MIRA INFORM REPORT

Report Date :

21.12.2013

IDENTIFICATION DETAILS

Name :	BASF ESPAÑOLA SOCIEDAD LIMITADA
Registered Office :	C/ Can Rabia, 3 - 5. - Barcelona – 08017, Barcelona
Country :	Spain
Financials (as on) :	31.12.2011
Date of Incorporation :	08.09.1966
Legal Form :	Private Company
Line of Business :	manufacturer and marketer of chemical products
No. of Employees :	1000 (2013)

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 :	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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

EXECUTIVE SUMMARY

Name:	BASF ESPAÑOLA SOCIEDAD LIMITADA
NIF / Fiscal code:	B08200388
Status:	ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL
Incorporation Date:	08/09/1966
Register Data	Register Section 8 Sheet 85789
Last Publication in BORME:	04/11/2013 [Take-over Merger]
Last Published Account Deposit:	2011
Share Capital:	46.486.529,30
Localization:	C/ CAN RABIA, 3 -5. - BARCELONA - 08017 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 934964000-977256200   Website. www.basf.es
Activity:
NACE:	2014 - Manufacture of other organic basic chemicals
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	4 for a total cost of NaN
Subsidies:	4 for a total cost of 958000
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies		None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

BASF SE	100 %
Shares:	13
Other Links:	18
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 2

Ratios

2011

2010

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES

INVESTIGATION SUMMARY

The subject was founded in Spain in 1996 and it is engaged in manufacturing and marketing of chemical products. Annual sales increased more than the 50% during 2011, boosted mainly by exportations to the European Union countries. The 1st of July, 2011, there was a merger by acquisition of Cognis Iberia SA in the subject, which meant the consolidation of the commercial and productive of this company inside the subject. It has also caused the rise in sales during the second quarter of 2011.

Identification
Social Denomination:	BASF ESPAÑOLA SOCIEDAD LIMITADA
NIF / Fiscal code:	B08200388
Corporate Status:	ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL
Start of activity:	1966
Registered Office:	C/ CAN RABIA, 3 -5.
Locality:	BARCELONA
Province:	BARCELONA
Postal Code:	08017
Telephone:	934964000-977256200
Fax:	934964141-977256201
Website:	www.basf.es

Activity
NACE:	2014
Additional Information:	The subject is engaged in manufacturing and marketing of chemical products (plasticizers, organic solvents.) Apart from thr own production, it markets more than 5,000 products from the Group BASF (organic and inorganic chemical products, plant health products, plastic material and raw material for the ink industry.) It belongs to the German group with the same name.
Additional Address:	Its registered office and administrative offices are located in C. Can Rábia 3-5, 08017 Barcelona. It has factories in the following addresses: Ctra. A376 km 22,600, 41710 Utrera (Sevilla). Zona Franca, Sector E, Calle 42, 08040 Barcelona. Polígono Industrial San Vicente s/n 08755 Castellbisbal (Barcelona). Ctra. N.340, km. 1.156, 43006 Tarragona.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	1000

Chronological Summary

Year	Act
1990	Accounts deposit (ejer. 1989) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (6) Modification of Powers (2)
1992	Accounts deposit (ejer. 1991) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (5)
1993	Accounts deposit (ejer. 1992) Adaptation to Law (1) Appointments/ Re-elections (12) Cessations/ Resignations/ Reversals (8) Modification of Powers (1)
1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
1995	Accounts deposit (ejer. 1994) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3) Modification of Powers (2) Other Concepts/ Events (1)
1996	Accounts deposit (ejer. 1995) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (3) Modification of Powers (1)
1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Partial Split Project Cancellation (1) Partial split (4)
1998	Accounts deposit (ejer. 1997) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (6)
1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (6) Other Concepts/ Events (1)
2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4) Increase of Capital (1) Modification of Powers (1) Partial split (6)
2001	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Change of Social address (1)
2002	Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (7)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (5) Errata (1)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (6)
2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (5)
2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Company Transformation (1) Take-over Merger (10)
2008	Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1)
2009	Accounts deposit (ejer. 2007) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (4) Take-over Merger (1)
2010	Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Increase of Capital (1) Take-over Merger (3)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Increase of Capital (3) Take-over Merger (2)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (1) Change of Social address (1) Increase of Capital (2)
2013	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Modification of Powers (1) Other Concepts/ Events (1) Take-over Merger (3)

Breakdown of Owners' Equity
Registered Capital:	46.486.529,30
Paid up capital:	46.486.529,30

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
15/11/2000	Increase of Capital	14.818	14.818	9.030.000	9.030.000
14/10/2010	Increase of Capital	4.654.303	4.654.303	13.684.303	13.684.303
20/07/2011	Increase of Capital	1	1	13.684.304	13.684.304
20/07/2011	Increase of Capital	6	6	13.684.310	13.684.310
07/10/2011	Increase of Capital	2.285.733	2.285.733	15.970.043	15.970.043
02/02/2012	Increase of Capital	18.306.160	18.306.160	34.276.203	34.276.203
01/06/2012	Increase of Capital	12.210.326	12.210.326	46.486.529	46.486.529

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	BASF AKTIENGESELLSCHAFT	28/04/2008	1
PRESIDENT	SILVAIN DELMOITIEZ JACQUES	25/01/2011	2
CHIEF EXECUTIVE OFFICER	KATARZYNA IZABELA BYCZKOWSKA	20/09/2013	1
VICE CHAIRMAN	RAUHE ERWIN	07/09/2009	6
	BACH VOLTAS JOSE MARIA	31/07/1997	10
MEMBER OF THE BOARD	SILVAIN DELMOITIEZ JACQUES	25/01/2011	2
	CARBONERO ZALDUEGUI LUIS	14/06/2007	1
	ANDREAS KREIMEYER	15/11/2000	1
CHIEF EXECUTIVE OFFICER	RAUHE ERWIN	07/09/2009	6
MANAGER	ROGLA DE LEUW JORGE	17/01/2000	3
	VOLKARD MEYDEN	03/11/1993	2
	KARL KLAUS STEIGERWALD	06/08/1993	2
SECRETARY	VILA VILA JOAN	14/06/2007	11
REPRESENTATIVE	MARIN ROYO MIGUEL ANGEL	27/08/2002	2
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	30/01/2013	5

