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Grupo SEPI achieved a consolidated net result attributed to SEPI, as the parent company, of 500 M€, 452 M€ more than that recorded in 2012. The Group’s net turnover reached 3,992 M€, which together with other net income resulted in total operating income of 4,398 M€, which mostly came from CORREOS, NAVANTIA, TRAGSA and ENUSA.

The most important portfolio transactions carried out in 2013 were the following:

  • In April: Took place the sale of 9,557,950 EADS’ (now AIRBUS Group) shares amounting to 382.6 M€, as a result of the shareholders agreement reached on December 5th, 2012, which passed a corporate reorganization of the Group’s shareholding structure in order to decrease the participation of the founding States -France, Germany, and Spain (through SEPI) - to 12%, 12%, and 4%, respectively.
  • In June: Execution of the sale and purchase agreement for the shares of the totality of the social capital of the companies ENUSEGUR and ETSA DOI amounting to 0.67 M€, concluded between SEPI and MAXAMCORP HOLDING.
  • In July: Took place the signing of a new shareholders agreement for HISPASAT, which kept the rights of the public shareholders regardless of their shareholding participation. In the transaction, whose goal was to allow the entry of a partner which might promote the Company’s growth, preserving a level of control on it as a result of its strategic nature, INTA sold to ABERTIS 16.42% of HISPASAT shares, thus transferring to ABERTIS the Company’s control and reducing the State-owned participation from 25.68% to 9.26% (SEPI 7.41%; CDTI 1.85%).
  • In August: Took place the sale of 2,802,540 EADS’ (AIRBUS Group) shares amounting to 125.5 M€, as a result of the shareholders agreement reached on December 5th, 2012. And the acquisition of a 20.14% participation in INDRA for the amount of 337.1 M€, with the goal of maintaining the shareholders’ stability and preserving the Company’s industrial project.
  • In October: SEPI’s Board of Directors resolved to give a green light to the beginning of the privatization process for the totality of the social capital of Remolcadores del Noroeste (RENOSA), which is wholly owned by NAVANTIA, and the bid was won in 2014 by the Consortium made up by Remolcadores Ferrolanos, SERTOSA del Norte and Remolcadores MARRACOI for 2 M€.
  • In December: The liquidation of TECONMA was executed, through its merger into ENUSA (acquiring company). And the acquisition by EMGRISA, an affiliated company of Grupo ENUSA, of 45% of DESOTERMIA (owned by CETRANSA). In 2014 will take place the liquidation of DESOTERMIA through its merger into EMGRISA (acquiring company).

With regard to the activity of the companies in which SEPI has a majority shareholding participation, mention must be made to the following:


On January 9th, 2013 the Chairpersons of AGENCIA EFE, Mr. José Antonio Vera, and of SEPIDES, Ms. Rosa María Mosulén, signed before SEPI’s Chairperson, Mr. Ramón Aguirre, the lease agreement for the Agencia’s new facilities at the building Genésis, located at Avenida de Burgos, 8 in Madrid, which seek to provide an answer to the Company’s requirements, the workforce’s requests, and the convenience of generating savings.

Mention must be made also to the Strategic Plan passed in 2013, through which the AGENCIA seeks to secure growth, international expansion, and profitability.

EFE has succeeded in increasing its international presence in the Spanish-speaking countries in America, in Brazil, and in the US.


CETARSA has consolidated its role as the interlocutor required among all the operators in the value chain of the raw tobacco industry, the producing industry, and the manufacturing companies. It is worthwhile to mention the purchase prices, which are of special importance for the industry, and which recorded an increase close to 4%, against the average decrease of 3% in the previous season.

The purchase of tobacco by CETARSA during the financial year amounted to 28.9 MKG (of tobacco from the 2012 and 2013 seasons), 23% more than that in 2012.

The Company has carried out a number of actions aimed at improving the procurement and quality processes.


COFIVACASA has continued carrying out the actions required for the orderly liquidation of the companies of Grupo SEPI which have no activity.


