid in Programs for Supporting the Competiveness in Strategic Industrial Branches.
  • Management Order for the management of the technical aid in Programs for Developing the Industrial Activity in less-favored Areas.


On February 24th, 2012 SEPI’s Board of Directors nominated Mr. Miguel Giménez de Córdoba Fernández-Pintado as TRAGSA’s Chairperson.

On March 8th, 2012 TRAGSA was awarded the European Environmental Prize in the category ’International Corporate Cooperation for Sustainable Development’ from the hands of Spain’s Crown Prince.

On March 23rd, 2012 the Council of Ministers resolved to authorize a management order for the forest fire prevention and fighting service in the National Parks and in the facilities and estates attached to the autonomous agency Organismo Autónomo Parques Nacionales to the company TRAGSA, for the years 2012 to 2016.


The Chairperson of Hipódromo de La Zarzuela is Ms. Faina Zurita Ussía since she was appointed by SEPI’s Board of Directors on February 24th, 2012.

With the start of the racing Fall’s Season, the new management team presents the novelty of a wide sports, cultural and gastronomic offer which seeks to turn Madrid’s horse racetracks into a reference leisure center in Spain’s capital, both for the turf aficionados and for those who are not.

During the year 33 race meetings were organized in the horse racetracks, with a total of 193 races, of which 128 took place during the spring/summer Season, from March 11th to June 24th, and the remaining 65 during the Fall Season, from September 16th to November 18th.

In October, Hipódromo de La Zarzuela was awarded the Prize 2012 from Madrid’s Architects Association for the repair and restoration project of the horse racing facilities.


Mr. Fernando Murillo Marinas is MAYASA’s Chairperson since his appointment by SEPI’s Board of Directors on June 29th, 2012.

On that month, UNESCO declared as a World Heritage Site the mercury mines at Almadén (Ciudad Real), which are owned by MAYASA. At these mines mercury was already mined 2,500 years ago, and they are regarded as the biggest mercury deposit in the world.


On March 6th, 2012 SEPI’s Board of Directors appointed Mr. José Ramón Bujanda Sáenz as SAECA’s Chairperson.

During the year stood out the Order from the Ministry of Agriculture (AAA/1096/2012 on May 24th) with a new aid program for stockbreeding business in extensive sectors with the goal of alleviating the drought effects, and which envisages paying for the costs of the study committees and the management of the guarantees granted by SAECA. In that same Order it is also included the voluntary extension for one year of the amortization period of the loans concluded on the basis of a Ministry Order from 2010 for stockbreeding facilities, which also had SAECA’s guarantee. The effect of these measures is positive for the company, as they introduce a new activity and reduces the risk of default.

The guarantees formalized by SAECA in 2012 amounted to 35.4 M€, standing out in importance the special stockbreeding lines mentioned above.


On February 24th, 2012 SEPI’s Board of Directors nominated Mr. Consejo Benigno Valdés Díaz General Manager of Fundación SEPI.

On November 26th, 2012 SEPI’s Board of Directors resolved to merge the Fundación Laboral SEPI and the Fundación SEPI into one single trust, which took the name of Fundación SEPI, in accordance with the Reorganization and Rationalization Plan for the state-owned corporate and trust sector, which was approved by the Council of Ministers on March 16th, 2012. The new trust unifies the trust goals of the merged trusts, which are focused on developing SEPI’s corporate social responsibility initiatives and projects, in order to make a contribution to the country’s social, economic and environmental betterment.More than 900 graduates benefited in 2012 of the scholarships managed by Fundación SEPI.

Activity developed by the SEPI Group companies


Within the framework of its commitment with the promotion of the Spanish language, Agencia EFE printed and distributed in 2011 the ’Urgent Style Handbook’. Equally, it started the pilot projects for an Integrated Edition in the Sports, Culture, Society and Technology fields. As it did in previous years, it sponsored the International Awards Rey de España and Don Quijote.


Compañía Española de Tabaco en Rama, S.A. (CETARSA) bought in 2011 a total of 26,051 Tons of tobacco (which came from the 2010 harvest), 5% more than in the previous harvest. Another significant event has been the signing of the new collective agreement, which will be in force until December 31st, 2014.


COFIVACASA continued with the actions required for the orderly liquidation of the companies of the SEPI Group which are without any business activity. In compliance with the Resolution adopted by the Council of Ministers on April 30th, 2010 regarding the restructuring of the State-Owned Entrepreneurial Sector, it has liquidated 4 companies.


During 2011, DEFEX continued carrying out its business activity aimed at exporting defense and security equipment to the Middle East, Far East, Africa and Latin America markets; this resulted in an order book increase which, at year-end surpassed 200 M€, winning important orders in Brazil, Cameroon and Egypt. Grupo As part of the new workload won by ENSA in 2011, mention must be made to the order for manufacturing the racks (structures for the fuel pools) for the nuclear power station in Shin&Ulchin, located in South Korea. Coming from other Asian country, China, it won an order for the manufacture of 2 steam generators for the 2nd unit of the nuclear power station of Sanmen; and also for China, ENSA, in a consortium with other Spanish company, Técnicas Reunidas, will supply the H016 heat exchangers, for the nuclear power station in Taishan. Thus, ENSA is consolidating its position in the Asian market as supplier of capital goods for the nuclear power industry.


As for the work carried out, ENSA finished the manufacture of 2 DPT-type containers, which serve a dual purpose: storage and transport, and which were ordered by ENRESA for the nuclear power station in Trillo. In the international market, ENSA has supplied a number of components for the nuclear power stations of Flammaville, in France, Bottom Peach, in the US, and for the Swedish nuclear power station of Forsmark.

