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Gobierno de España - Ministerio de Hacienda y Función Pública
Te encuentras en: Home»Privatizations»Balance sheet»Period from 1996 until the present

Period from 1996 until the present

Since June 28th, 1996, after the so-called Program for the Modernization of the State Entrepreneurial Sector was passed, privatizations were programmed from a comprehensive and global standpoint, with the exception of certain industries, as coal mining, railways, the media and some state-owned enterprises which provide a public service.

During this period, about 50 companies completely left the public sector, among which are the main companies in key industries in the Spanish economy, as electricity, gas, oil, air transport, shipping and transport by road, telecommunications, airspace, iron and steel etc. Also were sold 15 land-plots belonging to the company Expasa, as well as minority shareholdings in other companies.

Most of these privatizations were carried out by SEPI, to which must be added those performed, until their merger into this state-owned enterprise, by SEPPa and by the Agencia Industrial del Estado.

The turnover generated by the privatizations carried out during the above mentioned period amount to almost 30,000 Million Euros, of which more than 22,000 Million correspond to the sale deals made through public offerings. The resulting income was basically applied to covering the operating requirements of the Group's companies and to paying off INI's historical debt.

For selling these companies, use was made of different privatization methods: industrial sales, public offerings, mixed sales (industrial sale + public offering) and auctions.

In all the companies the totality of the State shareholding was privatized, with the exception of the non-exercised green shoes in the public offerings, due to contractual commitments (CASA) or due to a legal imperative (Red Eléctrica).

The privatization of Turbo 2000, which was completed in 2004, has put an end to this 8-year period in the development of the privatization plan, whose last large sale deal was that regarding the Grupo ENA (Empresa Nacional de Autopistas), in 2003.

After that period, there are few companies left in SEPI which due to their activity might be sold, since most of them are companies with public interest objectives or with an instrumental nature, and some others are undergoing reorganization plans. That is why privatizations have ceased to be a priority objective.

During this period, SEPI has completed the sale of a number of small companies, of its shareholdings in Aldeasa, Altadis and Endesa, which resulted from the green shoe of previous public offerings, and of the 8.5% in Red Eléctrica, as well as the assets in IZAR en Liquidación. The income generated by these sales amounted to 2,000 Million Euros.

In 2013, SEPI finished the sales process of the shares which represent the totality of the social capital of the companies ENUSEGUR, S.A. and ETSA DOI, S.R.L., both affiliated companies of Grupo ENUSA, to MAXAMCORP HOLDING, S.L.

On July, 2014 SEPI concluded the privatization process of Remolcadores del Noroeste (RENOSA), a wholly owned affiliated company of NAVANTIA. SEPI put on record as a public deed the private contract for the purchase and sale agreement of the shares which represent the whole social capital of RENOSA to the consortium made up by the companies Remolcadores Ferrolanos, S.A. (Refesa), Sertosa Norte S.L. and Remolcadores Marracoi S.L.

Privatizations carried out by SEPI, SEPPa and AIE

Year Company Industry % sold Privatizing Agent Buyer
1996 Repsol
Argentaria
Sagane
Gas Natural*
Sefanitro
Oil
Banking
Gas
Gas
Fertilizers
11
24.83
91
3.81
52.6
SEPI
SEPPa
SEPI
SEPI
AIE
OPV
OPV
Enagas
OPV Instituc.
Fertiberia



1ª sale after June 28, 1996
AHV affiliated company
1997 Sodiga*
Telefónica
Almagrera
Iongraf
Repsol
Surgiclinic Plus
Sodical
Auxini
Endesa
Aldeasa
Telefónica Int.*
Elcano
Ferroperfil
Barreras
Aceralia
Indust. promotion
Media
Mining
Aluminum
Oil
Medical products
Indust. promotion
Construction
Energy
Distribution
Media
Shipping
Aluminum
Shipbuilding
Iron & Steel
5
20.9
99.99
100
10
50
51
60
25.44
74.94
23.78
100
100
99.9
100
SEPI
SEPPa
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
SEPPa
SEPPa
SEPI
SEPI
SEPI
SEPI
Xunta Galicia
OPV
Navan Resources
Directivos
OPV
Grupo Hambros
Acc.-Caja Duero
OCP Construcc.
OPV
OPV
Telefónica
Gpo Marítimo Ibér.
Directivos
Grupo Barreras
Arbed and others



Inespal affiliated company

Santa Bárbara affiliated co.

