MIRA INFORM REPORT

Report Date :

21.09.2012

IDENTIFICATION DETAILS

Name :	ADOLFO DOMINGUEZ SA
Registered Office :	Calle Numero 4 (Pg Ind San Cibrao De Vinas), Parc. 8 32911 San Cibrao Das Viñas Orense
Country :	Spain
Financials (as on) :	28.02.2011
Date of Incorporation :	09.03.1989
Legal Form :	Joint-stock Company
Line of Business :	Retail sale of clothing in specialised stores
No. of Employees :	2.300

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN - ECONOMIC OVERVIEW

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name

ADOLFO DOMINGUEZ SA

CIF/NIF: A32104226

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: ADOLFO DOMINGUEZ SA

Commercial name: ULTIMATUM

Other names:  YES

Current Address:  CALLE NUMERO 4 (PG IND SAN CIBRAO DE VINAS), PARC. 8

32911 SAN CIBRAO DAS VIÑAS ORENSE 

Branches:  155

Telephone number: 988398705 Fax: 988227167

URL:  www.adolfodominguez.es  , www.adolfodominguez.com 

Corporate e-mail:  info@adolfodominguez.es

Trade Risk

Incidents:  YES

R.A.I.:  NO

EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of Payment:  NO

Financial Information

Balance sheet latest sales (2011):  143.217.036,00 € (Mercantile Register)

Result:  -4.454.379 €

Total Assets: 172.199.148 €

Share capital:  5.488.061,00 €

Employees:  2.300

Listed on a Stock Exchange:  YES

Commercial Information

Incorporation date:  09/03/1989

Activity:  Retail sale of clothes

NACE 2009 CODE: 4771

International Operations:  Imports and Exports

Corporate Structure

President: 

DOMINGUEZ FERNANDEZ, ADOLFO

Participations:  19

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2011

Latest act published in BORME:  07/08/2012 Re-elections

Latest press article:  08/09/2012 EXPANSIÓN (PRINCIPALS)

Bank Entities:  There are

Financial situation

Exercise:2011			Evolution
Treasury	Excellent
Indebtedness	Very slight
Profitability	Unfavourable
Balance	Excellent

Performance

Incidents	None or Negligible
Business Trajectory	Excellent

Rating Explanation

Financial situation

• The company’s financial situation is normal.

• The company’s financial situation evolution has been negative.

• The sales evolution and results has been negative.

• The auditor’s opinion about the latest accounts has been favourable.

Company Structure

• The company’s capitalization degree determines that its structure is sound.

• The company’s size is  big depending on its sales volume.

• The employees evolution has been positive.

Performance and Incidences

• The available information indicates that the company does not have payment incidences.

• He have detected recent legal actions or claims from the Administration against this company.

Accounts Filing

• The company files regularly its accounts.

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
07/02/2012	Equal	13	• Variation in the rating system with regards to legal incidences information.
15/11/2011	Increase	13	• New financial statements have been uploaded.

Summary

LEGAL ACTIONS: No legal actions registered.

ADMINISTRATIVE CLAIMS: 9  ( Last:09/11/2010 , first: 17/02/2009 )

With the Social Security:	9
With the Tax Authorities:	0
With Other Official bodies:	0

AFFECTED BY: No significant element.

Latest Administrative Claims

figures expressed in €

WITH THE SOCIAL SECURITY.

Seizures

DATE	ORGANIZATION	AMOUNT
11/12/2009	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE VALENCIA

Enforcement

DATE	ORGANIZATION	AMOUNT
24/02/2009	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	269,16

Notifications

DATE	ORGANIZATION	AMOUNT
09/11/2010	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	301,76
09/11/2010	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	350,64
09/11/2010	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	211,13

Detail of the Latest Administrative Claims

figures expressed in €

Notifications

WITH THE SOCIAL SECURITY.

Phase: DEBTS WITH OFFICIAL BODIES

Organization: CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL

Concept: Share

Date of the claim: 09/11/2010

Period: 0107 0107

Source: Published in the Gazette of MADRID, on 09/11/2010, page 27

Amount: 301,76

figures expressed in €

Notifications

WITH THE SOCIAL SECURITY.

Phase: DEBTS WITH OFFICIAL BODIES

Organization: CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL

Concept: Share

Date of the claim: 09/11/2010

Period: 0307 0307

Source: Published in the Gazette of MADRID, on 09/11/2010, page 27

Amount: 350,64

R.A.I.

COMPANY NOT REGISTERED IN THE R.A.I.

This company is not registered in the Disputed Bills register (R.A.I.)

DATE AND TIME OF THE CONSULTATION

17/09/2012 11:09:27

Information from the Registro de Aceptaciones Impagados (RAI)- Disputed Bills register.

It can only be used for information legitimate needs of the consulting party, in accordance with its social or business activity, in order to grant a credit or the monitoring or control of the already granted credits and can not be transmitted or communicated to thirds, nor copied, duplicated, reproduced nor implemented to any database , owned or external, or reused it in anyway, direct or indirectly.

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

Balance-sheet analysis

Figures given in €

	28/02/2011 (12) BALANCE SHEET	% ASSETS	28/02/2010 (12) BALANCE SHEET	% ASSETS	28/02/2009 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	106.699.163,00	61,96	109.700.475,00	61,55	117.777.457,00	64,91
B) CURRENT ASSETS	65.499.985,00	38,04	68.517.302,00	38,45	63.656.221,00	35,09
LIABILITIES
A) NET WORTH	128.112.533,00	74,40	133.399.869,00	74,85	134.808.159,00	74,30
B) NON CURRENT LIABILITIES	19.786.412,00	11,49	22.188.717,00	12,45	23.848.539,00	13,14
C) CURRENT LIABILITIES	24.300.203,00	14,11	22.629.191,00	12,70	22.776.980,00	12,55

Profit and loss account analysis

Figures given in €

	28/02/2011 (12) BALANCE SHEET	% NET TURNOVER	28/02/2010 (12) BALANCE SHEET	% NET TURNOVER	28/02/2009 (12) BALANCE SHEET	% NET TURNOVER
SALES	143.217.036,00		151.625.308,00		166.092.275,00
GROSS MARGIN	92.374.113,00	64,50	103.375.578,00	68,18	112.705.973,00	67,86
EBITDA	8.608.419,00	6,01	16.889.359,00	11,14	80.399.132,00	48,41
EBIT	-4.885.294,00	-3,41	2.413.983,00	1,59	10.465.503,00	6,30
NET RESULT	-4.454.379,00	-3,11	-19.193,00	-0,01	4.958.038,00	2,99
EFFECTIVE TAX RATE (%)	-36,21	0,00	347,72	0,00	19,65	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2011)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	61,96	75,72	-13,75
A) CURRENT ASSETS	38,04	24,28	13,75
LIABILITIES
A) NET WORTH	74,40	28,39	46,01
B) NON CURRENT LIABILITIES	11,49	52,54	-41,05
C) CURRENT LIABILITIES	14,11	19,07	-4,96
	COMPANY (2011)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	97,80	98,10	-0,31
GROSS MARGIN	63,08	49,63	13,45
EBITDA	5,88	12,18	-6,30
EBIT	-3,34	3,68	-7,02
NET RESULT	-3,04	2,42	-5,47

