This Web makes use of first-party and third-party cookies with analytic purposes about its activity and which are installed when navigating through the Website. If you keep navigating in it you accept the use which we make of them. If you wish, you may change your preferences in the browser.

Accept cookies Chage its configuration
Gobierno de España - Ministerio de Hacienda y Función Pública
Te encuentras en: Home»Get to know SEPI»History



At the beginning of 2009, the world economy continued with the economic and financial difficulties which existed at the end of 2008. This situation demanded a coordinated answer by the different governments and the national and international institutions, through a number of fiscal and financial programs which, although increased public deficits and debt, made possible that some developed economies might start their path towards economic recovery, achieving positive growth inter-quarterly rates since the second quarter of 2009.

The Spanish economy was negatively affected by the world economic context and by the lengthening of the crisis in the real estate industry, which provoked a strong fall in economic activity, causing GDP to contract -3.6% in 2009. This fall in the economic activity also provoked a significant decrease in tax revenue which, together with the increase in public expense, made the State deficit reach 11.2% of GDP, and the unemployment rate near 19%.

It is in this environment, and compared with the previous year, that the SEPI Group results have been negatively affected by a lower aggregated income generated by the companies which make up its controlling portfolio, by the reduction in the profits obtained by the application of the equity method to the affiliated companies, and the increase in the provisions which the parent company had to made. Besides, the reduction of interest rates has meant a decrease in the financial income.

The consolidated operating turnover of the SEPI Group in 2009 increased by 1.8% against the previous year, reaching 4,153 Million euros, of which 75% correspond to the Tragsa and Navantia groups. This increase in turnover was not enough for setting off the increase in the consolidated operating expenses due, to a large extent, to the increase in personnel costs, as a result of the large number of temporary workers hired by the Tragsa Group for carrying out an increase in its activity and the non-recurring expenses generated by the activation of the guarantees in favor of the employees corresponding to the privatization of the IZAR's shipyard in Gijón, in 2006, and which affected 139 employees.

All these circumstances resulted in an operating loss of 207.7 Million euros, which was set off to a large extent by a positive financial result and with the profits generated by the application of the equity method to the companies. The net loss of the financial year, which amounted to 59 Million eiros before external partners, increased to 106 Million euros in the parent company, after the transfer of the part of the profits which corresponded to the external partners in some of the companies of the SEPI Group.

The orders won during the financial year amounted in total to 2,559 Million euros, of which 59% corresponded to Grupo Tragsa, in part as a result of the measures taken by the Government to mitigate the effects of the economic crisis in Spain through the works awarded as part of the so-called Plan E (the Government's stimulus plan). This made it possible to increase both its activity and its turnover.

Grupo Navantia, which did not win any new shipbuilding order, increased its order book as a result of the expansion and price review in a number of shipbuilding programs, as well as in ship repairs, which achieved a significant activity level. At the end of the year, Navantia recorded 4,013 Million euros in orders.

Grupo Enusa signed two contracts amounting to 390 Million euros, and its order book reached 1,812 Million euros at the end of the financial year, while Grupo Ensa won orders amounting to 100 Million euros, which put its total order book in 322 Million euros.

With all the orders received, the order book of Grupo SEPI reached at the end of the year the amount of 7,552 Million euros.

Confronted with this economic crisis, SEPI reinforced its permanent objective of improving the efficiency of each of its affiliated companies; this is why, at the beginning of 2009, it started the Overheads Reduction Plan, which has made possible to save 19 Million euros in a number of operating costs managed by the companies.

The above Plan will be reinforced during the next years with the implementation of the measures included in the decisions of the Council of Ministers which took place on January 29th, in which it was authorized the Immediate Action Plan 2010 and the Austerity Plan for the Central Administration for the years 2011-2013, and that which took place on April 30th, regarding the Reorganization of the State-Owned Entrepreneurial Sector; as well as the implementation of the extraordinary measures for cutting the public deficit which are included in Law-Decree 8/2010, of May 20th.

During the financial year 2009, some of the companies of the Group carried out the activities which the Government has trusted to SEPI as the agent of the state-owned entrepreneurial sector. The General State Budget Act for 2009 set up a 17 Million fund, provided by the Health and Social Policy Ministry, with the goal of providing financial support to the companies which promote and develop infrastructures and services for the system in favor of the Autonomy and Care of Dependent Persons.

The management of the above Fund was entrusted to SEPI, as a result of the Collaboration Agreement concluded between the Ministry of Economics and Finance, the Health and Social Policy Ministry, and SEPI itself. SEPI was entrusted with the management of the Fund, transferring this managing task to its affiliated company SEPIDES. The Fund has financed, up to now, a total of 8 projects, which have entailed 115 Million euros in investments.

The Council of Ministers which took place on July 31st, 2009 took the decision to authorize the set up of Temporary Strategic Domestic Coal Storage Facility (AETC), whose goal is to make possible the continuity of the activity in the domestic coalmining industry while the situation in the electricity-generating industry are not favorable for its purchase for the thermal power stations. The above decision mandated SEPI to cause HUNOSA to carry out the purchase of the coal and the management of the temporary storage. This mandate, which at first envisaged to be in operation until December 31st, 2009 was extended in January and February 2010, and in both cases it was expanded both in terms of the volume of coal and the amount of money, until reaching 2,875 Million Tons and 200 Million euros, respectively.

Among other significant activities carried out during the financial year it is worthwhile to mention the passing of Act 8/2009, of August 27th, for Financing the Corporación Radio Televisión Española, S.A., which includes, among other issues, the elimination of the income which the Corporación obtained from advertisements, creating a single source of financing, which is based solely on public income. The Corporación RTVE will continue providing the public service which the Law entrusts to it and within the framework-mandate, and such service must be universal and free, and renouncing to provide pay or conditional services, without breaching the principle of budgetary balance.

With the sight put on 2010, SEPI must carry out the Government's mandates included in Law-Decree 8/2010 of extraordinary measures for reducing the State deficit and in the Agreements of the Council of Ministers celebrated on January 29th, and April 30th, regarding the Austerity and the Rationalization of the State-Owned Entrepreneurial Sector. As a result, it is especially significant to continue the implementation of cost-cutting measures, which will lead to an increase in the productivity and the efficiency in the use of public assets by the companies.

Logotipo ecológico

Antes de imprimir este documento asegúrate de que es necesario. Proteger el medio ambiente está también en tu mano.

Get to know SEPI
SEPI commitment
Press Room
Marca España web page offers news related to Spanish activity both within our borders and abroadThe Spanish Economy website provides access to the latest key economic information on Spain in english.Dependence FoundCrónica Gráfica
© SEPI - Velázquez, 134. 28006 Madrid. España Tel.: +34 91 396 10 00 Fax: + 34 91 396 15 60 -Legal Warning - Accessibility - Cookies Usage
CSS Válido!
Valid HTML 4.01 Transitional
Icono de conformidad con el Nivel A, de las Directrices de Accesibilidad para el Contenido Web 1.0 del W3C-WAI
Desarrollado por
Empresa de consultoría, tecnología e innovación