As part of its goal of diversifying its activity, ENSA has become a member of the grouping SEA OF INNOVATION CLUSTER CANTABRIA, also called the Sea Power Cluster, with the aim of collaborating in the development of innovative projects within the scope of sea power. As part of the R&D plan for Renewable Energies in Cantabria and within the strategic framework of the wind power plan fostered by the Cantabrian regional government, ENSA won SODERCAN’s approval for 2 of the projects which it had submitted in collaboration with other Cantabrian companies, and which are intended for offshore facilities.


ENUSA submitted to the Consejo de Seguridad Nuclear (Nuclear Safety Board, CSN in Spanish) the stress test report for the Juzbado nuclear fuel items factory, thus meeting the task which the CSN itself imposed on all the Spanish nuclear power facilities in keeping with the guidelines imposed by the European Commission on the EU Member states, as a result of the accident in which happened in Fukushima Daiichi (Japan). The report made by ENUSA points out that the facilities comply with the highest safety measures, and that they would withstand an hypothetical earthquake, potential floods and other natural events, such as heavy snowfalls or torrential rains.


Within the framework of the strategic positioning of the Grupo HUNOSA in R&D, basically within the environment of the Energy and the Sustainable Use of Natural Resources, it has began supplying geothermal energy for the air-conditioning system for the buildings at the campus of the Universidad de Oviedo, in Mieres (Asturias), and it is in an advanced stage in its work for supplying geothermic energy to the new hospital Álvarez-Buylla in Mieres.

It has built and started to operate in La Pereda (Mieres), the 1.7 MW pilot plant for the research project for CO2 sequestration in post-combustion based on mineral carbonation-calcination; in this project also take part the state-owned research institute CSIC-INCAR and the private-sector utility Endesa. During 2011, as part of its activity for promoting its business diversification, it carried out the reforestation of 88 new hectares on land owned by HUNOSA and which is no longer used. Thus, a total of 148 hectares have been reforested so far, with a total of 150,000 new trees in the coal mining fields.

Other significant event has been the hiring by HUNOSA of 264 workers which had been made redundant by other mining companies and by subcontractors, in keeping with the development of the Company Plan for 2006/2012, concluded with the mining trade unions.


MERCASA released Mercachef (, a new e-commerce platform at the disposal of the wholesalers who are members of the Mercas network, which thus can expand their activity and reach new customers, especially in the hotel and catering businesses. As every year, it also released the Report on Food Production, Industry, Distribution and Consumption in Spain for the year 2011, prepared and published by MERCASA.

It is worthwhile to mention also the conclusion of a Collaboration Agreement between the city council of Zaragoza, MERCASA and MERCAZARAGOZA for the set up of commercial facilities in the new neighborhoods of Aragón’s capital. Equally, it has included the joint procurement of services and purchases for all the Mercas Network (2nd contract for electricity supply and the 1st for insurance).


Within the shipbuilding activity carried out by NAVANTIA, mention must be made to the signing of new orders with the Australian Navy for the building of 12 LCM-1E type landing craft LCM-1E and for the building of the 5 blocks for the second Air Warfare Destroyer (AWD), as well as for the supply of the internal communication systems for the 3 AWD which are being built for the Australian Navy. With the aim of facilitating its activity in Australia, NAVANTIA has incorporated the affiliated company NAVANTIA AUSTRALIA PTY. LTD, with its headquarters in Melbourne.

The Company has met its commitments with the supply of the last of the 4 maritime action ships (BAMs) ordered by the Spanish Navy, and of the ’Yekuana’ oceanic surveillance patrol boat (POV), the third of the fourth POVs ordered by Venezuela. NAVANTIA also launched, 2 months in advance on the stipulated date, the first Landing Helicopter Dock (LHD) for the Royal Australian Navy, and the fourth BAM for the Spanish Navy.

In 2011 NAVANTIA succeeded in increasing its ship repair activity, thanks to the orders won from the Spanish Maritime Search and Rescue service for 2 of its ships, with the cruise shipping company Royal Caribbean International, and with other companies, among which is the company Bergessen Worldwide, for its LNG ship Lokoja, thus consolidating NAVANTIA’s leading position in the liquefied natural gas transport ships industry.

NAVANTIA has also taken steps for diversifying its activity. Within the field of renewable energies it signed a collaboration agreement with Acciona Energía for jointly promoting those technological projects which contribute the development of offshore wind power energy in Spain.


In February, SEPI Desarrollo Empresarial (SEPIDES) awarded the Fondo de Apoyo para la Promoción y Desarrollo de Infraestructuras y Servicios del Sistema de Autonomía y Atención a la Dependencia [Fund for the promotion and development of infrastructures and services for disabled persons] in its 2010 call, with the authorization of loans for 11 companies for a total amount of 23.3 M€. The loans are earmarked for the set up, the extension or adaptation of centers of services which provide care for disabled older people.

After the Resolution of the Council of Ministers on April 30th, 2010 about the reorganization of the State-Owned corporate sector, SEPI has carried out the take over of INFOINVEST (the company which was taken over) by SEPIDES (the company which performed the take over). Thus, SEPIDES adds to its corporate goals the task of promoting the economic recovery of former industrial areas which have been subjected to industrial reorganizations, as well as advising SEPI and its companies about the management of their real-estate assets.

In 2011, SEPI promoted the reactivation of land located on the former IZAR engine factory in Valencia, with the start of the Elcano 2.0 Master Plan, an urban project promoted by SEPI and its affiliated company SEPIDES, with the collaboration of the regional government of Valencia, the Generalitat Valenciana, and of the city councils of Quart de Poblet and Manises; this project will take place on a land surface of 17,000 square meters. Its goal is to provide new opportunities for job and wealth generation in an area which will include housing, work and leisure under innovation and sustainability criteria.


