Report Date :

12.08.2014

IDENTIFICATION DETAILS

Name :	REPSOL QUIMICA SA
Registered Office :	C/ Mendez Alvaro, 44. - Madrid - 28045 – Madrid
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	23.09.1963
Legal Form :	Public Company
Line of Business :	· Manufacture of plastics in primary forms · Subject is engaged in the manufacture of chemicals derived from petroleum
No. of Employees :	1210

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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:	REPSOL QUIMICA SA
NIF / Fiscal code:	A28122992
Status:	ACTIVE
Incorporation Date:	23/09/1963
Register Data	Register Section 8 Sheet 23221
Last Publication in BORME:	18/12/2013 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	60.461.817,70
Localization:	C/ MENDEZ ALVARO, 44. - MADRID - 28045 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 913488000 - 917538100   Website. www.repsol.com
Activity:
NACE:	2016 - Manufacture of plastics in primary forms
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	4 for a total cost of 11609000
Quality Certificate:	No

Defaults, Legal Claims and Insolvency Proceedings

		Number	Amount (€)	Most Recent Entry
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)		1	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

REPSOL SA
Shares:	12
Other Links:	11
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios

2012

2011

Change

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

INVESTIGATION SUMMARY

It is a large size company engaged in the manufacture of chemicals derived from petroleum. It belongs to an important corporate Group of the petrochemical sector, which has been operating for several years, without incidents.

identification
Social Denomination:	REPSOL QUIMICA SA
NIF / Fiscal code:	A28122992
Corporate Status:	ACTIVE
Start of activity:	1963
Registered Office:	C/ MENDEZ ALVARO, 44.
Locality:	MADRID
Province:	MADRID
Postal Code:	28045
Telephone:	913488000 - 917538100
Fax:	913489494
Website:	www.repsol.com

Activity
NACE:	2016
Additional Information:	Manufacture of chemicals derived from petroleum: copolymers, polyols, polypropylene, polyethylene glycols, and basic petrochemicals. It belongs to the petrochemical group Repsol.
Additional Address:	Méndez Álvaro 44 28045 Madrid, registered office and central offices, rented. Pso Castellana 280 28046 Madrid, offices, rented. Tarragona 149 08015 Barcelona delegation, rented. Daniel Balaciart 4 46020 Valencia, delegation, rented. Santiago de Compostela 12 48003 Bilbao (Vizcaya), delegation, rented. Lg Complejo Repsol sn 13500 Puertollano (Ciudad Real), chemical plant, believed to be owned by the subject. Afueras sn 43700 El Morell (Tarragona), chemical plant, believed to be owned by the subject. Afueras sn 43152 Perafort (Tarragona), chemical plant, believed to be owned by the subject.
Import / export:	EXPORTS
Future Perspective:	Face recession
Industry situation:	Decline

Number of Employees

Year	No. of employees	Established	Incidentals
2014	1210

Chronological Summary
	Year	Act
	1990	Accounts deposit (ejer. 1989) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (9)
	1991	Accounts deposit (ejer. 1990) Adaptation to Law (1) Appointments/ Re-elections (16) Cessations/ Resignations/ Reversals (11) Statutory Modifications (1)
	1992	Accounts deposit (ejer. 1991) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3)
	1993	Accounts deposit (ejer. 1992) Appointments/ Re-elections (24) Cessations/ Resignations/ Reversals (11) Change of Social address (1) Increase of Capital (1) Statutory Modifications (2)
	1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (12) Cessations/ Resignations/ Reversals (10) Increase of Capital (1) Statutory Modifications (1)
	1995	Accounts deposit (ejer. 1994) Appointments/ Re-elections (12) Cessations/ Resignations/ Reversals (5)
	1996	Accounts deposit (ejer. 1995) Appointments/ Re-elections (12) Cessations/ Resignations/ Reversals (11)
	1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (12) Cessations/ Resignations/ Reversals (5) Statutory Modifications (1)
	1998	Accounts deposit (ejer. 1997) Appointments/ Re-elections (15) Cessations/ Resignations/ Reversals (4)
	1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (4)
	2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (10) Cessations/ Resignations/ Reversals (5) Other Concepts/ Events (1)
	2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (13) Cessations/ Resignations/ Reversals (15) Statutory Modifications (1)
	2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4)
	2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (2)
	2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (14) Cessations/ Resignations/ Reversals (5)
	2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (16) Cessations/ Resignations/ Reversals (7)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (6)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (12) Cessations/ Resignations/ Reversals (5)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (17) Cessations/ Resignations/ Reversals (10)
	2009	Appointments/ Re-elections (15) Cessations/ Resignations/ Reversals (5)
	2010	Accounts deposit (ejer. 2008, 2009) Appointments/ Re-elections (14) Cessations/ Resignations/ Reversals (9)
	2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (6)
	2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Other Concepts/ Events (1) Statutory Modifications (1)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (23) Cessations/ Resignations/ Reversals (7)

Breakdown of Owners' Equity
Registered Capital:	60.461.817,70
Paid up capital:	60.461.817,70

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
13/04/1993	Increase of Capital	66.712	66.712	60.401.716	60.401.716
03/03/1994	Increase of Capital	60.101	60.101	60.461.818	60.461.818

 Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE ADMINISTRATOR	IMAZ SAN MIGUEL JOSU JON	08/02/2013	1
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	13/08/2013	9

