NAVANTIA and HUNOSA weigh down the results of Grupo SEPI
26 June 2016 |
![NAVANTIA and HUNOSA weigh down the results of Grupo SEPI NAVANTIA and HUNOSA weigh down the results of Grupo SEPI](/sites/default/files/Edificio_castellon_plana_sepi_noticia26062016.jpg)
- The annual accounts of Grupo SEPI record a 151 M€ loss
- SEPI concludes the bailout of Alestis Aerospace investing 13.5 M€
- The operating income of the Group grows 3.5%
The Board of Directors of the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) has passed the annual accounts for the financial year 2015, which record for the Group a net consolidated result attributed to SEPI, as the parent company, amounting to a 151 M€ loss.
During the financial year, the most significant investment was the bailout of Alestis Aerospace S.L., after SEPI subscribed 24.05% of the company’s capital, with the disbursement of 13.5 M€, with the final goal of guaranteeing that company’s feasibility and future and of preserving its 1,600 jobs. ALESTIS is a supplier of aerial structures for Airbus (both civil and military), registered in Seville, and with six production sites, five of which are located in Spain, while the remaining one is in Brazil.
Thanks to the favorable evolution of part of the portfolio of controlled companies, as well as the positive results of the listed companies in which SEPI has a shareholding, especially in the case of RED ELÉCTRICA CORPORACIÓN and AIRBUS GROUP, it has been possible to setoff part of the losses recorded by NAVANTIA and HUNOSA and the application of the equity method to INDRA’s losses.
Increased corporate activity and turnover
The activity carried out in 2015 by the companies which make up the Grupo SEPI generated a consolidated turnover of 4,166 M€ which, together with other net income, resulted in a total operating income for the state-owned holding of 4,453 M€, 3.5% above those recorded in 2014.
This increased corporate activity and turnover are the result of the significant recovery recorded in the orders won by the Group’s production companies, especially by ENSA, which increased its turnover by 56%, and by Grupo TRAGSA, which was 5% higher than in the previous year.
The net operating costs reached 4,903 M€. This figure represents a 5.9% increase in comparison with that recorded the year before, due to the effects of the 13th month pay and the increased activity in the Group’s companies.
With this evolution in income and expenses, the operating results show a positive contribution due to the offset of the profits from the positive financial results and from the consolidation through the application of the equity method to the minority shareholdings, with a joint positive effect amounting to 300 M€ which prevent an accumulated loss, even after the inclusion of INDRA’s losses through the equity method, and to the valuation adjustment in the shareholding in Corporación RTVE.
Furthermore, it is worthwhile to point out the provisions made for the amount of 51 M€ in Grupo COFIVACASA (the entity in charge of performing the liquidation of companies) as a result of non-final court decisions resulting from the guarantees granted to the staff in the privatization of the company Babcock Wilcox Española in 2001.
Equally, it is significant the small or non-existent financial indebtedness of Grupo SEPI after the redemption in 2015 of the bonds issues made by INI in 1995 amounting to 90 M€.
The final workforce of Grupo SEPI as of December 31st, 2015 reached a total of 73,239 employees.