MIRA INFORM REPORT

Report Date :

08.08.2013

IDENTIFICATION DETAILS

Name :	FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA  ”FCC”
Registered Office :	Calle Balmes, 36 08007 Barcelona
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	14.10.1944
Legal Form :	Joint-Stock Company
Line of Business :	Garbage services
No. of Employees :	25.149

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

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 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

Company name

FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA  ”FCC”

CIF/NIF: A28037224

Company situation: Active

EXECUTIVE SUMMARY

Identification

Current Business Name: FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA

Commercial name: ”CONSTRUCCIONES Y CONTRATAS, S.A.”

Other names:  YES

Current Address:  CALLE BALMES, 36

08007 BARCELONA 

Branches:  196

Telephone number: 934964900 Fax: 913454923

URL:  www.fcc.es 

Corporate e-mail:  fcc@fcc.es

Trade Risk

Incidents:  YES

R.A.I.:  YES

EXPERIAN BUREAU EMPRESARIAL Bank and Multi - sectorial Defaults of Payment:  YES

Financial Information

Balance sheet latest sales (2012):  1.975.923.000,00 € (CNMV)

Result:  -715.759.000 €

Total Assets: 6.736.390.000 €

Share capital:  127.303.000,00 €

Employees:  25.149

Listed on a Stock Exchange:  YES

Commercial Information

Incorporation date:  14/10/1944

Activity:  Garbage services

NACE 2009 CODE: 3811

International Operations:  Exports

Corporate Structure

President: 

DOMINUM DESGA SA

Participations:  155

Other Complementary Information

Latest filed accounts in the Mercantile Register: 2012

Latest act published in BORME:  05/08/2013 Appointments

Latest press article:  06/08/2013 LAS PROVINCIAS (CORPORATE INFORMATION)

Bank Entities:  There are

Financial situation

Exercise:2012
Immediate liquidity	Acceptable
Indebtedness	Important
Profitability	Good
Soundness	Degraded

Performance

Incidents	Few
Business Trajectory	Acceptable

Rating Explanation

Financial situation

• The company’s financial situation is very unfavourable.

• The sales evolution has been  positive  not the results one, which 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 stable.

Performance and Incidences

• The available information indicates that the company does have some barely significant payment incidences.

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

Accounts Filing

• The company files regularly its accounts.

Other Complementary Information

• We proceeded to conduct a review of the rating of the company from one of our analysts derived from press information present in this report. 

Reasons of the last outstanding calculation in the note

DATE	CHANGE	RESULTING NOTE	EVENT
07/07/2013	Equal	10	• There has been a variation in the affected parties of the company’s non-payments information.
18/06/2013	Equal	10	• Variation in the rating system with respect to legal incidences information.
06/05/2013	Equal	10	• Variation in the rating system with respect to legal incidences information.
24/04/2013	Equal	10	• Variation in the rating system with respect to legal incidences information.
22/04/2013	Equal	10	• Variation in the rating system with respect to legal incidences information.

INCIDENTS

Summary

LEGAL ACTIONS: 38  ( Last:03/06/2013 , first: 19/07/2007 )

Insolvency Proceeding:	0
Civil Court:	1
Labour Courts:	37

ADMINISTRATIVE CLAIMS: 38  ( Last:25/04/2013 , first: 27/06/2008 )

With the Social Security:	23
With the Tax Authorities:	0
With Other Official bodies:	15

AFFECTED BY: 

8 Company / Companies in Insolvency Proceedings.

Last Legal Actions

figures expressed in €

CIVIL COURT

DATE	CLAIM TYPE	INCIDENCE STATUS	ACTOR	AMOUNT
19/07/2007	ORDINARY	ORDINARY TRIAL JUDGMENT

LABOUR COURT.

DATE	INCIDENCE STATUS	ACTOR	AMOUNT
03/06/2013	ENFORCEMENT
29/04/2013	CLAIM FOR A SUM IN LABOUR COURT
21/02/2013	JUDGMENT NOTIFICATION

Details of the Latest Legal Actions

figures expressed in €

LABOUR COURT.

Conducted in	GIJON, SOCIAL COURT N. 1
Writ Number	6354/2013
Complaint Date	03/06/2013

Record of the claim

PHASE	ENFORCEMENT
	Date of the Edict: 18/06/2013
	Source: Published in Gazette of ASTURIAS, page 1

Plaintiffs

NAME	DATE	AMOUNT	ENFORCEMENT NUMBER
RODRIGUEZ GARCIA JUAN JOSE	24/04/2013		64.0/2013.0

figures expressed in €

CIVIL COURT

Proceeding	ORDINARY
Conducted in	MADRID, FIRST INSTANCE COURT N. 74
Writ Number	667/2002
Complaint Date	19/07/2007

Record of the claim

PHASE	ORDINARY TRIAL JUDGMENT
	Date of the Edict: 03/10/2007
	Source: Published in Gazette of MADRID Appendix 01, page 220

Plaintiffs

NAME	DATE	AMOUNT	ENFORCEMENT NUMBER
CDAD PROP CL SILVANO 140 DE MADRID	19/07/2007	410.970,45

Latest Administrative Claims

figures expressed in €

WITH THE SOCIAL SECURITY.

Seizures

DATE	ORGANIZATION	AMOUNT
24/01/2013	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE CEUTA
24/01/2013	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE CEUTA

Enforcement

DATE	ORGANIZATION	AMOUNT
17/12/2012	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	1.681,49
17/12/2012	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	312.287,53
17/12/2012	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	2.217,25

Notifications

DATE	ORGANIZATION	AMOUNT
07/11/2012	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	455,54
26/11/2010	FACTORY INSPECTION/ SOCIAL SECURITY DE MELILLA	2.046,00
23/08/2010	CENTRAL TREASURY FOR SOCIAL SECURITY DIRECCION PROVINCIAL DE TRABAJO Y SEGURIDAD SOCIAL	497,06

WITH OTHER OFFICIAL BODIES.

Seizures

DATE	ORGANIZATION	AMOUNT
05/04/2013	TOWN/ CITY HALL DE ERANDIO
20/02/2013	TOWN/ CITY HALL DE ERANDIO
23/11/2012	DEPUTATION/ DELEGATION DE TARRAGONA

Notifications

DATE	ORGANIZATION	AMOUNT
25/04/2013	VICEPRESIDENCIA ECONOMICA DE PROMOCION EMPRESARIAL Y DE OCUPACION/DIRECCION GENERAL DE TRABAJO Y SALUD LABORAL	6.250,00
15/03/2013	ADMON. DE LA COM.AUTONOMA-VICEPRESIDENCIA ECONOMICA, DE PROMOCION EMPRESARIAL Y DE OCUPACION	43.195,00
15/03/2013	ADMON. DE LA COM.AUTONOMA-VICEPRESIDENCIA ECONOMICA, DE PROMOCION EMPRESARIAL Y DE OCUPACION	6.251,00

Detail of the Latest Administrative Claims

figures expressed in €

Notifications

WITH OTHER OFFICIAL BODIES.

Phase: DEBTS WITH OFFICIAL BODIES

Organization: UNDETERMINED AGENCY VICEPRESIDENCIA ECONOMICA DE PROMOCION EMPRESARIAL Y DE OCUPACION/DIRECCION GENERAL DE TRABAJO Y SALUD LABORAL

Concept: Sanction

Date of the claim: 25/04/2013

Source: Published in the Gazette of BALEARES, on 27/04/2013, page 19.049

Amount: 6.250

figures expressed in €

Seizures

WITH OTHER OFFICIAL BODIES.

