MIRA INFORM REPORT

Report Date :

10.12.2014

IDENTIFICATION DETAILS

Name :	SOCIEDAD ANONIMA ROBAMA
Registered Office :	Crta. Nacional Ii, Km 680,60 P.Ind.Mas Puigvert. - Palafolls - 08389 – Barcelona
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	26.12.1966
Legal Form :	Private Company
Line of Business :	· Manufacturer of dyes and pigments · Engaged in manufacturing and sale of optical and Auxiliary Brighteners, mainly for the Paper, Textile and Leather Industry. · subject operates in three business units are as follows: o Paper Business Unit (Optical Brighteners & Dyestuffs) o Textile Business Unit (Dyes & Textile Auxiliaries) o Leather Business Unit (Leather)
No of Employees :	61 (2013)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed in late 2013, albeit only modestly, as credit contraction in the private sector, fiscal austerity, and high unemployment continued to weigh on domestic consumption and investment. Exports, however, have been resilient throughout the economic downturn, partially offsetting declines in domestic consumption and helped to bring Spain's current account into surplus in 2013 for the first time since 1986. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, straining Spain's public finances as spending on social benefits increased while tax revenues fell. Spain’s budget deficit peaked at 11.4% of GDP in 2009. Spain gradually reduced the deficit to just under 7% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to 93.4% in 2013. Rising labor productivity, moderating labor costs, and lower inflation have helped to improve foreign investor interest in the economy and to reduce government borrowing costs. The government's ongoing efforts to implement reforms - labor, pension, health, tax, and education - are aimed at supporting investor sentiment. The government also has shored up struggling banks exposed to Spain's depressed domestic construction and real estate sectors by successfully completing an EU-funded restructuring and recapitalization program in December 2013.

Source : CIA

EXECUTIVE SUMMARY

Name:	SOCIEDAD ANONIMA ROBAMA
NIF / Fiscal code:	A08044299
Trade Name	ROBAMA
Status:	ACTIVE
Incorporation Date:	26/12/1966
Legal Form Legal Form :	Private Company PpPpnmmhbjkjhkhPrivate Company
Register Data	Register Section 8 Sheet 44044
Last Publication in BORME:	24/11/2014 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	276.465,57
Localization:	CRTA. NACIONAL II, KM 680,60 P.IND.MAS PUIGVERT. - PALAFOLLS - 08389 - BARCELONA
Telephone - Fax - Email - Website:	Ph.:. 937 669 000 Email. info@robama.com Website. www.robama.com
Activity:
	· Manufacturer of dyes and pigments · Engaged in manufacturing and sale of optical and Auxiliary Brighteners, mainly for the Paper, Textile and Leather Industry. · subject operates in three business units are as follows: o Paper Business Unit (Optical Brighteners & Dyestuffs) o Textile Business Unit (Dyes & Textile Auxiliaries) o Leather Business Unit (Leather)
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	3 for a total cost of 141716.65
Quality Certificate:	No
	More than adequate capacity to meet its financial obligations. However, this capacity has a higher probability to deteriorate in the mid-long term than in higher categories.
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)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

TRUMPLER ESPAÑOLA SA	60 %
Shares:	1
Other Links:	4
No. of Active Corporate Bodies:

Ratios	2013	2012	Change
Nº of employees:	61

Guarantees

Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The firm was established in 1996, and continues the business started by the families Rovira, Bachs and Maciá back in 1925. It is engaged in the manufacture and sale of chemicals and develops its activity both nationally and internationally. There is no evidence of any default in the sources consulted, although according to the last figures filed at the Trade Registry, it can be noticed that despite the results of the fiscal year are positive(740,619 Euro/s), there are still losses from past fiscal years (-2,339,849 Euro/s). Its own funds are positive in 4, 060,785 Euros. Although it is considered apt to keep being related to usual risk operations, it is advisable to monitore its commercial evolution in an on-going basis.

Identification
Social Denomination:	SOCIEDAD ANONIMA ROBAMA
Trade Name:	ROBAMA
NIF / Fiscal code:	A08044299
Corporate Status:	ACTIVE
Start of activity:	1925
Registered Office:	CRTA. NACIONAL II, KM 680,60 P.IND.MAS PUIGVERT.
Locality:	PALAFOLLS
Province:	BARCELONA
Postal Code:	08389
Telephone:	937 669 000
Fax:	937 669 011
Website:	www.robama.com
Email:	info@robama.com
Interviewed Person:	This information was obtained through indirect sources, due to the refusal by the responsible members of the society to provide any collaboration.

