PRESS RELEASE
SENER Group’s operating income reaches
1.175 billion euros in 2012
Madrid, June 27, 2013 – The engineering and technology group SENER has succeeded in increasing in 2012
the Group’s operating income to 1.175 billion euros, which represents a 1.3 % growth compared with last
year. The operating result has also increased to 93.2 million euros, 2,8 % more than in 2011, while
EBITDA totaled 168 million euros, this is 15.4 % higher than the 2011 figure. Moreover, regarding SENER’s
workforce, the number of employees has increased in 242 workers, reaching a total of 5,493; this
represents a 4.6 % increase.
Although the year’s economic performance can be described as very good, the overall figures do not
match with those included in SENER’s forecasts of last years, when such negative trends in the
surrounding economic environment could not be predicted, in particular, concerning the drastic collapse
of the Spanish market. However, the Group tackles the challenges and uncertainties of the current
troubled environment, which is marked by the global economic crisis, from a rather privileged situation.
This is possible thanks to very healthy balance, a well-developed diversification both in terms of business
and geographically and, above all, thanks to an exceptional team of highly qualified professionals who
are able to step up their efforts managing to deal with the current situation.
Results by business area
 In the Engineering & Construction area, at SENER Ingeniería y Sistemas - SENER Group’s parent
company, where all business initiatives are designed - there has been a decrease in sales of 139.9
million euros. This was mainly due to the Spanish market weakness, but also to the fact that some
larger projects awarded to SENER outside Spain were put on standby. In addition, due to lower
contracting and business activity in this area, the operating income decreased by 30.9 % to 52.4
million euros.
 For its part, the Aeronautics field, mainly based on the company Industria de Turbopropulsores
(ITP), in which SENER is majority shareholder, has increased its sales by 58.9 million euros as a result
of the growth achieved thanks to the Rolls-Royce Trent programs; however, its operating result has
declined by 1.4 million euros, which represents 3 % less than in 2011.
 Regarding Energy and Environment, the most significant variations took place in Torresol Energy
sales, which have grown up to 92.1 million euros from 8.1 million recorded in 2011. This is primarily
due to the fact that 2012 has been the first year of production of two solar thermal plants, Valle 1 and
Valle 2. However, at this stage, since the commissioning of the facilities has not yet been completed,
both plants do not reach the output levels the company expects to achieve once operations will
completely run in a stable mode. Therefore, the performed margin is in any case still far from enough
to cover the amortizations and the corresponding financial expenses, which has resulted in a loss of 19
million in the subsidiary company. In addition, in the first months of 2012 the Spanish government
precluded the possibility of registering new units in the Special Scheme Registry, a measure that
directly impacted on several of SENER’s projects that were in progress and at a very advanced stage,
especially in the biomass power generation field, projects that were finally cancelled. Moreover, in
addition to stopping new projects, the regulatory reform of the Spanish Electricity Sector has
implemented other measures that severely affect the profitability of all Energy and Environment
For more information:
Oihana Casas. Communication. SENER Tel (+34) 91 807 7318 / 679 314 085
www.sener.es
facilities currently in production, whether solar thermal, agricultural waste or urban solid waste
treatment plants.
SENER’s 3 “I’s” Strategy: Innovation, Internationalization and Investment
In order to address these rapidly changing situations, SENER reaffirms its 3 “I’s” strategy of Innovation,
Internationalization and Investment, the three pillars that support the Group's current policy and will
allow it to successfully overcome this difficult situation.
Innovation as key
In the framework of this strategy, Innovation is the core value from which the other two are derived,
since technology is the key that allows SENER to hold a privileged position in all its business areas. Aware
of this, in 2012 the Group has dedicated 77 million euros to R&D, an amount that represents 6.5 % of the
Group's revenues and that constitutes a declaration of principles with respect to SENER’s firm
determination to continue improving and extending the range of products and services offered, thus
achieving an organic and healthy growth.