Phase: SEIZURE

Organization: TOWN/ CITY HALL DE ERANDIO

Concept: Other debts

Date of the claim: 05/04/2013

Source: Published in the VIZCAYA Gazette, on 22/04/2013, page 10.122

Summary

• All the unpaid contracts of the company are in a friendly collection situation.

• The 100,00% of the non-fulfilment of payment obligations have more than 6 months.

Non-Payment details

CHARACTERISTICS OF THE OPERATION				NON-PAYMENT CHARACTERISTICS
Creditor Type	Product	Amount of the operations	Situation	Number of non-payments	Non-payment amount	Date of the first non-payment	Date of the last non-payment
Telecommunications	Telecommunications	-	> 180 days from the first expired default	-	3.337,02	16/10/2009	16/12/2009
Telecommunications	Telecommunications	-	> 180 days from the first expired default	-	433,59	01/02/2011	01/03/2011
					3.770,61

This information comes from Experian Bureau Empresarial Service, property of Experian Bureau de Crédito S.A. It could just be used for businessmen or professionals and for the own aims of the business, and could not be transferred or transmitted to third parties, copied, duplicate or reproduce, nor incorporate to any owned or external database, or reuse it in any direct or indirect way. Experian Bureau de Crédito S.A. may file you for damages it may suffer in case of breaching any of the afore mentioned obligations. Experian would not be responsible of the lack of accuracy in the supplied information when it coincides with the one supplied by the creditor entities.

R.A.I.

NUMBER OF ENTRIES FOUND	1
TOTAL AMOUNT	627,93
DATE OF THE LAST ENTRY	04/05/2013
DATE AND TIME OF THE CONSULTATION	02/08/2013 08:08:40

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 thousands €

	31/12/2012 (12) BALANCE SHEET	% ASSETS	31/12/2011 (12) BALANCE SHEET	% ASSETS	31/12/2010 (12) BALANCE SHEET	% ASSETS
ASSETS
A) NON CURRENT ASSETS	4.883.244,00	72,49	5.004.313,00	62,41	5.169.058,00	71,09
B) CURRENT ASSETS	1.853.146,00	27,51	3.014.131,00	37,59	2.102.598,00	28,91
LIABILITIES
A) NET WORTH	542.618,00	8,06	1.325.297,00	16,53	1.272.436,00	17,50
B) NON CURRENT LIABILITIES	2.801.361,00	41,59	3.149.927,00	39,28	4.469.114,00	61,46
C) CURRENT LIABILITIES	3.392.411,00	50,36	3.543.220,00	44,19	1.530.106,00	21,04

Profit and loss account analysis

Figures given in thousands €

	31/12/2012 (12) BALANCE SHEET	% NET TURNOVER	31/12/2011 (12) BALANCE SHEET	% NET TURNOVER	31/12/2010 (12) BALANCE SHEET	% NET TURNOVER
SALES	1.975.923,00		1.691.470,00		1.680.978,00
GROSS MARGIN	1.734.851,00	87,80	1.463.391,00	86,52	1.559.527,00	92,77
EBITDA	726.152,00	36,75	517.105,00	30,57	498.334,00	29,65
EBIT	664.381,00	33,62	444.052,00	26,25	409.435,00	24,36
NET RESULT	-715.759,00	-36,22	235.824,00	13,94	200.034,00	11,90
EFFECTIVE TAX RATE (%)	-4,12	0,00	5,03	0,00	5,22	0,00

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2012)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	72,49	59,70	12,79
A) CURRENT ASSETS	27,51	40,30	-12,79
LIABILITIES
A) NET WORTH	8,06	21,78	-13,72
B) NON CURRENT LIABILITIES	41,59	35,43	6,16
C) CURRENT LIABILITIES	50,36	42,79	7,57
	COMPANY (2012)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	93,29	95,85	-2,56
GROSS MARGIN	81,91	81,81	0,10
EBITDA	34,28	24,72	9,56
EBIT	31,37	19,41	11,96
NET RESULT	-33,79	10,81	-44,60

Sector Composition

Compared sector (NACE 2009): 3811

Number of companies: 46

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	235.824.256,05	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	70.329.971,25
Total of Amounts to be distributed	235.824.256,05	Dividends	165.494.284,80
		Carry over and others	0,00
		Compensation of previous exercises losses	0,00
		Application total	235.824.256,05

Auditing

Source: filing of annual financial statement 2012

Auditors’ opinion: FAVOURABLE

Auditor: DELOITTE S.L.

ADDRESSES

Business address

Current Legal Seat Address: 

CALLE BALMES, 36

08007 BARCELONA

Previous Seat Address: 

PLAZA PABLO RUIZ PICASSO 42

28020 MADRID

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
POLIGONO INDUSTRIAL ARANTZAR, S/N	01400	LAUDIO/LLODIO	Araba/Álava
PARQUE ABELARDO SANCHEZ, S/N	02003	ALBACETE	Albacete
CALLE ARQUITECTO VANDELVIRA, 14	02003	ALBACETE	Albacete
CALLE CRUZ, 29	02001	ALBACETE	Albacete
CALLE E (CAMPOLLANO), 55	02007	ALBACETE	Albacete
AVENIDA HERMINIO ALMENDROS, 3	02640	ALMANSA	Albacete
CARRETERA MUNERA, 1	02600	VILLARROBLEDO	Albacete
CALLE SAN AGUSTIN, 8	02001	ALBACETE	Albacete
CALLE TARRASA, 3	02005	ALBACETE	Albacete
CALLE APOLO XI, 23	03501	BENIDORM	Alicante

Former branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE JUAN FLOREZ, 64	15004	A CORUÑA	La Coruña
AVENIDA BARBER, 2	45004	TOLEDO	Toledo
CALLE MANUEL LASALA, 36	50006	ZARAGOZA	Saragossa
CALLE SANT CRISTOFOL, 24	07800	EIVISSA	Baleares
CALLE FEDERICO MAYOR ZARAGOZA, S/N	06006	BADAJOZ	Badajoz

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Summary

	Distribution of the administration board
Governing body : 34 members (latest change: 18/07/2013) Other Positions : 782 (latest change: 11/07/2013) Auditor : 2 (latest change: 10/11/2011) Operative Board Members : 3 (latest change: 18/01/2010) Non-current positions : 800 (latest change: 18/07/2013)		Men (52%)  Women (2%)  Companies (46%)

Main Board members, Directors and Auditor

Governing body

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
PRESIDENT	DOMINUM DESGA SA	15/02/2013
VICE-PRESIDENT	KOPLOWITZ ROMERO DE JUSEU, ESTHER	30/09/2008
VICE-PRESIDENT	B 1998 SL	12/01/2009
VICE-PRESIDENT	BEJAR OCHOA, JUAN	15/02/2013
MANAGING DIRECTOR	GARCIA PEREZ, FELIPE BERNABE	06/06/2013
MEMBER OF THE BOARD	LARRANZA XXI SL REPR 143 RRM MARTINEZ ZABALA LOURDES	19/04/2005
MEMBER OF THE BOARD	CARTERA DEVA SA RP LLANTADA AGUINAGA JAIME	24/08/2005
MEMBER OF THE BOARD	LARRANZA XXI SL	24/08/2005
MEMBER OF THE BOARD	DE JUSEU ESTHER KOPLOWITZ, ROMERO	31/12/2005

Auditor

POSITION	NAME AND SURNAME	DATE  APPOINTMENT
AUDITOR	DELOITTE SL	10/11/2011
CONSOLIDATED ACCOUNTS AUDITOR	DELOITTE SL	10/11/2011

Board members remuneration

       Source: Annual financial report 2011

       Board members remuneration: 1.974.000,00 €

Functional Managers

POSITION	NAME AND SURNAME
Financial Manager	PASTOR, VICTOR
Human Resources Director	MARTIN MONTEAGUDO, FRANCISCO
Marketing Director	MERINO GUERRA, JUAN PABLO

