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Gobierno de España - Ministerio de Hacienda y Función Pública
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During the financial year 2000, SEPI continued developing the functions which had been granted to it for the reorganization and modernization of the state-owned corporate sector, covering the financial restructuring and the set up of plans for the future in those companies in which it has a participation and which so required, the consolidation of competitive entrepreneurial projects, and the management of the privatization processes.

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.

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