As part of the Action Plan set up by CORREOS, an effort has been made on R&D with the goal of increasing its information processes, both internal and external.

Furthermore, CORREOS has carried out a number of commercial actions aimed at maintaining the turnover in terms of the number of customers and the volume of shipments, as well as to the promotion of new products and services, especially in marketing and packaging.

As a result of this strategy took place the launching of two new direct marketing products: ’Publicorreo Optimo’ and ’Premium’, through which the Company provides an answer to customized commercial shipments from Small and Medium-Sized Companies (SMEs), companies, and advertisement agencies. Within the chapter of new services it has also set up the ’Mail box on holidays’, which allows to keep, in the customer’s reference postal office, of the shipments which he receives in his domicile during the periods of time when he is outside.

In May, CORREOS concluded an agreement with the Ministry of Finance and Public Administrations for offering citizens a comfortable access to the Administration through the Electronic Virtual Registration Service. This is a step more taken by the postal company for becoming the reference agent in the promotion of the e-Administration.

Within the sustainability scope, the program ’Línea Verde Bosques de CORREOS’ won the award in the category Corporate Social Responsibility of the World Mail Awards.

Besides, CORREOS won the ’Certificate of Excellence’ for the management and quality of the services provided by its International Treatment Center (CTI) which is located at the Barajas airport in Madrid.


DEFEX has a commercial network in more than 30 countries, and with an accumulated experience of more than 40 years in foreign trade. In 2013 the Company carried out its commercial activity in a more favorable environment than in previous years thanks to the recovery of Spanish exports.

The Company recorded an intensive commercial activity based on the search of new commercial opportunities in different markets, as well as in its traditional areas, standing out the activities carried out in Cameroon, Brazil, and Kenya.


The international market has continued being of great importance for ENSA. In 2013 the Company supplied two vessel heads for the nuclear power plant at Beznau (Switzerland) and two steam generators for the nuclear power plant at Sanmen (China), while it continued manufacturing steam generators for nuclear power plants in France and of vessel heads for the United States of America.

Furthermore, ENSA won a contract for the supply of a spent fuel container, the ENUN 24P, which meant a new landmark for the Company, as this is the first with its own design which it supplies in the international market. The ENUN 24P will be used by the company CGNPC Uranium Resources Co., in the People’s Republic of China.

Mention must be made also to the strategic agreements reached with General Electric-Hitachi, thanks to which ENSA consolidates itself as preferential supplier of GE-Hitachi technology for the international market.

In March took place the presentation of the first Spanish Nuclear Cluster in Cantabria, to which belong Equipos Nucleares S.A. (ENSA) and ENWESA, companies which are part of Grupo SEPI, among other companies and institutions. Through this association, which has been promoted by the regional Government of Cantabria, it is sought to reinforce the nuclear energy industry in this region and promote the competitiveness and the business opportunities for the companies from this industry.


ENUSA continued making an important commercial effort at the international market. In 2013, it signed its first sale in the Chinese nuclear market; a contract with the fuel manufacturer CNNC JianZhong Nuclear Fuel Co. (CJNF) for the design, manufacture and supply of a high-technology equipment which will be in charge of carrying out the inspection of fuel rods through the use of ultrasounds. For its part, its affiliated company DESODERMIA was awarded a contract for polluted-soil treatment in Kuwait.

Within the framework of its corporate management, ENUSA adopted a new structure, with the goal of exploiting better the new market opportunities, promoting the capabilities of its main business, integrating its operating activities for achieving an increased efficiency and financial performance.

ENUSA’s activities regarding R&D focused on the developments linked to the design, manufacture, behavior, and inspection of fuel elements for nuclear power plants. In the field of fuel behavior, stands out the project, which it carries out with international collaboration called New Cladding Alloy LTA Program, which seeks to test new alloys for fuel rod claddings for their later irradiation and alloy. Mention must be made also to the HALDEN 2012 ’ 2014 project, aimed at researching fuel with Gadolinium in a trial reactor located in Norway.