FINANCIAL LINKS

Direct Shareholders

BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
B 1998 SL	B80261498	47,03	MERCANTILE REGISTER	31/12/2011
ASESORIA FINANCIERA Y DE GESTION SA	A28881217	6,37	EXPANSIÓN	09/07/2013
THE ROYAL BANK OF SCOTLAND PLC	UNITED KINGDOM	3,40	STOCK EXCH.	09/10/2012
HYPOTHEKENBANK FRANKFURT AG SUCURSAL EN ESPAÑA.	N0701004D	2,98	STOCK EXCH.	29/12/2009
FOMENTO DE CONSTRUCCIONES Y CONTRATAS SA	A28037224	2,57	MERCANTILE REGISTER	31/12/2011
INVERSIONES GARBI, SICAV, SA	A79251807	1,58	STOCK EXCH.	29/12/2009
FMR LLC	UNITED STATES	1,01	STOCK EXCH.	29/12/2009
CENTAURUS ALPHA MASTER FUND LIMITD	CAYMAN ISLANDS	1,00	STOCK EXCH.	29/12/2009
TRABAJADORES DE FOMENTO DE CONSTRUCCIONES Y CONTRATAS		1,00	STOCK EXCH.	29/12/2009
COMPAGNIE NATIONALE A PORTAFEUILLE	BELGIUM	0,50	STOCK EXCH.	29/12/2009

Former Shareholders

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	ACCIONA, SA	A08001851	15,05	EXPANSIÓN	22/12/2006
	GENERAL DE PAZRTICIPACIONS SA (EXTINGUIDA)	A28840015	12,30	STOCK EXCH.	07/07/1993
	KOPLOWITZ ROMERO DE JUSEU ALICIA		10,20	LA GACETA	23/12/1994

Company with rating inferior to 7

Direct Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	FM GREEN POWER INVESTMENTS SL	B86358439	100,00	OWN SOURCES	09/07/2012
	FCC POWER GENERATION SL.	B86358421	100,00	B.O.R.M.E.	03/01/2012
	FCC ENERGIA SA	A85519452	100,00	B.O.R.M.E.	02/01/2012
	EUROPEA DE GESTION SA	A28881209	100,00	MERCANTILE REGISTER	31/12/2011
	FOMENTO DE CONSTRUCCIONES Y CONTRATAS FCC SA Y LIMPIEZAS AJARDINAMIENTOS Y SERVICIOS SERALIA SA UTE VALDEMORO LEY 18-1982	U85618999	100,00	MERCANTILE REGISTER	31/12/2011
	FCC 1 SOCIEDAD LIMITADA	B80294762	100,00	MERCANTILE REGISTER	31/12/2011
	DEDALO PATRIMONIAL SL	B85484905	100,00	MERCANTILE REGISTER	31/12/2011
	F C Y C SOCIEDAD LIMITADA	B80294747	100,00	MERCANTILE REGISTER	31/12/2011
	FOMENTO DE CONSTRUCCIONES Y CONTRATAS FCC SA Y LIMPIEZAS AJARDINAMIENTOS Y SERVICIOS SERALIA SA UTE VALDEMORO 2 LEY 18-1982	U85638310	100,00	MERCANTILE REGISTER	31/12/2011
	FCC CONSTRUCCIONES Y CONTRATAS INTERNACIONAL SL	B80186992	100,00	MERCANTILE REGISTER	31/12/2011

Company with rating inferior to 7

Indirect Participations

BUSINESS NAME	SHAREHOLDER	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
FCC ENERGIA ARAGON II SL	FCC POWER GENERATION SL.	B99302622	100,00	MERCANTILE REGISTER	31/12/2012
HELIOS PATRIMONIAL 1 SL	FCC ENERGIA SA	B85587608	100,00	OWN SOURCES	15/02/2013

Former Participations

	BUSINESS NAME	TAX NUMBER/COUNTRY	%	SOURCE	DATE REP.
	F C COURIER SL	B80935620	100,00	MERCANTILE REGISTER	31/12/2011
	RECUPERACIONES MADRILENAS DEL PAPEL S.A. (EXTINGUIDA)	A28405173	100,00	EL ECONOMISTA	16/07/2007
	INDUSTRIAS SANGAR SA (EXTINGUIDA)	A78168283	100,00	EL ECONOMISTA	16/07/2007

Company with rating inferior to 7

BUSINESS INFORMATION

Constitution

Incorporation date: 14/10/1944

Activity

Code: 1921200

Activity: Garbage services

NACE 2009 CODE: 3811

NACE 2009 Activity: Collection of non-hazardous waste

Business: BUILDING, CONSTRUCTION AND MAINTENANCE WORKS OF PUBLIC AND PRIVATE CHARACTER, AND EXPLOITATION OF ALL KINDS OF INFRASTRUCTURE. THE PROVISION OF SANITATION SERVICES, CLEANING, MANAGEMENT, MAINTENANCE AND REPAIR ..

Employees

Latest employees figure: 25.149 (2013)

% of fixed employees: 100,00%

% of men: 75,39%

% of women: 24,61%

Employees evolution

Employees distribution

Source: Annual financial report 2011

CATEGORY	AVERAGE NUMBER OF EMPLOYEES	MEN	WOMEN
Gender distribution		19.539	6.379

COMMERCIAL OPERATIONS

SALES

Credit collections: 100%

Exports to: PANAMÁ

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
GANDÍA SERVEIS URBANS SA	NO
AQUALIA GESTION INTEGRAL DEL AGUA SA	NO
TIRME SA	NO
EMPRESA MIXTA DE MEDIO AMBIENTE DE RINCON DE LA VICTORIA SA	NO
PER GESTIONA INMOBILIARIA SL	NO
TRATAMIENTO INDUSTRIAL AGUAS, S.A.	NO
CONSERVACION Y SISTEMAS, S.A.	NO
SISTEMAS Y VEHICULOS DE ALTA TECNOLOGIA SA	NO
FCC VERSIA SA	NO
FCC MEDIO AMBIENTE SA	NO

CLIENTS

BUSINESS NAME	INTERNATIONAL
PER GESTORA INMOBILIARIA SL	NO
EMP. MUNICIPAL DESARROLLO SOST. DE UBEDA SA	NO
GANDÍA SERVEIS URBANS SA	NO
INGENIERIA URBANA SA	NO
EMPRESA MIXTA DE MEDIO AMBIENTE DE RINCON DE LA VICTORIA SA	NO
TIRME SA	NO
TRATAMIENTO INDUSTRIAL AGUAS SA	NO
SISTEMAS Y VEHICULOS DE ALTA TECNOLOGIA SA	NO
AQUALIA GESTION INTEGRAL DEL AGUA SA	NO
FCC VERSIA, S.A	NO

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.			BARCELONA
BANCO SANTANDER, S.A.			BARCELONA
CAIXABANK, S.A.			BARCELONA
RBC INVESTOR SERVICES ESPAÑA, S.A.			BARCELONA

Summary of bank operations

Discount facilities: 0

Credit policy: 1

Mortgage loan: 0

Loans with no real security: 1

Bank operations

Debt type: Credit policy	Granted limit:4.099.422.000,00 € Used limit:3.916.824.000,00 € Available limit:182.598.000,00 € Source: Filed Accounts (2011)
Entity:BANCO EUROPEO DE INVERSIÓN Debt type:Loans with no real security Expiry date: 06/11/2012	Granted amount:175.000.000,00 € Source: Filed Accounts (2011)
Operation description: Para financiar y desarrollar inversiones de carácter medioambiental.

