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Gobierno de España - Ministerio de Hacienda y Función Pública
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The financial year began with the liquidation of IZAR and the incorporation of a new company, Navantia, which basically operates in military shipbuilding. The compulsory special redundancy procedure foreseen in the Agreement subscribed with the trade unions on December 2004 was authorized, and SEPI began the process for the sale of the assets owned by ´IZAR Construcciones Navales, S.A.´, which was authorized by SEPI's Board of Directors in its meeting on February 25th, 2005. Besides, the meetings of the Commission for the Follow-Up of the Framework Agreement subscribed among SEPI, Izar and the trade unions which represent the Company´s workforce continued.

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.

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