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARREGUI JIMENEZ ANDRES	MEMBER OF THE BOARD	27/09/1991	1
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	09/07/1998	6
	ACCOUNTS' AUDITOR / HOLDER	16/07/1999
	ACCOUNTS' AUDITOR / HOLDER	25/10/2000
	ACCOUNTS' AUDITOR / HOLDER	09/05/2001
	ACCOUNTS' AUDITOR / HOLDER	14/06/2002
	ACCOUNTS' AUDITOR / HOLDER	23/06/2003
BADOSA PAGES JUAN	MEMBER OF THE BOARD	26/04/1993	10
	MEMBER OF THE BOARD	16/09/1993
	MEMBER OF THE BOARD	02/11/1993
	MEMBER OF THE BOARD	03/04/2001
	MEMBER OF THE BOARD	24/06/2002
	PRESIDENT	02/11/1993
	PRESIDENT	24/06/2002
BAJO MARTINEZ PABLO	MEMBER OF THE BOARD	09/07/1992	2
	MEMBER OF THE BOARD	20/10/1994
BELTRAN ROJO FERNANDO	MEMBER OF THE BOARD	04/09/1991	1
BONNARDEAUX CHADBURN JAMES	MEMBER OF THE BOARD	26/07/1990	1
BOSCH BOSQUE FERNANDO	MEMBER OF THE BOARD	21/03/1994	1
CARBALLEIRA BAO ROBERTO	MEMBER OF THE BOARD	04/12/1996	1
CARRASCO PRIETO ANGEL LUIS	MEMBER OF THE BOARD	04/06/1997	1
CORTINA GARCIA JORGE	MEMBER OF THE BOARD	06/10/1994	2
	MEMBER OF THE BOARD	09/03/1995
DE LA PEÑA DE LA PEÑA JAVIER	MEMBER OF THE BOARD	29/07/1992	3
	PRESIDENT	29/07/1992
DELOITTE & TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	23/06/2003	3
	ACCOUNTS' AUDITOR / HOLDER	23/07/2004
	ACCOUNTS' AUDITOR / HOLDER	07/10/2005
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	05/09/2006	2
	ACCOUNTS' AUDITOR / HOLDER	30/07/2007
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	07/10/2005	9
	ACCOUNTS' AUDITOR / HOLDER	15/07/2008
	ACCOUNTS' AUDITOR / HOLDER	05/09/2006
	ACCOUNTS' AUDITOR / HOLDER	16/06/2010
	ACCOUNTS' AUDITOR / HOLDER	26/07/2011
	ACCOUNTS' AUDITOR / HOLDER	06/10/2009
	ACCOUNTS' AUDITOR / HOLDER	13/08/2012
	ACCOUNTS' AUDITOR / HOLDER	13/08/2013
DOMINGUEZ CARRASCO MARIA ISABEL	NON CONSELLOR SECRETARY	13/07/2009	3
	SECRETARY	18/11/2002
DURAN HERAS ALICIA	MEMBER OF THE BOARD	07/05/1990	1
FERNANDEZ FRIAL PEDRO	MEMBER OF THE BOARD	21/07/2006	12
	MEMBER OF THE BOARD	26/09/2003
	CHIEF EXECUTIVE OFFICER	26/09/2003
	PRESIDENT	26/09/2003
	MEMBER OF THE BOARD	08/06/2010
	PRESIDENT	08/06/2010
	PRESIDENT	16/07/2012
	MEMBER OF THE BOARD	16/07/2012
FERNANDEZ MATO ENRIQUE	MEMBER OF THE BOARD	13/11/1991	1
FERNANDEZ ROBLES ANGEL	MEMBER OF THE BOARD	08/07/1991	3
	MEMBER OF THE BOARD	16/07/1993
	MEMBER	01/10/1990
FRANCISCO POLLEDO JUAN JOSE	MEMBER OF THE BOARD	24/07/1997	1
GOMEZ RODRIGUEZ JULIO	MEMBER OF THE BOARD	16/10/1991	1
GOMIS SAEZ ANTONIO	MEMBER OF THE BOARD	15/07/1994	7
	MEMBER OF THE BOARD	12/11/1996
	MEMBER OF THE BOARD	18/03/1998
	MEMBER OF THE BOARD	21/07/2006
	MEMBER OF THE BOARD	23/07/2007
	CHIEF EXECUTIVE OFFICER	04/10/2006
	CHIEF EXECUTIVE OFFICER	23/07/2007
GONZALEZ ADALID GARCIA ZOZAYA ANTONIO	MEMBER OF THE BOARD	24/07/1997	7
	MEMBER OF THE BOARD	30/10/2000
	PRESIDENT	30/10/2000
GONZALEZ ROMERO ARTURO	MEMBER OF THE BOARD	09/07/1992	3
	MEMBER OF THE BOARD	12/11/1996
	MEMBER OF THE BOARD	24/07/1997
GRAIÑO BERTRAND AMALIO	MEMBER OF THE BOARD	19/06/2003	3
	MEMBER OF THE BOARD	19/07/2007
	MEMBER OF THE BOARD	06/06/2008
GRAIÑO BERTRAND AMALLO	MEMBER OF THE BOARD	16/07/2012	1
GUAL DE TORRELLA CORRAL CARLOS	MEMBER OF THE BOARD	24/07/1997	1
GUINEA RODRIGUEZ JESUS	SINGLE ADMINISTRATOR	08/02/2013	8
	MEMBER OF THE BOARD	16/07/2012
	CHIEF EXECUTIVE OFFICER	16/07/2012
GUTIERREZ MARTI RICARD	MEMBER OF THE BOARD	04/12/1996	1
JUAREZ LLORENTE MARIA ISABEL	MEMBER OF THE BOARD	16/07/2012	1
LOCUTURA RUPEREZ ENRIQUE	MEMBER OF THE BOARD	06/09/1995	13
	MEMBER OF THE BOARD	18/05/1999
	MEMBER OF THE BOARD	19/01/2000
	JOINT CHIEF EXECUTIVE OFFICER	10/05/1996
	SOLE CHIEF EXECUTIVE OFFICER	21/12/1999
MATEU ISTURIZ JOSE FRANCISCO	NON CONSELLOR SECRETARY	21/02/2001	7
	SECRETARY	18/10/1993
MAZA SABALETE JUAN PEDRO	MEMBER OF THE BOARD	28/04/2005	3
	CHIEF EXECUTIVE OFFICER	28/04/2005
	PRESIDENT	28/04/2005
MENDEZ BARRERA ALVARO	NON CONSELLOR SECRETARY	12/02/1993	4
MORENO MARTINEZ FRANCISCO	MEMBER OF THE BOARD	03/06/2002	2
	MEMBER OF THE BOARD	28/04/2005
OLIET PALA BLAS	SECRETARY	16/07/2012	1
ORTEGA DIAZ AMBRONA JUAN ANTONIO	NON CONSELLOR SECRETARY	18/11/1994	1
PALOMO SANZ BENJAMIN	MEMBER OF THE BOARD	09/07/2009	4
	CHIEF EXECUTIVE OFFICER	09/07/2009
PASTOR LOPEZ JOSE	MEMBER OF THE BOARD	02/11/1993	2
PAYA RIERA CARLOS	MEMBER OF THE BOARD	09/03/1995	2
	MEMBER OF THE BOARD	16/07/2012
PEREZ JURADO MANUEL	MEMBER OF THE BOARD	16/07/2012	1
REMON GIL MIGUEL ANGEL	MEMBER OF THE BOARD	09/07/1992	10
	MEMBER OF THE BOARD	06/10/1994
	MEMBER OF THE BOARD	16/06/1998
	MEMBER OF THE BOARD	19/01/2000
REVILLA PEDREIRA REGINA	MEMBER OF THE BOARD	06/10/1994	3
	MEMBER OF THE BOARD	06/02/1995
	MEMBER	09/07/1992
SANCHEZ DEL CORRAL TOUYA BORJA	NON CONSELLOR ASSISTANT SECRETARY	16/07/2012	1
SEGRELLES GARCIA JORGE	MEMBER OF THE BOARD	13/05/1994	1
SOLANA GOMEZ GUZMAN	MEMBER OF THE BOARD	30/10/1995	8
	PRESIDENT	30/10/1995
TRILLO ALVAREZ MANUEL	MEMBER OF THE BOARD	06/09/1995	2
	MEMBER OF THE BOARD	04/12/1996
TURET CLAPAROLS JOSE	MEMBER OF THE BOARD	12/11/1996	2
	MEMBER OF THE BOARD	19/01/2000
VADILLO ZABALLOS SIMEON	MEMBER OF THE BOARD	03/06/2002	6
	MEMBER OF THE BOARD	12/07/2004
	MEMBER OF THE BOARD	15/07/2008
	MEMBER OF THE BOARD	09/07/2009
VALLS SOLER JOSE	MEMBER	23/04/1990	2
VAN ROSMALEN WALTER	MEMBER OF THE BOARD	19/01/2000	4
VELASCO ALVAREZ CAMPANA JOSE MARIA	MEMBER OF THE BOARD	19/04/1995	1
VELAZQUEZ BUENDIA PALOMA	MEMBER OF THE BOARD	09/07/2009	1

Executive board

Post	NIF	Name
ADMINISTRATOR		MIGUEL JOSU JON IMAZ SAN
MANAGING DIRECTOR		ANTONIO GOMIZ SAEZ

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 ).

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		1	---	20/08/2008	20/08/2008
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Details

Positive Factors

Adverse Factors

It has been found to have regular payment performance and has paid all of its debts in a timely manner. In fiscal year 2012 , total debts incurred with credit institutions and trade creditors has decreased with respect to the previous fiscal year. The greater the level of indebtedness, the greater the Company's reliance on capital suppliers and the more complicated its financial standing. REPSOL QUIMICA SA's borrowing cost is appropriate according to its volume of external financing sources. Adequate long-term solvency. As the Real Assets of the company exceed its total debts, it offers, in principle, real property guarantee for settlement of its long-term obligations to third parties. Resources are managed more effectively, as turnover has increased with a reduced staff.