Grants

Grant type: Other grants (grouped amounts or not classified)	Amount received in the exercise: 549.000,00 € Source: Filed Accounts (2011)
Operation description: Dicho importe corresponde en su mayor parte a subvenciones concedidas a uniones temporales de empresas a través de las cuales la sociedad ejecuta contratos de forma conjunta.

Brands

FORMER NAMES: 

• CONSTRUCCIONES Y CONTRATAS SA

Brand name: TYRSU (Valid)

Type: JOINT    Scope: NATIONAL    Date: 08/08/2011

Brand name: OU ECOURENSE U.T.E (Valid)

Type: JOINT    Scope: NATIONAL    Date: 25/02/2010

Brand name: EL CAMPO DE LOGRONO (Valid)

Type: JOINT    Scope: NATIONAL    Date: 22/03/2004

Brand name: FCC (Valid)

Type: GRAPHICAL    Scope: COMMUNITARY    Date: 18/02/2004

Brand name: Ñ EL CAMPO DE LOGROÑO (Valid)

Type: JOINT    Scope: NATIONAL    Date: 25/10/2002

LEGAL STRUCTURE

Constitution Data

Register Date: 14/10/1944

Current structure data

Legal form: Joint-stock Company

Share capital: 127.303.000,00 €

Paid-up capital: 127.303.000,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2011)

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

Summary

  Acts on activity: 4 (Last: 21/09/2012, first: 04/07/1991)

  Acts on administrators: 4155 (Last: 05/08/2013, first: 19/02/1990)

  Acts on capital: 9 (Last: 14/07/2008, first: 01/04/1992)

  Acts on creation: 0

  Acts on filed accounts: 43 (Last: 16/12/2011, first: 10/09/1990)

  Acts on identification: 2 (Last: 01/04/1992, first: 03/03/1992)

  Acts on Information: 68 (Last: 21/09/2012, first: 04/07/1991)

  Acts on proceedings: 8 (Last: 16/10/2002, first: 28/05/1991)

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

Other acts

ACT	DATE	NOTICE NUM.	MERCANTILE REGISTER
Appointments	05/08/2013	348929	Barcelona
Officially cancelling of an appointment	29/07/2013	337531	Barcelona
Appointments	18/07/2013	324280	Barcelona
Resignations	18/07/2013	324280	Barcelona
Appointments	18/07/2013	324279	Barcelona
Resignations	18/07/2013	324279	Barcelona
Appointments	18/07/2013	324277	Barcelona
Resignations	18/07/2013	324277	Barcelona
Appointments	18/07/2013	324276	Barcelona
Resignations	18/07/2013	324276	Barcelona

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 1 (Last: 21/06/2008)

Structural Data: 215 (Last: 19/07/2013, first: 02/01/2008)

Informative data: 596 (Last: 06/08/2013, first: 04/01/2008)

Financial Information: 175 (Last: 05/08/2013, first: 15/04/2008)

Negative information: 0

Business lines: 22 (Last: 04/02/2013, first: 14/01/2008)

Historical press releases: 2144 (Last: 27/12/2007, first: 14/01/1993)

Latest press article published

06/08/2013 LAS PROVINCIAS - CORPORATE INFORMATION

A UGT initiative and with the participation of the Works Council has reached a preliminary agreement with FCC, the current concessionaire contract cleaning public buildings in the city of Gandia, to avoid layoffs. It is intended that if the company is awarded the new contract, the huge reduction in hours imposed by the Consistory minimizes adverse to workers. The union will encourage the possibility of holidays throughout the year, voluntary reduction of hours or day, early retirement or voluntary retirement, leave, or creating a job. 

05/08/2013 EXPANSIÓN (Page 3) FINANCIAL DATA

FCC works to close a deal with its creditor banks after the summer. At stake is the refinancing of EUR 5,000 million maturing in 2013 and 2014, making it one of the largest financial restructuring of 2013.

According to sources close to the process, the company will undertake early discussions with the hard core creditor banks in order to get a deferment of debt until 2017. The liability is in the hands of dozens of entities, domestic and foreign.

Until March, the FCC's net debt stood at 7.254 million. Of this amount, 3,500 million due in 2013 and 1.600 million in 2014.

05/08/2013 EL PERIÓDICO DE CATALUNYA - FINANCIAL DATA

FCC closed the first half of the year with a loss of 607 million compared with a profit of 53.4 million it achieved in the same period of 2012. The Cia. explains that this negative result is due basically to the subsidiaries writedowns and FCC ALPINE ENERGY. The net turnover fell in the first six months of the year by 13.7% to 3.133 million from 3.633 million the previous. While EBITDA was € 293 million, compared to previous 449 million, ie 34.7% less. Also, at the end of June, the Group's net financial debt was 6.654 million, 6.1% below the 7.087 million in 2012. 

04/08/2013 ULTIMA HORA - GENERAL INFORMATION

The City Council of Sant Lluís 08/03/13 renewal announced the company FCC garbage collection service and street cleaning in the municipality. The new concession, obtained by competition, the company provides the service for the next 10 years, a period that may be extended from year to year to a total of five years, for an amount that the first year will be increased to 677,000 euros, paid 25% of what the last year of the old concession, about 540,000 euros. 

02/08/2013 OTROS PRENSA - GENERAL INFORMATION

FCC is among the 34 companies that wish to gain the tender contract of 3.3 million euros to build the new school Betanzos Childhood Education. 

Complementary Information

Corporate Social Responsibility

This company joined the Global Compact on 06/05/2007. (Source: Spanish Network of the UN Global Compact).

  Last progress report submitted: Year 2011

Financial Information

The balance sheet as at 31/12/2009 (Tank 2009) is available at INFORMS, but there is data in the new financial statements presented incorrectly. 

