Grupo SEPI recorded in 2010 a profit of 36 million euros, against the loss of 106 million euros in 2009. This significant difference was mostly due to SEPI's individual contribution, as the dominant company in the Group, and to the more positive contribution made by those companies which consolidate through the application of the equity method.
Taking into account the consequences of the financial crisis, Grupo SEPI continued carrying out the activities and measures which it began in 2009, with the start of the Plan for the reduction of running expenses, which was reinforced in 2010 thanks to the application, within the Group's companies, of the following Government's decisions:
- Agreement of the Council of Ministers on January 29th, 2010, by which was passed the Immediate Action Plan 2010 and the Austerity Plan for the General Administration 2011-2013. Saving measures were applied on personnel costs, in other operating costs, such as consumption, third parties services, representation expenses, protocol and sponsorships, and in the review of the companies' investment plans, trying to delay those which are not urgent, or those whose delay does not jeopardizes the company's operations. With regard to the objective approved in the Multi-year Action Plan for the Group's companies, the reduction in the manageable expenses exceeded 7%, while investment was cut by 49%, although the above also reflected the decrease in the activity level.
- Agreement of the Council of Ministers dated on April 30th, 2010 on the reorganization of the state-owned corporate sector. In order to fulfill the above Agreement, SEPI carried out the actions required for winding up 13 companies which were mentioned in the Agreement, through the following corporate actions:
- Inclusion of the shares held by INFOINVEST into the state-owned enterprise Suelo Empresarial del Atlántico, S.L. (85% of the capital) and of the assets of the business park of Requena which is owned, too by INFOINVEST, and which is transferred to SEPES, a real-estate state-owned entity, which is attached to the Public Works Ministry (Ministerio de Fomento).
- Take-over merger of INGRUINSA (the company acquired) by INFOINVEST (the acquiring company).
- Take-over merger of TRAGSEGA (the company acquired) by TRAGSATEC (the acquiring company).
- Take-over merger of INFOINVEST (the company acquired) by SEPIDES (the acquiring company). Once all the above corporate actions envisaged in the merger agreement had been carried out, it is envisaged that the merger deed will be signed on June 2011, after which it will be submitted to the Mercantile Register for recording purposes.
- Take-over merger of SOFESA, PRESUR, BWE and SODIAN (acquired companies) by COFIVACASA (the acquiring company).
- Merger of IZAR en Liquidación, AESA and DELTA, through the acquisition by the former of AESA y DELTA.
- Winding up or/and liquidation of EFEGESTIÓN, S.A.U., an affiliated company of AGENCIA EFE, as well as of SEDETTUR and INIEXPORT, in which SEPI has a direct shareholding; also the winding up or/and liquidation of REICASTRO, in which HUNOSA has a participation, and the winding up or/and liquidation of TARSIS and of APROTEC, which are affiliated companies of MERCASA.