Sector Composition

Compared sector (NACE 2009): 4771

Number of companies: 34

Size (sales figure): > 7,000,000.00 Euros

OTHER DATA FROM THE ANNUAL FINANCIAL REPORT

Results Distribution

Source: annual financial report 2011

Figures given in €

DISTRIBUTION BASE		APPLICATION A
Profit and Loss Account Balance	-4.454.379,00	Legal Reserve	0,00
Carry over	0,00	Goodwill reserve	0,00
Voluntary reserves	0,00	Special reserves	0,00
Other reserves disposable at will	0,00	Voluntary reserves	0,00
Total of Amounts to be distributed	-4.454.379,00	Dividends	0,00
		Carry over and others	0,00
		Compensation of previous exercises losses	-4.454.379,00
		Application total	-4.454.379,00

Auditing

Source: filing of annual financial statement 2011

Auditors’ opinion: FAVOURABLE

Auditor: DELOITTE S.L.

Facts subsequent to the closing

Source: Annual financial report 2011

After the closure no relevant facts requiring their inclusion in the annual accounts have taken place.

ADDRESSES

Business address

Current Legal Seat Address: 

CALLE NUMERO 4 (PG IND SAN CIBRAO DE VINAS), PARC. 8

32911 SAN CIBRAO DAS VIÑAS  ORENSE

Previous Seat Address: 

POLIGONO SAN CIBRAO DE VINAS. CL 8. PARC 21

32005 OURENSE  ORENSE

Characteristics of the current address

Type of establishment: office

Local Situation: secondary

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE CORRERIA, 25	01001	VITORIA-GASTEIZ	Araba/Álava
CALLE ZARAMAGA, 1	01013	VITORIA-GASTEIZ	Araba/Álava
PLAZA ALTOZANO, 10	02001	ALBACETE	Albacete
AVENIDA DOCTOR RAMON Y CAJAL, 7	03003	ALICANTE/ALACANT	Alicante
PLAZA GLORIETA, 2	03203	ELCHE/ELX	Alicante
CALLE GRAN VIA	03009	ALICANTE/ALACANT	Alicante
CALLE JOSE GARCIA SELLES, 2	03015	ALICANTE/ALACANT	Alicante
PLAZA NUEVA (ORIHUELA), 6	03300	ORIHUELA	Alicante
CALLE UBERNA, 13	03202	ELCHE/ELX	Alicante
PASEO DE ALMERIA, 29	04001	ALMERIA	Almería

Former branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE RONDA (CT COMERCIAL NUEVA CONDOMINA), 19	30161	MURCIA	Murcia
CALLE PUERTO DE NAVACERRADA, 4	28939	ARROYOMOLINOS	Madrid
CARRETERA PUERTO	11369	SANLUCAR DE BARRAMEDA	Cádiz
CALLE MAJOR, 37	07300	INCA	Baleares
CALLE PELAI, 3	08001	BARCELONA	Barcelona

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 13 members (latest change: 26/10/2011) Other Positions : 13 (latest change: 13/07/2012) Auditor : 2 (latest change: 02/09/2011) Operative Board Members : 6 (latest change: 07/09/2012) Non-current positions : 19 (latest change: 13/07/2012)		Men (84%)  Women (7%)  Companies (9%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
PRESIDENT	DOMINGUEZ FERNANDEZ, ADOLFO	23/08/2006
VICE-PRESIDENT	CROISSIER BATISTA, LUIS CARLOS	26/09/2006
MEMBER OF THE BOARD	BERGES LOBERA, ANGEL	26/09/2006
MEMBER OF THE BOARD	FERNANDEZ NOVO, JUAN MANUEL	26/09/2006
MEMBER OF THE BOARD	GARCIA PLANAS MARCET, JOSE MARIA	26/09/2006
MEMBER OF THE BOARD	NUENO INIESTA, JOSE LUIS	26/09/2006
MEMBER OF THE BOARD	CASTELLANO RIOS, JOSE MARIA	09/01/2009
MEMBER OF THE BOARD	GONZALEZ ALVAREZ, ELENA	14/09/2010
MEMBER OF THE BOARD	LUXURY LIBERTY SA	14/09/2010

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	DELOITTE SL	02/09/2011
CONSOLIDATED ACCOUNTS AUDITOR	DELOITTE SL	02/09/2011

Board members remuneration

       Source: Annual financial report 2011

       Board members remuneration: 208.500,00 €

Functional Managers

POSITION	NAME AND SURNAME
General Manager	GARCIA PLANAS MARCET, JOSE MARIA
General Manager	CARPIO MARTINEZ, ESTANISLAO
Financial Manager	FERNANDEZ NOVO, JUAN MANUEL
Human Resources Director	PAULA PRIETO, DOLORES
Commercial Director	MUNOZ, HIPOLITO
Operations Director	ESTEVEZ BLANCO, ANTONIO

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
DOMINGUEZ FERNANDEZ ADOLFO		31,95	MERCANTILE REGISTER	28/02/2011
LUXURY LIBERTY SA	A97047666	10,36	MERCANTILE REGISTER	28/02/2011
LA PREVISION MALLORQUINA DE SEGUROS SA	A08169013	7,66	MERCANTILE REGISTER	28/02/2011
CAIXA DE AFORROS DE GALICIA VIGO OURENSE E PONTEVEDRA	G70270293	5,05	MERCANTILE REGISTER	28/02/2011
BANK OF NEW YORK MELLON		3,01	MERCANTILE REGISTER	28/02/2011
STATE OF NEW JERSEY COMMON PENSION FUND	UNITED STATES	3,01	STOCK EXCH.	06/08/2009
LIBERTAS 7 SOCIEDAD ANONIMA	A46007449	0,07	MERCANTILE REGISTER	28/02/2011
MONTE DE PIEDAD Y CAJA DE AHORROS SAN FERNANDO DE GUADALAJARA HUELVA, JEREZ Y SEVILLA	G91658039	0,03	EXPANSIÓN	13/03/2010
FIDELITY NORTHSTAR FUND SUB B	CANADA	Indef.	MERCANTILE REGISTER	28/02/2011
FID LOW PRICED STOCK FUND		Indef.	MERCANTILE REGISTER	28/02/2011

