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Besides the permanent challenge of improving the efficiency of each of its affiliated companies, SEPI continued exercising in 2008 the responsibility of being the instrumental and operative tool for the policy which the Government sets for it within the scope of the state-owned entrepreneurial sector.

During the financial year 2008 a number of significant corporate activities have been carried out through the instrumental companies which SEPI has for promotion and development purposes.

In the town of Avilés, the la Isla de la Innovación (the Innovation Island), which has been promoted by the regional Government of Asturias, INFOINVEST, a company fully owned by SEPI, the Town Council and the Port Authority of Avilés, with the collaboration of Sogepsa, the Óscar Niemeyer Foundation and the Fundación Metrópoli, which prepared the project. The activity will be carried out on a 572,000 square meters surface, and it will result in the modernization of the town and the strengthening of Asturias' international position.

Also, in connection with INFOINVEST, el SEPI's Board of Directors, in its meeting o May 9th, 2008 and later the Council of Ministers, on September 26th, 2008, authorized INFOINVEST to take part, with an 85% share, in the incorporation of the company Vipar Parque Empresarial S.L., having as its partner the regional Government of Cantabria through the company for industrial property Sociedad Suelo Industrial de Cantabria, S.L. (SICAN), que which has the remaining 15%. The social purpose of the new company, which was incorporated on October 14th, 2008, is that of carrying out a Singular Plan with a Regional Interest within the municipalities of Villaescusa and Piélagos, on a surface of approximately 2 million square meters, setting up a number of different uses which can attract private investments which generate jobs and wealth for the region.

The other of SEPI's instrumental companies, SEPIDES, also wholly owned by SEPI, concluded a 25% participation, with the investment of Euros 10 M, in the company SAR IPM, which is specialized in the provision of services within the scope of Act 39/2006, on December 14th, for the Promotion of the Personal Autonomy and Care of Dependent Persons. The above Act represents one of the main challenges faced by developed countries within the scope of social policy, and that is why SEPI will try to meet, within its means, the existing demand in this area through future investments, such as public-private collaboration for promoting the development of this Act.

Regarding other significant activities carried out during the financial year, it must be highlighted the conclusion of the Plan for the Reorganization and Future for RTVE, the compulsory redundancy scheme authorized by the Ministry of Work and Social Affairs in 2006, which resulted in the phased exit of 4,150 employees during the last 3 years. Also during this year SEPI continued with its purchase of the shares of Corporación RTVE, which is owned by the Ente Público RTVE in liquidation, until it reached a shareholding of 35.99% at the end of the year.

Also it is worthwhile to point out the significant international activity carried out by such companies as the Grupo TRAGSA, through the expansion of its activities in countries such as Senegal and Afghanistan, within the framework of the international cooperation agreements promoted by the Spanish Government, as well as by the Grupo MERCASA, with a unique technical aid project in Angola, and further, the increase of the activity of the ENSA Group in the Chinese, US and British markets.

Regarding the orders won in 2008, these amounted to 2,602 Million euros, of which 51% corresponded to the Grupo TRAGSA, which recorded orders amounting to 1,330 Million euros, which resulted in an increase of its activity and turnover in all of Spain’s autonomous regions, and which was 16% higher than the turnover of the previous year.

Of the total amount of the orders won, 22.3% corresponded to Grupo NAVANTIA, which reached at the end of the year an order book amounting to 5,041 Million euros, which allowed it to maintain an average occupancy level at its shipyards of around 95%.

It was also noteworthy the turnover reached by Grupo ENSA, which amounted to 240 Million euros during the year, so that at the end of the year it recorded a historic level in its order book, which amounted to 334 Million euros, which made necessary to carry out investments for expanding and improving its production facilities.

The orders mentioned above, together with those won by the remaining companies, meant that Grupo SEPI's order book at the end of the year reached the figure of 7,103 Million euros.

With regard to the results of the year, the consolidated turnover reached 4,080 Million euros, with a 13.2% growth in comparison with 2007; most of this correspondede to the TRAGSA and NAVANTIA Groups (together they represented 75% of the turnover).

Grupo SEPI obtained a consolidated profit attributed to the parent company of 104 Million euros, made up by the aggregated profits of the controlling companies, as well as by those of the affiliated companies. In this sense, it is worthwhile to point out the profits obtained by the Groups TRAGSA, COFIVACASA, ENUSA, INFOINVEST, MERCASA and DEFEX, and the dividends provided by RED ELÉCTRICA, IBERIA, ENAGAS and EADS.

As for the companies which recorded losses, such as Grupo NAVANTIA, these resulted from the cancellation of some orders, as well as the increase in the complexity of the work in progress, which has resulted in extra costs. Regarding the Grupo HUNOSA and IZAR, it must be pointed out that they managed to reduce their losses, in the first case, basically thanks to the implementation of the measures included in the Company Plan and the positive effect which had the early liquidation of the coverage for coal prices, and in the case of IZAR, the decrease in the cost of the current compulsory redundancies plans and the interruption of the payment of interests for the debt for incompatible state aid.

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