Productivity decrease. The Company's salaried staff productivity has decreased with respect to the previous fiscal year. This productivity decrease is reflected in a decrease in its generated income, a fact that might hinder the Company's financial situation. It has no operating income return. The Company has no return on the investments necessary for its main activity with respect to its assets. The Company's show losses in the development of its ordinary activities in 2012 and in 2011. During 2012 the company renewed its customer portfolio 6.63 times. This reflects an approximate average payment collection term of 90 días days. Average payment term to suppliers is longer than average payment term from customers.This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company. Related companies with judicial claims. Some type of judicial / administrative claim or serious action by any of the companies related to REPSOL QUIMICA SA has been published in BORME.

LEGAL 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	1 Incidence for a total cost of 67,37 E
	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

Incidences Detailed

Incidences with the Social Security

 BY THE SOCIAL SECURITY DE VALENCIA - Date 20/08/2008

Last Published Stage:	NOTIFICATION
Record Number:	03462008021191104
Amount of the incidence:	67,37 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	CL CRONISTA CARRERES; VALENCIA C.P.:46003
Source:	B.O.P. VALENCIA Nº222, 2008 SUPLEMENTO 2 PAGINA 112

  Suppliers

Name	NIF	Telephone
REPSOL SA	100

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:	2 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	8 Entities
PARTICIPATES IN:	12 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	REPSOL SA	MADRID
	TRANSFORMADORA DE ETILENO AIE	MADRID	50
PARTICIPATES IN	POLIDUX SOCIEDAD ANONIMA	MADRID	99.9
	GENERAL QUIMICA SOCIEDAD ANONIMA	ALAVA	98.99
	DYNASOL GESTION SA	MADRID	50
	SERVICIOS DE SEGURIDAD MANCOMUNADOS SOCIEDAD ANONIMA	CIUDAD REAL	30
	SOCIEDAD ESPAÑOLA DE MATERIALES PLASTICOS SEMAP SA	MADRID	10
	DYNASOL ELASTOMEROS SA	MADRID	50.01
	REPSOL LUSITANIA SL	MADRID	2
	REPSOL CHEMIE DEUTSCHLAND, S.A.		100
	DYNASOL ELASTOMEROS, SOCIEDAD ANONIMA, DE CV (MEXICO)		50
	REPSOL POLIMEROS, S.A.		70
	DYNASOL LLC		50

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	REPSOL SA	MADRID	99.99
	REPSOL LUBRICANTES Y ESPECIALIDADES SA	MADRID
	SOLRED SA	MADRID
	REPSOL COMERCIAL DE PRODUCTOS PETROLIFEROS, S.A.	MADRID
	REPSOL TRADING SA	MADRID
IS RELATED WITH	REPSOL LUBRICANTES Y ESPECIALIDADES SA	MADRID
	REPSOL EXPLORACION ARGELIA SA	MADRID
	TRATAMIENTOS Y RECUPERACIONES INDUSTRIALES SA	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	REPSOL YPF TESORERIA Y GESTION FINANCIERA SA	MADRID
	CICLOPLAST SA	MADRID
BELONGS TO THE ADMINISTRATION BOARD OF	SOCIEDAD ESPAÑOLA DE MATERIALES PLASTICOS SEMAP SA	MADRID

Turnover
Total Sales	3.680.821.000

 Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Normales	August  2013
2011	Normales	July  2012
2010	Normales	September  2011
2009	Normales	June  2010
2008	Normales	December  2009
2007	Normales	July  2008
2006	Normales	August  2007
2005	Normales	October  2006
2004	Normales	August  2005
2003	Normales	July  2004
2002	Normales	June  2003
2001	Normales	July  2002
2000	Normales	May  2001
1999	Normales	July  2000
1998	Normales	April  1999
1997	Normales	May  1998
1996	Normales	September  1997
1995	Normales	July  1996
1994	Normales	August  1995
1993	Normales	July  1994
1992	Normales	August  1993
1991	Normales	August  1992
1990	Normales	June  1991
1989	Normales	May  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 31/12/2012

