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Gobierno de España - Ministerio de Hacienda y Función Pública
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The state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) closed the Accounts for the financial year 2014 with a negative balance of 84 M€, which would have reached a profit of more than 480 M€ had it not been for the costs which resulted from the reorganization of mining and shipbuilding. Anyway, the aggregated balance for the last three years was positive, reaching 464 M€.

Although the contributions made by the companies which make up the scope of consolidation of the state-owned holding company reached the figure of 481 M€, the Accounts of Grupo SEPI were adversely affected mostly for three reasons:

  • The endowment of a provision for implementing HUNOSA’s Company Plan 2013-2018 in fulfillment of the mandate from the European Union;
  • The contribution of 130 M€ made by SEPI for offsetting the losses recorded by Corporación RTVE;
  • The evolution followed by the INDRA asset, which recorded last year latent capital losses amounting to 70 M€, which required making provisions for that risk, in keeping with the legal framework.

The activity developed during the financial year by the companies which make up Grupo SEPI generated a consolidated turnover of 3,661 M€, which together with other net income, resulted in a total operating income of the state-owned holding of 4,304 M€ in 2014.

Orders recovery

The financial year 2014 can be described in operating terms as the year of the recovery of the orders received by production companies, especially by the groups NAVANTIA and TRAGSA.

This recovery in the orders won by the Group’s production companies led to a final aggregated order book of 5,063 M€, a 19% increase on that of the previous year, which will translate into a higher corporate activity and, as a result, into a higher turnover in 2015.

The increase in the orders was especially significant in the case of NAVANTIA, with the entry into force of the Offshore Support Vessel for Pemex, of two Offshore Multi-role Vessels (BAMs) for the Spanish Navy, and the hull bottom works for the S-74 submarine, and the 29 metallic structures and the substation for the WIKINGER offshore wind power farm.

Grupo TRAGSA also stood out, as the value of the orders won grew 29% in comparison with 2013, putting the net order book 19% above that recorded in the previous year.

On the other hand, total expenses related to the activity of the companies of the Group reached 4,266 M€. This figure excludes the extraordinary endowment for the provision of the new HUNOSA Plan, and meant a 7.1% reduction against that recorded in the previous year.

Main milestones in 2014

One of the most significant milestones recorded in 2014 was the agreement reached with the employees’ representatives in HUNOSA for guaranteeing the Company’s stability in the future, with the signing of the Company Plan and Collective Agreement for 2013-2018. The agreement was reached on May 15th, after several months of bargaining, thus making possible the Company’s continuity beyond 2018.

The agreement includes an industrial plan which replaces mining extraction and focused on the activity for the environmental and economic recovery of the degraded areas, the introduction of non-traumatic policies for regulating mining surpluses, and the option of progressing on feasible corporate diversification projects.Within the framework of its function as an industrial policy tool for the Government, mention must be made to SEPI’s entry into ALESTIS social capital; this company is a first-level supplier in the aerospace industry, especially for the AIRBUS Group, with which it shares now its presence as shareholder in the company. This deal took place in the first months of 2015.

Portfolio transactions

The most significant portfolio consolidation transactions carried out in 2014 were the following:

  • The sale of the 51% stake which ENUSA owned in the social capital of its affiliated company MOLYPHARMA to the minority partner.
  • Sale of 100% of the shares in REMOLCADORES DEL NOROESTE, S.A. (RENOSA), an affiliated company of NAVANTIA to REMOLCADORES RÍA DE FERROL, S.L.
  • Sale by HUNOSA of its 49% shareholding in the company Sociedad Centro de Asesoramiento y Búsqueda de Empleo de Asturias, S.L.
  • Formalization of the liquidation of DESOTERMIA, as a result of its takeover by EMGRISA, both affiliated companies of ENUSA.

Finally, mention must be made to the fact that the final workforce of Grupo SEPI on December 31st, 2014 reached a total of 72,909 persons.

On the lateral menu are already available the following reports from the Office of the General State Comptroller (IGAE) in Spanish:

  • The Auditor's Report for the Consolidated Annual Accounts of Grupo SEPI for the financial year 2014
  • The Auditor's Report for SEPI's Annual Accounts for the financial year 2014

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