Former Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
DOMINGUEZ FERNANDEZ JESUS		30,00	LA VOZ DE GALICIA	28/09/1997
DOMINGUEZ FERNANDEZ JOSEFINA		20,00	LA VOZ DE GALICIA	28/09/1997
DOMINGUEZ SANCHEZ FRANCISCO JAVIER		20,00	LA VOZ DE GALICIA	28/09/1997

Direct Participations

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
TRESPASS SACV	MEXICO	100,00	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ JAPAN COMPANY LIMITED	JAPAN	100,00	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ SARL	FRANCE	100,00	MERCANTILE REGISTER	28/02/2011
TORMATO SA DE CV	MEXICO	100,00	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ SHANGHAI CO LTD	CHINA	100,00	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ ISRAEL LTD	ISRAEL	100,00	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ ITALIA SRL	ITALY	100,00	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ LTD	UNITED KINGDOM	99,99	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ USA INC	UNITED STATES	99,99	MERCANTILE REGISTER	28/02/2011
ADOLFO DOMINGUEZ GMBH	GERMANY	99,67	MERCANTILE REGISTER	28/02/2011

Former Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	ADOLFO DOMINGUEZ CHILE LTDA	CHILE	100,00	MERCANTILE REGISTER	28/02/2011
	ADOLFO DOMINGUEZ PUERTO RICO INC	PUERTO RICO	100,00	MERCANTILE REGISTER	28/02/2011
	POLA SOMBRA SL (EXTINGUIDA)	B32351801	100,00	B.O.R.M.E.	11/11/2010

You can obtain business information of foreign companies at the page D&B INTERNATIONAL

Company with rating inferior to 7

POTENTIAL LINKS

Name Search in the Internet

Search Criterion: ”ADOLFO DOMINGUEZ SA”

URL: www.adolfodominguezshop.com

Tienda online de Adolfo Domínguez – Shop online  Compra en la tienda online de Adolfo Domínguez para toda Europa. Gastos de envío y devoluciones gratuitos Península y Baleares.

URL: www.bolsamadrid.es

Ficha de ADOLFO DOMINGUEZ, S.A.  Los orígenes del Grupo Adolfo Domínguez se remontan a la sastrería que Adolfo Domínguez padre establece en Orense a mediados del siglo pasado. En 1973 ...

BUSINESS INFORMATION

Constitution

Incorporation date: 09/03/1989

Origin / Establishment

Establishment date: 01/01/1973

Founder's Name: Adolfo Doménguez Estevez, who were later brought into the firm new franchises, SA (CIF A-32004226), which to merge in January 1997 became the holder

Activity

Code: 1651200

Activity: Retail sale of clothes

NACE 2009 CODE: 4771

NACE 2009 Activity: Retail sale of clothing in specialised stores

Business: Manufacture, purchase, sale and marketing RETAIL AND WHOLESALE, IMPORT AND EXPORT readymade garments, shoes, bags, leather goods, stationery items and all kinds of accessories as well as R

Employees

Latest employees figure: 2.300 (2012)

% of fixed employees: 69,43%

% of temporary employees: 30,57%

% of men: 13,89%

% of women: 86,11%

Employees evolution

Employees distribution

Source: Annual financial report 2011

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Distribution by sexes		288	1.786

COMMERCIAL OPERATIONS

PURCHASES

Import Percentage: 88%

Imports from: U.E. Y OTROS PAÍSES

National Distribution: 12%

SALES

Cash collections: 96%

Credit collections: 4%

Export Percentage: 8%

Exports to: U.E., AMÉRICA Y ASIA

National Distribution: 92%

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
TRESPASS, S.A. DE C.V.	YES
ADOLFO DOMINGUEZ GMBH	YES
ANTONIO PUIG, S.A.U.	NO
ADOLFO DOMINGUEZ SARL	YES

CLIENTS

BUSINESS NAME	INTERNATIONAL
GYG IN THE SKY SA (COSTA RICA)	YES
POLA BEIRA SL	NO
ANTONIO PUIG, S.A.U.	NO
ADOLFO DOMINGUEZ USA LLC	YES
ADOLFO DOMINGUEZ EL SALVADOR SA DE CV	YES
ADOLFO DOMINGUEZ PERU SAC	YES
ADOLFO DOMINGUEZ ISRAEL LTD	YES
ADOLFO DOMINGUEZ PANAMA SA	YES
ADOLFO DOMINGUEZ SHANGHAI CO LTD	YES
TRESPASS, S.A DE C.V	YES

Sales breakdown

• The 98.68% of its turnover corresponds to the sale of goods.
• 1.32% of its turnover corresponds to other income.

Professional and advertising services

Source: Annual financial report 2011

       Professional services expenses: 1.708.184,00 €

       Advertising services expenses: 1.696.835,00 €

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO SANTANDER, S.A.			SAN CIBRAO DE VIÑAS
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.			SAN CIBRAO DE VIÑAS
NCG BANCO, S.A.			SAN CIBRAO DE VIÑAS
CAIXABANK, S.A.

Summary of bank operations

Discount facilities: 0

Credit policy: 1

Mortgage loan: 0

Loans with no real security: 5

Bank operations

Debt type: Credit policy	Granted limit:17.100.000,00 € Used limit:4.880.512,00 € Available limit:12.219.488,00 € Source: Filed Accounts (2011)
Entity:CAJA DE AHORROS Y PENSIONES DE BARCELONA Debt type:Loans with no real security Expiry date: 31/08/2019	Granted amount:10.000.000,00 € Total outstanding amount:9.425.506,00 € Source: Filed Accounts (2011)
Entity:CAIXA DE AFORROS DE GALICIA, VIGO, OURENSE E PONTEVEDRA (NOVACAIXAGALICIA) Debt type:Loans with no real security Expiry date: 31/05/2018	Granted amount:5.000.000,00 € Total outstanding amount:4.614.375,00 € Source: Filed Accounts (2011)
Entity:BANCO SANTANDER, S.A. Debt type:Loans with no real security Expiry date: 31/07/2015	Granted amount:5.000.000,00 € Total outstanding amount:4.190.090,00 € Source: Filed Accounts (2011)
Entity:CAIXA DE AFORROS DE GALICIA, VIGO, OURENSE E PONTEVEDRA (NOVACAIXAGALICIA) Debt type:Loans with no real security Expiry date: 30/09/2017	Granted amount:3.000.000,00 € Total outstanding amount:2.727.230,00 € Source: Filed Accounts (2011)