Grupo TRAGSA has reinforced its Emergencies management activity within the framework of its Strategic Plan for 2010’2013 with a new Solutions Catalogue, which promotes the Group’s capacity for facing all kind of critical scenarios. Related to this activity it has opened a new collaboration line with Penitentiary Work and Training for Employment, which allows it to purchase equipment made by the inmates, such as polar fleeces and blankets for emergency actions.

As part of this line, Grupo TRAGSA leads the European project SATFOR (Development of advanced technological solutions for improving the prevention, efficiency and safety in extinguishing forest fires). The program has a budget of almost 1 M€, provided by the Territorial Cooperation Program for Southeastern Europe INTERREG IVB SUDOE, of the European Union.

During the year, Grupo TRAGSA signed two collaboration agreements and different agreements with the Military Unit for Emergencies, by which the Company becomes a party to the National Emergencies Network (RENEM); with Telefónica, for promoting the use of ICT in the rural environment; with AENA, for defining its activities as an instrumental tool and as a provider of technical services and with the Spanish Red Cross, for optimizing the use of its human resources and equipment in public risk situations.


In 2011, Hipódromo de La Zarzuela organized 40 horse racing meetings, with a total of 233 races, in which 2,741,000 Euros were distributed in prizes among the horses’ owners which won the five first places in each race. The program has reaffirmed Madrid’s horse racetracks commitment with the promotion of the breeding of English thoroughbreds in Spain -in 2011 there were 1,015 runners in the Spanish horse racetracks, 30 more than the year before- an industry which generates many new jobs.

During 2011, the work carried out in ZH’s facilities recorded significant progress; special mention must be made to the opening of the central grandstand’ the only one of the three existing ones whose opening was still pending ’ and other areas of the monumental facility, such as the carriages room’which is located between the central grandstand and the goal grandstand ’ and the basement of the North grandstand. Next Spring all the grandstands will be operating at their normal capacity.


On May 15th, 2011 MAYASA discontinued its main activity, the marketing of metal mercury, after the entry into force of Regulation (EC) 1102/2008 of the European Parliament and the Council, which prohibits the export of this product and which introduces the requirement of storing the surplus mercury in safe facilities or deposits , to which MAYASA offers different technological solutions. Also in relation with mercury, it has continued its collaboration with the start of the operations and development of the National Technological Center for Mercury Decontamination.

MAYASA has continued with the farm and stockbreeding activity in its 9,000 hectares estate of Dehesa de Castilseras, together with other activities which maximize its value. It has also continued with the activities for realizing its commitment to build a business park in Eras de Barbudillo.


In 2011 it continued collaborating with the Ministry for Agriculture, specifically in a new line for providing support to the owners of stockbreeding businesses, with the aim of facilitating them access to finance for their production activities, on the basis of a SAECA's guarantee.


In 2011 Fundación SEPI gave 520 grants for training for young graduates without work experience. Equally, it continued its sponsorship of the journal on economic research, SERIE’s, as well as the so-called Survey on Corporate Strategies, besides managing as the owner a students residence, which promotes academic excellence and an education based on Human values.

Fundación Laboral SEPI signed an agreement with the State Secretariat for Gender Equality aimed at fostering the abilities of working women within the state-owned industrial sector, as well as women’s promotion to managerial posts

Taking into account the consequences of the financial crisis, Grupo SEPI continued carrying out the activities and measures which it began in 2009, with the start of the Plan for the reduction of running expenses, which was reinforced in 2010 thanks to the application, within the Group's companies, of the following Government's decisions:

  • Agreement of the Council of Ministers on January 29th, 2010, by which was passed the Immediate Action Plan 2010 and the Austerity Plan for the General Administration 2011-2013. Saving measures were applied on personnel costs, in other operating costs, such as consumption, third parties services, representation expenses, protocol and sponsorships, and in the review of the companies' investment plans, trying to delay those which are not urgent, or those whose delay does not jeopardizes the company's operations. With regard to the objective approved in the Multi-year Action Plan for the Group's companies, the reduction in the manageable expenses exceeded 7%, while investment was cut by 49%, although the above also reflected the decrease in the activity level.
  • Agreement of the Council of Ministers dated on April 30th, 2010 on the reorganization of the state-owned corporate sector. In order to fulfill the above Agreement, SEPI carried out the actions required for winding up 13 companies which were mentioned in the Agreement, through the following corporate actions:
  • Inclusion of the shares held by INFOINVEST into the state-owned enterprise Suelo Empresarial del Atlántico, S.L. (85% of the capital) and of the assets of the business park of Requena which is owned, too by INFOINVEST, and which is transferred to SEPES, a real-estate state-owned entity, which is attached to the Public Works Ministry (Ministerio de Fomento).
  • Take-over merger of INGRUINSA (the company acquired) by INFOINVEST (the acquiring company).
  • Take-over merger of TRAGSEGA (the company acquired) by TRAGSATEC (the acquiring company).
  • Take-over merger of INFOINVEST (the company acquired) by SEPIDES (the acquiring company). Once all the above corporate actions envisaged in the merger agreement had been carried out, it is envisaged that the merger deed will be signed on June 2011, after which it will be submitted to the Mercantile Register for recording purposes.
  • Take-over merger of SOFESA, PRESUR, BWE and SODIAN (acquired companies) by COFIVACASA (the acquiring company).
  • Merger of IZAR en Liquidación, AESA and DELTA, through the acquisition by the former of AESA y DELTA.
  • Winding up or/and liquidation of EFEGESTIÓN, S.A.U., an affiliated company of AGENCIA EFE, as well as of SEDETTUR and INIEXPORT, in which SEPI has a direct shareholding; also the winding up or/and liquidation of REICASTRO, in which HUNOSA has a participation, and the winding up or/and liquidation of TARSIS and of APROTEC, which are affiliated companies of MERCASA.