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2012 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, axesor created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	526.322.000,00	590.145.000,00	643.039.000,00	714.677.000,00	764.711.000,00
I. Intangible fixed assets : 11100	10.685.000,00	9.604.000,00	17.317.000,00	22.678.000,00	29.229.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	433.000,00	479.000,00	666.000,00	1.716.000,00	3.000.000,00
4. Goodwill: 11140	1.408.000,00	1.408.000,00	1.408.000,00	1.408.000,00	1.408.000,00
5. IT applications: 11150	2.383.000,00	2.299.000,00	2.877.000,00	5.022.000,00	6.659.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	6.461.000,00	5.418.000,00	12.366.000,00	14.532.000,00	18.162.000,00
II. Tangible fixed assets : 11200	411.851.000,00	407.634.000,00	390.589.000,00	442.306.000,00	484.926.000,00
1. Land and buildings: 11210	59.450.000,00	62.921.000,00	67.626.000,00	69.643.000,00	73.088.000,00
2. Technical installations and other tangible fixed assets: 11220	284.824.000,00	289.384.000,00	269.871.000,00	312.819.000,00	404.560.000,00
3. Tangible asset in progress and advances: 11230	67.577.000,00	55.329.000,00	53.092.000,00	59.844.000,00	7.278.000,00
III. Real estate investment: 11300	289.000,00	292.000,00	296.000,00	299.000,00	302.000,00
1. Land: 11310	222.000,00	222.000,00	222.000,00	222.000,00	222.000,00
2. Buildings: 11320	67.000,00	70.000,00	74.000,00	77.000,00	80.000,00
IV. Long-term investments in Group companies and associates : 11400	44.753.000,00	126.535.000,00	211.142.000,00	233.554.000,00	235.988.000,00
1. Equity instruments: 11410	44.357.000,00	124.778.000,00	209.357.000,00	233.047.000,00	235.461.000,00
2. Credits to businesses: 11420	396.000,00	410.000,00	460.000,00	507.000,00	527.000,00
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	1.347.000,00	1.325.000,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	601.000,00	904.000,00	845.000,00	665.000,00	1.799.000,00
1. Equity instruments: 11510	96.000,00	191.000,00	99.000,00	165.000,00	165.000,00
2. Credits to third parties : 11520	1.000,00	212.000,00	245.000,00	22.000,00	22.000,00
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	504.000,00	501.000,00	501.000,00	0,00	1.612.000,00
6. Other investments: 11560	0,00	0,00	0,00	478.000,00	0,00
VI. Assets for deferred tax : 11600	58.143.000,00	45.176.000,00	22.850.000,00	15.175.000,00	12.467.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	1.163.063.000,00	994.305.000,00	845.749.000,00	682.617.000,00	655.446.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	281.623.000,00	288.432.000,00	245.437.000,00	203.815.000,00	194.763.000,00
1. Commercial: 12210	165.000,00	167.000,00	70.000,00	597.000,00	762.000,00
2. Primary material and other supplies: 12220	47.543.000,00	51.452.000,00	49.399.000,00	61.206.000,00	71.295.000,00
3. Work in progress: 12230	6.280.000,00	5.531.000,00	4.985.000,00	6.040.000,00	8.425.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	6.280.000,00	5.531.000,00	4.985.000,00	6.040.000,00	8.425.000,00
4. Finished goods: 12240	227.199.000,00	230.816.000,00	190.308.000,00	134.834.000,00	112.509.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	227.199.000,00	230.816.000,00	190.308.000,00	134.834.000,00	112.509.000,00
5. By-products, residues and recycled materials: 12250	268.000,00	297.000,00	505.000,00	203.000,00	349.000,00
6. Advances to suppliers: 12260	168.000,00	169.000,00	170.000,00	935.000,00	1.423.000,00
III. Trade debtors and others receivable accounts: 12300	561.704.000,00	453.523.000,00	450.835.000,00	355.748.000,00	417.667.000,00
1. Trade debtors / accounts receivable: 12310	391.881.000,00	311.611.000,00	337.967.000,00	237.440.000,00	224.400.000,00
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	391.881.000,00	311.611.000,00	337.967.000,00	237.440.000,00	224.400.000,00
2. Customers, Group companies and associates : 12320	138.990.000,00	119.464.000,00	93.127.000,00	97.237.000,00	152.354.000,00
3. Other accounts receivable: 12330	17.927.000,00	10.658.000,00	9.206.000,00	12.887.000,00	24.732.000,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	4.228.000,00
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	12.906.000,00	11.790.000,00	10.535.000,00	8.184.000,00	11.953.000,00
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	316.508.000,00	249.843.000,00	141.761.000,00	114.515.000,00	33.882.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	314.119.000,00	249.843.000,00	141.761.000,00	114.515.000,00	33.882.000,00
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	2.389.000,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	54.000,00	6.000,00	6.000,00	4.487.000,00	4.852.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	4.415.000,00	4.405.000,00
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	0,00	0,00	0,00	0,00	447.000,00
6. Other investments: 12560	54.000,00	6.000,00	6.000,00	72.000,00	0,00
VI. Short-term accruals: 12600	1.973.000,00	1.920.000,00	2.439.000,00	3.603.000,00	3.655.000,00
VII. Cash and other equivalent liquid assets : 12700	1.201.000,00	581.000,00	5.271.000,00	449.000,00	627.000,00
1. Treasury: 12710	1.201.000,00	581.000,00	5.271.000,00	449.000,00	627.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	1.689.385.000,00	1.584.450.000,00	1.488.788.000,00	1.397.294.000,00	1.420.157.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	29.083.000,00	121.234.000,00	-338.561.000,00	-321.599.000,00	-206.241.000,00
A-1) Shareholders' equity: 21000	26.943.000,00	118.524.000,00	-340.204.000,00	-321.599.000,00	-206.241.000,00
I. Capital: 21100	60.461.000,00	60.461.000,00	60.461.000,00	60.461.000,00	60.461.000,00
1. Registered capital : 21110	60.461.000,00	60.461.000,00	60.461.000,00	60.461.000,00	60.461.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	116.005.000,00	116.005.000,00	116.005.000,00	116.005.000,00	116.005.000,00
III. Reserves: 21300	295.891.000,00	295.891.000,00	295.891.000,00	295.891.000,00	295.891.000,00
1. Legal y estatutarias: 21310	12.092.000,00	12.092.000,00	12.092.000,00	12.092.000,00	12.092.000,00
2. Other reserves: 21320	283.799.000,00	283.799.000,00	283.799.000,00	283.799.000,00	283.799.000,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-935.260.000,00	-893.987.000,00	-875.383.000,00	-678.598.000,00	-498.421.000,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-935.260.000,00	-893.987.000,00	-875.383.000,00	-678.598.000,00	-498.421.000,00
VI. Other shareholders' contributions: 21600	581.427.000,00	581.427.000,00	81.427.000,00	0,00	81.426.000,00
VII. Result of the period: 21700	-91.581.000,00	-41.273.000,00	-18.605.000,00	-115.358.000,00	-261.603.000,00
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	2.140.000,00	2.710.000,00	1.643.000,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	484.361.000,00	465.656.000,00	477.440.000,00	369.814.000,00	21.018.000,00
I. Long-term provisions: 31100	19.999.000,00	7.961.000,00	21.737.000,00	17.025.000,00	16.321.000,00
1. Long-term employee benefits liability: 31110	222.000,00	1.869.000,00	1.794.000,00	1.218.000,00	0,00
2. Environmental actions: 31120	18.187.000,00	4.441.000,00	4.501.000,00	809.000,00	671.000,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	1.590.000,00	1.651.000,00	15.442.000,00	14.998.000,00	15.650.000,00