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALBRECHT ECKELL	MEMBER OF THE BOARD	24/11/1998	2
	PRESIDENT	24/11/1998
BACH VOLTA JOSE MARIA	VICE CHAIRMAN	01/12/2001	1
BACH VOLTAS JOSE MARIA	MEMBER OF THE BOARD	18/03/1993	10
	CHIEF EXECUTIVE OFFICER	18/03/1993
	VICE CHAIRMAN	18/03/1993
	MEMBER OF THE BOARD	31/07/1997
	VICE CHAIRMAN	31/07/1997
	CHIEF EXECUTIVE OFFICER	31/07/1997
	CHIEF EXECUTIVE OFFICER	01/12/2001
	PRESIDENT	27/08/2002
	MEMBER OF THE BOARD	27/08/2002
BASF HOLDING ESPAÑOLA SL	SINGLE PARTNER	28/04/2008	1
BERCIO KARL PETER	MEMBER OF THE BOARD	11/11/2008	3
	CHIEF EXECUTIVE OFFICER	11/11/2008
	VICE CHAIRMAN	11/11/2008
DELOITTE & TOUCHE SA	ACCOUNTS' AUDITOR / HOLDER	27/08/2002	4
	ACCOUNTS' AUDITOR / HOLDER	12/09/2001
	ACCOUNTS' AUDITOR / HOLDER	14/08/2003
	ACCOUNTS' AUDITOR / HOLDER	02/07/2004
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	18/12/2006	1
DELOITTE TOUCHE SOCIEDAD LIMITADA	ACCOUNTS' AUDITOR / HOLDER	28/09/2005	1
DRT DELOITTE Y TOUCHE SA	ACCOUNTS' AUDITOR / HOLDER	17/02/1995	3
	ACCOUNTS' AUDITOR / HOLDER	18/10/1999
	ACCOUNTS' AUDITOR / HOLDER	25/05/2000
EGGERT VOSCHERAU	MEMBER OF THE BOARD	01/12/2001	2
	PRESIDENT	01/12/2001
GERHARD WOLF	MEMBER OF THE BOARD	25/01/1995	4
	PRESIDENT	25/01/1995
	PRESIDENT	16/03/1996
	MEMBER OF THE BOARD	16/03/1996
JOSEF KOHNLE	MEMBER OF THE BOARD	26/07/1999	3
	MEMBER OF THE BOARD	15/11/2000
	MEMBER OF THE BOARD	25/01/1995
KIENER VOLKER	MANAGER	06/08/1993	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	03/03/2010	5
	ACCOUNTS' AUDITOR / HOLDER	28/02/2011
	ACCOUNTS' AUDITOR / HOLDER	20/02/2012
	ACCOUNTS' AUDITOR / HOLDER	30/01/2013
KRAMER HANS JAKOB	MEMBER OF THE BOARD	13/12/1990	1
KREIMEYER ANDREAS	MEMBER OF THE BOARD	27/08/2002	1
MARIN ROYO MIGUEL ANGEL	REPRESENTATIVE	27/08/2002	2
ODENA DE MENA JUAN	SECRETARY	16/02/2004	10
OTT HEINRICH FROMMER ELMAR	MEMBER OF THE BOARD	27/08/2002	1
PENNING ERNST	MEMBER OF THE BOARD	18/03/1993	2
	MEMBER OF THE BOARD	31/01/1992

PRATORIUS WERNER	MEMBER OF THE BOARD	27/08/2002	1
RAFOLS SERDA JOSE MARIA	NON CONSELLOR SECRETARY	28/08/1995	1
RAUHE ERWIN	MEMBER OF THE BOARD	07/09/2009	6
	MEMBER OF THE BOARD	05/05/2005
	CHIEF EXECUTIVE OFFICER	05/05/2005
	VICE CHAIRMAN	05/05/2005
RUDOLF DUTEMEYER	MEMBER OF THE BOARD	11/05/1992	3
	CHIEF EXECUTIVE OFFICER	11/05/1992
	VICE CHAIRMAN	11/05/1992
SCHWARZ GERHARD W	MEMBER OF THE BOARD	11/11/2008	4
	MEMBER OF THE BOARD	04/09/2009
	CHIEF EXECUTIVE OFFICER	04/09/2009
	VICE CHAIRMAN	04/09/2009
SEUFERT WALTER GERHARD	MEMBER OF THE BOARD	25/01/2011	2
	PRESIDENT	25/01/2011
THOMAS CHEWSKI DIETER	MEMBER OF THE BOARD	05/05/2005	1
VILA VILA JOAN	SECRETARY	05/05/2005	11
	SECRETARY	14/06/2007
	MEMBER OF THE BOARD	14/06/2007
VOSCHERAU EGGERT	MEMBER OF THE BOARD	05/05/2005	2
	PRESIDENT	05/05/2005
WERNER DIETMAR	MEMBER OF THE BOARD	08/03/1993	2
	PRESIDENT	08/03/1993
WITT HANS JOACHIM	MEMBER OF THE BOARD	13/12/1990	1

Executive board

Post	NIF	Name
MANAGING DIRECTOR		KATARZYNA IZABELA BYCZKOWSKA

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  7 %

> Latest Rating Changes :

Sector in which comparison is carried out : 201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 6.99%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link List

ABSORBS TO:	9 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	4 Entities
IS RELATED WITH:	1 Entities
PARTICIPATES IN:	13 Entities
SE ESCINDE PARCIALMENTE EN:	4 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	BASF SE		100
	BASF POLIURETANOS IBERIA SA	BARCELONA	100
	GESTIO DE RESIDUS ESPECIALS DE CATALUNYA SA	BARCELONA	33.3
	BASF CONSTRUCTION CHEMICALS ESPAÑA SL	BARCELONA	100
	BTC SPECIALITY CHEMICAL DISTRIBUTION SL	BARCELONA	100
	BASF COATINGS SA.	GUADALAJARA	99.71
PARTICIPATES IN	BASF SONATRACH PROPANCHEM SA	TARRAGONA	51
	BASF TURK KIMYA SANAYI VE TICAREY, S.A.		99.04
	BASF COATING BOYA SANAYI VE TICARET		74.99
	BASF CONSTRUCTION CHEMICALS ITALIA SPA		100
	BASF IRAN		99.99
	BASF POLYURETHANES PARS		99.48
	BASF PORTUGUESA, S.A.		100
	BASF YAPI KIMYSALLARI SANAYI AS		99.99

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	ELIX POLYMERS SOCIEDAD LIMITADA	TARRAGONA
ABSORBS TO	ENGELHARD CATALYST CENTER-TARRAGONA SL	TARRAGONA
	BASF HOLDING ESPAÑOLA SL	TARRAGONA
	BASF CURTEX SA.	BARCELONA
	CIBA IBERIA S.L	BARCELONA
	COGNIS IBERIA SA	BARCELONA
	BASF COLOR SOLUTIONS IBERIA SL	BARCELONA
	COGNIS IBERICA SAU
	MAFERNAM SL	BARCELONA
	BTC SPECIALITY CHEMICAL DISTRIBUTION SL	BARCELONA
SE ESCINDE PARCIALMENTE EN	BASELL POLIOLEFINAS IBERICA SL	BARCELONA
	| |
	COMPO AGRICULTURA, S.L.	BARCELONA
	K PLUS S ESPAÑOLA SL	BARCELONA
BELONGS TO THE ADMINISTRATION BOARD OF	AGUAS INDUSTRIALES DE TARRAGONA SA	TARRAGONA
	CICLOPLAST SA	MADRID
	SOCIEDAD ESPAÑOLA DE MATERIALES PLASTICOS SEMAP SA	MADRID
	LABIANA DEVELOPMENT SL	BARCELONA

Turnover
Total Sales 2012	860.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2011	Normales	December  2012
2010	Normales	December  2011
2009	Normales	November  2010
2008	Normales	January  2010
2007	Normales	January  2009
2006	Normales	November  2007
2005	Normales	July  2006
2004	Normales	October  2005
2003	Normales	June  2004
2002	Normales	July  2003
2001	Normales	July  2002
2000	Normales	March  2002
1999	Normales	May  2000
1998	Normales	July  1999
1997	Normales	October  1998
1996	Normales	September  1997
1995	Normales	September  1996
1994	Normales	July  1995
1993	Normales	October  1994
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	August  1991
1989	Normales	August  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2011

