SEPI’s Chairman, Mr. Ramón Aguirre, states that Grupo SEPI will obtain a 341 M€ net profit in 2015
02 October 2014 | Madrid
- Grupo SEPI maintains its financial autonomy and reduces its indebtedness level
The Chairman of the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI), Mr. Ramón Aguirre, appeared this morning before the Committee on Budgets which met in the Lower House of the Spanish Parliament for informing it about the main features of SEPI’s budget for the financial year 2015.
During his speech, Mr. Aguirre announced that “Grupo SEPI will record a net profit of 341 M€ in 2015”. According to SEPI’s Chairman, such results would had reached 458 M€ if it not were for the workforce commitments of the companies IZAR and HUNOSA. “During this term, year after year, these two companies have been consuming resources each year amounting to about 250 M€”, he pointed out.
Mr. Aguirre also stressed that during the next year, as he reiterated in his statements in the Parliament in 2012 and 2013, SEPI will not contribute to the deficit, nor will it make a call on the State General Budget. “We will begin the financial year 2015 with 369 M€ in cash, and thus once again Grupo SEPI will not entail any expense for the public accounts and for the taxpayer”, he stated.
In the same line, SEPI’s highest ranking officer highlighted the reduction in the debt of the state-owned holding which has taken place since he took office in 2012. “During this term, the debt has followed a reduction path, which means an internal restructuring process. Our indebtedness level has been reduced from the 536 M€ recorded in 2012 to 344 M€ which we will record in 2015, which means 2.65 % of the total balance, or in other words, a very low debt level, something which strengthens our financial position”.
With regard to the turnover, which will reach 4,725 M€, Mr. Aguirre recalled that “this figure is in line with the historical trend since I took over the Chairmanship at Grupo SEPI, with an average turnover amount of 4,500 M€, which in such adverse situations as we have been through, means a satisfactory management in the companies as a whole”.
Furthermore, SEPI’s Chairman made a reference to the stable evolution of the employment within the Group, in which the reduction in the size of the workforce is due to natural wastage. “From last year to this one, the workforce went from 73,077 workers to a total of 71,557 workers, which means a net workforce reduction of 1,520 jobs, that is, of 2%, explained by the natural wastage factor”, he pointed out.
Companies of the Group
On the other hand, Mr. Aguirre made a detailed review of the situation of the different companies which make up Grupo SEPI.
In the case of CORREOS, he thinks that the reorganization period is over, thanks to the collection of the 518 M€ which were owed to it since the last legislative term for the provision of the Universal Postal Service. Besides, he remarked the importance of reaching an agreement regarding the employment and working conditions for achieving the transformation of the company into a more technological and modern company, adapting it to the new business lines.
As for TRAGSA, Mr. Aguirre warned that the solution to its current situation– losses, a redundancy plan declared void and without a collective agreement in force– involves a pact between the company and the trade unions.
Regarding NAVANTIA, SEPI’s Chairman recognized again the difficulties which present the Company’s accounts, but he praised the three landmarks which will define the financial year 2015 for the shipbuilding company; the reality of the construction of one floatel for PEMEX; the construction of two new off-shore multirole vessels for the Spanish Navy; and the finalization of the negotiations for the construction of a LNG carrier for Gas Natural.
He also mentioned the splendid evolution which are going through in their accounts other companies within the Group, such as CETARSA in the tobacco industry, MERCASA – in the agribusiness industry–, ENSA and ENUSA, the two latter with a significant presence and role in the nuclear industry world.
Finally, he highlighted the role played by Fundación SEPI, and especially its scholarships program, and he set 2015 as the date for the inauguration of its hall of residence, which at the moment is going through a refurbishment which the Foundation faces with its own resources.