Renfe-Operadora (Renfe-Operator) has been structured into four state-owned companies since 1 January 2014, as provided for in RD-law 22/2012 of 20 July. The purpose of this new business model is to prepare the company to compete in a liberalised market, through these four state-owned companies through which Renfe-Operadora (Renfe-Operator) is formed: Renfe Viajeros, S.A (Renfe Passengers), Renfe Mercancías, S.A. (Renfe Freight), Renfe Ingeniería y Mantenimiento, S.A. (Renfe Engineering and Maintenance) and Renfe Alquiler de Material Ferroviario, S.A. (Renfe Rolling Stock Hire)

The purpose of the reorganisation is that Renfe-Operadora has the appropriate framework to address and energise the process of liberalisation and opening up the railway sector to competition, and to provide the companies with their own legal personality, so that the balance sheets and profit and loss accounts are the basis for business and public service decisions.

This model which is organised under the Public Corporate Entity Renfe-Operadora (Renfe-Operator) as the owner of 100% of the shares of the four new companies and which, as the parent company, is responsible for defining the group's business
policy and strategy, and for seeking efficient management focused on corporate and service functions.

The financial information for this new organisational model begins in 2013, maintaining the information from previous years in an integrated manner with that of the Renfe-Operadora (Renfe-Operator) Group.