II Long-term creditors: 31200	7.658.000,00	6.992.000,00	5.896.000,00	2.395.000,00	970.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	7.658.000,00	6.992.000,00	5.896.000,00	2.395.000,00	970.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	9.704.000,00	3.703.000,00	2.807.000,00	2.801.000,00	2.989.000,00
V. Long-term accruals: 31500	0,00	0,00	0,00	225.000,00	738.000,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	447.000.000,00	447.000.000,00	447.000.000,00	347.368.000,00	0,00
C) CURRENT LIABILITIES : 32000	1.175.941.000,00	997.560.000,00	1.349.909.000,00	1.349.079.000,00	1.605.380.000,00
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	7.104.000,00	20.553.000,00	21.826.000,00	14.300.000,00	18.162.000,00
III. Short-term creditors : 32300	0,00	415.000,00	1.079.000,00	44.000,00	9.368.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	43.000,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	415.000,00	1.079.000,00	0,00	8.531.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	392.000,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	1.000,00	445.000,00
IV. Short-term debts with Group companies and associates: 32400	1.063.184.000,00	859.981.000,00	1.217.556.000,00	1.219.706.000,00	1.207.307.000,00
V. Trade creditors and other accounts payable: 32500	105.653.000,00	116.611.000,00	109.448.000,00	115.029.000,00	370.543.000,00
1. Suppliers: 32510	48.164.000,00	54.624.000,00	54.930.000,00	56.802.000,00	87.211.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	48.164.000,00	54.624.000,00	54.930.000,00	56.802.000,00	87.211.000,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	208.081.000,00
3. Other creditors: 32530	46.209.000,00	48.507.000,00	42.019.000,00	46.777.000,00	53.421.000,00
4. Personnel (remuneration due): 32540	0,00	0,00	0,00	0,00	8.900.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	11.280.000,00	13.480.000,00	12.499.000,00	11.450.000,00	12.930.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
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	1.689.385.000,00	1.584.450.000,00	1.488.788.000,00	1.397.294.000,00	1.420.157.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	3.680.821.000,00	3.642.232.000,00	3.014.091.000,00	1.788.523.000,00	2.735.139.000,00
a) Sales: 40110	3.680.821.000,00	3.642.232.000,00	3.014.091.000,00	1.788.523.000,00	2.735.139.000,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-2.898.000,00	40.846.000,00	54.720.000,00	-46.005.000,00	-56.935.000,00
3. Works carried out by the company for its assets: 40300	251.000,00	9.519.000,00	7.423.000,00	4.684.000,00	9.428.000,00
4. Supplies : 40400	-2.665.718.000,00	-2.661.882.000,00	-2.119.433.000,00	-1.357.443.000,00	-2.305.308.000,00
a) Stock consumption: 40410	-334.783.000,00	-369.622.000,00	-329.819.000,00	-403.260.000,00	-643.006.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-2.328.598.000,00	-2.292.260.000,00	-1.789.614.000,00	-1.019.983.000,00	-1.601.378.000,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	-2.337.000,00	0,00	0,00	65.800.000,00	-60.924.000,00
5. Other operating income: 40500	42.054.000,00	57.332.000,00	53.815.000,00	71.685.000,00	74.764.000,00
a) Auxiliary income and other from current management: 40510	41.727.000,00	40.409.000,00	37.007.000,00	51.978.000,00	47.628.000,00
b) Operation subsidies included in the Period's result: 40520	327.000,00	16.923.000,00	16.808.000,00	19.707.000,00	27.136.000,00
6. Personnel costs: 40600	-85.716.000,00	-93.078.000,00	-102.241.000,00	-94.480.000,00	-107.859.000,00
a) Wages, salaries et al.: 40610	-64.285.000,00	-69.861.000,00	-79.708.000,00	-69.678.000,00	-81.524.000,00
b) Social security costs: 40620	-21.431.000,00	-23.217.000,00	-22.533.000,00	-24.802.000,00	-26.335.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-981.165.000,00	-918.440.000,00	-823.047.000,00	-430.036.000,00	-547.389.000,00
a) External services: 40710	-954.193.000,00	-902.954.000,00	-798.046.000,00	-409.653.000,00	-514.814.000,00
b) Taxes: 40720	-7.176.000,00	-7.226.000,00	-7.008.000,00	-5.589.000,00	-7.161.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-421.000,00	-2.079.000,00	2.310.000,00	424.000,00	-4.566.000,00
d) Other current management expenditure : 40740	-19.375.000,00	-6.181.000,00	-20.303.000,00	-15.218.000,00	-20.848.000,00
8. Amortisation of fixed assets: 40800	-28.925.000,00	-26.893.000,00	-73.152.000,00	-85.806.000,00	-104.594.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	8.725.000,00	456.000,00	174.000,00	0,00	0,00
10. Excess provisions : 41000	0,00	569.000,00	0,00	0,00	36.000,00
11. Impairment and result of transfers of fixed assets: 41100	-21.306.000,00	-9.015.000,00	-12.090.000,00	-3.990.000,00	-8.253.000,00
a) Impairment and losses : 41110	-18.030.000,00	-7.501.000,00	-14.186.000,00	-4.427.000,00	-8.061.000,00
b) Results for transfers and other : 41120	-3.276.000,00	-1.514.000,00	2.096.000,00	437.000,00	-192.000,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-53.877.000,00	41.646.000,00	260.000,00	-152.868.000,00	-310.971.000,00
14. Financial income : 41400	5.743.000,00	3.361.000,00	2.316.000,00	1.730.000,00	1.780.000,00
a) Of shares in equity instruments : 41410	2.427.000,00	1.000,00	881.000,00	818.000,00	619.000,00
a 1) In Group companies and associates: 41411	2.427.000,00	1.000,00	881.000,00	818.000,00	619.000,00
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	3.316.000,00	3.360.000,00	1.435.000,00	912.000,00	1.161.000,00
b 1) From Group companies and associates : 41421	3.054.000,00	3.014.000,00	1.415.000,00	817.000,00	737.000,00
b 2) From third parties : 41422	262.000,00	346.000,00	20.000,00	95.000,00	424.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-13.839.000,00	-19.085.000,00	-13.873.000,00	-19.007.000,00	-50.078.000,00
a) Amounts owed to Group companies and associates : 41510	-13.415.000,00	-18.379.000,00	-12.853.000,00	-18.569.000,00	-44.766.000,00
b) For debts with third parties : 41520	-368.000,00	-355.000,00	24.000,00	38.000,00	-4.629.000,00
c) Stock renewal : 41530	-56.000,00	-351.000,00	-1.044.000,00	-476.000,00	-683.000,00
16. Changes in fair value of financial instruments : 41600	0,00	4.000,00	19.000,00	-444.000,00	0,00
a) Trading book and other : 41610	0,00	4.000,00	19.000,00	-444.000,00	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	-454.000,00	536.000,00	1.821.000,00	453.000,00	-9.079.000,00
18. Impairment and result for transfers of financial instruments: 41800	-86.939.000,00	-88.554.000,00	-23.757.000,00	-2.413.000,00	-14.050.000,00
a) Impairment and losses : 41810	-86.939.000,00	-88.554.000,00	-23.757.000,00	-2.413.000,00	-17.270.000,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	3.220.000,00
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	-95.489.000,00	-103.738.000,00	-33.474.000,00	-19.681.000,00	-71.427.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-149.366.000,00	-62.092.000,00	-33.214.000,00	-172.549.000,00	-382.398.000,00
20. Income taxes: 41900	57.785.000,00	20.819.000,00	14.609.000,00	57.191.000,00	120.795.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-91.581.000,00	-41.273.000,00	-18.605.000,00	-115.358.000,00	-261.603.000,00
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	-91.581.000,00	-41.273.000,00	-18.605.000,00	-115.358.000,00	-261.603.000,00