>  Balance en formato Normal de acuerdo al Nuevo Plan General Contable 2007

Information corresponding to the fiscal year 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Assets	2011	2010	2009	2008	2007
A) NON-CURRENT ASSETS: 11000	794.013.000,00	679.098.000,00	702.072.000,00	632.570.000,00	563.445.044,00
I. Intangible fixed assets : 11100	97.195.000,00	57.945.000,00	58.904.000,00	59.921.000,00	60.669.623,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	1.327.000,00	1.659.000,00	1.875.000,00	2.091.000,00	3.362.972,00
3. Patents, licencing, trade marks and similar: 11130	3.529.000,00	4.244.000,00	5.076.000,00	5.908.000,00	9.501.883,00
4. Goodwill: 11140	92.329.000,00	51.726.000,00	51.726.000,00	51.726.000,00	46.732.629,00
5. IT applications: 11150	10.000,00	16.000,00	41.000,00	31.000,00	1.072.140,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	0,00	300.000,00	186.000,00	165.000,00	0,00
II. Tangible fixed assets : 11200	170.605.000,00	119.455.000,00	119.102.000,00	123.332.000,00	119.865.377,00
1. Land and buildings: 11210	88.532.000,00	64.693.000,00	55.617.000,00	58.333.000,00	19.188.173,00
2. Technical installations and other tangible fixed assets: 11220	62.348.000,00	45.217.000,00	51.022.000,00	45.198.000,00	84.622.204,00
3. Tangible asset in progress and advances: 11230	19.725.000,00	9.545.000,00	12.463.000,00	19.801.000,00	16.055.000,00
III. Real estate investment: 11300	5.457.000,00	3.210.000,00	3.210.000,00	3.210.000,00	0,00
1. Land: 11310	4.832.000,00	3.210.000,00	3.210.000,00	3.210.000,00	0,00
2. Buildings: 11320	625.000,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	482.375.000,00	462.077.000,00	490.734.000,00	420.602.000,00	359.326.598,00
1. Equity instruments: 11410	471.299.000,00	448.703.000,00	419.110.000,00	339.152.000,00	358.876.336,00
2. Credits to businesses: 11420	11.076.000,00	11.868.000,00	70.124.000,00	80.141.000,00	450.262,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	1.506.000,00	1.500.000,00	1.309.000,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	2.007.000,00	186.000,00	186.000,00	186.000,00	3.959.402,00
1. Equity instruments: 11510	186.000,00	186.000,00	186.000,00	186.000,00	2.932.029,00
2. Credits to third parties : 11520	1.821.000,00	0,00	0,00	0,00	1.027.372,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00

VI. Assets for deferred tax : 11600	36.374.000,00	36.225.000,00	29.936.000,00	25.319.000,00	19.624.044,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	369.432.000,00	286.215.000,00	194.027.000,00	260.145.000,00	238.546.956,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	116.895.000,00	76.765.000,00	64.024.000,00	55.134.000,00	59.992.000,00
1. Commercial: 12210	7.857.000,00	9.886.000,00	9.559.000,00	9.635.000,00	14.559.192,00
2. Primary material and other supplies: 12220	81.532.000,00	50.145.000,00	34.188.000,00	25.299.000,00	21.151.000,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	27.469.000,00	16.710.000,00	20.271.000,00	20.126.000,00	24.281.808,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	27.469.000,00	16.710.000,00	20.271.000,00	20.126.000,00	24.281.808,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	37.000,00	24.000,00	6.000,00	74.000,00	0,00
III. Trade debtors and others receivable accounts: 12300	251.271.000,00	158.459.000,00	129.738.000,00	204.780.000,00	175.572.956,00
1. Trade debtors / accounts receivable: 12310	71.215.000,00	63.723.000,00	48.225.000,00	55.163.000,00	57.381.612,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	0,00	0,00
b) Customers for sales and provisions of services : 12312	71.215.000,00	63.723.000,00	48.225.000,00	55.163.000,00	57.381.612,00
2. Customers, Group companies and associates : 12320	169.973.000,00	90.862.000,00	79.119.000,00	144.457.000,00	115.535.153,00
3. Other accounts receivable: 12330	2.271.000,00	1.626.000,00	337.000,00	2.121.000,00	1.171.235,00
4. Personnel: 12340	279.000,00	409.000,00	542.000,00	886.000,00	288.000,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	7.533.000,00	1.839.000,00	1.515.000,00	2.153.000,00	1.196.956,00
7. Called up share capital: 12370	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments in Group companies and associates: 12400	791.000,00	50.981.000,00	257.000,00	222.000,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	791.000,00	50.698.000,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	283.000,00	257.000,00	222.000,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	423.000,00	0,00	0,00	0,00	212.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	423.000,00	0,00	0,00	0,00	212.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	52.000,00	10.000,00	8.000,00	9.000,00	2.770.000,00
1. Treasury: 12710	52.000,00	10.000,00	8.000,00	9.000,00	2.770.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	1.163.445.000,00	965.313.000,00	896.099.000,00	892.715.000,00	801.992.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Liabilities and Net Worth	2011	2010	2009	2008	2007
A) NET WORTH: 20000	182.263.000,00	188.435.000,00	156.232.000,00	153.908.000,00	234.399.375,00
A-1) Shareholders' equity: 21000	182.221.000,00	188.039.000,00	155.862.000,00	153.462.000,00	233.883.000,00
I. Capital: 21100	34.276.000,00	13.684.000,00	9.030.000,00	9.030.000,00	9.030.000,00
1. Registered capital : 21110	34.276.000,00	13.684.000,00	9.030.000,00	9.030.000,00	9.030.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	150.000,00	150.000,00	150.000,00	150.000,00	150.000,00
III. Reserves: 21300	81.481.000,00	77.840.000,00	74.146.000,00	71.384.000,00	55.755.000,00
1. Legal and statutory: 21310	2.737.000,00	1.806.000,00	1.806.000,00	1.806.000,00	1.806.000,00
2. Other reserves: 21320	78.744.000,00	76.034.000,00	72.340.000,00	69.578.000,00	53.949.000,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	92.635.000,00	69.737.000,00	70.099.000,00	168.948.000,00	147.854.000,00
1. Brought forward: 21510	92.635.000,00	69.737.000,00	70.099.000,00	168.948.000,00	147.854.000,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	-26.321.000,00	26.628.000,00	2.437.000,00	-96.050.000,00	21.094.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00