40% sold in 1996




Inespal affiliated company
Grupo Aesa affiliated co.
Industrial sale &. pub. offer.
1998 Infoleasing
Argentaria
Inespal
Tabacalera
Endesa
Comesa
Inima
Productos Tub.
Enagás*
Grupo Potasas
Financing
Banking
Aluminum
Tobacco
Energy
Electricity
Environment
Iron & Steel
Gas
Potash Mining
100
29.2%
99.66
50.43
30
100
100
100
9
100
SEPI
SEPPa
SEPI
SEPPa
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
Leasing Catalunya
OPV
Alcoa
OPV
OPV
Subasta
Lain
Tubos Reunidos
Gas Natural
Iberpotash





Red Eléctrica affiliated co.
Cofivacasa affiliated co



1999 Telefónica
Indra
Red Eléctrica
Icsa / Aya
Astander
LM Composites
Enatcar
Media
IT
Energy
Composites
Shipbuilding
Composites
Transport
0.28
66.09
31.5
100
100
50
100
SEPPa
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
Block trade
OPV
OPV
Masa
Italmar
LM Glasfiber
C. Alianza Bus



Santa Bárbara affiliated cos.

Santa Bárbara affiliated co.

2000 Sodican
Initec
Casa
COPE*
Indust. promotion
Engineering
Aerospace
Media
10
100
99.28
2.42
SEPI
SEPI
SEPI
SEPPa
Com. Aut. Canarias
Tec. Reunidas
Integración Grupo
Cope


Incorporation of EADS

2001 Conv. Aluminio
Santa Bárbara
Iberia
Expasa^
Ence
Babcock Wilcox
Arsa / Austral
Printing
Defense
Air transport
Agriculture
Cellulose
Capital goods
Air transport
100
100
88.2
fincas
51
100
99.1/90
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
Alucoil
General Dynamics
Socios Ind. y OPV
Subasta
Socios Ind. y OPV
Babcock Borsing
Air Comet



Sale of 7 land-plots

Transfer to Austrian Energy

2002 Coosur / Olcesa
Química Estr.
Expasa^
Trasmediterránea
Edible oils
Base Chemistry
Agriculture
Shipping
100/89.4
51
Fincas
95.24
SEPI
SEPI
SEPI
SEPI
Consorcio Jaenoliva
Fertiberia
Subasta
OPA
Al. y Aceites affiliated cos.

Sale of 8 land-plots

2003 Ebro-Puleva*
ENA
Musini, S.A
. Musini Vida
Food
Toll motorways
Insurance
Insurance
4.24
100
98.07
100
SEPI
SEPI
SEPI
SEPI
Inst. Hisp. Arroz
Consorcio Sacyr
Mapfre
Mapfre
Participation of Mercasa


Musini affiliated company
2004 Turbo 2000 Aerospace 50% SEPI Sener Holder 53.1% ITP
2005 Aldeasa
Altadis
Clínica Castelló
Inisas
Navalips
Red Eléctrica
Sodicaman
Distribution
Tobacco
Health
Health insurance
Ship propellers
Energy
Prom. Industrial
5.06%
1.93%
100
100
50
8.5
51
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
SEPI
OPA (Retail Airp.)
Bought Deal
Mapfre
Adeslas
Wartsila Propuls
Bought Deal
J. Castilla La Mancha
Green shoe de OPV 1997
Green shoe OPV Tabacalera 1998


Participated by Aesa

Sepides affiliated company
2006 Wesser Eng.
Aresbank*
Sodiar
Izar Liquidación^
Engineering
Banking
Indust. promotion
Shipbuilding
100
7.34
51
Assets
SEPI
SEPI
SEPI
SEPI
Taim-TFG
Lybian Arab F. B.
Savia (Gob. Aragón)
Compañías navales
Participated by Aesa


Shipyards Sestao, Gijón and Sevilla
2007 Ionmed
Endesa
Industrial sterilization
Energy
99.65
2.95
SEPI
SEPI
Ionisos
OPA Acciona-Enel
Enusa affiliated company
Green Shoe OPV de 1998
2013 ENUSEGUR, S.A. and ETSA DOI, S.R.L. Transport 100 SEPI MAXAMCORP HOLDING, S.L. Enusa affiliated companies
2014 RENOSA Towing service 100 SEPI Consortium: Remolcadores Ferrolanos, S.A. (Refesa), Sertosa Norte S.L. y Remolcadores Marracoi S.L. Affiliated company of NAVANTIA
2014 MOLYPHARMA Radiopharmaceutical 51% SEPI IBA MOLECULAR SPAIN, S.A. Affiliated company of ENUSA

(*) Sales of minority shareholdings

(^) Sale of assets

Logotipo ecológico

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