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

Information corresponding to the fiscal year 2012 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, Axesor created such criteria using its own methodology. To view details on the methodology 2012 2011 2010 2009 2008  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2012	2011	2010	2009	2008
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	468.179.000,00	544.969.000,00	620.189.000,00	699.502.000,00	752.244.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	10.685.000,00	9.604.000,00	17.317.000,00	22.678.000,00	29.229.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	433.000,00	479.000,00	666.000,00	1.716.000,00	3.000.000,00
3. Goodwill:	1.408.000,00	1.408.000,00	1.408.000,00	1.408.000,00	1.408.000,00
4. Key money paid for premises:	6.461.000,00	5.418.000,00	12.366.000,00	14.532.000,00	18.162.000,00
5. Software:	2.383.000,00	2.299.000,00	2.877.000,00	5.022.000,00	6.659.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	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	0,00
III. Tangible fixed assets:	412.140.000,00	407.926.000,00	390.885.000,00	442.605.000,00	485.228.000,00
1. Land and construction:	59.739.000,00	63.213.000,00	67.922.000,00	69.942.000,00	73.390.000,00
2. Technical installations and machinery:	279.642.681,00	284.119.729,00	264.961.695,00	307.128.415,00	397.200.527,00
3. Other installations, tools and furniture:	443.086,00	450.180,00	419.824,00	486.636,00	629.353,00
4. Payments on account and tangible fixed assets under construction:	67.577.000,00	55.329.000,00	53.092.000,00	59.844.000,00	7.278.000,00
5. Other tangible assets:	4.738.233,00	4.814.092,00	4.489.480,00	5.203.948,00	6.730.120,00
6. Provisions:	0,00	0,00	0,00	0,00	0,00
7. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
IV. Financial investments:	45.354.000,00	127.439.000,00	211.987.000,00	234.219.000,00	237.787.000,00
1. Equity investments in group companies:	39.774.299,00	111.886.679,00	187.727.480,00	208.969.970,00	211.134.570,00
2. Receivables from group companies:	134.481,00	139.236,00	156.216,00	172.177,00	178.969,00
3. Equity investment in associated companies:	4.582.701,00	12.891.321,00	21.629.520,00	24.077.030,00	24.326.430,00
4. Credits to associated companies:	261.519,00	270.764,00	303.784,00	334.823,00	348.031,00
5. Long-term securities portfolio:	96.000,00	191.000,00	99.000,00	165.000,00	165.000,00
6. Other receivables:	1.000,00	212.000,00	245.000,00	500.000,00	22.000,00
7. Long term guarantees and deposits:	504.000,00	1.848.000,00	1.826.000,00	0,00	1.612.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
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	0,00
D) CURRENT ASSETS:	1.221.206.000,00	1.039.481.000,00	868.599.000,00	697.792.000,00	667.913.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	281.623.000,00	288.432.000,00	245.437.000,00	203.815.000,00	194.763.000,00
1. Goods for resale:	165.000,00	167.000,00	70.000,00	597.000,00	762.000,00
2. Raw materials and other consumables:	47.543.000,00	51.452.000,00	49.399.000,00	61.206.000,00	71.295.000,00
3. Goods in process and semifinished ones:	6.280.000,00	5.531.000,00	4.985.000,00	6.040.000,00	8.425.000,00
4. Finished products:	227.199.000,00	230.816.000,00	190.308.000,00	134.834.000,00	112.509.000,00
5. Byproducts, scrap and recovered materials:	268.000,00	297.000,00	505.000,00	203.000,00	349.000,00
6. Payments on account:	168.000,00	169.000,00	170.000,00	935.000,00	1.423.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	619.847.000,00	498.699.000,00	473.685.000,00	370.923.000,00	430.134.000,00
1. Trade debtors / accounts receivable:	391.881.000,00	311.611.000,00	337.967.000,00	237.440.000,00	224.400.000,00
2. Accounts receivable, Group companies:	138.473.011,00	119.019.640,00	92.780.604,00	96.875.316,00	151.787.302,00
3. Accounts receivable, associated companies:	516.989,00	444.360,00	346.396,00	361.684,00	566.698,00
4. Other debtors:	17.927.000,00	10.658.000,00	9.206.000,00	12.887.000,00	24.732.000,00
5. Staff:	0,00	0,00	0,00	0,00	4.228.000,00
6. Public bodies:	71.049.000,00	56.966.000,00	33.385.000,00	23.359.000,00	24.420.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	316.562.000,00	249.849.000,00	141.767.000,00	119.002.000,00	38.734.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	314.119.000,00	249.843.000,00	141.761.000,00	114.515.000,00	33.882.000,00
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. Short term securities portfolio:	0,00	0,00	0,00	4.415.000,00	4.405.000,00
6. Other receivables:	2.443.000,00	6.000,00	6.000,00	72.000,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	447.000,00
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:	1.201.000,00	581.000,00	5.271.000,00	449.000,00	627.000,00
VII. Prepayments and accrued income:	1.973.000,00	1.920.000,00	2.439.000,00	3.603.000,00	3.655.000,00
GENERAL TOTAL (A + B + C + D):	1.689.385.000,00	1.584.450.000,00	1.488.788.000,00	1.397.294.000,00	1.420.157.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	45.772.000,00	123.778.000,00	-335.210.100,00	-320.790.000,00	-205.178.000,00
I. Subscribed capital:	60.461.000,00	60.461.000,00	60.461.000,00	60.461.000,00	60.461.000,00
II. Share premium:	116.005.000,00	116.005.000,00	116.005.000,00	116.005.000,00	116.005.000,00
III. Revaluation reserves:	22.021.007,00	22.428.684,00	22.823.353,00	22.888.413,00	22.974.144,00
IV. Reserves:	292.698.993,00	278.716.316,00	278.061.547,00	273.811.587,00	273.979.856,00
1. Legal reserve:	12.092.000,00	12.092.000,00	12.092.000,00	12.092.000,00	12.092.000,00
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:	280.605.981,00	266.623.285,00	265.968.498,00	261.718.535,00	261.886.800,00
Differences due to capital adjustement to euros:	1.012,00	1.031,00	1.049,00	1.052,00	1.056,00
V. Profit or loss brought forward:	-353.833.000,00	-312.560.000,00	-793.956.000,00	-678.598.000,00	-416.995.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-935.260.000,00	-893.987.000,00	-875.383.000,00	-678.598.000,00	-498.421.000,00
3. Partners' contributions so as to compensate losses:	581.427.000,00	581.427.000,00	81.427.000,00	0,00	81.426.000,00
VI. Profit or loss for the financial year:	-91.581.000,00	-41.273.000,00	-18.605.000,00	-115.358.000,00	-261.603.000,00
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:	1.498.000,00	1.897.000,00	1.150.100,00	0,00	0,00
1. Capital grants:	1.498.000,00	1.897.000,00	1.150.100,00	0,00	0,00
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	0,00
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:	1.812.000,00	3.520.000,00	17.236.000,00	16.216.000,00	15.650.000,00
1. Provisions for pension fund and other similar obligations:	222.000,00	1.869.000,00	1.794.000,00	1.218.000,00	0,00
2. Provisions for taxes:	1.378.839,00	1.431.738,00	13.391.215,00	13.006.180,00	13.571.591,00
3. Other provisions:	211.161,00	219.262,00	2.050.785,00	1.991.820,00	2.078.409,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	464.362.000,00	457.695.000,00	455.703.000,00	352.564.000,00	3.959.000,00
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:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	464.362.000,00	457.695.000,00	455.703.000,00	352.564.000,00	3.959.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	454.658.000,00	453.992.000,00	452.896.000,00	349.763.000,00	970.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	9.704.000,00	3.703.000,00	2.807.000,00	2.801.000,00	2.989.000,00
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:	1.175.941.000,00	997.560.000,00	1.349.909.000,00	1.349.304.000,00	1.605.726.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	43.000,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	43.000,00	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:	0,00	415.000,00	1.079.000,00	0,00	8.531.000,00
1. Loans and other liabilities:	0,00	415.000,00	1.079.000,00	0,00	8.531.000,00
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:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	1.063.184.000,00	859.981.000,00	1.217.556.000,00	1.219.706.000,00	1.415.388.000,00
1. Amounts owed to group companies:	1.063.184.000,00	859.981.000,00	1.217.556.000,00	1.219.706.000,00	1.415.388.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	94.373.000,00	103.131.000,00	96.949.000,00	103.579.000,00	140.632.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	94.373.000,00	103.131.000,00	96.949.000,00	103.579.000,00	140.632.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	11.280.000,00	13.480.000,00	12.499.000,00	11.451.000,00	22.275.000,00
1. Public bodies:	11.280.000,00	13.480.000,00	12.499.000,00	11.450.000,00	12.930.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	816,00	362.993,00
4. Wages and salaries payable:	0,00	0,00	0,00	0,00	8.900.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	184,00	82.007,00
VI. Provisions:	7.104.000,00	20.553.000,00	21.826.000,00	14.300.000,00	18.162.000,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	225.000,00	738.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	1.689.385.000,00	1.584.450.000,00	1.488.788.000,00	1.397.294.000,00	1.420.157.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	3.829.175.000,00	3.796.128.000,00	3.155.080.000,00	1.982.870.000,00	3.327.560.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	2.898.000,00	0,00	0,00	46.005.000,00	56.935.000,00
A.2. Supplies:	2.663.381.000,00	2.661.882.000,00	2.119.433.000,00	1.423.243.000,00	2.244.384.000,00
a) Stock consumption:	334.783.000,00	369.622.000,00	329.819.000,00	403.260.000,00	643.006.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	2.328.598.000,00	2.292.260.000,00	1.789.614.000,00	1.019.983.000,00	1.601.378.000,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	85.716.000,00	93.078.000,00	102.241.000,00	94.480.000,00	107.859.000,00
a) Wages, salaries et al.:	64.285.000,00	69.861.000,00	79.708.000,00	69.678.000,00	81.524.000,00
b) Social security costs:	21.431.000,00	23.217.000,00	22.533.000,00	24.802.000,00	26.335.000,00
A.4. Depreciation expense:	28.925.000,00	26.893.000,00	73.152.000,00	85.806.000,00	104.594.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	2.758.000,00	2.079.000,00	-2.310.000,00	-66.224.000,00	65.490.000,00
a) Stock provision variation:	2.337.000,00	0,00	0,00	-65.800.000,00	60.924.000,00
b) Variation in provision and bad debt losses:	421.000,00	2.079.000,00	-2.310.000,00	-424.000,00	4.566.000,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	980.744.000,00	916.361.000,00	825.357.000,00	430.460.000,00	542.823.000,00
a) External services:	954.193.000,00	902.954.000,00	798.046.000,00	409.653.000,00	514.814.000,00
b) Taxes:	7.176.000,00	7.226.000,00	7.008.000,00	5.589.000,00	7.161.000,00
c) Other operating expenses:	19.375.000,00	6.181.000,00	20.303.000,00	15.218.000,00	20.848.000,00
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):	0,00	50.205.000,00	12.176.000,00	0,00	0,00
A.7. Financial and similar charges:	13.839.000,00	19.085.000,00	13.873.000,00	19.007.000,00	50.078.000,00
a) Due to liabilities with companies of the group:	13.415.000,00	18.379.000,00	12.853.000,00	18.569.000,00	44.766.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	424.000,00	706.000,00	1.020.000,00	438.000,00	5.312.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	3.056.230,00	3.376.691,00	1.446.821,00	443.602,00	-4.182,00
A.9. Exchange losses:	454.000,00	0,00	0,00	0,00	9.079.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	31.644.309,00	1.012.179,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	101.912.770,00	92.678.309,00	36.496.179,00	6.840.398,00	25.335.182,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	3.276.000,00	1.514.000,00	0,00	0,00	192.000,00
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	0,00
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	0,00	0,00	0,00	0,00
A.15. Corporation tax:	-57.785.000,00	-20.819.000,00	-14.609.000,00	-57.191.000,00	120.795.000,00
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	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	3.737.594.000,00	3.754.855.000,00	3.136.475.000,00	1.867.512.000,00	2.824.367.000,00
B.1. Net total sales:	3.680.821.000,00	3.642.232.000,00	3.014.091.000,00	1.788.523.000,00	2.735.139.000,00
a) Sales:	3.731.004.622,00	3.691.889.506,00	3.055.184.550,00	1.812.907.386,00	2.772.429.371,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	-50.183.622,00	-49.657.506,00	-41.093.550,00	-24.384.386,00	-37.290.371,00
B.2. Stock increase of manufactured goods and products in process:	0,00	40.846.000,00	54.720.000,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	251.000,00	9.519.000,00	7.423.000,00	4.684.000,00	9.428.000,00
B.4. Miscellaneous operating income:	42.054.000,00	57.901.000,00	53.815.000,00	71.685.000,00	74.800.000,00
a) Auxiliary income and other from current management:	41.727.000,00	40.409.000,00	37.007.000,00	51.978.000,00	47.628.000,00
b) Grants:	327.000,00	16.923.000,00	16.808.000,00	19.707.000,00	27.136.000,00
c) Liabilities and charges provisions surplus:	0,00	569.000,00	0,00	0,00	36.000,00
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):	41.296.000,00	0,00	0,00	148.878.000,00	302.718.000,00
B.5. Income from equity investment:	2.427.000,00	1.000,00	881.000,00	818.000,00	619.000,00
a) In companies of the group:	2.427.000,00	1.000,00	881.000,00	818.000,00	619.000,00
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:	1.094.622,00	1.081.590,00	505.655,00	293.203,00	269.539,00
a) From companies of the group:	1.090.714,00	1.076.429,00	505.357,00	291.786,00	263.214,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	3.908,00	5.161,00	298,00	1.417,00	6.324,00
B.7. Miscellaneous interests or similar income:	2.221.378,00	2.282.410,00	948.345,00	618.797,00	4.111.461,00
a) From companies of the group:	1.963.286,00	1.937.571,00	909.643,00	525.214,00	473.786,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	258.092,00	340.839,00	19.702,00	93.583,00	417.676,00
d) Profit on financial investment:	0,00	4.000,00	19.000,00	0,00	3.220.000,00
B.8. Exchange positive differences:	0,00	536.000,00	1.821.000,00	453.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	11.606.230,00	18.560.691,00	11.163.821,00	17.267.602,00	54.152.818,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	52.902.230,00	0,00	0,00	166.145.602,00	356.870.818,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	2.096.000,00	437.000,00	0,00
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:	8.725.000,00	456.000,00	174.000,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
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):	96.463.770,00	93.736.309,00	34.226.179,00	6.403.398,00	25.527.182,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	149.366.000,00	62.092.000,00	33.214.000,00	172.549.000,00	382.398.000,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	91.581.000,00	41.273.000,00	18.605.000,00	115.358.000,00	258.383.000,00