The Spanish economy was negatively affected by the world economic context and by the lengthening of the crisis in the real estate industry, which provoked a strong fall in economic activity, causing GDP to contract -3.6% in 2009. This fall in the economic activity also provoked a significant decrease in tax revenue which, together with the increase in public expense, made the State deficit reach 11.2% of GDP, and the unemployment rate near 19%.

It is in this environment, and compared with the previous year, that the SEPI Group results have been negatively affected by a lower aggregated income generated by the companies which make up its controlling portfolio, by the reduction in the profits obtained by the application of the equity method to the affiliated companies, and the increase in the provisions which the parent company had to made. Besides, the reduction of interest rates has meant a decrease in the financial income.

The consolidated operating turnover of the SEPI Group in 2009 increased by 1.8% against the previous year, reaching 4,153 Million euros, of which 75% correspond to the Tragsa and Navantia groups. This increase in turnover was not enough for setting off the increase in the consolidated operating expenses due, to a large extent, to the increase in personnel costs, as a result of the large number of temporary workers hired by the Tragsa Group for carrying out an increase in its activity and the non-recurring expenses generated by the activation of the guarantees in favor of the employees corresponding to the privatization of the IZAR's shipyard in Gijón, in 2006, and which affected 139 employees.

All these circumstances resulted in an operating loss of 207.7 Million euros, which was set off to a large extent by a positive financial result and with the profits generated by the application of the equity method to the companies. The net loss of the financial year, which amounted to 59 Million eiros before external partners, increased to 106 Million euros in the parent company, after the transfer of the part of the profits which corresponded to the external partners in some of the companies of the SEPI Group.

The orders won during the financial year amounted in total to 2,559 Million euros, of which 59% corresponded to Grupo Tragsa, in part as a result of the measures taken by the Government to mitigate the effects of the economic crisis in Spain through the works awarded as part of the so-called Plan E (the Government's stimulus plan). This made it possible to increase both its activity and its turnover.

Grupo Navantia, which did not win any new shipbuilding order, increased its order book as a result of the expansion and price review in a number of shipbuilding programs, as well as in ship repairs, which achieved a significant activity level. At the end of the year, Navantia recorded 4,013 Million euros in orders.

Grupo Enusa signed two contracts amounting to 390 Million euros, and its order book reached 1,812 Million euros at the end of the financial year, while Grupo Ensa won orders amounting to 100 Million euros, which put its total order book in 322 Million euros.

With all the orders received, the order book of Grupo SEPI reached at the end of the year the amount of 7,552 Million euros.

Confronted with this economic crisis, SEPI reinforced its permanent objective of improving the efficiency of each of its affiliated companies; this is why, at the beginning of 2009, it started the Overheads Reduction Plan, which has made possible to save 19 Million euros in a number of operating costs managed by the companies.

The above Plan will be reinforced during the next years with the implementation of the measures included in the decisions of the Council of Ministers which took place on January 29th, in which it was authorized the Immediate Action Plan 2010 and the Austerity Plan for the Central Administration for the years 2011-2013, and that which took place on April 30th, regarding the Reorganization of the State-Owned Entrepreneurial Sector; as well as the implementation of the extraordinary measures for cutting the public deficit which are included in Law-Decree 8/2010, of May 20th.

During the financial year 2009, some of the companies of the Group carried out the activities which the Government has trusted to SEPI as the agent of the state-owned entrepreneurial sector. The General State Budget Act for 2009 set up a 17 Million fund, provided by the Health and Social Policy Ministry, with the goal of providing financial support to the companies which promote and develop infrastructures and services for the system in favor of the Autonomy and Care of Dependent Persons.

The management of the above Fund was entrusted to SEPI, as a result of the Collaboration Agreement concluded between the Ministry of Economics and Finance, the Health and Social Policy Ministry, and SEPI itself. SEPI was entrusted with the management of the Fund, transferring this managing task to its affiliated company SEPIDES. The Fund has financed, up to now, a total of 8 projects, which have entailed 115 Million euros in investments.

The Council of Ministers which took place on July 31st, 2009 took the decision to authorize the set up of Temporary Strategic Domestic Coal Storage Facility (AETC), whose goal is to make possible the continuity of the activity in the domestic coalmining industry while the situation in the electricity-generating industry are not favorable for its purchase for the thermal power stations. The above decision mandated SEPI to cause HUNOSA to carry out the purchase of the coal and the management of the temporary storage. This mandate, which at first envisaged to be in operation until December 31st, 2009 was extended in January and February 2010, and in both cases it was expanded both in terms of the volume of coal and the amount of money, until reaching 2,875 Million Tons and 200 Million euros, respectively.

Among other significant activities carried out during the financial year it is worthwhile to mention the passing of Act 8/2009, of August 27th, for Financing the Corporación Radio Televisión Española, S.A., which includes, among other issues, the elimination of the income which the Corporación obtained from advertisements, creating a single source of financing, which is based solely on public income. The Corporación RTVE will continue providing the public service which the Law entrusts to it and within the framework-mandate, and such service must be universal and free, and renouncing to provide pay or conditional services, without breaching the principle of budgetary balance.