III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	42.000,00	396.000,00	370.000,00	446.000,00	516.375,00
B) NON-CURRENT LIABILITIES: 31000	42.093.000,00	34.217.000,00	33.535.000,00	31.708.000,00	16.208.136,00
I. Long-term provisions: 31100	3.485.000,00	2.858.000,00	2.803.000,00	3.334.000,00	3.085.000,00
1. Long-term employee benefits liability: 31110	3.485.000,00	2.858.000,00	2.803.000,00	3.334.000,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	0,00	0,00	0,00	0,00	3.085.000,00
II Long-term creditors: 31200	5.557.000,00	4.613.000,00	5.154.000,00	5.612.000,00	2.032.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	1.676.000,00	136.000,00	189.000,00	355.000,00	521.000,00
3. Creditors from financial leasing: 31230	3.559.000,00	4.259.000,00	4.930.000,00	5.221.000,00	1.475.000,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	322.000,00	218.000,00	35.000,00	36.000,00	36.000,00
III. Long-term debts with Group companies and associates: 31300	16.088.000,00	6.860.000,00	8.791.000,00	9.031.000,00	5.451.000,00
IV. Liabilities for deferred tax: 31400	16.963.000,00	19.886.000,00	16.787.000,00	13.731.000,00	5.640.136,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	939.089.000,00	742.661.000,00	706.332.000,00	707.099.000,00	551.384.489,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	15.076.000,00	9.958.000,00	13.807.000,00	3.151.000,00	6.917.000,00
III. Short-term creditors : 32300	822.000,00	1.086.000,00	810.000,00	818.000,00	993.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	123.000,00	166.000,00	166.000,00	227.000,00	166.000,00
3. Creditors from financial leasing: 32330	699.000,00	670.000,00	644.000,00	591.000,00	270.000,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	250.000,00	0,00	0,00	557.000,00
IV. Short-term debts with Group companies and associates: 32400	691.508.000,00	579.631.000,00	576.851.000,00	580.309.000,00	435.364.123,00
V. Trade creditors and other accounts payable: 32500	228.373.000,00	149.643.000,00	112.703.000,00	121.009.000,00	108.104.365,00
1. Suppliers: 32510	46.457.000,00	43.753.000,00	32.339.000,00	35.008.000,00	44.291.723,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	46.457.000,00	43.753.000,00	32.339.000,00	35.008.000,00	44.291.723,00
2. Suppliers, Group companies and associates: 32520	160.843.000,00	88.918.000,00	67.481.000,00	67.410.000,00	50.572.877,00
3. Other creditors: 32530	57.000,00	88.000,00	1.264.000,00	2.158.000,00	2.730.277,00
4. Personnel (remuneration due): 32540	14.659.000,00	10.635.000,00	7.437.000,00	10.219.000,00	9.613.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	5.905.000,00	5.905.000,00	4.053.000,00	5.894.000,00	896.489,00
7. Advances from clients: 32570	452.000,00	344.000,00	129.000,00	320.000,00	0,00
VI. Short-term accruals: 32600	3.310.000,00	2.343.000,00	2.161.000,00	1.812.000,00	6.000,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	1.163.445.000,00	965.313.000,00	896.099.000,00	892.715.000,00	801.992.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	EQUIVALENCIA
Profit and Loss	2011	2010	2009	2008	2007
1. Net turnover: 40100	852.194.000,00	549.857.000,00	443.541.000,00	512.182.000,00	489.401.000,00
a) Sales: 40110	835.793.000,00	533.227.000,00	432.652.000,00	500.371.000,00	476.665.000,00
b) Rendering of services: 40120	16.401.000,00	16.630.000,00	10.889.000,00	11.811.000,00	12.736.000,00
2. Changes in stocks of finished goods and work in progress: 40200	3.237.000,00	7.729.000,00	9.034.000,00	375.000,00	8.895.000,00
3. Works carried out by the company for its assets: 40300	855.000,00	1.948.000,00	0,00	0,00	870.000,00
4. Supplies : 40400	-639.426.000,00	-419.703.000,00	-356.924.000,00	-416.205.000,00	-402.607.000,00
a) Stock consumption: 40410	-141.967.000,00	-98.172.000,00	-48.995.000,00	-75.875.000,00	-80.146.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-495.147.000,00	-318.345.000,00	-285.053.000,00	-320.366.000,00	-307.321.000,00
c) Works carried out by other companies: 40430	-2.496.000,00	-2.249.000,00	-23.336.000,00	-19.366.000,00	-15.140.000,00
d) Impairment of stock, primary material and other supplies: 40440	184.000,00	-937.000,00	460.000,00	-598.000,00	0,00
5. Other operating income: 40500	84.935.000,00	86.957.000,00	80.870.000,00	92.935.000,00	79.263.000,00
a) Auxiliary income and other from current management: 40510	84.935.000,00	86.957.000,00	80.870.000,00	92.935.000,00	79.263.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-95.058.000,00	-67.744.000,00	-77.635.000,00	-64.767.000,00	-63.841.000,00
a) Wages, salaries et al.: 40610	-76.986.000,00	-53.978.000,00	-64.657.000,00	-51.267.000,00	-52.038.000,00
b) Social security costs: 40620	-17.281.000,00	-13.766.000,00	-12.978.000,00	-13.500.000,00	-11.803.000,00
c) Provisions : 40630	-791.000,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-145.246.000,00	-111.305.000,00	-76.095.000,00	-87.190.000,00	-72.687.000,00
a) External services: 40710	-138.108.000,00	-103.904.000,00	-65.865.000,00	-80.529.000,00	-67.734.000,00

b) Taxes: 40720	-2.784.000,00	-1.678.000,00	-1.399.000,00	-1.854.000,00	-1.537.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-742.000,00	-105.000,00	-1.513.000,00	282.000,00	-164.000,00
d) Other current management expenditure : 40740	-3.612.000,00	-5.618.000,00	-7.318.000,00	-5.089.000,00	-3.252.000,00
8. Amortisation of fixed assets: 40800	-19.800.000,00	-14.618.000,00	-12.995.000,00	-12.580.000,00	-17.483.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	139.000,00	152.000,00	139.000,00	215.000,00	297.000,00
10. Excess provisions : 41000	20.000,00	8.000,00	0,00	201.000,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	350.000,00	-9.383.000,00	-6.840.000,00	1.120.000,00	88.000,00
a) Impairment and losses : 41110	1.239.000,00	-8.687.000,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-889.000,00	-696.000,00	-6.840.000,00	1.120.000,00	88.000,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	3.655.000,00	1.454.000,00	885.000,00	-14.860.000,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	42.200.000,00	27.553.000,00	4.549.000,00	27.171.000,00	7.336.000,00
14. Financial income : 41400	44.432.000,00	36.763.000,00	37.869.000,00	35.574.000,00	36.800.000,00
a) Of shares in equity instruments : 41410	43.972.000,00	35.830.000,00	36.590.000,00	33.553.000,00	34.147.000,00
a 1) In Group companies and associates: 41411	43.972.000,00	35.830.000,00	36.590.000,00	33.553.000,00	34.147.000,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	460.000,00	933.000,00	1.279.000,00	2.021.000,00	2.653.000,00
b 1) From Group companies and associates : 41421	391.000,00	863.000,00	1.220.000,00	1.951.000,00	2.603.000,00
b 2) From third parties : 41422	69.000,00	70.000,00	59.000,00	70.000,00	50.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-20.215.000,00	-4.764.000,00	-7.921.000,00	-23.339.000,00	-16.170.000,00
a) Amounts owed to Group companies and associates : 41510	-8.973.000,00	-4.328.000,00	-7.481.000,00	-22.748.000,00	-15.795.000,00
b) For debts with third parties : 41520	-687.000,00	-436.000,00	-440.000,00	-591.000,00	-375.000,00
c) Stock renewal : 41530	-10.555.000,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	-293.000,00	-260.000,00	-153.000,00	52.000,00	-1.183.000,00
18. Impairment and result for transfers of financial instruments: 41800	-91.488.000,00	-26.963.000,00	-33.658.000,00	-136.748.000,00	-10.541.000,00
a) Impairment and losses : 41810	-91.488.000,00	-26.963.000,00	-33.658.000,00	-136.748.000,00	-10.541.000,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-67.564.000,00	4.776.000,00	-3.863.000,00	-124.461.000,00	8.906.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-25.364.000,00	32.329.000,00	686.000,00	-97.290.000,00	16.242.000,00
20. Income taxes: 41900	-957.000,00	-5.701.000,00	1.751.000,00	1.240.000,00	4.852.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-26.321.000,00	26.628.000,00	2.437.000,00	-96.050.000,00	21.094.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	-26.321.000,00	26.628.000,00	2.437.000,00	-96.050.000,00	21.094.000,00

