SEPI Sociedad Estatal de Participaciones Industriales

• The result corresponding to the parent company amounted to 25 Million euros
• The Board of Directors approves the Annual Accounts for the financial year 2011
• It resolves also to appoint Mr. Fernando Murillo Marinas as MAYASA’s Chairperson

The Board of Directors of the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) has approved today the Annual Accounts for the financial year 2011, which show for the Group a net consolidated result of 45 Million euros in profits.

As a result of the negative economic environment in which the companies which are part of the state-owned holding carried out their activities, the turnover experienced a 14% decrease, which was set off with the improvement of the financial margin, thus reaching a final net consolidated result of 45 Million euros.

Of this amount, the result corresponding to the parent company, in this case, SEPI, reached a total of 25 Million euros, while the remaining 20 Million euros correspond to the external partners, as SEPI does not hold a 100% participation in all of its companies.

However, the above figures must not hide the fact that the evolution of the financial statements of the Group’s main companies in which SEPI holds a majority participation have been declining during the last four years.

The financial position of Grupo SEPI is acceptable, as it has a low level of debt, a leverage ratio of 15%, and has enough cash-flow for facing the liabilities with the Group’s companies currently envisaged.

Finally, it is worthwhile to highlight the scope limitation which states the Intervención General de la Administración del Estado (Office of the General State Comptroller, or IGAE) due to the lack of documentation regarding the Accounts of the state-owned radio and television corporation, the Corporación Radio Televisión Española (RTVE).

Mr. Fernando Murillo, MAYASA’s Chairperson

The new Chairperson of MAYASA, Mr. Fernando Murillo, is a graduate in Economics by Universidad Complutense de Madrid and holds a degree in International Trade from CEU. A large part of his professional career has taken place in the financial industry, first in the Banco Mercantil e Industrial and later, during 20 years, in the Banco Exterior de España, in which, among other posts of responsibility, he was the Head of the Loans for Exports department and of the International Banking Relations department, as well as General Deputy Director of the Banco Exterior de los Andes y España, and Regional Director of Banco Exterior de España/Argentaria itself. Between 1996 and 2000 he was Secretary-General of the state-owned hotel chain Paradores de Turismo de España and between 2000 and 2004 he was Managing Director of the state-owned lending company Instituto de Crédito Oficial (ICO). He has also worked as professor for international financing in Escuela Superior de Gestión Comercial y Marketing.

The activity of the company Minas de Almadén y Arrayanes, S.A. (MAYASA), whose sole shareholder is SEPI was focused on the extraction and commercialization of mercury, but after the prohibition by the European Commission of exporting mercury since March 15th, 2011 it currently focuses its activity in the exploit and commercialization of the natural resources of the area surrounding Almadén (Ciudad Real), as well as in the recovery of the Company’s historical heritage and the environmental restoration of its surroundings.

Grupo SEPI

Grupo SEPI is a corporate holding which is made up by a total of 18 state-owned companies, in which it has a direct majority stake –with a workforce of over 80,000 professionals-, the state-owned radio and television broadcasters -Corporación Radiotelevisión Española- over which it has management powers, and two state-owned foundations. Equally, SEPI has minority direct participations in another seven companies, and indirect participations in over one hundred companies.