With the sight put on 2010, SEPI must carry out the Government's mandates included in Law-Decree 8/2010 of extraordinary measures for reducing the State deficit and in the Agreements of the Council of Ministers celebrated on January 29th, and April 30th, regarding the Austerity and the Rationalization of the State-Owned Entrepreneurial Sector. As a result, it is especially significant to continue the implementation of cost-cutting measures, which will lead to an increase in the productivity and the efficiency in the use of public assets by the companies.

During the financial year 2008 a number of significant corporate activities have been carried out through the instrumental companies which SEPI has for promotion and development purposes.

In the town of Avilés, the la Isla de la Innovación (the Innovation Island), which has been promoted by the regional Government of Asturias, INFOINVEST, a company fully owned by SEPI, the Town Council and the Port Authority of Avilés, with the collaboration of Sogepsa, the Óscar Niemeyer Foundation and the Fundación Metrópoli, which prepared the project. The activity will be carried out on a 572,000 square meters surface, and it will result in the modernization of the town and the strengthening of Asturias' international position.

Also, in connection with INFOINVEST, el SEPI's Board of Directors, in its meeting o May 9th, 2008 and later the Council of Ministers, on September 26th, 2008, authorized INFOINVEST to take part, with an 85% share, in the incorporation of the company Vipar Parque Empresarial S.L., having as its partner the regional Government of Cantabria through the company for industrial property Sociedad Suelo Industrial de Cantabria, S.L. (SICAN), que which has the remaining 15%. The social purpose of the new company, which was incorporated on October 14th, 2008, is that of carrying out a Singular Plan with a Regional Interest within the municipalities of Villaescusa and Piélagos, on a surface of approximately 2 million square meters, setting up a number of different uses which can attract private investments which generate jobs and wealth for the region.

The other of SEPI's instrumental companies, SEPIDES, also wholly owned by SEPI, concluded a 25% participation, with the investment of Euros 10 M, in the company SAR IPM, which is specialized in the provision of services within the scope of Act 39/2006, on December 14th, for the Promotion of the Personal Autonomy and Care of Dependent Persons. The above Act represents one of the main challenges faced by developed countries within the scope of social policy, and that is why SEPI will try to meet, within its means, the existing demand in this area through future investments, such as public-private collaboration for promoting the development of this Act.

Regarding other significant activities carried out during the financial year, it must be highlighted the conclusion of the Plan for the Reorganization and Future for RTVE, the compulsory redundancy scheme authorized by the Ministry of Work and Social Affairs in 2006, which resulted in the phased exit of 4,150 employees during the last 3 years. Also during this year SEPI continued with its purchase of the shares of Corporación RTVE, which is owned by the Ente Público RTVE in liquidation, until it reached a shareholding of 35.99% at the end of the year.

Also it is worthwhile to point out the significant international activity carried out by such companies as the Grupo TRAGSA, through the expansion of its activities in countries such as Senegal and Afghanistan, within the framework of the international cooperation agreements promoted by the Spanish Government, as well as by the Grupo MERCASA, with a unique technical aid project in Angola, and further, the increase of the activity of the ENSA Group in the Chinese, US and British markets.

Regarding the orders won in 2008, these amounted to 2,602 Million euros, of which 51% corresponded to the Grupo TRAGSA, which recorded orders amounting to 1,330 Million euros, which resulted in an increase of its activity and turnover in all of Spain’s autonomous regions, and which was 16% higher than the turnover of the previous year.

Of the total amount of the orders won, 22.3% corresponded to Grupo NAVANTIA, which reached at the end of the year an order book amounting to 5,041 Million euros, which allowed it to maintain an average occupancy level at its shipyards of around 95%.

It was also noteworthy the turnover reached by Grupo ENSA, which amounted to 240 Million euros during the year, so that at the end of the year it recorded a historic level in its order book, which amounted to 334 Million euros, which made necessary to carry out investments for expanding and improving its production facilities.

The orders mentioned above, together with those won by the remaining companies, meant that Grupo SEPI's order book at the end of the year reached the figure of 7,103 Million euros.

With regard to the results of the year, the consolidated turnover reached 4,080 Million euros, with a 13.2% growth in comparison with 2007; most of this correspondede to the TRAGSA and NAVANTIA Groups (together they represented 75% of the turnover).

Grupo SEPI obtained a consolidated profit attributed to the parent company of 104 Million euros, made up by the aggregated profits of the controlling companies, as well as by those of the affiliated companies. In this sense, it is worthwhile to point out the profits obtained by the Groups TRAGSA, COFIVACASA, ENUSA, INFOINVEST, MERCASA and DEFEX, and the dividends provided by RED ELÉCTRICA, IBERIA, ENAGAS and EADS.

As for the companies which recorded losses, such as Grupo NAVANTIA, these resulted from the cancellation of some orders, as well as the increase in the complexity of the work in progress, which has resulted in extra costs. Regarding the Grupo HUNOSA and IZAR, it must be pointed out that they managed to reduce their losses, in the first case, basically thanks to the implementation of the measures included in the Company Plan and the positive effect which had the early liquidation of the coverage for coal prices, and in the case of IZAR, the decrease in the cost of the current compulsory redundancies plans and the interruption of the payment of interests for the debt for incompatible state aid.

Consolidation of NAVANTIA as an international referent. Two years after the spin-off of IZARs' shipyards for military shipbuilding, within the framework of the measures for the recovery of the state-owned shipyards, the NAVANTIA company has achieved the goals which had been set by SEPI and the Government itself, successfully facing the reorganization, with a high level of activity and workload at all its facilities, and succeeding in consolidating itself as an international referent. An example of the above can be found in the fact that it won and executed two contracts with the Australian Government for the design and engineering of three destroyers, and the building of two amphibious ships for that country's Navy, the largest export deal in the history of shipbuilding in Spain.