> Normal Balance Sheet under the rules of the 1990 General Accounting Plan (repealed since 1st January of 2008)

Information corresponding to the fiscal year 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
ASSETS	2011	2010	2009	2008	2007
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	757.639.000,00	642.873.000,00	672.136.000,00	607.251.000,00	549.369.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	97.195.000,00	57.945.000,00	58.904.000,00	59.921.000,00	63.188.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	4.856.000,00	5.903.000,00	6.951.000,00	7.999.000,00	15.647.000,00
3. Goodwill:	92.329.000,00	51.726.000,00	51.726.000,00	51.726.000,00	56.839.000,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	10.000,00	16.000,00	41.000,00	31.000,00	1.304.000,00

6. Assets under capital leases:	0,00	0,00	0,00	0,00	3.063.000,00
7. Payments on account:	0,00	300.000,00	186.000,00	165.000,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	-13.665.000,00
III. Tangible fixed assets:	176.062.000,00	122.665.000,00	122.312.000,00	126.542.000,00	117.347.000,00
1. Land and construction:	93.989.000,00	67.903.000,00	58.827.000,00	61.543.000,00	85.077.000,00
2. Technical installations and machinery:	59.459.365,00	43.122.059,00	48.658.108,00	43.103.939,00	347.168.000,00
3. Other installations, tools and furniture:	1.731.366,00	1.255.648,00	1.416.850,00	1.255.121,00	10.109.000,00
4. Payments on account and tangible fixed assets under construction:	19.725.000,00	9.545.000,00	12.463.000,00	19.801.000,00	16.055.000,00
5. Other tangible assets:	1.157.269,00	839.293,00	947.042,00	838.941,00	6.757.000,00
6. Provisions:	0,00	0,00	0,00	0,00	-1.040.000,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	-346.779.000,00
IV. Financial investments:	484.382.000,00	462.263.000,00	490.920.000,00	420.788.000,00	368.834.000,00
1. Equity investments in group companies:	471.299.000,00	448.703.000,00	419.110.000,00	339.152.000,00	370.623.000,00
2. Receivables from group companies:	11.076.000,00	11.868.000,00	70.124.000,00	80.141.000,00	465.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	186.000,00	186.000,00	186.000,00	186.000,00	3.028.000,00
6. Other receivables:	1.821.000,00	0,00	0,00	0,00	1.061.000,00
7. Long term guarantees and deposits:	0,00	1.506.000,00	1.500.000,00	1.309.000,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	-11.891.000,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	5.548.000,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	280.000,00
D) CURRENT ASSETS:	405.806.000,00	322.440.000,00	223.963.000,00	285.464.000,00	252.623.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	116.895.000,00	76.765.000,00	64.024.000,00	55.134.000,00	59.992.000,00
1. Goods for resale:	7.857.000,00	9.886.000,00	9.559.000,00	9.635.000,00	14.717.000,00
2. Raw materials and other consumables:	81.532.000,00	50.145.000,00	34.188.000,00	25.299.000,00	21.151.000,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	27.469.000,00	16.710.000,00	20.271.000,00	20.126.000,00	24.545.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	37.000,00	24.000,00	6.000,00	74.000,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	-421.000,00
III. Debtors:	287.645.000,00	194.684.000,00	159.674.000,00	230.099.000,00	189.649.000,00
1. Trade debtors / accounts receivable:	71.215.000,00	63.723.000,00	48.225.000,00	55.163.000,00	58.056.000,00
2. Accounts receivable, Group companies:	169.973.000,00	90.862.000,00	79.119.000,00	144.457.000,00	116.893.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	2.271.000,00	1.626.000,00	337.000,00	2.121.000,00	1.185.000,00
5. Staff:	279.000,00	409.000,00	542.000,00	886.000,00	288.000,00
6. Public bodies:	43.907.000,00	38.064.000,00	31.451.000,00	27.472.000,00	15.273.000,00
7. Provisions:	0,00	0,00	0,00	0,00	-2.046.000,00
IV. Short-term investments:	1.214.000,00	50.981.000,00	257.000,00	222.000,00	212.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	791.000,00	50.698.000,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	283.000,00	257.000,00	222.000,00	0,00
7. Shor term guarantees and deposits:	423.000,00	0,00	0,00	0,00	212.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	52.000,00	10.000,00	8.000,00	9.000,00	2.770.000,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	1.163.445.000,00	965.313.000,00	896.099.000,00	892.715.000,00	802.272.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
LIABILITIES	2011	2010	2009	2008	2007
A) EQUITY:	182.233.600,00	188.157.800,00	155.973.000,00	153.595.800,00	233.405.000,00
I. Subscribed capital:	34.276.000,00	13.684.000,00	9.030.000,00	9.030.000,00	9.030.000,00
II. Share premium:	150.000,00	150.000,00	150.000,00	150.000,00	150.000,00
III. Revaluation reserves:	34.461.942,00	33.327.915,00	31.757.382,00	30.603.598,00	23.519.000,00
IV. Reserves:	47.031.658,00	44.630.885,00	42.499.618,00	40.914.202,00	31.758.000,00
1. Legal reserve:	2.737.000,00	1.806.000,00	1.806.000,00	1.806.000,00	1.806.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00