FINANCIAL INFORMATION

SITUATION BALANCE-SHEET

Assets

Figures given in thousands €

	31/12/2012 (12)	% ASSETS	31/12/2011 (12)	% ASSETS	31/12/2010 (12)	% ASSETS
A) NON CURRENT ASSETS	4.883.244,00	72,49	5.004.313,00	62,41	5.169.058,00	71,09
I. Intangible assets	169.484,00	2,52	134.001,00	1,67	32.390,00	0,45
2. Concessions	118.661,00	1,76	108.804,00	1,36	7.367,00	0,10
5. Software	16.831,00	0,25	15.350,00	0,19	13.426,00	0,18
7. Other intangible assets	33.992,00	0,50	9.847,00	0,12	11.597,00	0,16
II. Tangible fixed assets	397.591,00	5,90	451.846,00	5,64	552.922,00	7,60
1. Property, plant and equipment	70.467,00	1,05	69.973,00	0,87	85.481,00	1,18
2. Technical fittings and other tangible assets	312.239,00	4,64	365.057,00	4,55	414.658,00	5,70
3. Fixed assets in progress and advances	14.885,00	0,22	16.816,00	0,21	52.783,00	0,73
III. Real-estate investments					226.964,00	3,12
2. Buildings					226.964,00	3,12
IV. Long term investments in associated and affiliated companies	4.110.116,00	61,01	4.207.490,00	52,47	4.184.580,00	57,55
1. Net worth instruments	2.783.215,00	41,32	2.291.908,00	28,58	2.247.074,00	30,90
2. Credits to companies	1.326.684,00	19,69	1.913.206,00	23,86	1.937.506,00	26,64
4. By-products	217,00	0,00	2.376,00	0,03
V. Long Term Financial Investments	61.295,00	0,91	98.365,00	1,23	76.012,00	1,05
1. Net worth instruments	20.559,00	0,31	9.344,00	0,12	9.268,00	0,13
2. Credits to third parties	30.692,00	0,46	37.806,00	0,47	27.609,00	0,38
4. By-products	1.388,00	0,02	15.697,00	0,20	15.024,00	0,21
5. Other financial assets	8.656,00	0,13	35.518,00	0,44	24.111,00	0,33
VI. Assets by deferred taxes	144.758,00	2,15	112.611,00	1,40	92.873,00	1,28
VII. Non current commercial debts					3.317,00	0,05
B) CURRENT ASSETS	1.853.146,00	27,51	3.014.131,00	37,59	2.102.598,00	28,91
I. Non-current assets maintained for sale	277.247,00	4,12
II. Stocks	38.626,00	0,57	49.738,00	0,62	22.570,00	0,31
1. Goods available for sale	21.736,00	0,32	16.282,00	0,20	16.281,00	0,22
2. Raw material inventory	6.133,00	0,09	5.630,00	0,07	5.794,00	0,08
6. Pre-payments to suppliers	10.757,00	0,16	27.826,00	0,35	495,00	0,01
III. Trade Debtors and other receivable accounts	673.475,00	10,00	769.820,00	9,60	727.274,00	10,00
1. Clients	607.385,00	9,02	697.489,00	8,70	652.289,00	8,97
b) Clients for sales and short term services rendering	607.385,00	9,02	697.489,00	8,70	652.289,00	8,97
2. Clients group and associated companies	46.009,00	0,68	47.485,00	0,59	57.743,00	0,79
3. Other debts	9.212,00	0,14	13.279,00	0,17	11.520,00	0,16
4. Staff	1.014,00	0,02	1.427,00	0,02	945,00	0,01
5. Assets by current taxes			78,00	0,00	747,00	0,01
6. Other credits with the Public Administrations	9.855,00	0,15	10.062,00	0,13	4.030,00	0,06
IV. Short term investments in associated and affiliated companies	648.638,00	9,63	1.399.671,00	17,46	1.168.062,00	16,06
2. Credits to companies	643.748,00	9,56	1.388.204,00	17,31	1.137.417,00	15,64
4. By-products	1.247,00	0,02
5. Other financial assets	3.643,00	0,05	11.467,00	0,14	30.645,00	0,42
V. Short term financial investments	43.099,00	0,64	26.263,00	0,33	12.018,00	0,17
2. Credits to companies	13.398,00	0,20	18.887,00	0,24	6.622,00	0,09
3. Debt representative values			62,00	0,00	2.887,00	0,04
4. By-products	4.227,00	0,06	888,00	0,01
5. Other financial assets	25.474,00	0,38	6.426,00	0,08	2.509,00	0,03
VI. Short term periodifications	5.499,00	0,08	6.513,00	0,08	2.584,00	0,04
VII. Cash and equivalents	166.562,00	2,47	762.126,00	9,50	170.090,00	2,34
1. Treasury	106.061,00	1,57	361.047,00	4,50	170.090,00	2,34
2. Other cash equivalents	60.501,00	0,90	401.079,00	5,00
TOTAL ASSETS (A + B)	6.736.390,00	100,00	8.018.444,00	100,00	7.271.656,00	100,00

Net Worth and Liabilities

Figures given in thousands €

	31/12/2012 (12)	% ASSETS	31/12/2011 (12)	% ASSETS	31/12/2010 (12)	% ASSETS
A) NET WORTH	542.618,00	8,06	1.325.297,00	16,53	1.272.436,00	17,50
A-1) Equity	562.363,00	8,35	1.359.472,00	16,95	1.295.249,00	17,81
I. Capital	127.303,00	1,89	127.303,00	1,59	127.303,00	1,75
1. Authorized capital	127.303,00	1,89	127.303,00	1,59	127.303,00	1,75
II. Issue premium	242.133,00	3,59	242.133,00	3,02	242.133,00	3,33
III. Reserves	963.000,00	14,30	889.889,00	11,10	867.741,00	11,93
1. Legal and statutory	26.114,00	0,39	26.114,00	0,33	26.114,00	0,36
2. Other funds	936.886,00	13,91	863.775,00	10,77	841.627,00	11,57
IV. (Net worth own shares and participations)	-90.228,00	-1,34	-90.975,00	-1,13	-89.130,00	-1,23
V. Results from previous years
VI. Other loans from partners
VII. Exercise Result	-715.759,00	-10,63	235.824,00	2,94	200.034,00	2,75
VIII. (Interim dividend)			-80.616,00	-1,01	-88.746,00	-1,22
IX. Other net worth instruments	35.914,00	0,53	35.914,00	0,45	35.914,00	0,49
A-2) Value changes adjustments	-21.462,00	-0,32	-36.073,00	-0,45	-25.072,00	-0,34
I. Financial assets available for sale	8.007,00	0,12	8.007,00	0,10	7.932,00	0,11
II. Coverage operations	-29.469,00	-0,44	-44.080,00	-0,55	-33.004,00	-0,45
III. Non-current assets and related liabilities, maintained for sale
IV. Conversion differences
V. Other
A-3) Received legacies, grants and subventions	1.717,00	0,03	1.898,00	0,02	2.259,00	0,03
B) NON CURRENT LIABILITIES	2.801.361,00	41,59	3.149.927,00	39,28	4.469.114,00	61,46
I. Long term provisions	297.686,00	4,42	394.768,00	4,92	314.455,00	4,32
4. Other provisions	297.686,00	4,42	394.768,00	4,92	314.455,00	4,32
II. Long term debts	2.298.803,00	34,13	2.557.050,00	31,89	4.027.085,00	55,38
1. Debentures and other negotiable values	435.587,00	6,47	428.548,00	5,34	422.204,00	5,81
2. Debts with bank entities	1.800.182,00	26,72	2.001.670,00	24,96	3.470.167,00	47,72
3. Financial leasing creditors	10.825,00	0,16	14.163,00	0,18	27.936,00	0,38
4. By-products	48.410,00	0,72	105.146,00	1,31	99.293,00	1,37
5. Other financial liabilities	3.799,00	0,06	7.523,00	0,09	7.485,00	0,10
III. Long term debts with associated and affiliated companies
IV. Liabilities by deferred taxes	101.740,00	1,51	130.509,00	1,63	127.574,00	1,75
V. Long term periodifications
VI. Non current trade creditors	103.132,00	1,53	67.600,00	0,84
VII. Long term debts with special characteristics
C) CURRENT LIABILITIES	3.392.411,00	50,36	3.543.220,00	44,19	1.530.106,00	21,04
I. Liabilities related with non-current assets maintained for sale
II. Short term provisions	1.367,00	0,02	976,00	0,01	1.517,00	0,02
III. Short term debts	1.928.578,00	28,63	2.263.567,00	28,23	610.420,00	8,39
1. Debentures and other negotiable values	4.875,00	0,07	4.888,00	0,06	4.888,00	0,07
2. Debts with bank entities	1.839.547,00	27,31	2.151.426,00	26,83	456.425,00	6,28
3. Financial leasing creditors	9.059,00	0,13	25.637,00	0,32	38.697,00	0,53
4. By-products	66.012,00	0,98	888,00	0,01
5. Other financial liabilities	9.085,00	0,13	80.728,00	1,01	110.410,00	1,52
IV. Short term debts with associated and affiliated companies	992.983,00	14,74	748.530,00	9,34	498.357,00	6,85
V. Trade creditors and other payable accounts	469.134,00	6,96	529.969,00	6,61	419.529,00	5,77
1. Suppliers	116.669,00	1,73	127.429,00	1,59	89.571,00	1,23
b) Short term suppliers	116.669,00	1,73	127.429,00	1,59	89.571,00	1,23
2. Suppliers group and associated companies	15.351,00	0,23	19.677,00	0,25	17.388,00	0,24
3. Different creditors	121.518,00	1,80	145.359,00	1,81	89.150,00	1,23
4. Staff (pending remunerations)	41.951,00	0,62	39.312,00	0,49	43.305,00	0,60
5. Liabilities by current taxes	4.067,00	0,06	22.195,00	0,28	80.042,00	1,10
6. Other debts with Public Administrations	79.349,00	1,18	67.372,00	0,84	40.198,00	0,55
7. Clients pre-payments	90.229,00	1,34	108.625,00	1,35	59.875,00	0,82
VI. Short term periodifications	349,00	0,01	178,00	0,00	283,00	0,00
VII. Short term debts with special characteristics
TOTAL NET WORTH AND LIABILITIES (A + B + C)	6.736.390,00	100,00	8.018.444,00	100,00	7.271.656,00	100,00