The new Corporación RTVE starts operating. At the start of 2007, the Corporación RTVE and its affiliated companies, TVE and RNE, began their normal activities, and in this way, to manage and provide the state-owned radio and television service, in keeping with Act 17/2006, after the application of the Rationalization and Feasibility Plan for the Spanish radio and television, which was approved by l SEPI, RTVE and the trade unions represented at the company. The Council of Ministers which met on March 9th, 2007 authorized SEPI to purchase 302 Million shares in Corporación RTVE, S.A., owned by Ente Público RTVE, in liquidation. Since then, SEPI has began to acquire the above mentioned shares.

SEPI takes over the State's representation at ENAGAS. SEPI acquired in 2007 5% of the capital of ENAGAS, fulfilling the Agreement of the Council of Ministers on July 20th, 2007, which authorized the above shares purchase deal due to the general interest of the activities which the lawmaker grants to this gas company.

SEPI fosters the economic promotion. Through INFOINVEST, SEPI has strongly promoted during 2007 its activity in favor of fostering new industrial companies in Spain, and in this way, promoting the economic and social development of certain areas, with actions which it carries out in seven regions, on a total surface of 23 Million square meters, on which a total of 29 business parks are being developed.

On October 23rd, 2007 took place the inauguration of Parc Sagunt I, a large business park located at Sagunto (Valencia) which constitutes the first phase of Parc Sagunt, the largest land offer for new projects in Spain, on a total of 9.5 Million square meters, which the regional Government of the Comunidad Valenciana and SEPI, through SEPIVA and INFOINVEST respectively, have promoted. Also the commercialization of the business parks of Catoira and Mondoñedo began: these are among the 20 business parks, located at La Coruña, Pontevedra and Lugo provinces which SEPI and the regional Government of Galicia are developing on a total land surface of 5 Million square meters, for the economic recovery of the areas which suffered the crude oil spillage of the tanker Prestige. On February 28th of the same year, SEPI, the Basque regional Government, the provincial Government of Vizcaya and the city council of Sestao executed a framework agreement for developing the industrial park of Ibarzaharra.

Mention must also be made to the successful conclusion of the works for building the Mining theme park at Almadén, Ciudad Real; a project which was inaugurated at the start of 2008 and which hass allowed to rehabilitate MAYASA's mining and metallurgical heritage, turning it into a cultural and tourist center, which will become an active element for the area's promotion.

Privatizations. SEPI sold its 2.95% shareholding in ENDESA, which amounted to 31.2 Million shares, which were the result of the green-shoe of the 1998 Public Offering which was not executed by the Global Coordinating institutions. For that purpose, SEPI's Board of Directors agreed on September 28th, 2007 to participate in the Public Offering submitted by Acciona and Enel on the Spanish electricity company. Besides, also took place the sale of IONMED Esterilización, S.A., an ENUSA affiliated company, to the French company IONISOS S.A.S., with the goal of guaranteeing the maintenance and future expansion of the activities of the company located at Tarancón (Cuenca).

Anniversaries of the incorporation of some companies of the Group. In March 2007, HUNOSA celebrated 40 years in existence, under the slogan 'a new future', which the Asturian coal mining company orients towards its stability and its commitment with the economic and social promotion of the mining areas of that region. In 2007 also the company Empresa de Transformación Agraria, S.A. (TRAGSA) celebrated 30 years since its incorporation. This company is at the disposal of the Administration, and contributes to farming promotion, to managing the fishing and aquiculture resources, to the technological improvement of water use, and to the preservation of the natural environment, besides being authorized as a state-owned company for emergencies. Equally, also ENUSA celebrated its 35th anniversary, a company which through its supply services to nuclear power stations has contributed to guaranteeing the electricity supply in Spain, and which today also stands out for its environmental activity.

During the financial year, SEPI faced two significant challenges: first, the signing of the Agreement for the incorporation of the new Corporation for state-owned radio and television, between SEPI, the trade unions and RTVE, and second, the award and the subsequent transfer of the assets belonging to IZAR Construcciones Navales, S.A. en Liquidación in Gijón, Sestao and Seville.

The Plan for the Rationalization and Future of the state-owned radio and television is in keeping with that stipulated on Act 17/2005, on June 5th, for the state-owned radio and television, and it aims to guarantee the fulfillment of the public-service mission which RTVE Corporation must provide, according to the role which the above Act gives it. After a period with Ms. Carmen Caffarel as the Interim Sole Administrator, on December 19th, Mr. Luis Fernández was appointed as Chairman of Corporación RTVE, a company which reports to SEPI, and which will be fully operational since the beginning of 2007.

On November 3rd, 2006, the Council of Ministers authorized SEPI to sell the factories at Gijón, Seville and Sestao, owned by IZAR Construcciones Navales, S.A en Liquidación. The signing of this Agreement allows the shipyards to overcome IZAR´s liquidation situation, since they will be able to win new workload and have access to new contracts. Equally, the sale of those assets, which has been carried out according to the criteria stipulated by the European Commission, meets the goal set up at the start of the process in the Framework Agreement subscribed on December 16th, 2004 between SEPI, the Company and the trade unions.

During the financial year 2006, SEPI, Hunosa and the trade unions subscribed the Fifth Company Plan and the Collective Agreement for the period 2006/2012, in keeping with the goals included in the National Plan for the Set Up of a Strategic Coal Reserve. In this way, the coal mining company strengthens its contribution to economic promotion and to the generation of new jobs in Asturias’ coal mining area. Besides, the Hipódromo de la Zarzuela (horse racing tracks at La Zarzuela) celebrated on October 28th its first anniversary since it was reopened, after more than 9 years without activity.