5. Miscellaneous reserves:	44.294.658,00	42.824.885,00	40.693.618,00	39.108.202,00	29.952.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	92.635.000,00	69.737.000,00	70.099.000,00	168.948.000,00	147.854.000,00
1. Retained earnings:	92.635.000,00	69.737.000,00	70.099.000,00	168.948.000,00	147.854.000,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	-26.321.000,00	26.628.000,00	2.437.000,00	-96.050.000,00	21.094.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	29.400,00	277.200,00	259.000,00	312.200,00	1.523.000,00
1. Capital grants:	29.400,00	277.200,00	259.000,00	312.200,00	765.000,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	758.000,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	3.485.000,00	2.858.000,00	2.803.000,00	3.334.000,00	3.085.000,00
1. Provisions for pension fund and other similar obligations:	3.485.000,00	2.858.000,00	2.803.000,00	3.334.000,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	3.085.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	38.608.000,00	31.359.000,00	30.732.000,00	28.374.000,00	10.786.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	5.235.000,00	4.395.000,00	5.119.000,00	5.576.000,00	1.996.000,00
1. Loans and other liabilities:	1.676.000,00	136.000,00	189.000,00	355.000,00	521.000,00
2. Long-term liabilities from capital leases:	3.559.000,00	4.259.000,00	4.930.000,00	5.221.000,00	1.475.000,00
III. Debts with companies of the group and affiliated ones:	16.088.000,00	6.860.000,00	8.791.000,00	9.031.000,00	5.451.000,00
1. Amounts owed to group companies:	16.088.000,00	6.860.000,00	8.791.000,00	9.031.000,00	5.451.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	17.285.000,00	20.104.000,00	16.822.000,00	13.767.000,00	3.339.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	322.000,00	218.000,00	35.000,00	36.000,00	36.000,00
4. Long term payables to public bodies:	16.963.000,00	19.886.000,00	16.787.000,00	13.731.000,00	3.303.000,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	924.013.000,00	732.703.000,00	692.525.000,00	703.948.000,00	546.556.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	822.000,00	836.000,00	810.000,00	818.000,00	436.000,00
1. Loans and other liabilities:	123.000,00	166.000,00	166.000,00	227.000,00	166.000,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	699.000,00	670.000,00	644.000,00	591.000,00	270.000,00
III. Short-term amounts owed to group and associated companies:	852.351.000,00	668.549.000,00	644.332.000,00	647.719.000,00	485.937.000,00
1. Amounts owed to group companies:	852.351.000,00	668.549.000,00	644.332.000,00	647.719.000,00	485.937.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	46.966.000,00	44.185.000,00	33.732.000,00	37.486.000,00	47.022.000,00
1. Advanced payments from customers:	452.000,00	344.000,00	129.000,00	320.000,00	0,00
2. Amounts owed for purchases of goods or services:	46.514.000,00	43.841.000,00	33.603.000,00	37.166.000,00	47.022.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	20.564.000,00	16.790.000,00	11.490.000,00	16.113.000,00	13.155.000,00
1. Public bodies:	5.905.000,00	5.905.000,00	4.053.000,00	5.894.000,00	2.985.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	250.000,00	0,00	0,00	557.000,00
4. Wages and salaries payable:	14.659.000,00	10.635.000,00	7.437.000,00	10.219.000,00	9.613.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	3.310.000,00	2.343.000,00	2.161.000,00	1.812.000,00	6.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	15.076.000,00	9.958.000,00	13.807.000,00	3.151.000,00	6.917.000,00
GENERAL TOTAL (A + B + C + D + E + F):	1.163.445.000,00	965.313.000,00	896.099.000,00	892.715.000,00	802.272.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
DEBIT	2011	2010	2009	2008	2007
A) CHARGES (A.1 to A.15):	1.012.133.000,00	660.441.000,00	570.470.000,00	742.069.000,00	596.450.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	639.610.000,00	418.766.000,00	357.384.000,00	415.607.000,00	402.607.000,00
a) Stock consumption:	141.967.000,00	98.172.000,00	48.995.000,00	75.875.000,00	80.146.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	495.147.000,00	318.345.000,00	285.053.000,00	320.366.000,00	307.321.000,00
c) Miscellaneous external expenditure:	2.496.000,00	2.249.000,00	23.336.000,00	19.366.000,00	15.140.000,00
A.3. Staff costs:	95.058.000,00	67.744.000,00	77.635.000,00	64.767.000,00	63.841.000,00
a) Wages, salaries et al.:	77.777.000,00	53.978.000,00	64.657.000,00	51.267.000,00	52.038.000,00
b) Social security costs:	17.281.000,00	13.766.000,00	12.978.000,00	13.500.000,00	11.803.000,00
A.4. Depreciation expense:	19.800.000,00	14.618.000,00	12.995.000,00	12.580.000,00	17.483.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	558.000,00	1.042.000,00	1.053.000,00	316.000,00	472.000,00
a) Stock provision variation:	-184.000,00	937.000,00	-460.000,00	598.000,00	308.000,00
b) Variation in provision and bad debt losses:	742.000,00	105.000,00	1.513.000,00	-282.000,00	164.000,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	144.504.000,00	111.200.000,00	74.582.000,00	87.472.000,00	72.523.000,00
a) External services:	138.108.000,00	103.904.000,00	65.865.000,00	80.529.000,00	67.734.000,00
b) Taxes:	2.784.000,00	1.678.000,00	1.399.000,00	1.854.000,00	1.537.000,00
c) Other operating expenses:	3.612.000,00	5.618.000,00	7.318.000,00	5.089.000,00	3.252.000,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	41.711.000,00	33.129.000,00	9.796.000,00	24.951.000,00	21.811.000,00
A.7. Financial and similar charges:	20.215.000,00	4.764.000,00	7.921.000,00	23.339.000,00	16.170.000,00
a) Due to liabilities with companies of the group:	8.973.000,00	4.328.000,00	7.481.000,00	22.748.000,00	15.795.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	11.242.000,00	436.000,00	440.000,00	591.000,00	375.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	293.000,00	260.000,00	153.000,00	0,00	1.207.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	23.924.000,00	31.739.000,00	29.795.000,00	12.287.000,00	19.447.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	65.635.000,00	64.868.000,00	39.591.000,00	37.238.000,00	41.258.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	90.249.000,00	35.650.000,00	33.658.000,00	136.748.000,00	10.541.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	889.000,00	696.000,00	6.840.000,00	0,00	79.000,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	16.379.000,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	32.329.000,00	686.000,00	0,00	16.242.000,00
A.15. Corporation tax:	957.000,00	5.701.000,00	-1.751.000,00	1.240.000,00	-4.852.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	26.628.000,00	2.437.000,00	0,00	21.094.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	ORIGINAL
CREDIT	2011	2010	2009	2008	2007
B) INCOME ( B.1 to B.13):	985.812.000,00	687.069.000,00	572.907.000,00	643.539.000,00	617.544.000,00
B.1. Net total sales:	852.194.000,00	549.857.000,00	443.541.000,00	512.182.000,00	489.401.000,00
a) Sales:	838.065.430,00	534.676.786,00	433.828.333,00	501.731.454,00	477.961.000,00
b) Rendering of services:	16.401.000,00	16.630.000,00	10.889.000,00	11.811.000,00	12.736.000,00
Returns and Rappel on sales:	-2.272.430,00	-1.449.786,00	-1.176.333,00	-1.360.454,00	-1.296.000,00
B.2. Stock increase of manufactured goods and products in process:	3.237.000,00	7.729.000,00	9.034.000,00	375.000,00	9.203.000,00
B.3. Works performed by the company for fixed assets:	855.000,00	1.948.000,00	0,00	0,00	870.000,00
B.4. Miscellaneous operating income:	84.955.000,00	86.965.000,00	80.870.000,00	93.136.000,00	79.263.000,00
a) Auxiliary income and other from current management:	84.935.000,00	86.957.000,00	80.870.000,00	92.935.000,00	79.263.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	20.000,00	8.000,00	0,00	201.000,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	43.972.000,00	35.830.000,00	36.590.000,00	33.553.000,00	34.147.000,00
a) In companies of the group:	43.972.000,00	35.830.000,00	36.590.000,00	33.553.000,00	34.147.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	460.000,00	933.000,00	1.279.000,00	2.021.000,00	2.653.000,00
a) From companies of the group:	391.000,00	863.000,00	1.220.000,00	1.951.000,00	2.603.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	69.000,00	70.000,00	59.000,00	70.000,00	50.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	52.000,00	24.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	1.120.000,00	167.000,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	139.000,00	152.000,00	139.000,00	215.000,00	297.000,00
B.12. Extraordinary income:	0,00	3.655.000,00	1.454.000,00	885.000,00	1.519.000,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	90.999.000,00	32.539.000,00	38.905.000,00	134.528.000,00	25.016.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	25.364.000,00	0,00	0,00	97.290.000,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	26.321.000,00	0,00	0,00	96.050.000,00	0,00