PROFIT AND LOSS ACCOUNT

Figures given in thousands €

	31/12/2012 (12)	%OPERATING INCOME	31/12/2011 (12)	%OPERATING INCOME	31/12/2010 (12)	%OPERATING INCOME
A) CONTINUED OPERATIONS
1. Net Turnover	1.975.923,00	93,29	1.691.470,00	96,41	1.680.978,00	95,66
A) Sales	1.541.297,00	72,77	1.691.470,00	96,41	1.680.978,00	95,66
b) Services provided	434.626,00	20,52
2. Variation in stocks of finished goods and work in progress
3. Works for its own assets	119,00	0,01	893,00	0,05	2.126,00	0,12
4. Supplies	-383.189,00	-18,09	-291.072,00	-16,59	-197.720,00	-11,25
a) Material consumed	-1.473,00	-0,07	-1.436,00	-0,08	-2.163,00	-0,12
b) Raw materials consumed	-133.411,00	-6,30	-133.117,00	-7,59	-101.688,00	-5,79
c) Works carried out for other companies	-248.305,00	-11,72	-156.519,00	-8,92	-93.869,00	-5,34
5. Other operating income	141.998,00	6,70	62.100,00	3,54	74.143,00	4,22
a) Other incomes	139.342,00	6,58	53.108,00	3,03	71.990,00	4,10
b) Operating grants included in the exercise result	2.656,00	0,13	8.992,00	0,51	2.153,00	0,12
6. Labour cost	-819.641,00	-38,70	-823.899,00	-46,96	-823.240,00	-46,85
a) Wages and similar expenses	-616.915,00	-29,13	-621.548,00	-35,43	-624.912,00	-35,56
b) Social costs	-202.726,00	-9,57	-202.351,00	-11,53	-198.328,00	-11,29
7. Other operating costs	-188.386,00	-8,89	-263.236,00	-15,00	-240.096,00	-13,66
a) External services	-179.368,00	-8,47	-171.247,00	-9,76	-158.521,00	-9,02
b) Taxes	-5.581,00	-0,26	-8.686,00	-0,50	-7.321,00	-0,42
c) Losses, deterioration and variation on business operations provisions	-1.840,00	-0,09	373,00	0,02	-685,00	-0,04
d) Other day to day expenses	-1.597,00	-0,08	-83.676,00	-4,77	-73.569,00	-4,19
8. Amortization of fixed assets	-87.786,00	-4,14	-88.964,00	-5,07	-89.594,00	-5,10
9. Allocation of subventions on non financial investments and other	262,00	0,01	549,00	0,03	512,00	0,03
10. Provisions excess	27.855,00	1,32	15.538,00	0,89	1.380,00	0,08
11. Deterioration and result for fixed assets disposal	1.400,00	0,07	140.673,00	8,02	946,00	0,05
b) Results for disposals and others	1.400,00	0,07	140.673,00	8,02	946,00	0,05
12. Negative difference of business combinations
13. Other results	-4.174,00	-0,20
A.1) OPERATING RESULT (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13)	664.381,00	31,37	444.052,00	25,31	409.435,00	23,30
14. Financial income	5.624,00	0,27	3.846,00	0,22	2.519,00	0,14
b) From negotiable values and other financial instruments	5.624,00	0,27	3.846,00	0,22	2.519,00	0,14
b 2) From third parties	5.624,00	0,27	3.846,00	0,22	2.519,00	0,14
15. Financial expenses	-273.220,00	-12,90	-233.899,00	-13,33	-160.962,00	-9,16
a) For debts with associated and affiliated companies	-48.235,00	-2,28	-17.050,00	-0,97	-7.255,00	-0,41
b) For debts with third parties	-220.462,00	-10,41	-213.081,00	-12,15	-149.705,00	-8,52
c) For provisions update	-4.523,00	-0,21	-3.768,00	-0,21	-4.002,00	-0,23
16. Reasonable value variation on financial instruments	-34.648,00	-1,64	16.973,00	0,97	-30.500,00	-1,74
a) Negotiation portfolio and others	-34.648,00	-1,64	16.973,00	0,97	-30.500,00	-1,74
17. Exchange differences	-1.331,00	-0,06	-928,00	-0,05	-5.993,00	-0,34
18. Deterioration and result for disposal of financial instruments	-1.107.320,00	-52,28	18.279,00	1,04	-3.454,00	-0,20
a) Deteriorations and losses	-1.111.449,00	-52,48	18.319,00	1,04	3.658,00	0,21
b) Results for disposals and others	4.129,00	0,19	-40,00	0,00	-7.112,00	-0,40
19. Other financial income and expenses
A.2) FINANCIAL RESULT (14 + 15 + 16 + 17 + 18 + 19)	-1.410.895,00	-66,61	-195.729,00	-11,16	-198.390,00	-11,29
A.3) RESULT BEFORE TAXES (A.1 + A.2)	-746.514,00	-35,25	248.323,00	14,15	211.045,00	12,01
20. Taxes on profits	30.755,00	1,45	-12.499,00	-0,71	-11.011,00	-0,63
A.4) EXERCISE RESULT COMING FROM CONTINUED OPERATIONS (A.3 + 20)	-715.759,00	-33,79	235.824,00	13,44	200.034,00	11,38
B) DISCONTINUED OPERATIONS
21. Net of taxes exercise result coming from discontinued operations
A.5) EXERCISE RESULT (A.4 + 21)	-715.759,00	-33,79	235.824,00	13,44	200.034,00	11,38

NET WORTH CHANGES STATUS

Status of recognized income and expenses

Figures given in thousands €

NET WORTH CHANGES (1/4)	31/12/2012 (12)	31/12/2011 (12)	31/12/2010 (12)
A) PROFIT AND LOSS ACCOUNT RESULT	-715.759,00	235.824,00	200.034,00
INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH
I. For valuation of financial instruments		76,00	1.940,00
1. Financial assets available for sale		76,00	1.940,00
II. Cash flow coverage	-21.859,00	-34.440,00	-34.977,00
III. Received legacies, grants and subventions	17,00	51,00	40,00
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	6.555,00	10.313,00	10.486,00
B) TOTAL INCOME AND EXPENSES ALLOCATED DIRECTLY TO NET WORTH (I + II + III + IV +V+VI+VII)	-15.287,00	-24.000,00	-22.511,00
PROFIT AND LOSS ACCOUNT TRANSFERS
VIII. For valuation of financial instruments
IX. Cash flow coverage	42.732,00	18.617,00	27.422,00
X. Received legacies, grants and subventions	-262,00	-549,00	-512,00
XI. Non-current assets and related liabilities, maintained for sale
XII. Conversion differences
XIII. Tax effect	-12.753,00	-5.430,00	-8.090,00
C) TOTAL TRANSFERS TO THE PROFIT AND LOSS ACCOUNT (VIII + IX + X + XI+ XII+ XIII)	29.717,00	12.638,00	18.820,00
TOTAL INCOME AND EXPENSES RECOGNIZED (A + B + C)	-701.329,00	224.462,00	196.343,00

