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Gobierno de España - Ministerio de Hacienda y Función Pública
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SEPI achieved profits of 6.2 million euros during the first quarter of 2005

Press release (SEPI)

The individual results of the state-owned holding company Sociedad Estatal de Participaciones Industriales (SEPI), in its capacity as holding company, has amounted during the first quarter of this year to a revenue of over 6.2 million euros. This results does not include the divestment made of 5.6% of Aldeasa, which took place on April, and which produced a net revenue for this company of 38 million euros.

For this year it is equally envisaged to sell the financial stakes of 5.28% in Iberia and of 2.08% in Altadis, which, as the one in Aldeasa, are the result of the green shoes not executed in the last IPOs of these companies. Also the sale of up to 18.5% of Red Eléctrica could take place, a potential deal for which the administrative proceedings have started with the goal of winning the required authorizations, and have begun the privatization processes of the companies Inisas and Clínica Castelló.

For the first time, in keeping with the amendment of article 42 of the Commercial Code approved by the Act 62/2003, SEPI also submits the consolidated results of the Group corresponding to this first quarter, which has amounted to the negative sum of almost 66 million euros.

Operating results of the SEPI Group during the first three months of the year amounted to del 473.4 million euros, which mostly come from the Grupo Tragsa (30%), Navantia (27%) and the Grupo Enusa (15%). The total workforce of the Group at the end of this period amounts to 26,263 employees, the majority of which are part of the Grupo Tragsa (21%), of Navantia (15%) and of Hunosa (5%).

Among the most significant events, during the first quarter of 2005 took place, with economic effects since January 1st, 2005, the spin-off of Izar' s military activity to a new company, Navantia, whose shares were acquired by SEPI for the amount of 150,965,335.86 euros. On March it was also approved the compulsory labor force adjustment plan which was envisaged in the Agreement subscribed with the trade unions on December 2004 regarding the future of the state-owned shipyards.

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