Internationalization and increase in people
Regarding the increase in the number of employed people reaching 5,493, which represents an increase
of 242 workers, it should be mentioned that this figure is the result of the development and growth of
our divisions abroad that have compensated the reduction of activity of their Spanish counterparts. This
is due in large part to the imperative of being close to clients, consolidating the Group’s international
network, maintaining competitiveness and globally making use of the competitive skills of the SENER
people working in those divisions where there is a greater demand for project developments such as in
Mexico, Brazil, Poland, Abu Dhabi, etc.
In 2012, 62 % of the Group’s sales were made outside Spain. The bright spots in Latin America should
be highlighted, especially Mexico, where substantial progress has been made in the Engineering and
Construction field, namely in the infrastructures and transport sector, where it should be mention that
ITP has transformed its division in Querétaro into a three-function operations center, working on relevant
programs in component manufacturing for medium- and small-sized turbines, pipes and engineering – but
also the activity in Brazil is noteworthy, a country where SENER has today a team of over 300 Engineering
and Construction professionals and where the Energy and Environment area has realized its first
investment outside Spain. In addition, there has been a significant deployment of the Group’s network of
support offices for FORAN’s clients in Asia, which started in Japan but now also extends to China and
South Korea. Outside of these countries, the company has been awarded very notable projects, for
example in France, India, Morocco and South Africa.
Investment
In terms of the Group’s new investments, it is noteworthy to highlight, in the Aeronautics area, the
participation undertaken by ITP regarding Pratt & Whitney’s new Geared Turbofan (GTF) engine. It is an
operation that, on its own, has involved an 81.4 million euro investment that represents ITP’s entry in
the medium-sized aircraft segment, in which the company had not been able to be present until now.
Thanks to this agreement, ITP ensures a significant production after 2015, which will exceed 1,000 units
per year three years later.
For more information:
Oihana Casas. Communication. SENER Tel (+34) 91 807 7318 / 679 314 085
www.sener.es
Prospects for the future
Within the context of a very demanding environment, SENER’s prospects for the immediate future imply,
to some extent, an improvement in some of its core business areas. In the final months of 2012 and early
2013, the company has been awarded various important contracts in Engineering and Construction, in
sectors such as natural gas, cogeneration, solar thermal power, rail transport and space.
In Aeronautics, ITP’s investment in the Geared Turbofan (GTF) program, a turbine with state-of-theart design and technology, that has already achieved its implementation in aircrafts such as Airbus A-320
NEO, C-Series Bombardier, Mitsubishi Regional Jet, Irkut MS-21 and Embraer 170/175/195, will amount
approximately to 100 million euros over the next six years and the company will obtain in return
significant industrial company shares.
Finally, in the Energy and Environment area, the measures on energy imposed by the Spanish
government in 2012 and 2013 will force SENER to develop its future projects outside Spain. This will
delay, inevitably, ongoing technological developments, since SENER’s investments in Energy and
Environment had been primarily planned for developments in Spain, being one of their main features
becoming pilot projects to demonstrate the feasibility of new high-tech processes applied to waste
treatment and to energy efficiency.
All this information is available in SENER’s Annual Report 2012 on:
http://www.sener.es/memorias-sener/en
About SENER
SENER is a private engineering and technology group founded in 1956, which seeks to offer its clients state-of-the-art
technological solutions and which enjoys international recognition, thanks to its independence and its commitment to
innovation and quality. SENER has a workforce of about 5,500 professionals and an operating income of 1.175 billion euros
(2012 figures).
SENER engages in the specific activities of Engineering and Construction, and also holds industrial company shares in firms
involved in the field of Energy and Environment, as well as in Aeronautics. The Engineering and Construction Division, SENER
Ingeniería y Sistemas, S.A. has become one of the largest engineering companies in Spain, with an operating income of more
than 518 million euros (2012 figures), employing over 2,300 workers and having offices in Algeria, Argentina, Brazil, China,
India, Japan, Mexico, Poland, Portugal, South Korea, Spain, United Arab Emirates and United States.
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For more information:
Oihana Casas. Communication. SENER Tel (+34) 91 807 7318 / 679 314 085
www.sener.es