Total net worth changes status

Figures given in thousands €

NET WORTH CHANGES ( 2 /4)	AUTHORIZED CAPITAL	ISSUE PREMIUM	RESERVES	(NET WORTH OWN SHARES AND PARTICIPATIONS)
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	127.303,00	242.133,00	790.355,00	-89.130,00
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)	127.303,00	242.133,00	790.355,00	-89.130,00
I. Total recognized income and expenses
II. Operations with partners or owners			77.386,00
4. (-) Dividends distribution
5. Operations with own participations or shares (net)			77.386,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	127.303,00	242.133,00	867.741,00	-89.130,00
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)	127.303,00	242.133,00	867.741,00	-89.130,00
I. Total recognized income and expenses
II. Operations with partners or owners			22.148,00	-1.845,00
4. (-) Dividends distribution
5. Operations with own participations or shares (net)			-393,00	-1.845,00
7. Other operations with partners or owners			22.541,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	127.303,00	242.133,00	889.889,00	-90.975,00
I. Adjustments by change of criteria in the exercise (2011)
II. Adjustments by errors in the exercise (2011)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)	127.303,00	242.133,00	889.889,00	-90.975,00
I. Total recognized income and expenses
II. Operations with partners or owners			73.111,00	747,00
4. (-) Dividends distribution
5. Operations with own participations or shares (net)			-1.516,00	747,00
7. Other operations with partners or owners			74.627,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2012)	127.303,00	242.133,00	963.000,00	-90.228,00
NET WORTH CHANGES ( 3 /4)	EXERCISE RESULT	(INTERIM DIVIDEND)	OTHER NET WORTH INSTRUMENTS	VALUE CHANGES ADJUSTMENTS
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	254.878,00	-88.746,00	35.914,00	-21.724,00
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)	254.878,00	-88.746,00	35.914,00	-21.724,00
I. Total recognized income and expenses	200.034,00			-3.348,00
II. Operations with partners or owners	-254.878,00
4. (-) Dividends distribution	-254.878,00
5. Operations with own participations or shares (net)
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	200.034,00	-88.746,00	35.914,00	-25.072,00
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)	200.034,00	-88.746,00	35.914,00	-25.072,00
I. Total recognized income and expenses	235.824,00			-11.001,00
II. Operations with partners or owners	-200.034,00	8.130,00
4. (-) Dividends distribution	-200.034,00
5. Operations with own participations or shares (net)
7. Other operations with partners or owners		8.130,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	235.824,00	-80.616,00	35.914,00	-36.073,00
I. Adjustments by change of criteria in the exercise (2011)
II. Adjustments by errors in the exercise (2011)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)	235.824,00	-80.616,00	35.914,00	-36.073,00
I. Total recognized income and expenses	-715.759,00			14.611,00
II. Operations with partners or owners	-235.824,00	80.616,00
4. (-) Dividends distribution	-235.824,00
5. Operations with own participations or shares (net)
7. Other operations with partners or owners		80.616,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2012)	-715.759,00		35.914,00	-21.462,00
NET WORTH CHANGES ( 4 /4)	RECEIVED LEGACIES, GRANTS AND SUBVENTIONS	TOTAL
FINAL ACCOUNT BALANCE OF EXERCISE (2009)	2.602,00	1.253.585,00
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)	2.602,00	1.253.585,00
I. Total recognized income and expenses	-343,00	196.343,00
II. Operations with partners or owners		-177.492,00
4. (-) Dividends distribution		-254.878,00
5. Operations with own participations or shares (net)		77.386,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2010)	2.259,00	1.272.436,00
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)	2.259,00	1.272.436,00
I. Total recognized income and expenses	-361,00	224.462,00
II. Operations with partners or owners		-171.601,00
4. (-) Dividends distribution		-200.034,00
5. Operations with own participations or shares (net)		-2.238,00
7. Other operations with partners or owners		30.671,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2011)	1.898,00	1.325.297,00
I. Adjustments by change of criteria in the exercise (2011)
II. Adjustments by errors in the exercise (2011)
ADJUSTED ACCOUNT BALANCE, BEGINNING OF EXERCISE (2012)	1.898,00	1.325.297,00
I. Total recognized income and expenses	-181,00	-701.329,00
II. Operations with partners or owners		-81.350,00
4. (-) Dividends distribution		-235.824,00
5. Operations with own participations or shares (net)		-769,00
7. Other operations with partners or owners		155.243,00
III. Other net worth variations
FINAL ACCOUNT BALANCE OF EXERCISE (2012)	1.717,00	542.618,00

CASH FLOW STATUS

Figures given in thousands €

	31/12/2012 (12)	31/12/2011 (12)	31/12/2010 (12)
A) CASH FLOW COMING FROM OPERATING ACTIVITIES
1. exercise result before taxes	-746.514,00	248.323,00	211.045,00
2. Results adjustments	957.830,00	-23.002,00	10.041,00
a) Amortization of fixed assets (+)	87.786,00	88.964,00	89.594,00
b) Value correction for deterioration (+/-)	1.111.449,00	-18.934,00	-3.664,00
c) Change of Provisions (+/-)	-104.355,00	72.060,00	79.161,00
d) Grants allocation (-)	-457,00	-558,00	-512,00
e) Results for decline and disposal of fixed assets (+/-)	-1.400,00	-140.697,00	-940,00
f) Results for decline and disposal of financial instruments (+/-)	-4.128,00	40,00	7.112,00
g) Financial income (-)	-440.251,00	-240.848,00	-358.164,00
f) Financial expenses (+)	273.220,00	233.899,00	160.961,00
i) Change difference (+/-)	1.331,00	928,00	5.993,00
j) Reasonable value variation on financial instruments (+/-)	34.648,00	-16.973,00	30.500,00
k) Other income and expenses (-/+)	-13,00	-883,00
3. Changes in current capital	123.630,00	72.233,00	-28.246,00
a) Stocks (+/-)	16.583,00	-28.092,00	-200,00
b) Debtors and other receivable accounts (+/-)	86.310,00	-57.125,00	-20.357,00
c) Other current assets (+/-)	1.014,00	-3.929,00	-757,00
d) Creditors and other payable accounts (+/-)	20.432,00	163.388,00	-4.639,00
e) Other current liabilities (+/-)	-709,00	-2.009,00	-2.293,00
4. Other cash flow coming from operating activities	47.858,00	11.593,00	195.026,00
a) Interests payments (-)	-255.972,00	-195.684,00	-109.301,00
b) Dividends collections (+)	305.576,00	140.314,00	233.960,00
c) Interests collections (+)	96.387,00	77.031,00	64.966,00
d) Collections (payments) for profit tax (+/-)	-97.095,00	-4.734,00	8.611,00
e) Other payments (collections) (-/+)	-1.038,00	-5.334,00	-3.210,00
5. Cash flow coming from operating activities (1 + 2 + 3 + 4)	382.804,00	309.147,00	387.866,00
B) CASH FLOW COMING FROM INVESTING ACTIVITIES
6. Investment payments (-)	-355.639,00	-322.307,00	-425.856,00
a) Group and associated companies	-252.285,00	-210.896,00	-296.390,00
b) Intangible assets	-45.361,00	-16.852,00	-6.521,00
c) Tangible assets	-33.101,00	-65.162,00	-102.510,00
d) Real state investments		-1.191,00	-1.287,00
e) Other financial assets	-24.892,00	-28.206,00	-19.148,00
7. Disinvestment collections (+)	125.122,00	384.218,00	216.763,00
a) Group and associated companies	61.977,00	332,00	205.199,00
b) Intangible assets	1.717,00	144,00	210,00
c) Tangible assets	14.512,00	8.597,00	2.933,00
d) Real state investments		364.824,00
e) Other financial assets	46.916,00	10.321,00	8.421,00
8. Cash Flow in investment activities (6 + 7)	-230.517,00	61.911,00	-209.093,00
C) CASH FLOW COMING FROM FINANCING ACTIVITIES
9. Net worth instruments collections and payments	-769,00	-2.187,00	40,00
c) Own net worth instruments acquisition (-)	-69.217,00	-45.367,00
d) Own net worth instruments disposal (+)	68.448,00	43.129,00
e) Received legacies, grants and subventions (+)		51,00	40,00
10. Financial liabilities instruments collections and payments	-585.613,00	400.569,00	122.576,00
a) Issue	846.722,00	730.812,00	779.412,00
2. Debts with bank entities (+)	841.863,00	509.620,00	747.142,00
3. Debts with group and associated companies (+)	4.153,00	216.543,00	29.360,00
5. Other debts (+)	706,00	4.649,00	2.910,00
b) Return and amortization of	-1.432.335,00	-330.243,00	-656.836,00
2. Debts with bank entities (-)	-1.374.562,00	-311.530,00	-653.695,00
3. Debts with group and associated companies (-)	-50.166,00	-8.704,00	-2.931,00
5. Other debts (-)	-7.607,00	-10.009,00	-210,00
11. Payments for dividends and remunerations of other net worth instruments	-161.469,00	-177.404,00	-177.493,00
a) Dividends (-)	-161.469,00	-177.404,00	-177.493,00
12. Cash Flow in financing activities (9 + 10 + 11)	-747.851,00	220.978,00	-54.877,00
D) Exchange rate variations effect
E) NET CASH OR EQUIVALENTS INCREASE / REDUCTION (5 + 8 + 12 + D)	-595.564,00	592.036,00	123.896,00
Cash or equivalents at the beginning of the exercise	762.126,00	170.090,00	46.194,00
Cash or equivalents at the end of the exercise	166.562,00	762.126,00	170.090,00