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.

	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	-149.366.000,00	-62.092.000,00	-33.214.000,00	-172.549.000,00	-382.398.000,00
2. Results adjustments.: 61200	139.909.000,00	140.096.000,00	149.351.000,00	63.657.000,00	246.036.000,00
a) Fixed Assets Amortization (+).: 61201	28.924.000,00	26.893.000,00	73.151.000,00	85.805.000,00	104.594.000,00
b) Obsolescence Allowances (+/-). : 61202	-6.971.000,00	12.375.000,00	-878.000,00	-65.799.000,00	67.606.000,00
c) Variation in Provision (+/-). : 61203	12.000.000,00	85.619.000,00	47.348.000,00	-1.686.000,00	24.030.000,00
d) Allocation of grants (-).: 61204	-8.725.000,00	0,00	-2.310.000,00	0,00	-27.136.000,00
e) Results on disposal of fixed assets (+/-). : 61205	-469.000,00	277.000,00	22.304.000,00	28.503.000,00	192.000,00
f) Results on disposal of financial instruments (+/-).: 61206	104.968.000,00	0,00	0,00	0,00	-3.220.000,00
g) Financial income (-).: 61207	-3.316.000,00	-2.316.000,00	-2.316.000,00	-1.730.000,00	-1.780.000,00
h) Financial Expenses (+). : 61208	13.839.000,00	18.713.000,00	13.873.000,00	19.007.000,00	49.395.000,00
i) Exchange differences (+/-). : 61209	454.000,00	536.000,00	-1.821.000,00	-453.000,00	9.080.000,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	-308.000,00	0,00	-10.000,00	-2.363.000,00
k) Other income and expense (-/+). : 61211	-795.000,00	-1.693.000,00	0,00	20.000,00	25.638.000,00
3. Changes in current capital equity.: 61300	-341.931.000,00	145.598.000,00	-132.444.000,00	-184.812.000,00	117.095.000,00
a) Stock (+/-).: 61301	13.780.000,00	-55.370.000,00	-40.744.000,00	56.747.000,00	55.349.000,00
d) Debtors and other accounts receivable (+/-). : 61302	-67.640.000,00	-1.702.000,00	-85.133.000,00	1.504.000,00	298.268.000,00
c) Other current assets (+/-). : 61303	-53.000,00	519.000,00	1.164.000,00	52.000,00	-1.432.000,00
d) Creditors and other accounts payable (+/-). : 61304	-288.018.000,00	202.151.000,00	-7.731.000,00	-243.115.000,00	-235.090.000,00
4. Other cash flows for operating activities.: 61400	4.912.000,00	-8.686.000,00	-6.546.000,00	119.080.000,00	-6.997.000,00
a) Interest payments (-). : 61401	-8.113.000,00	-9.605.000,00	-7.333.000,00	-522.000,00	-49.765.000,00
b) Dividend payment collection (+). : 61402	7.000,00	1.000,00	881.000,00	818.000,00	0,00
c) Interest collection (+). : 61403	2.426.000,00	343.000,00	20.000,00	832.000,00	1.780.000,00
d) Income tax payment collection (payments) (+/-).: 61404	10.592.000,00	575.000,00	-114.000,00	117.952.000,00	40.988.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-346.476.000,00	214.916.000,00	-22.853.000,00	-174.624.000,00	-26.264.000,00
6. Payments for investment (-).: 62100	-121.943.000,00	-152.938.000,00	-61.800.000,00	-142.013.000,00	-84.517.000,00
a) Companies of the group and affiliates. : 62101	-6.421.000,00	-109.419.000,00	-28.524.000,00	-80.553.000,00	-1.702.000,00
b) Intangible fixed assets. : 62102	-51.261.000,00	-43.533.000,00	-273.000,00	-21.059.000,00	-3.421.000,00
c) Fixed assets. : 62103	0,00	0,00	-32.822.000,00	-40.401.000,00	-52.732.000,00
e) Other financial assets. : 62105	-61.995.000,00	14.000,00	-181.000,00	0,00	-26.596.000,00
h) Other assets. : 62108	-2.266.000,00	0,00	0,00	0,00	-66.000,00
7. Divestment payment collection (+). : 62200	0,00	0,00	0,00	1.509.000,00	8.480.000,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	0,00	0,00	8.040.000,00
c) Fixed assets. : 62203	0,00	0,00	0,00	0,00	166.000,00
d) Real estate investment. : 62204	0,00	0,00	0,00	0,00	3.000,00
e) Other financial assets. : 62205	0,00	0,00	0,00	1.509.000,00	0,00
h) Other assets. : 62208	0,00	0,00	0,00	0,00	271.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-121.943.000,00	-152.938.000,00	-61.800.000,00	-140.504.000,00	-76.037.000,00
9. Payment collection and payments for equity instruments. : 63100	8.068.000,00	500.001.000,00	0,00	0,00	38.000.000,00
a) Issuance of equity instruments (+). : 63101	0,00	500.001.000,00	0,00	0,00	38.000.000,00
d) Disposal of own equity instruments (+). : 63104	8.068.000,00	500.001.000,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	460.419.000,00	-566.840.000,00	84.534.000,00	317.313.000,00	73.576.000,00
a) Issuance : 63201	486.219.000,00	2.277.000,00	84.792.000,00	331.253.000,00	187.558.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	94.508.000,00	328.883.000,00	187.535.000,00
4. Special characteristic debts (+). : 63205	486.219.000,00	2.277.000,00	0,00	0,00	0,00
5. Other debts (+). : 63206	0,00	0,00	-9.716.000,00	2.370.000,00	23.000,00
b) Repayment and amortization of : 63207	-25.800.000,00	-569.117.000,00	-258.000,00	-13.940.000,00	-113.982.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	1.035.000,00	-9.324.000,00	-113.586.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-25.800.000,00	-569.117.000,00	0,00	0,00	-341.000,00
5. Other debts (-). : 63212	0,00	0,00	-1.293.000,00	-4.616.000,00	-55.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	468.487.000,00	-66.839.000,00	84.534.000,00	317.313.000,00	111.576.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	552.000,00	171.000,00	526.000,00	-2.363.000,00	-9.080.000,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	620.000,00	-4.690.000,00	407.000,00	-178.000,00	195.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	581.000,00	5.271.000,00	4.864.000,00	627.000,00	432.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.201.000,00	581.000,00	5.271.000,00	449.000,00	627.000,00

