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Gobierno de España - Ministerio de Hacienda y Función Pública
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In 2006, Parliament passed Act 20/2006, on June 5th, which amends the creation of certain public-law entities. This new legal framework includes the changes required in SEPI's financial system so that this, in a context characterized by lower income due to the absence of new large privatizations, it can meet the commitments assumed and to carry out new tasks.

During the financial year, SEPI faced two significant challenges: first, the signing of the Agreement for the incorporation of the new Corporation for state-owned radio and television, between SEPI, the trade unions and RTVE, and second, the award and the subsequent transfer of the assets belonging to IZAR Construcciones Navales, S.A. en Liquidación in Gijón, Sestao and Seville.

The Plan for the Rationalization and Future of the state-owned radio and television is in keeping with that stipulated on Act 17/2005, on June 5th, for the state-owned radio and television, and it aims to guarantee the fulfillment of the public-service mission which RTVE Corporation must provide, according to the role which the above Act gives it. After a period with Ms. Carmen Caffarel as the Interim Sole Administrator, on December 19th, Mr. Luis Fernández was appointed as Chairman of Corporación RTVE, a company which reports to SEPI, and which will be fully operational since the beginning of 2007.

On November 3rd, 2006, the Council of Ministers authorized SEPI to sell the factories at Gijón, Seville and Sestao, owned by IZAR Construcciones Navales, S.A en Liquidación. The signing of this Agreement allows the shipyards to overcome IZAR´s liquidation situation, since they will be able to win new workload and have access to new contracts. Equally, the sale of those assets, which has been carried out according to the criteria stipulated by the European Commission, meets the goal set up at the start of the process in the Framework Agreement subscribed on December 16th, 2004 between SEPI, the Company and the trade unions.

During the financial year 2006, SEPI, Hunosa and the trade unions subscribed the Fifth Company Plan and the Collective Agreement for the period 2006/2012, in keeping with the goals included in the National Plan for the Set Up of a Strategic Coal Reserve. In this way, the coal mining company strengthens its contribution to economic promotion and to the generation of new jobs in Asturias’ coal mining area. Besides, the Hipódromo de la Zarzuela (horse racing tracks at La Zarzuela) celebrated on October 28th its first anniversary since it was reopened, after more than 9 years without activity.

Regarding the privatization chapter, SEPI also carried out the transfer of all the shares which it had in Weser Engineering GMBH (wholly-owned by Izar) to TAIM-TFG, S.A., and sold its stake in Aresbank (7.4%). Besides, authorization was granted for carrying out the winding up of Adaro and of Acenor (wholly-owned by Cofivacasa) and of Grutisa (wholly-owned by BWE).

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