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Gobierno de España - Ministerio de Hacienda y Función Pública
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History

2016

The favorable economic climate coexisted with a restriction of public spending. The closing of the State budget for no-budgetary expenses and transactions for 2016 was brought forward to July, with the aim of guaranteeing the meeting of budgetary stability goals agreed with the European Commission. This situation had an impact on the turnover of the companies which make up Grupo SEPI, and which are reliant to a large extent on the demand from the Administration.

Turnover of 3,837 M€

Grupo SEPI recorded a turnover of 3,837 M€, with 91% of it coming from the groups CORREOS, NAVANTIA, TRAGSA and ENUSA.

From the operating subsidies applied (185 M€), 97% went to Grupo CORREOS, for offsetting the provision of the Universal Postal Service. These figures are in line with those recorded the year before. Furthermore, other sources of operating income were recorded, which raised the total figure for the Group to 4,230 M€.

The operating expenses for the financial year reached 4,590 M€, which is 6.5% less than in 2015, for the items of external supplies and services; labor costs, as a result of the reduction in the size of the average workforce, and the effect which had in 2015 the recovery in all companies of 75% of the 2012 December salary bonus; and provisions made, which were lower than those recorded in 2016.

The above mentioned evolution of the operating income and expenses, together with an 8 M€ of income attached to the fixed assets, led to an operating loss amounting to 352 M€. However, it must be highlighted the significant operating improvement experienced during the year by the groups TRAGSA, COFIVACASA, SEPIDES and CORREOS, as well as by the SAECA company.

The financial income and net profits resulting from the consolidation by the application of the equity method of minority shareholdings contributed 191 M€, which offset more than half of the operating losses.

The net income corresponding to the parent company amounted to the loss of 151 M€, which represents a 24 M€ improvement on the previous year in homogenous terms after the accounting restatement made of the financial statements for 2015 and the application of the Royal Decree 602/2016, which makes compulsory the amortization of the goodwill.

The orders won by the production companies of Grupo SEPI, in comparison with those recorded in 2015, increased basically in groups TRAGSA and NAVANTIA, and in the DEFEX company, generating a final aggregated order book of 4,564 M€.

Investment: 157M€

The investment effort carried out by the Group 157 M€, and was applied to actions at the facilities and equipment for carrying out the orders won, as well as to measures aimed at saving costs.

Finally, the Group’s net worth at the end of the financial year amounted to 4,306 M€, after the inclusion of the contribution to the consolidated income made by the different companies included within the scope of consolidation, the effect of the funds provided by the State for carrying out the purchase of the shares of Corporación RTVE, as well as a result of the payment of dividends.

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 2016

  • The Auditor's Report for SEPI's Annual Accounts for the financial year 2016

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