 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	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,01 %	0,00 %	0,00 %
EBITDA over Sales:	-0,34 %	9,59 %	2,10 %	10,06 %	-116,00 %	-4,71 %
Cash Flow Yield:	0,00 %	0,01 %	0,00 %	0,00 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-4,06 %	5,76 %	3,45 %	6,97 %	-217,64 %	-17,24 %
Total economic profitability:	-8,02 %	2,81 %	-2,71 %	4,18 %	-195,55 %	-32,75 %
Financial profitability:	-339,91 %	2,00 %	-34,82 %	5,88 %	-876,11 %	-66,07 %
Margin:	-1,45 %	5,23 %	1,12 %	6,36 %	-228,88 %	-17,75 %
Mark-up:	-4,01 %	2,01 %	-1,67 %	4,73 %	-139,65 %	-57,55 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,00	0,13	0,00	0,11		20,03
Acid Test:	0,75	0,88	0,72	0,83	4,43	6,15
Working Capital / Investment:	-0,01	0,04	0,00	0,03		46,34
Solvency:	1,04	1,22	1,06	1,16	-1,80	5,38

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	33,27	1,56	11,10	1,65	199,64	-5,41
Borrowing Composition:	0,40	1,13	0,47	1,04	-15,19	8,68
Repayment Ability:	2.634,19	111,25	-305,91	635,82	961,11	-82,50
Warranty:	1,03	1,65	1,10	1,61	-6,34	2,21
Generated resources / Total creditors:	0,02	0,07	0,05	0,07	-68,47	2,57

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	0,86	1,76	1,82	1,75	-53,04	0,41
Turnover of Collection Rights :	6,63	4,89	8,18	4,49	-18,95	8,95
Turnover of Payment Entitlements:	34,49	3,53	31,05	3,27	11,07	8,10
Stock rotation:	13,37	6,87	12,69	6,09	5,36	12,83
Assets turnover:	2,80	1,10	3,07	1,10	-8,72	0,62
Borrowing Cost:	0,85	3,06	1,33	2,93	-36,30	4,50

> Trend of indicators under the General Accounting Plan of 2007 (2012, 2011, 2010, 2009, 2008)

Cash Flow	2012	2011	2010	2009	2008
Cash Flow over Sales:	0,00 %	0,00 %	0,00 %	0,00 %	0,01 %
EBITDA over Sales:	-0,34 %	2,10 %	2,83 %	-3,53 %	-7,24 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %	0,01 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	-4,06 %	3,45 %	0,02 %	-14,64 %	-27,19 %
Total economic profitability:	-8,02 %	-2,71 %	-1,30 %	-10,99 %	-23,40 %
Financial profitability:	-339,91 %	-34,82 %	5,47 %	35,87 %	126,84 %
Margin:	-1,45 %	1,12 %	0,01 %	-8,20 %	-11,03 %
Mark-up:	-4,01 %	-1,67 %	-1,08 %	-9,25 %	-2,53 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,00	0,00	0,00	0,00	0,00
Acid Test:	0,75	0,72	0,45	0,36	0,29
Working Capital / Investment:	-0,01	0,00	-0,34	-0,48	-0,65
Solvency:	1,04	1,06	0,65	0,52	0,42

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	33,27	11,10	-5,63	-5,54	-8,38
Borrowing Composition:	0,40	0,47	0,34	0,26	0,00
Repayment Ability:	2.634,19	-305,91	369,93	-9.480,72	-12,83
Warranty:	1,03	1,10	0,83	0,83	0,89
Generated resources / Total creditors:	0,02	0,05	0,04	-0,06	-0,05

Efficiency	2012	2011	2010	2009	2008
Productivity:	0,86	1,82	1,83	0,33	-0,84
Turnover of Collection Rights :	6,63	8,18	6,82	5,24	6,75
Turnover of Payment Entitlements:	34,49	31,05	27,38	15,14	7,55
Stock rotation:	13,37	12,69	12,48	9,88	16,03
Assets turnover:	2,80	3,07	2,71	1,79	2,47
Borrowing Cost:	0,85	1,33	0,78	1,13	3,15

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

LaRazón.es	10/11/2013
Explosión en una planta de Repsol en Tarragona sin heridos
Companies related

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	8.360.000,00
Notes	Subvención de derechos CO2. El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 114.000 euros.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	365.000,00
Notes	El importe reflejado corresponde al imputado a resultados en este ejercicio, quedando un saldo pendiente al cierre de 2.026.000 euros.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	2.710.000,00
Notes	El importe reflejado corresponde al saldo al cierre del ejercicio.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	174.000,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 1.643.000 euros.

 Research Summary

It is a large size company engaged in the manufacture of chemicals derived from petroleum. It belongs to an important corporate Group of the petrochemical sector, which has been operating for several years, without incidents.

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.61.12
UK Pound	1	Rs.102.54
Euro	1	Rs.81.87

INFORMATION DETAILS

Report Prepared by :

TPT

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.