On October 1st, 2013 took place the signing of the framework action plan for coal mining and the mining regions for the years 2013 ’ 2018, by the Ministry of Industry, Energy and Tourism and the trade union organizations U.G.T, CC.OO. and USO. This document stipulates for the mining companies the possibility of receiving state aid aimed at facilitating the closure of non-competitive coal mines.

For its part, HUNOSA carried out an important effort for the design of a Company Plan which made possible to define the Company’s future under the best possible financial terms. Finally, after months of negotiations, this Plan was signed on May 15th, 2014.


The Company continued being leader in Spain in the wholesale distribution industry for fresh products, and carried out a number of actions for the modernization of the facilities which make up the wholesale units and expanding the areas dedicated to supplementary activities in order to adapt them to the market’s requirements.

Besides it progressed in the consolidation of the management project called European Foundation for Quality Management (EFQM), while at the same time it promoted training activities, the Company’s internationalization, and the setup of clusters.

MERCASA published for the sixteenth year running the Report on Food Production, Industry, Distribution and Consumption in Spain, with the collaboration of the Ministry of Agriculture and the Environment, with the goal of contributing to a better understanding of the Spanish food reality.

At the international level, significant orders were won through the affiliated company MERCASA ’ INCATEMA, among which stands out a project in Angola.


Among the most relevant facts stands out the NAVANTIA´s commercial effort, with 137 offers made in 32 countries. The Company reinforced its international presence with the opening of four commercial delegations in key markets: Turkey, the Persian Gulf, India, and Brazil, which join that already operating in Australia.

Among the contracts which took place stand out two contracts for providing support to the life cycle, one with the Norwegian Navy for the frigates built by NAVANTIA and another one with the US Navy for the US destroyers DDG51.

Equally, the actions performed made possible the signing of the contract for one offshore supply ship for Pemex in the first quarter of 2014, and winning the award for the engineering for the construction of a ship for the Turkish Navy, along the lines of those built in Ferrol for the Spanish and Australian Navies. Those contracts are not included in the orders recorded in 2013 ’ which reached 301 M€ - as they were not in force at the end of that financial year.

Of the total orders won, 68% corresponded to Ship Repairs and Overahuls, mostly for LNG transport ships at the facilities in the ría de Ferrol, and of cruise ships at the Bay of Cádiz.

Within the Propulsion and Energy field, the Engines Factory executed an order with MTU Alemania for the supply of two engines for the Brazilian Navy, and signed a contract with the Brazilian Naval Commission in Europe for the modernization of the propelling engines and the control system of another ship. NAVANTIA also won the supply of four engines for Pizarro-type vehicles.

In the Systems field, mention must be made to the contract for the supply of the communications system for the Australian destroyers program and the manufacture of turrets for 25mm machine-guns for Oto Melara Ibérica, which opens up a new joint-production line.

Another significant fact was the collective agreement reached with the workers’ representatives, which was approved by all the workplaces but for that at Ferrol, and which will entail a significant improvement in labor flexibility.


In the Entrepreneurial Promotion Area, Grupo SEPIDES carried out a number of actions focused on raising new funds and facilitating access to financing for projects. It also expanded its capacity for managing European funds.

The Group continued managing its entrepreneurial projects portfolio, which amounts to 117 M€, although taking into account third party contributions to the funds managed by the Group, the amount would reach 246 M€, which entails a high leveraged ratio, or 2.11 times the funds provided by SEPIDES.

In the Real Estate field, the Group has more than 8 Million square meters net of land under promotion, with a floor area of 4.7 Million square meters located at: Asturias, Andalusia, Basque Country, Cantabria, and Comunidad Valenciana. Furthermore, it has a buildings portfolio, with a floor area of 415,000 square meters for renting.

In 2013, mention must be made to the increase in the occupancy rate of the office building Génesis, located in Madrid, to where AGENCIA EFE has moved its main offices, as well as in the Campos Velázquez complex, also in the capital, as a result of the renting of one of its buildings to the Instituto de Empresa. Thus, the occupancy rate of the real estate portfolio for renting of Grupo SEPIDES reaches 97%.