Grants

Body-entity: CONSELLERÍA DE INNOVACIÓN, INDUSTRIA E COMERCIO, XUNTA DE GALICIA Grant type: For fixed assets acquisition	Nominal amount: 83.754,00 € Amount received in the exercise: 9.749,00 € Amount pending collection: 18.952,00 € Source: Filed Accounts (2011)
Operation description: Para financiar la adquisición de inmovilizado material.
Body-entity: CONSELLERÍA DE INNOVACIÓN, INDUSTRIA E COMERCIO, XUNTA DE GALICIA Grant type: For fixed assets acquisition	Nominal amount: 166.831,00 € Amount received in the exercise: 20.020,00 € Amount pending collection: 52.669,00 € Source: Filed Accounts (2011)
Operation description: Para financiar la adquisición de inmovilizado material.
Body-entity: CONSELLERÍA DE INNOVACIÓN, INDUSTRIA E COMERCIO, XUNTA DE GALICIA Grant type: For fixed assets acquisition	Nominal amount: 285.577,00 € Amount received in the exercise: 32.378,00 € Amount pending collection: 92.246,00 € Source: Filed Accounts (2011)
Operation description: Para financiar la adquisición de inmovilizado material.

Brands

FORMER NAMES: 

• NUEVAS FRANQUICIAS S.A.

• NUEVAS FRANQUICIAS S.L.

LEGAL STRUCTURE

Constitution Data

Register Date: 09/03/1989

Current structure data

Legal form: Joint-stock Company

Share capital: 5.488.061,00 €

Paid-up capital: 5.488.061,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2010)

Stock exchange information: 

STOCK EXCHANGE TYPE	LISTED ON THE STOCKS EXCHANGE OF	TYPE OF QUOTATION IN STOCKS EXCHANGE	STATUS
Spanish Stock exchanges	Barcelona	Variable annuity	Active
Spanish Stock exchanges	Bilbao	Variable annuity	Active
Spanish Stock exchanges	Madrid	Variable annuity	Active
Spanish Stock exchanges	Valencia	Variable annuity	Active

B.O.R.M.E. (OFFICIAL GAZETTE OF THE MERCANTILE REGISTER)

Summary

  Acts on activity: 1 (Last: 12/02/1997)

  Acts on administrators: 60 (Last: 07/08/2012, first: 09/06/1992)

  Acts on capital: 5 (Last: 05/12/2006, first: 05/01/1993)

  Acts on creation: 0

  Acts on filed accounts: 37 (Last: 17/10/2011, first: 05/09/1990)

  Acts on identification: 5 (Last: 05/11/2007, first: 05/01/1993)

  Acts on Information: 24 (Last: 08/06/2012, first: 05/01/1993)

  Acts on proceedings: 5 (Last: 11/11/2010, first: 21/11/1996)

Latest acts in B.O.R.M.E.

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Re-elections	07/08/2012	331692	Orense
Appointments	07/08/2012	331692	Orense
Resignations	07/08/2012	331692	Orense
Re-elections	26/07/2012	315336	Orense
Appointments	26/07/2012	315336	Orense
Resignations	26/07/2012	315336	Orense
Meeting notification	08/06/2012	18584
Other concepts	29/05/2012	227740	Orense
Appointments	23/03/2012	136529	Orense
Re-elections	10/11/2011	446726	Orense

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 0

Structural Data: 62 (Last: 08/09/2012, first: 16/01/2007)

Informative data: 19 (Last: 23/07/2012, first: 15/05/2007)

Financial Information: 46 (Last: 17/07/2012, first: 28/02/2007)

Negative information: 0

Business lines: 1 (Last: 06/10/2008)

Historical press releases: 260 (Last: 23/11/2006, first: 11/11/1996)

Latest press article published
 EXPANSION 08/09/2012 (Page 10) PRINCIPALS
Estanislao Carpio Martinez has been appointed CEO of the textile firm Adolfo Dominguez.

 23/07/2012 THE ECONOMIST (Page 18) GENERAL INFORMATION
ADOLFO DOMINGUEZ opened in 22 European markets its online store, which was previously only operating in Spain and Portugal, a pitch that is part of the strategy of the CIA. boost the ecommerce business.

 EXPANSION 17/07/2012 (Page 6) FINANCIAL DATA
Adolfo Dominguez revenues fell in the first quarter of its fiscal year (March to May) by 3.7% to 29.7 million euros, for the containment international sales. The gross operating profit (EBITDA) fell by almost 9% to 470,000 euros, while losses are reduced by 3.5%, to 3.25 million.

 GALICIA EXPANSION 13/07/2012 - GENERAL INFORMATION
ADOLFO DOMINGUEZ cut investment outlets to contain losses in the past year were 9.7 million (+103,8%). This year provides 40 starts, 32 fewer than in the previous year. Group sales last year amounted to 153.1 million (-6.3%), while operating profit has a negative balance of 10.8 million and the BAI worsened to -12.5 million. For its part, the bank debt rose from 25.5 million to 31.3, while equity is reduced by 9.6 million and total assets increased by 4.3 million. The best business of the CIA. are in Mexico and Japan, and the worst in the U.S., China, Belgium and Italy.

 FARO DE VIGO 13/07/2012 (Page 43) FINANCIAL DATA
The general meeting of shareholders of the textile group approved 7/12/12 ADOLFO DOMINGUEZ annual accounts with 9.7 million loss at the end of the second year running with red number. Despite the bad time living the company, which in 2011 recorded a fall of 6.34% in sales and 10 million less in income from this, the president is optimistic. During the past year (closed on 29/02/12), Cia. opened 56 stores and closed 112, of which 55 are franchised. To make profits, the company said that its commitment will focus on Latin America, Middle East and Asia through franchising, and sales in Europe through its online store.

Complementary Information

Corporate Social Responsibility
This company joined the Global Compact on 24/06/2002. (Source: Spanish Network of the UN Global Compact).
Last progress report submitted: Year 2010
Current situation

As of 01/02/2006 this sdad BORME. has benefited from the assignment of AD COMPOSTELA SL. NIF. B15871528.

Sales in 1997 are not comparable to the balance of 1996, since it includes the assets and liabilities of the four companies being acquired while the profit and loss account includes only transactions before the merger.
The General Meeting dated 04.27.1999, approved the transfer of assets and liabilities of MARR SL NIF B41364712 your partner only ADOLFO DOMINGUEZ SA NIF A32104226, according Borme notice in Section 2 of 05.14.1999.
The General Meeting dated 06.14.2001, approved the transfer of assets and liabilities of YEAR BENS SL NIF B32233033 your partner only ADOLFO DOMINGUEZ SA NIF: A32104226, according Borme notice in Section 2 of 20.07.2001 .