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

	2011	2010	2009	2008	2007
1. Fiscal year result before taxes.: 61100	-25.364.000,00	32.329.000,00	686.000,00	-97.291.000,00	16.242.000,00
2. Results adjustments.: 61200	86.883.000,00	37.066.000,00	47.857.000,00	141.610.000,00	6.382.000,00
a) Fixed Assets Amortization (+).: 61201	19.800.000,00	14.618.000,00	12.995.000,00	12.580.000,00	17.483.000,00
b) Obsolescence Allowances (+/-). : 61202	90.249.000,00	35.065.000,00	33.658.000,00	136.748.000,00	0,00
c) Variation in Provision (+/-). : 61203	11.054.000,00	19.133.000,00	23.091.000,00	1.376.000,00	8.346.000,00
d) Allocation of grants (-).: 61204	-396.000,00	-37.000,00	-97.000,00	-150.000,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	889.000,00	212.000,00	8.158.000,00	1.270.000,00	0,00
g) Financial income (-).: 61207	-44.432.000,00	-36.763.000,00	-37.869.000,00	-33.553.000,00	-36.824.000,00
h) Financial Expenses (+). : 61208	9.719.000,00	4.764.000,00	7.921.000,00	23.339.000,00	17.377.000,00
3. Changes in current capital equity.: 61300	-29.606.000,00	-9.751.000,00	43.808.000,00	-84.641.000,00	-33.366.000,00
a) Stock (+/-).: 61301	-26.414.000,00	-3.128.000,00	-9.350.000,00	4.260.000,00	-12.942.000,00
d) Debtors and other accounts receivable (+/-). : 61302	-40.757.000,00	15.051.000,00	73.529.000,00	-75.751.000,00	-24.753.000,00
c) Other current assets (+/-). : 61303	0,00	0,00	0,00	0,00	32.000,00
d) Creditors and other accounts payable (+/-). : 61304	40.099.000,00	-13.612.000,00	-8.306.000,00	-8.642.000,00	4.276.000,00
e) Other current liabilities (+/-).: 61305	-4.665.000,00	-34.968.000,00	-11.572.000,00	-3.949.000,00	6.000,00
f) Other non-current assets and liabilities (+/-).: 61306	2.131.000,00	-318.000,00	-493.000,00	-559.000,00	15.000,00
4. Other cash flows for operating activities.: 61400	31.152.000,00	35.830.000,00	36.590.000,00	33.444.000,00	19.447.000,00
a) Interest payments (-). : 61401	-9.311.000,00	0,00	0,00	0,00	-17.377.000,00
b) Dividend payment collection (+). : 61402	40.463.000,00	35.830.000,00	36.590.000,00	33.553.000,00	0,00
c) Interest collection (+). : 61403	0,00	0,00	0,00	0,00	36.824.000,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	-109.000,00	0,00

5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	63.065.000,00	95.474.000,00	128.941.000,00	-6.878.000,00	8.705.000,00
6. Payments for investment (-).: 62100	-270.420.000,00	-84.283.000,00	-121.315.000,00	-137.042.000,00	-179.007.000,00
a) Companies of the group and affiliates. : 62101	-255.952.000,00	-76.283.000,00	-90.181.000,00	-49.006.000,00	-118.202.000,00
b) Intangible fixed assets. : 62102	-39.000,00	-118.000,00	-71.000,00	-163.000,00	-52.479.000,00
c) Fixed assets. : 62103	-14.398.000,00	-9.042.000,00	-15.872.000,00	-17.615.000,00	-7.265.000,00
e) Other financial assets. : 62105	0,00	-1.166.000,00	-15.000.000,00	-70.000.000,00	-290.000,00
h) Other assets. : 62108	-31.000,00	-6.000,00	-191.000,00	-258.000,00	-771.000,00
7. Divestment payment collection (+). : 62200	151.729.000,00	0,00	0,00	1.256.000,00	15.861.000,00
a) Companies of the group and affiliates. : 62201	16.729.000,00	0,00	0,00	0,00	15.861.000,00
e) Other financial assets. : 62205	135.000.000,00	0,00	0,00	0,00	0,00
h) Other assets. : 62208	0,00	0,00	0,00	1.256.000,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-118.691.000,00	-84.283.000,00	-121.315.000,00	-135.786.000,00	-180.629.000,00
9. Payment collection and payments for equity instruments. : 63100	42.000,00	0,00	21.000,00	164.000,00	4.444.000,00
a) Issuance of equity instruments (+). : 63101	0,00	5.549.000,00	0,00	133.384.800,00	5.422.000,00
e) Grants, donations and bequests received (+). : 63105	42.000,00	0,00	21.000,00	164.000,00	-978.000,00
10. Payment collection and payments for financial liabilities instruments.: 63200	55.626.000,00	-11.189.000,00	-3.521.000,00	161.098.000,00	170.226.000,00
a) Issuance : 63201	0,00	0,00	0,00	161.098.000,00	174.747.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	0,00	161.098.000,00	172.493.000,00
5. Other debts (+). : 63206	0,00	0,00	0,00	0,00	2.254.000,00
b) Repayment and amortization of : 63207	55.626.000,00	-11.189.000,00	-3.521.000,00	0,00	-4.521.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	0,00	0,00	-4.253.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	55.626.000,00	-11.189.000,00	-3.521.000,00	0,00	0,00
4. Special characteristic debts (-). : 63211	0,00	0,00	0,00	0,00	-268.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	-4.127.000,00	-21.359.000,00	0,00
b) Remuneration from other assets instruments (-).: 63302	0,00	0,00	-4.127.000,00	-21.359.000,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	55.668.000,00	-11.189.000,00	-7.627.000,00	139.903.000,00	174.670.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	42.000,00	2.000,00	-1.000,00	-2.761.000,00	2.746.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	10.000,00	8.000,00	9.000,00	2.770.000,00	24.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	52.000,00	10.000,00	8.000,00	9.000,00	2.770.000,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

  Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	-0,03 %	0,00 %	0,00 %
EBITDA over Sales:	7,22 %	10,07 %	8,68 %	10,85 %	-16,89 %	-7,17 %
Cash Flow Yield:	0,00 %	-0,01 %	0,00 %	0,00 %

Profitability	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	6,23 %	6,99 %	5,29 %	7,88 %	17,77 %	-11,33 %
Total economic profitability:	-0,44 %	4,21 %	3,84 %	4,47 %	-111,52 %	-5,99 %
Financial profitability:	-14,44 %	5,92 %	14,16 %	6,73 %	-202,00 %	-12,09 %
Margin:	4,50 %	6,35 %	3,74 %	7,33 %	20,25 %	-13,42 %
Mark-up:	-2,70 %	4,75 %	4,49 %	5,91 %	-160,24 %	-19,68 %