Among the most relevant actions during the financial year is the start of a Transformation Plan, which envisaged implementing a new organizational design, streamlining the workforce, applying measures for generating more income, and continue with the cost savings measures.

Grupo TRAGSA continued being affected by the fall in the turnover due to the budgetary and financial difficulties of the public administrations. This fall in sales, together with the high payroll costs, due to the fact that the planned workforce adjustment was not implemented, was setoff in part with savings in supplies and in external services.

During the financial year 2013, international activity represented 3% of the turnover, as a result of works mostly carried out in Nicaragua, Afghanistan and Bolivia.

Equally, within the scope of the R&D stood out projects for the advanced fight against forest fires and the exploit of environmental databases for obtaining tools which can help in the decision taking process on how to protect the Environment.

Other projects were aimed at the improvement of the vegetal genetic resources, the setup of new water management models, and efficient irrigation techniques, or how to exploit biomass for energy production purposes.


The actions carried out by HIPÓDROMO DE LA ZARZUELA were focused on how to revitalize the industry, and especially in promoting the external bet, in collaboration with the State Lottery, as well as practically concluding the works at the facilities, which will allow more public to attend the races.

During the year the horse racing activity was promoted, with the organization of 49 race meetings, which totaled 261 races (59.7% of the total number of horse races in Spain), which means 8 race meetings and 26 races more than in 2012.

Besides, the amount awarded in prizes was 8% higher, a clear signal of support for the industry, thus contributing, together with other measures taken, to a 19% increase in the average attendance level in comparison with the previous year.


MAYASA signed on October 2013 the Minamata Agreement in Japan, which was negotiated within the framework of the United Nations Environment Program (UNEP). The agreement has been signed by 91 countries and the European Union. Its goal consists in eliminating mercury from processes at world level, both at extraction and at production, which might mean new business opportunities in the treatment and storage of this metal as a waste.

The Company continued with the research at the National Technological Center for Mercury Decontamination for searching new industrial uses for the mercury by product.

On the other hand, the stockbreeding and farming estate at Dehesa de Castilseras was improved, through measures aimed at increasing productivity, promoting the stockbreeding activity and irrigation for self-consumption, and maintaining the bovine production and the hunting activity.

At the Mining Park of Almadén a number of actions were jointly carried out with the Administration in order to promote tourism.


En 2013 SAECA reached its 25th anniversary; during those years it has granted and concluded 63,000 guarantees, amounting to 1,300 M€.

During the last financial year, SAECA authorized guarantees amounting to 147.5 M€ for 527 transactions, of which 128.5 M€ were for the Irrigation Association. As part of this line it was authorized a guarantee line for the modernization and consolidation of the Spanish irrigation system.

It is also noteworthy to mention the operations included in a program of grants from the Ministry of Agriculture and the Environment aimed alleviating drought effects on the olive oil industry.

The Company reinforced its commercial actions through the signing of agreements with a number of regional governments, among which stand out those signed with Navarre and La Rioja, the renewal of agreements with banks, and the signing for the new ICO Guarantee Line. It is also worth mentioning the signing of an agreement with the Compañía Española de Reafianzamiento (CERSA) for the issuing of new security bonds for the guarantees, which makes possible to reinforce SAECA’s soundness and efficiency.


Fundación SEPI continued managing the scholarships for the work-experience program for young graduates. Through these programs, in 2013, 773 grant holders worked in companies and institutions with which the Fundación has reached an agreement for that purpose.

Fundación SEPI kept contributing to the knowledge economy through the preparation of studies, among which stands out since 1990 the Survey on Corporate Strategies, which has made possible to generate an important database about Spanish manufacturing. In this regard also stands out the publication of the SERIES journal, which is jointly published by the Spanish Association of Economy and Fundación SEPI itself.

In the training activities promotion area, the Fundación continued carrying out programs aimed at corporations, such as managing, administrative management, business development and foreign languages, among others, all of them at its facilities in the Los Peñascales center.

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