FINANCIAL INFORMATION

The information on the last Individual Filed Accounts contained in this report is extracted from the Mercantile Register file of the legal address of the Company and dated 15/11/2011.

SITUATION BALANCE-SHEET

Assets

Figures given in €

	28/02/2011 (12)	% ASSETS	28/02/2010 (12)	% ASSETS	28/02/2009 (12)	% ASSETS
A) NON CURRENT ASSETS	106.699.163,00	61,96	109.700.475,00	61,55	117.777.457,00	64,91
I. Intangible assets	2.302.142,00	1,34	1.686.020,00	0,95	1.284.165,00	0,71
2. Concessions	25.988,00	0,02	26.675,00	0,01	27.361,00	0,02
3. Patents, licences , trademarks and similars	480.923,00	0,28	375.054,00	0,21	287.623,00	0,16
5. Software	1.775.232,00	1,03	749.047,00	0,42	384.774,00	0,21
7. Other intangible assets	19.999,00	0,01	535.244,00	0,30	584.407,00	0,32
II. Tangible fixed assets	72.893.545,00	42,33	77.614.904,00	43,55	83.833.469,00	46,21
1. Property, plant and equipment	18.506.303,00	10,75	18.738.006,00	10,51	18.969.709,00	10,46
2. Technical fittings and other tangible assets	54.283.076,00	31,52	57.052.302,00	32,01	63.518.931,00	35,01
3. Fixed assets in progress and advances	104.166,00	0,06	1.824.596,00	1,02	1.344.829,00	0,74
III. Real-estate investments	2.622.770,00	1,52	2.661.400,00	1,49	3.117.503,00	1,72
1. Lands			2.661.400,00	1,49
2. Buildings	2.622.770,00	1,52			3.117.503,00	1,72
IV. Long term investments in associated and affiliated companies	21.522.606,00	12,50	22.813.785,00	12,80	25.162.798,00	13,87
1. Net worth instruments	17.108.104,00	9,94	19.788.557,00	11,10	18.210.538,00	10,04
2. Credits to companies	4.414.502,00	2,56	3.025.228,00	1,70	6.952.260,00	3,83
V. Long Term Financial Investments	2.615.373,00	1,52	2.747.963,00	1,54	3.154.267,00	1,74
2. Credits to third parties	160.615,00	0,09	174.968,00	0,10
5. Other financial assets	2.454.758,00	1,43	2.572.995,00	1,44
6. Other investments					3.154.267,00	1,74
VI. Assets by deferred taxes	4.302.995,00	2,50	1.680.995,00	0,94	779.821,00	0,43
VII. Non current commercial debts	439.732,00	0,26	495.408,00	0,28	445.434,00	0,25
B) CURRENT ASSETS	65.499.985,00	38,04	68.517.302,00	38,45	63.656.221,00	35,09
I. Non-current assets maintained for sale
II. Stocks	35.385.971,00	20,55	37.748.324,00	21,18	35.204.334,00	19,40
1. Goods available for sale	34.212.181,00	19,87	33.625.573,00	18,87	31.918.957,00	17,59
2. Raw material inventory	1.173.790,00	0,68	912.282,00	0,51	614.241,00	0,34
3. Work in Progress			3.006.408,00	1,69	2.671.136,00	1,47
b) Short production cycle			3.006.408,00	1,69	2.671.136,00	1,47
6. Pre-payments to suppliers			204.061,00	0,11
III. Trade Debtors and other receivable accounts	14.782.933,00	8,58	18.446.025,00	10,35	18.908.620,00	10,42
1. Clients	14.357.788,00	8,34	18.020.519,00	10,11	18.488.846,00	10,19
b) Clients for sales and short term services rendering	14.357.788,00	8,34	18.020.519,00	10,11	18.488.846,00	10,19
3. Other debts	265.715,00	0,15	350.784,00	0,20	377.699,00	0,21
5. Assets by current taxes	56.230,00	0,03
6. Other credits with the Public Administrations	103.200,00	0,06	74.722,00	0,04	42.075,00	0,02
IV. Short term investments in associated and affiliated companies
V. Short term financial investments	5.321.256,00	3,09	88.087,00	0,05	4.955.691,00	2,73
5. Other financial assets			88.087,00	0,05
6. Other investments	5.321.256,00	3,09			4.955.691,00	2,73
VI. Short term periodifications	351.279,00	0,20	356.937,00	0,20	359.332,00	0,20
VII. Cash and equivalents	9.658.546,00	5,61	11.877.929,00	6,66	4.228.244,00	2,33
1. Treasury	1.358.546,00	0,79	3.477.929,00	1,95	2.699.512,00	1,49
2. Other cash equivalents	8.300.000,00	4,82	8.400.000,00	4,71	1.528.732,00	0,84
TOTAL ASSETS (A + B)	172.199.148,00	100,00	178.217.777,00	100,00	181.433.678,00	100,00