RATIOS

	31/12/2012 (12)	CHANGE %	31/12/2011 (12)	CHANGE %	31/12/2010 (12)
BALANCE RATIOS
Working Capital (€)	-1.539.265,00	-190,93	-529.089,00	-192,42	572.492,00
Working capital ratio	-0,23	-228,57	-0,07	-187,50	0,08
Soundness Ratio	0,12	-55,56	0,27	8,00	0,25
Average Collection Period (days)	123	-25,05	164	5,08	156
Average Payment Period (days)	921	10,93	830	9,97	755
LIQUIDITY RATIOS
Current Ratio (%)	54,63	-35,78	85,07	-38,09	137,42
Quick Ratio (%)	6,18	-72,22	22,25	86,97	11,90
DEBT RATIOS
Borrowing percentage (%)	77,50	11,59	69,45	-1,67	70,63
External Financing Average Cost	0,05	25,00	0,04	33,33	0,03
Debt Service Coverage	13,64	-24,31	18,02	36,10	13,24
Interest Coverage	2,43	27,89	1,90	-25,20	2,54
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	19,37	5,96	18,28	-20,76	23,07
Auto financing generated by Assets (%)	5,68	47,15	3,86	-27,58	5,33
Breakdown Point	1,51	11,03	1,36	3,03	1,32
Average Sales Volume per Employee	78,57	13,57	69,18	13,24	61,09
Average Cost per Employee	32,59	-3,29	33,70	12,63	29,92
Assets Turnover	0,29	38,10	0,21	-8,70	0,23
Inventory Turnover (days)	36	-40,94	62	50,00	41
RESULTS RATIOS
Return on Assets (ROA) (%)	9,86	77,98	5,54	-1,60	5,63
Operating Profitability (%)	11,60	34,88	8,60	24,64	6,90
Return on Equity (ROE) (%)	-132,75	-826,60	18,27	12,15	16,29

SECTORIAL ANALYSIS

Balance Sheet and Financial Balance

Figures expressed in %

	COMPANY (2012)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	72,49	59,70	12,79
A) CURRENT ASSETS	27,51	40,30	-12,79
LIABILITIES
A) NET WORTH	8,06	21,78	-13,72
B) NON CURRENT LIABILITIES	41,59	35,43	6,16
C) CURRENT LIABILITIES	50,36	42,79	7,57

Results Analytical Account

Figures given in  %

	COMPANY (2012)	SECTOR	DIFFERENCE
Net Turnover	93,29	95,85	-2,56
Other operating income	6,71	4,15	2,56
OPERATING INCOME	100,00	100,00	0,00
Supplies	-18,09	-18,26	0,17
Variation in stocks of finished goods and work in progress		0,06
GROSS MARGIN	81,91	81,81	0,10
Other operating costs	-8,89	-15,59	6,70
Labour cost	-38,70	-46,83	8,13
GROSS OPERATING RESULT	34,32	19,39	14,93
Amortization of fixed assets	-4,14	-5,49	1,35
Deterioration and result for fixed assets disposal	0,07	4,54	-4,47
Other expenses / income		0,97
NET OPERATING RESULT	31,37	19,41	11,96
Financial result	-66,61	-7,44	-59,17
RESULT BEFORE TAX	-35,25	11,97	-47,22
Taxes on profits	1,45	-1,16	2,61
RESULT COMING FROM CONTINUED OPERATIONS	-33,79	10,81	-44,60
Exercise result coming from discontinued operations net of taxes		0,00
NET RESULT	-33,79	10,81	-44,60
Amortization of fixed assets	-4,14	-5,49	1,35
Deterioration and provisions variation	1,23	0,18	1,05
	-30,88	16,13	-47,01

Main Ratios

Figures given in thousands  €

	COMPANY (2012)	PTILE25	PTILE50	PTILE75
BALANCE RATIOS
Working Capital (€)	-1.539.265,00	-650,03	1.845,80	7.100,55
Working capital ratio	-0,23	-0,05	0,13	0,31
Soundness Ratio	0,12	0,27	0,94	1,87
Average Collection Period (days)	123	96	158	239
Average Payment Period (days)	921	147	231	429
LIQUIDITY RATIOS
Current Ratio (%)	54,63	90,77	133,34	205,34
Quick Ratio (%)	6,18	1,45	10,11	22,66
DEBT RATIOS
Borrowing percentage (%)	77,50	12,08	27,34	50,11
External Financing Average Cost	0,05	0,03	0,04	0,06
Debt Service Coverage	13,64	1,02	2,86	8,77
Interest Coverage	2,43	1,10	3,54	12,32
GENERAL AND ACTIVITIES RATIOS
Auto financing generated by sales (%)	19,37	6,79	11,33	17,54
Auto financing generated by Assets (%)	5,68	4,69	8,27	13,06
Breakdown Point	1,51	1,02	1,06	1,17
Average Sales Volume per Employee	78,57	52,37	60,66	141,78
Average Cost per Employee	32,59	24,32	32,98	38,13
Assets Turnover	0,29	0,47	0,78	1,47
Inventory Turnover (days)	36	1	6	39
RESULTS RATIOS
Return on Assets (ROA) (%)	9,86	1,44	4,93	9,46
Operating Profitability (%)	11,60	6,10	10,85	15,06
Return on Equity (ROE) (%)	-132,75	0,82	12,48	18,78

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.39
UK Pound	1	Rs.94.17
Euro	1	Rs.81.70

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.