Solvency	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector

Liquidity:	0,00	0,11	0,00	0,11		-3,72
Acid Test:	0,27	0,83	0,29	0,85	-4,39	-2,86
Working Capital / Investment:	-0,49	0,03	-0,47	0,04	-3,55	-34,32
Solvency:	0,44	1,16	0,44	1,19	-0,20	-2,28

Indebtedness	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,18	1,61	3,99	1,61	29,75	0,04
Borrowing Composition:	0,04	1,02	0,04	1,01	-2,37	1,59
Repayment Ability:	22.919,55	-42,07	382.031,00	-85.084,41	-94,00	99,95
Warranty:	1,21	1,63	1,26	1,63	-4,34	-0,11
Generated resources / Total creditors:	0,09	0,07	0,09	0,08	-2,68	-5,88

Efficiency	2011		2010		Variación 2011 - 2010
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,65	1,73	1,70	1,78	-3,39	-3,10
Turnover of Collection Rights :	3,73	4,48	4,03	4,25	-7,40	5,58
Turnover of Payment Entitlements:	3,45	3,26	3,60	2,95	-4,17	10,59
Stock rotation:	7,67	6,14	7,89	5,59	-2,81	9,89
Assets turnover:	1,38	1,10	1,41	1,07	-2,07	2,41
Borrowing Cost:	2,10	2,92	0,62	2,63	236,80	11,32

> Trend of indicators under the General Accounting Plan of 2007 (2011, 2010, 2009, 2008, 2007)

Cash Flow	2011	2010	2009	2008	2007
Cash Flow over Sales:	0,00 %	0,00 %	0,00 %	-0,54 %	0,56 %
EBITDA over Sales:	7,22 %	8,68 %	5,14 %	7,29 %	8,13 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	-0,31 %	0,34 %

Profitability	2011	2010	2009	2008	2007
Operating economic profitability:	6,23 %	5,29 %	0,76 %	5,57 %	5,04 %
Total economic profitability:	-0,44 %	3,84 %	0,96 %	-8,28 %	4,04 %
Financial profitability:	-14,44 %	14,16 %	1,56 %	-62,59 %	9,04 %
Margin:	4,50 %	3,74 %	0,59 %	4,34 %	3,77 %
Mark-up:	-2,70 %	4,49 %	-0,15 %	-20,71 %	7,13 %

Solvency	2011	2010	2009	2008	2007
Liquidity:	0,00	0,00	0,00	0,00	0,01
Acid Test:	0,27	0,29	0,19	0,29	0,35
Working Capital / Investment:	-0,49	-0,47	-0,52	-0,47	-0,37
Solvency:	0,44	0,44	0,32	0,41	0,46

Indebtedness	2011	2010	2009	2008	2007
Indebtedness level:	5,18	3,99	4,55	4,66	2,34
Borrowing Composition:	0,04	0,04	0,04	0,04	0,02
Repayment Ability:	22.919,55	382.031,00	14,90	6,20	10,55
Warranty:	1,21	1,26	1,24	1,22	1,44
Generated resources / Total creditors:	0,09	0,09	0,07	0,07	0,07

Efficiency	2011	2010	2009	2008	2007
Productivity:	1,65	1,70	1,29	1,58	1,62
Turnover of Collection Rights :	3,73	4,03	4,04	2,95	3,05
Turnover of Payment Entitlements:	3,45	3,60	3,92	4,16	10,10
Stock rotation:	7,67	7,89	8,04	10,53	9,28
Assets turnover:	1,38	1,41	1,30	1,28	1,34
Borrowing Cost:	2,10	0,62	1,10	3,19	2,90

COMPARATIVE SECTORIAL BALANCE

Sector-based Comparison under the rules of the New General Accounting Plan.

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

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Public Tenders and Works Won

Organisation that calls the tender:

CONSEJERIA DE AGRICULTURA Y AGUA DE LA COMUNIDAD AUTONOMA DE LA REGION DE MURCIA

Objective of Tender:

ADQUISICION DE DIFUSORES QUANT LB, DE FEROMONA PARA LA CAMPAÑA DEMOSTRATIVA Y EXPERIMENTAL DE CONTROL DE POLILLA DEL RACIMO EN VIÑEDOS DE JUMILLA MURCIA AÑO 2010

Date Awarded:

13/04/2010

Cost:

169.050,00 EURO.

Organisation that calls the tender:

CONSEJERIA DE AGRICULTURA Y AGUA DE LA COMUNIDAD AUTONOMA DE LA REGION DE MURCIA

Objective of Tender:

ADQUISICION DE 700 868 DIFUSORES DE QUANT LB DE FEROMONA PARA LA CAMPAÑA DEMOSTRATIVA Y EXPERIMENTAL DE CONTROL DE POLILLA DEL RACIMO EN VIÑEDOS DE YECLA

Date Awarded:

31/03/2009

Cost:

210.260,63 EURO.

Organisation that calls the tender:

CONSEJERIA DE AGRICULTURA Y AGUA DE LA COMUNIDAD AUTONOMA DE LA REGION DE MURCIA

Objective of Tender:

ADQUISICION DE 506 944 DIFUSORES DE QUANT LB DE FEROMONA PARA LA CAMPAÑA DEMOSTRATIVA Y EXPERIMENTAL DE CONTROL DE POLILLA DEL RACIMO EN PARRALES DE UVA DE MESA DE LOS MUNICIPIOS DEL VALLE DEL GUADALENTIN

Date Awarded:

31/03/2009

Cost:

152.083,20 EURO.

Organisation that calls the tender:

CONSEJERIA DE AGRICULTURA Y AGUA DE LA COMUNIDAD AUTONOMA DE LA REGION DE MURCIA

Objective of Tender:

ADQUISICION DE 669 956 DIFUSORES DE QUANT LB DE FEROMONA PARA LA CAMPAÑA DEMOSTRATIVA Y EXPERIMENTAL DE CONTROL DE POLILLA DEL RACIMO EN VIÑEDOS Y PARRALES DE LA VEGA ALTA, JUMILLA Y BULLAS

Date Awarded:

31/03/2009

Cost:

200.986,80 EURO.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	396.000,00
Notes	El corresponde al imputado en la cuenta de pérdidas y ganancias en este ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	299.000,00
Notes	Subvención por derechos de emisión. El importe reflejado corresponde al saldo pendiente de imputación al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	124.000,00
Notes	El corresponde al imputado en la cuenta de pérdidas y ganancias en este ejercicio, quedando un saldo pendiente al cierre de 97.000 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	139.000,00
Notes	El corresponde al imputado en la cuenta de pérdidas y ganancias.

Research Summary

The subject was founded in Spain in 1996 and it is engaged in manufacturing and marketing of chemical products. Annual sales increased more than the 50% during 2011, boosted mainly by exportations to the European Union countries. The 1st of July, 2011, there was a merger by acquisition of Cognis Iberia SA in the subject, which meant the consolidation of the commercial and productive of this company inside the subject. It has also caused the rise in sales during the second quarter of 2011.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.24
UK Pound	1	Rs.101.81
Euro	1	Rs.84.88

INFORMATION DETAILS

Report Prepared by :

MNL

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.