Net Worth and Liabilities

Figures given in €

	28/02/2011 (12)	% ASSETS	28/02/2010 (12)	% ASSETS	28/02/2009 (12)	% ASSETS
A) NET WORTH	128.112.533,00	74,40	133.399.869,00	74,85	134.808.159,00	74,30
A-1) Equity	127.596.300,00	74,10	132.690.954,00	74,45	134.082.162,00	73,90
I. Capital	5.488.061,00	3,19	5.488.061,00	3,08	5.488.061,00	3,02
1. Authorized capital	5.488.061,00	3,19	5.488.061,00	3,08	5.488.061,00	3,02
II. Issue premium
III. Reserves	126.581.811,00	73,51	127.222.086,00	71,39	123.636.063,00	68,14
1. Legal and statutory	1.097.612,00	0,64	1.097.612,00	0,62	1.097.612,00	0,60
2. Other funds	125.484.199,00	72,87	126.124.474,00	70,77	122.538.451,00	67,54
IV. (Net worth own shares and participations)
V. Results from previous years	-19.193,00	-0,01
2. (Prior years losses)	-19.193,00	-0,01
VI. Other loans from partners
VII. Exercise Result	-4.454.379,00	-2,59	-19.193,00	-0,01	4.958.038,00	2,73
VIII. (Interim dividend)
IX. Other net worth instruments
A-2) Value changes adjustments
I. Financial assets available for sale
II. Coverage operations
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions	516.233,00	0,30	708.915,00	0,40	725.997,00	0,40
B) NON CURRENT LIABILITIES	19.786.412,00	11,49	22.188.717,00	12,45	23.848.539,00	13,14
I. Long term provisions
II. Long term debts	19.447.088,00	11,29	21.764.875,00	12,21	23.415.437,00	12,91
2. Debts with bank entities	18.057.654,00	10,49	20.502.049,00	11,50	22.017.645,00	12,14
5. Other financial liabilities	1.389.434,00	0,81	1.262.826,00	0,71	1.397.792,00	0,77
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes	339.324,00	0,20	423.842,00	0,24	433.102,00	0,24
V. Long term periodifications
VI. Non current trade creditors
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	24.300.203,00	14,11	22.629.191,00	12,70	22.776.980,00	12,55
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions
III. Short term debts	7.709.220,00	4,48	2.698.218,00	1,51	1.780.787,00	0,98
2. Debts with bank entities	7.386.895,00	4,29	2.563.252,00	1,44	1.693.102,00	0,93
5. Other financial liabilities	322.325,00	0,19	134.966,00	0,08	87.685,00	0,05
IV. Short term debts with associated and affiliated companies
V. Trade creditors and other payable accounts	16.590.983,00	9,63	19.930.973,00	11,18	20.293.658,00	11,19
1. Suppliers	5.207.002,00	3,02	5.971.639,00	3,35	5.744.889,00	3,17
b) Short term suppliers	5.207.002,00	3,02	5.971.639,00	3,35	5.744.889,00	3,17
2. Suppliers group and associated companies	432.873,00	0,25	595.889,00	0,33	85.126,00	0,05
3. Different creditors	4.834.455,00	2,81	5.391.036,00	3,02	6.130.863,00	3,38
4. Staff (pending remunerations)	3.728.082,00	2,16	3.807.856,00	2,14	3.862.472,00	2,13
5. Liabilities by current taxes			621.150,00	0,35	891.684,00	0,49
6. Other debts with Public Administrations	2.388.571,00	1,39	3.543.403,00	1,99	3.578.624,00	1,97
VI. Short term periodifications
VII. Short term debts with special characteristics					702.535,00	0,39
TOTAL NET WORTH AND LIABILITIES (A + B + C)	172.199.148,00	100,00	178.217.777,00	100,00	181.433.678,00	100,00

PROFIT AND LOSS ACCOUNT

Figures given in €

	28/02/2011 (12)	%OPERATING INCOME	28/02/2010 (12)	%OPERATING INCOME	28/02/2009 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	143.217.036,00	97,80	151.625.308,00	97,32	166.092.275,00	98,06
A) Sales	143.216.200,00	97,79	151.623.475,00	97,32	166.085.864,00	98,06
b) Services provided	836,00	0,00	1.833,00	0,00	6.411,00	0,00
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets
4. Supplies	-54.071.588,00	-36,92	-52.423.727,00	-33,65	-56.665.044,00	-33,46
a) Material consumed	-49.335.066,00	-33,69	-48.688.980,00	-31,25
b) Raw materials consumed	-4.567.624,00	-3,12	-3.426.289,00	-2,20
c) Works carried out for other companies	-168.898,00	-0,12	-308.458,00	-0,20
d) Deterioration on merchandises, raw materials and other supplies					-56.665.044,00	-33,46
5. Other operating income	3.228.665,00	2,20	4.173.997,00	2,68	3.278.742,00	1,94
a) Other incomes	3.132.235,00	2,14	4.038.631,00	2,59	2.888.259,00	1,71
b) Operating grants included in the exercise result	96.430,00	0,07	135.366,00	0,09	390.483,00	0,23
6. Labour cost	-47.317.676,00	-32,31	-46.213.836,00	-29,66	-44.760.047,00	-26,43
a) Wages and similar expenses	-36.722.588,00	-25,08	-36.017.728,00	-23,12	-34.770.148,00	-20,53
b) Social costs	-10.595.088,00	-7,23	-10.196.108,00	-6,54	-9.989.899,00	-5,90
7. Other operating costs	-36.510.830,00	-24,93	-39.972.759,00	-25,66	-45.655.063,00	-26,96
a) External services	-35.437.032,00	-24,20	-38.193.883,00	-24,51	-43.576.855,00	-25,73
b) Taxes	-685.220,00	-0,47	-529.124,00	-0,34	-488.004,00	-0,29
c) Losses, deterioration and variation on business operations provisions	-388.578,00	-0,27	-1.237.646,00	-0,79	-1.462.368,00	-0,86
d) Other day to day expenses			-12.106,00	-0,01	-127.836,00	-0,08
8. Amortization of fixed assets	-13.098.779,00	-8,94	-12.777.747,00	-8,20	-11.534.664,00	-6,81
9. Allocation of subventions on non financial investments and other	275.260,00	0,19	279.403,00	0,18	245.802,00	0,15
10. Provisions excess
11. Deterioration and result for fixed assets disposal	-607.382,00	-0,41	-2.276.656,00	-1,46	-536.498,00	-0,32
a) Deteriorations and losses	-6.356,00	0,00	-459.983,00	-0,30	-271.553,00	-0,16
b) Results for disposals and others	-601.026,00	-0,41	-1.816.673,00	-1,17	-264.945,00	-0,16
12. Negative difference of business combinations
13. Other results
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	-4.885.294,00	-3,34	2.413.983,00	1,55	10.465.503,00	6,18
14. Financial income	420.662,00	0,29	300.932,00	0,19	286.888,00	0,17
a) From net worth instruments participations					286.888,00	0,17
a 1) On group and associated companies					183.469,00	0,11
a 2) On third parties					103.419,00	0,06
b) From negotiable values and other financial instruments	420.662,00	0,29	300.932,00	0,19
b 1) From group and associated companies	9.859,00	0,01	123.552,00	0,08
b 2) From third parties	410.803,00	0,28	177.380,00	0,11
15. Financial expenses	-855.837,00	-0,58	-1.102.231,00	-0,71	-1.255.198,00	-0,74
b) For debts with third parties	-855.837,00	-0,58	-1.102.231,00	-0,71	-1.255.198,00	-0,74
16. Reasonable value variation on financial instruments
17. Exchange differences	-897.137,00	-0,61	-224.999,00	-0,14	-311.639,00	-0,18
18. Deterioration and result for disposal of financial instruments	-765.137,00	-0,52	-1.379.937,00	-0,89	-3.015.051,00	-1,78
a) Deteriorations and losses	-765.137,00	-0,52	-1.379.937,00	-0,89	-3.015.051,00	-1,78
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-2.097.449,00	-1,43	-2.406.235,00	-1,54	-4.295.000,00	-2,54
A.3) RESULT BEFORE TAXES (A.1 + A.2)	-6.982.743,00	-4,77	7.748,00	0,00	6.170.503,00	3,64
20. Taxes on profits	2.528.364,00	1,73	-26.941,00	-0,02	-1.212.465,00	-0,72
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	-4.454.379,00	-3,04	-19.193,00	-0,01	4.958.038,00	2,93
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	-4.454.379,00	-3,04	-19.193,00	-0,01	4.958.038,00	2,93