Regarding the privatization chapter, SEPI also carried out the transfer of all the shares which it had in Weser Engineering GMBH (wholly-owned by Izar) to TAIM-TFG, S.A., and sold its stake in Aresbank (7.4%). Besides, authorization was granted for carrying out the winding up of Adaro and of Acenor (wholly-owned by Cofivacasa) and of Grutisa (wholly-owned by BWE).

With regard to the divestments, SEPI concluded the privatization of its affiliated companies Inisas y Clinisas, which were awarded to Adeslas and to Mapfre Caja Salud, respectively, and it sold the stakes it had in Aldeasa and in Altadis, as well as an 8.5% stake it owns in Red Eléctrica de España.

In what refers to the Group´s companies, SEPIDES subscribed a number of Agreements and Accords, among which can be highlighted those referred to Galicia, Extremadura, Aragón, Puertollano and Almadén. Besides, SEPI and Banesto established a venture-capital fund, amounting to 20 Million Euros, for small and medium sized companies (PYMES).

For its part, Suelo Empresarial del Atlántico, S.L., a company in which Infoinvest, an affiliated company of SEPI, has a majority stake, increased its capital with the goal of augmenting its investments in the promotion of 20 business parks in Galicia.

ENSA won significant contracts in South Korea, in the US and in China. Besides, the reopening of Madrid's horse racetracks at La Zarzuela took place, after a 9 year hiatus in its operations.

SEPI and the state-owned radio and television network RTVE set up the Director Committee for RTVE´s Restructuring and Future Plan. This Plan must include the measures which will allow to guarantee the future of the state-owned radio and television in Spain.

The Council of Ministers authorized, on December 9th, 2005, to submit to the Parliament a Bill which modifies the Act regarding the creation of certain public law entities, which was passed on January 10th, 1996, and which currently is in force, and which will allow SEPI to receive contributions from the General State Budget, as well as to raise funds in the market.

In February, within the reorganization process of the companies in which the State has a stake, and which began with the Law of May 14th, 2001, the companies ENISA and EXPASA, which were part of the Group, were transferred to Patrimonio del Estado and SEPI came to control the companies MERCASA, SAECA and TRAGSA. In the summer, SEPI and LAE incorporated a new company in order to manage the horse racetrack Hipódromo de la Zarzuela, which had been without activity since 1996.

With the aim of promoting the industrial activity and the economic development in the areas which had suffered the effects of the oil spill provoked by the sinking of the oil-tanker Prestige, SEPI assumed an active role in the so-called Plan Galicia, through its affiliated companies: SEPIDES, which regards that autonomous region as a priority area for investment location; Infoinvest, which will set-up 15 business parks and industrial areas on Galicia, and MERCASA, with important investments in Mercagalicia. On its part, Tragsa collaborates with the cleaning of the beaches affected by the oil-spill.

With regard to the corporate promotion activity and for the economic recovery, SEPIDES has started a number of projects and has opened 4 new local offices. In Cantabria, Infoinvest inaugurated the corporate park 'Parque Empresarial de Cantabria' and it signed with the autonomous government a collaborative framework agreement for promoting the corporate activity and employment. Besides, the foundation stone of the business park Parc Sagunt in Valencia was placed. Unrelated with all this activity, Infoinvest sold, through public tender, 44 lots made up by buildings and plots of land which it owned.

Equally, the company SEPIDES was incorporated; this company merges the regional development companies belonging to the SEPI Group (Sodian, Sodicaman and Sodiex) and the Investment Promotion desarrollo regional de grupo SEPI (Sodiar, Sodicaman y Sodiex) y la Oficina de Promoción de Inversiones.

Reindustrialization was one of the key activities during the year. It was disclosed to the public the creation of new business parks in the autonomous regions of Comunidad Valenciana (Parc Sagunt and Requena's business park), Andalucia (Grenade's business park) and Cantabria (Villaescusa's business park), and the Business Park Principado de Asturias (at Avilés) was inaugurated.

Furthermore, the minority interests that Patrimonio has in Axis and Bex Cartera are transferred to SEPI (Act 7/2001 of June 14th and Agreement of the Cabinet of June 25th, 2001). To this list RTVE is added as an assigned agency (Act 14/2000 of December 28th).

Within the financial reorganization area, SEPI paid off during that year 118,892,214 Euros (19,782 Million Pesetas) of debt owed by the former INI. During the period 1996-2000 2,860,324,786.94 Euros (475,918 Million Pesetas) were paid off, of which 3,461,751,589.68 Euros (575,987 Million Pesetas) corresponded to the historical debt existing on 31.12.1995.

With regard to the financial restructuring it must be highlighted also the progress recorded in the write off of the labor commitments resulting from the reorganization plans as a result of the implementation of the Externalization Plan.

As for the strengthening and consolidation of competitive corporate projects, mentions must be made during the financial year to the positive evolution of the air transport business ’IBERIA- and of the wood pulp business; in the first case as a result of the actions included in the Company’s Master Plan and, in the second, due both to the very positive behavior of the international price of wood pulp and to the high degree in which the goals set for the financial year were met, as well as to the strengthening of its forestry and wood-processing dimension.

Also takes place the integration of the Group’s civil and military shipyards into a new company, IZAR; this process takes place within a negative industrial environment, defined by the competition coming from Korean shipbuilders, the elimination of state aids from the European Commission, the industry’s overcapacity and the reduction in the defense budgets in most countries.