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in €

NET WORTH CHANGES (1/3)	28/02/2011 (12)	28/02/2010 (12)	28/02/2009 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	-4.454.379,00	-19.193,00	4.958.038,00
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments
II. Cash flow coverage
III. Received legacies, grants and subventions		255.000,00	836.240,00
IV. For actuarial profits and losses and other adjustments
V. Non-current assets and related liabilities, maintained for sale
VI. Conversion differences
VII. Tax effect		-76.500,00	-250.871,00
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)		178.500,00	585.369,00
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage
X. Received legacies, grants and subventions	-275.260,00	-279.403,00	-245.802,00
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect	82.578,00	83.821,00	73.740,00
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)	-192.682,00	-195.582,00	-172.062,00
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	-4.647.061,00	-36.275,00	5.371.345,00

Total net worth changes status

Figures given in €

NET WORTH CHANGES ( 2 /3)	AUTHORIZED CAPITAL	RESERVES	RESULTS FROM PREVIOUS EXERCISES	EXERCISE RESULT
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	5.488.061,00	107.171.890,00	21.240.453,00	711.777,00
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	5.488.061,00	107.171.890,00	21.240.453,00	711.777,00
I. Total recognized income and expenses				4.958.038,00
II. Operations with partners or owners			-5.488.057,00
4. (-) Dividends distribution			-5.488.057,00
III. Other net worth variations		16.464.173,00	-15.752.396,00	-711.777,00
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	5.488.061,00	123.636.063,00		4.958.038,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	5.488.061,00	123.636.063,00		4.958.038,00
I. Total recognized income and expenses				-19.193,00
II. Operations with partners or owners		-1.372.015,00
4. (-) Dividends distribution		-1.372.015,00
III. Other net worth variations		4.958.038,00		-4.958.038,00
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	5.488.061,00	127.222.086,00		-19.193,00
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	5.488.061,00	127.222.086,00		-19.193,00
I. Total recognized income and expenses				-4.454.379,00
II. Operations with partners or owners		-640.275,00	-19.193,00	19.193,00
4. (-) Dividends distribution		-640.275,00
7. Other operations with partners or owners			-19.193,00	19.193,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	5.488.061,00	126.581.811,00	-19.193,00	-4.454.379,00
NET WORTH CHANGES ( 3 /3)	RECEIVED LEGACIES, GRANTS AND SUBVENTIONS	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2008)	312.690,00	134.924.871,00
I. Adjustments by change of criteria in the exercise (2008)
II. Adjustments by errors in the exercise (2008)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2009)	312.690,00	134.924.871,00
I. Total recognized income and expenses	413.307,00	5.371.345,00
II. Operations with partners or owners		-5.488.057,00
4. (-) Dividends distribution		-5.488.057,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	725.997,00	134.808.159,00
I. Adjustments by change of criteria in the exercise (2009)
II. Adjustments by errors in the exercise (2009)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2010)	725.997,00	134.808.159,00
I. Total recognized income and expenses	-17.082,00	-36.275,00
II. Operations with partners or owners		-1.372.015,00
4. (-) Dividends distribution		-1.372.015,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	708.915,00	133.399.869,00
I. Adjustments by change of criteria in the exercise (2010)
II. Adjustments by errors in the exercise (2010)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2011)	708.915,00	133.399.869,00
I. Total recognized income and expenses	-192.682,00	-4.647.061,00
II. Operations with partners or owners		-640.275,00
4. (-) Dividends distribution		-640.275,00
7. Other operations with partners or owners
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	516.233,00	128.112.533,00

CASH FLOW STATUS

Figures given in €

	28/02/2011 (12)	28/02/2010 (12)	28/02/2009 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	-6.982.743,00	7.748,00	20.272.313,00
2. Results adjustments	15.972.604,00	18.373.872,00	6.170.503,00
a) Amortization of fixed assets (+)	13.098.779,00	12.777.747,00	11.534.664,00
b) Value correction for deterioration (+/-)	6.356,00	459.983,00	271.553,00
c) Change of Provisions (+/-)	388.578,00	1.237.646,00
d) Grants allocation (-)	-275.260,00	-279.403,00	-245.802,00
e) Results for decline and disposal of fixed assets (+/-)	601.026,00	1.816.673,00	264.945,00
f) Results for decline and disposal of financial instruments (+/-)	765.137,00	1.379.937,00	3.015.051,00
g) Financial income (-)	-420.662,00	-300.932,00	-286.888,00
f) Financial expenses (+)	855.837,00	1.102.231,00	1.255.198,00
i) Change difference (+/-)	897.137,00	224.999,00	-52.648,00
k) Other income and expenses (-/+)	55.676,00	-45.009,00	40.027,00
3. Changes in current capital	-2.492.746,00	363.330,00	2.811.969,00
a) Stocks (+/-)	2.506.577,00	-2.543.990,00	8.276.875,00
b) Debtors and other receivable accounts (+/-)	3.315.397,00	-775.029,00	4.042.049,00
c) Other current assets (+/-)	-5.227.510,00	4.869.999,00	-4.915.565,00
d) Creditors and other payable accounts (+/-)	-1.310.372,00	512.514,00	-4.940.666,00
e) Other current liabilities (+/-)	-1.791.187,00	-1.532.199,00	349.276,00
f) Other non-current assets and liabilities (+/-)	14.349,00	-167.965,00
4. Other cash flow coming from operating activities	-1.050.729,00	-1.875.726,00	1.171.319,00
a) Interests payments (-)	-847.339,00	-1.150.607,00	-1.241.051,00
c) Interests collections (+)	420.662,00	475.469,00	103.418,00
d) Collections (payments) for profit tax (+/-)	-624.052,00	-1.200.588,00	-33.686,00
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	5.446.386,00	16.869.224,00	-24.269.576,00
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-18.812.443,00	-17.464.172,00	-24.269.576,00
a) Group and associated companies	-10.349.854,00	-8.569.998,00	-11.512.425,00
c) Tangible assets	-8.303.678,00	-8.790.789,00	-22.543.448,00
e) Other financial assets	-158.911,00	-103.385,00	-89.868,00
7. Disinvestment collections (+)	9.115.047,00	10.046.423,00	9.856.165,00
a) Group and associated companies	8.344.851,00	9.449.569,00	8.995.449,00
c) Tangible assets		9.199,00	493.044,00
e) Other financial assets		587.655,00
g) Business unit	444.112,00
h) Other assets	326.084,00		367.672,00
8. Cash Flow in investment activities (6 + 7)	-9.697.396,00	-7.417.749,00	6.059.445,00
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments		255.000,00	836.240,00
e) Received legacies, grants and subventions (+)		255.000,00	836.240,00
10. Financial liabilities instruments collections and payments	2.672.402,00	-684.755,00	-10.288.738,00
a) Issue	5.172.305,00		21.000.000,00
2. Debts with bank entities (+)	4.770.653,00		21.000.000,00
5. Other debts (+)	401.652,00
b) Return and amortization of	-2.499.903,00	-684.755,00	-10.288.738,00
2. Debts with bank entities (-)	-2.412.218,00	-597.070,00	-10.288.738,00
5. Other debts (-)	-87.685,00	-87.685,00
11. Payments for dividends and remunerations of other net worth instruments	-640.275,00	-1.372.015,00	-5.488.057,00
a) Dividends (-)		-1.372.015,00
b) Other net worth instruments remuneration (-)			-5.488.057,00
12. Cash Flow in financing activities (9 + 10 + 11)	2.031.627,00	-1.801.770,00	-14.940.555,00
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	-2.219.383,00	7.649.705,00	2.062.182,00
Cash or equivalents at the beginning of the exercise	11.877.929,00	4.228.224,00	2.166.042,00
Cash or equivalents at the end of the exercise	9.658.546,00	11.877.929,00	4.228.224,00

RATIOS

	28/02/2011 (12)	CHANGE %	28/02/2010 (12)	CHANGE %	28/02/2009 (12)
BALANCE RATIOS
Working Capital (€)	41.199.782,00	-10,22	45.888.111,00	12,25	40.879.241,00
Working capital ratio	0,24	-7,69	0,26	13,04	0,22
Soundness Ratio	1,20	-0,83	1,21	6,14	1,14
Average Collection Period (days)	37	-15,57	44	7,02	41
Average Payment Period (days)	66	-15,28	78	9,09	71
LIQUIDITY RATIOS
Current Ratio (%)	269,54	-10,97	302,78	8,34	279,48
Quick Ratio (%)	61,64	16,58	52,88	31,15	40,32
DEBT RATIOS
Borrowing percentage (%)	15,77	14,86	13,73	-1,15	13,89
External Financing Average Cost	0,03	-40,00	0,04	0,00	0,05
Debt Service Coverage	4,99	244,14	1,45	239,42	-1,04
Interest Coverage	-5,71	-360,73	2,19	-73,74	8,34
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	3,80	-65,86	11,13	176,18	-14,61
Auto financing generated by Assets (%)	3,16	-66,63	9,47	170,78	-13,38
Breakdown Point	0,97	-4,90	1,02	-4,67	1,07
Average Sales Volume per Employee	69.053,54	-5,91	73.390,76	-14,98	86.326,55
Average Cost per Employee	22.814,69	1,99	22.368,75	-3,85	23.264,06
Assets Turnover	0,83	-2,35	0,85	-7,61	0,92
Inventory Turnover (days)	235	-9,17	259	15,94	224
RESULTS RATIOS
Return on Assets (ROA) (%)	-2,84	-308,82	1,36	-76,43	5,77
Operating Profitability (%)	4,42	-39,03	7,25	-38,72	11,83
Return on Equity (ROE) (%)	-5,47	-54.800,00	0,01	-99,78	4,60

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2011)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	61,96	75,72	-13,75
A) CURRENT ASSETS	38,04	24,28	13,75
LIABILITIES
A) NET WORTH	74,40	28,39	46,01
B) NON CURRENT LIABILITIES	11,49	52,54	-41,05
C) CURRENT LIABILITIES	14,11	19,07	-4,96

Results Analytical Account

Figures given in  %

	COMPANY (2011)	SECTOR	DIFFERENCE
Net Turnover	97,80	98,10	-0,30
Other operating income	2,20	1,90	0,30
OPERATING INCOME	100,00	100,00	0,00
Supplies	-36,92	-50,21	13,29
Variation in stocks of finished goods and work in progress		-0,16
GROSS MARGIN	63,08	49,63	13,45
Other operating costs	-24,93	-24,34	-0,59
Labour cost	-32,31	-15,73	-16,58
GROSS OPERATING RESULT	5,84	9,56	-3,72
Amortization of fixed assets	-8,94	-5,40	-3,54
Deterioration and result for fixed assets disposal	-0,41	-0,60	0,19
Other expenses / income		0,12
NET OPERATING RESULT	-3,34	3,68	-7,02
Financial result	-1,43	-0,93	-0,50
RESULT BEFORE TAX	-4,77	2,75	-7,52
Taxes on profits	1,73	0,25	1,48
RESULT COMING FROM CONTINUED OPERATIONS	-3,04	3,00	-6,04
Exercise result coming from discontinued operations net of taxes		-0,58
NET RESULT	-3,04	2,42	-5,46
Amortization of fixed assets	-8,94	-5,40	-3,54
Deterioration and provisions variation	-9,21	-3,10	-6,11
	15,12	10,92	4,20

Main Ratios

Figures given in €

	COMPANY (2011)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	41.199.782,00	-1.673.775,00	-21.388,22	2.035.976,54
Working capital ratio	0,24	-0,06	0,00	0,13
Soundness Ratio	1,20	0,33	0,72	1,13
Average Collection Period (days)	37	3	8	29
Average Payment Period (days)	66	53	85	130
LIQUIDITY RATIOS
Current Ratio (%)	269,54	84,61	97,93	155,04
Quick Ratio (%)	61,64	7,40	18,86	37,18
DEBT RATIOS
Borrowing percentage (%)	15,77	8,12	21,19	51,23
External Financing Average Cost	0,03	0,02	0,04	0,06
Debt Service Coverage	4,99	1,30	2,16	7,70
Interest Coverage	-5,71	0,18	2,40	8,34
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	3,80	3,21	5,40	8,30
Auto financing generated by Assets (%)	3,16	5,05	7,00	11,20
Breakdown Point	0,97	1,00	1,02	1,05
Average Sales Volume per Employee	69.053,54	97.404,24	124.444,15	161.002,28
Average Cost per Employee	22.814,69	17.788,67	21.710,92	28.196,76
Assets Turnover	0,83	0,90	1,47	2,12
Inventory Turnover (days)	235	60	104	154
RESULTS RATIOS
Return on Assets (ROA) (%)	-2,84	0,03	2,72	7,48
Operating Profitability (%)	4,42	4,25	7,21	13,43
Return on Equity (ROE) (%)	-5,47	-1,60	4,76	16,62

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.34
UK Pound	1	Rs.87.91
Euro	1	Rs.70.57

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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