As for the privatization area, in April 2000 was concluded the sale of INITEC to Técnicas Reunidas, Westinghouse Electric Company and Dragados Industrial. In July took place the effective integration of CASA, together with DASA and Aeroespatiale, into the new EADS Company, an event which materialized with its listing on the Stock Exchange on July 10th. Also during the financial year 2000, two agreements were signed, one with General Dynamics, for the privatization of Santa Bárbara, and a second one with con Babcock Borsig for the privatization of BWE. Both processes were concluded in 2001.

Besides start a number of actions linked to privatization transactions, among which are the following: :

  • Agreement for the sale of ICSA and AYA to Mecanizaciones Aeronáuticas
  • As part of IBERIA’s privatization process took place the selection of the institutional investors which will purchase in the end 30% of IBERIA’s capital
  • Start of CASA’s privatization process
  • Start of MUSINI’s privatization process
  • Agreement for the sale of INITEC to Técnicas Reunidas and Westinghouse Electric Co.
  • Agreement for the sale of LM COMPOSITES LM Glasfiber
  • Start of the privatization process of INESPAL CONVERSIÓN
  • Agreement for the sale of ENATCAR to Alianza Bus
  • Agreement for the sale of TGI to Doxa
  • Agreement for the sale of ASTANDER to Italmar
  • Agreement for the sale of BINTER CANARIAS

Equally, the Council of Ministers resolved to authorize SEPI on January 1999 to sell 66.09% of its participation in INDRA, through a public offering, transaction which was carried out on March.

At the same time the privatization process of RED ELÉCTRICA DE ESPAÑA, which began in the previous year, continues, and an agreement of principle is reached with DaimlerChrystler for the integration of CASA and DASA into a new European aerospace company (EADS).

During this financial year the Foundation for the Development of Coal Mining Areas (Fundación para el Desarrollo de las Zonas Mineras del Carbón) is set up, and the mechanisms for the follow up of the plans applied in the companies privatized during the financial years 1997 and 1998 are started; of special significance among them are those for Almagrera, Aceralia, Inespal, Grupo Potasas and Barreras.

Finally, the building of Plaza de Marqués de Salamanca was transferred to Patrimonio del Estado, and as a result, SEPI’s domicile was moved to its current location at the office buildings located on Velázquez street, 134 in Madrid.

  • 38.19% of ENDESA, thus reducing its shareholding participation to 3.27%.
  • 100% of the Company in charge of operating the Spanish Electricity Market which, through a competitive bid was awarded to 21 institutional investors.
  • 99.66% of INESPAL, which was purchased by Alcoa, world leader in the aluminum industry.
  • 67% of AVIACO, purchased by IBERIA.
  • 2.45% of ARGENTARIA, through a public offering.
  • 100% of Grupo POTASAS, sold to Dead Sea Works/ La Seda and Tolsa.
  • 100% of INFORLEASING, purchased by Leasing Cataluña.
  • 9% of ENAGAS, purchased by GAS NATURAL.
  • 100% of PRODUCTOS TUBULARES, bought by Tubos Reunidos.
  • 100% of INIMA, purchased by Lain.
  • 100% of HIJOS DE J. BARRERAS, to Grupo Barreras.

Besides, an agreement was reached for the sale of 10% of IBERIA to British Airways and American Airlines, of 9% and 1%, respectively.

Also began the privatization process of RED ELÉCTRICA DE ESPAÑA with the selection of the Lead Bookrunners for the transaction.

During this year began INDRA’s privatization process, after the agreement reached with Thomson ’ CSF, and as a result of which Thomson-CSF reduced its participation in SEPI’s company from 24.99% al 10.5%, allowing the entry of Spanish institutional partners.

Regarding the reorganization of the industrial sector, SEPI harmonized historical debt during the year amounting to 78,899 Million pesetas. Within this context began the process for externalizing the commitments assumed with the personnel which resulted from past industrial reorganizations. These plans affected the workers from HUNOSA ’ FIGAREDO, IMENOSA, AHM, ACERNOR, AHV, ENSIDESA, BAZAN and BWE.

As for the consolidation of competitive corporate projects, it is worthwhile to highlight the actions in favor of technological strengthening, which were reflected in the participation in international projects such as those of Airbus, EF-2000, Arianespace or the Leopard, among others.

On September 5th, 1997, the Council of Ministers resolved that the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) should take over AIE’s companies, as well as all of their rights and obligations. As a result, the Agencia Industrial del Estado was eliminated. (Royal Law Decree 15/1997).

Thus, all the shareholding participations, assets, rights and obligations of the Agencia Industrial del Estado are transferred to SEPI.

Its creation took place within the framework of the process for the reorganization and modernization of the state-owned enterprises, in order to manage the industrial shareholdings owned by the State which came from the former entities Instituto Nacional de Industria (INI) and Instituto Nacional de Hidrocarburos (INH), which had been liquidated by the same norm.

In the year 1996 is carried out the change of company name of the Sociedad Estatal de Patrimonio by that of Sociedad Estatal de Participaciones Patrimoniales (SEPPA) with the functions of agent in charge of the privatization process.

A State-owned enterprise which is governed by private law and which is attached to the Ministry of Economics and Finance, which was incorporated through the change of the social name of the Sociedad Estatal Patrimonio I and the take over of the Sociedad Estatal de Patrimonio II. This incorporation took place by the Agreement of the Council of Ministers on June 28th, 1996, on which were defined the basis of the Program for the Modernization of the State-Owned Enterprises.

From this moment, SEPPa became the Agent in charge of the above modernization program, together with SEPI and the AIE.