Activity

NACE:	2012
CNAE Obtaining Source:	2012
Additional Information:	Manufacture and sale of optical and auxiliary brighteners, mainly for the paper, textile and leather industry.
Franchise:	No
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	61

Chronological Summary

Year	Act
1990	Accounts deposit (ejer. 1989)
1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (1)
1992	Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Other Concepts/ Events (1) Statutory Modifications (1)
1993	Accounts deposit (ejer. 1992) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
1994	Accounts deposit (ejer. 1993) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
1995	Accounts deposit (ejer. 1994) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
1996	Accounts deposit (ejer. 1995)
1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Take-over Merger (4)
1998	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Take-over Merger (1)
1999	Accounts deposit (ejer. 1997, 1998)
2001	Accounts deposit (ejer. 1999, 2000)
2002	Declaration of Sole Propietorship (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (2) Take-over Merger (5)
2003	Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (1)
2004	Appointments/ Re-elections (1) Other Concepts/ Events (1)
2005	Accounts deposit (ejer. 2003, 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (1)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1)
2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2009	Accounts deposit (ejer. 2008)
2010	Accounts deposit (ejer. 2009)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2012	Accounts deposit (ejer. 2011)
2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
2014	Accounts deposit (ejer. 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity
Registered Capital:	276.465,57
Paid up capital:	276.465,57

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
14/08/1997	Increase of Capital	66.111	66.111	276.466	276.466

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	BARENYS MARTINEZ JOAN	24/04/2013	2
MEMBER OF THE BOARD	HENRICUS ADRIANUS ANTONIUS MARIA VUGS	17/11/2014	1
	GIL CALVO PILAR	24/04/2013	4
	BARENYS MARTINEZ JOAN	24/04/2013	2
	CHRISTIAN JOHANN JACOB FRIEDRICH ROSS	30/09/1998	1
JOINT ATTORNEY	RIUS PALLEIRO JAVIER	02/07/2014	1
	GARCIA SANZ CONCEPCION	02/07/2014	1
PROXY	BARENYS MARTINEZ JUAN	20/07/2011	3
	PEREZ CARRETERO SALVADOR	20/07/2011	3
NON CONSELLOR SECRETARY	MARIMON PRATS LUIS F	24/04/2013	1
ACCOUNTS' AUDITOR / HOLDER	IBERAUDIT MRM AUDICONSULTING SLP	25/09/2014	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUDICONSULTING IBERIA MRM SLP	ACCOUNTS' AUDITOR / HOLDER	04/11/2011	1
BACHS TORRES JUAN	MEMBER OF THE BOARD	05/10/1994	2
	PRESIDENT	05/10/1994
BAILLES LOPEZ FRANCISCO	PROXY	03/05/1994	1
BARENYS MARTINEZ JORDI	PROXY	24/04/2013	1
BARENYS MARTINEZ JORDI MARIA	PRESIDENT	25/07/2008	11
	PROXY	20/07/2011
	PROXY	03/11/1998
	PROXY	11/11/1998
	PROXY	20/08/2007
	MEMBER OF THE BOARD	25/07/2008
	PROXY	22/09/1997
	MEMBER OF THE BOARD	09/10/2003
	PRESIDENT	09/10/2003
	MEMBER OF THE BOARD	24/04/2013
	PRESIDENT	24/04/2013
BARENYS MARTINEZ JUAN	PROXY	20/08/2007	3
	PROXY	20/07/2011
BARENYS MARTORELL ANTONIO	MEMBER OF THE BOARD	28/12/1994	3
	CHIEF EXECUTIVE OFFICER	28/12/1994
	PRESIDENT	28/12/1994
CHRISTIAN JOHANN JACOB FRIEDRICH ROOS	MEMBER OF THE BOARD	28/04/2011	2
	MEMBER OF THE BOARD	25/07/2008
CHRISTIAN ROSS	CHIEF EXECUTIVE OFFICER	30/09/1998	1
COOPERS AND LYBRAND SA	ACCOUNTS' AUDITOR / HOLDER	07/10/2004	1
FABREGAS MERCADE Y CO AUDITORES CONSULTORES SL	ACCOUNTS' AUDITOR / HOLDER	17/11/2008	1
FIMSA SL	SINGLE PARTNER	18/10/2002	1
GARCIA CAIRO POCH Y CIA AUDITORES ASOCIADOS	ACCOUNTS' AUDITOR / HOLDER	23/02/1995	1
GIL CALVO PILAR	MEMBER OF THE BOARD	25/07/2008	4
	MEMBER OF THE BOARD	09/10/2003
	MEMBER OF THE BOARD	24/04/2013
GIL PABLO MANUEL	MEMBER OF THE BOARD	30/09/1998	3
	PROXY	20/08/2007
	CHIEF EXECUTIVE OFFICER	30/09/1998
IBERAUDIT MRM AUDICONSULTING SLP	ACCOUNTS' AUDITOR / HOLDER	25/09/2014	2
LOPEZ BOTELLA MARIANO	PROXY	22/09/1997	1
MACIA CASALS VICTOR	MEMBER OF THE BOARD	05/10/1994	5
	PROXY	20/08/2007
	CHIEF EXECUTIVE OFFICER	20/10/1993
	CHIEF EXECUTIVE OFFICER	05/10/1994
	SECRETARY	05/10/1994
MARIMON GARNIER LUIS FRANCISCO	NON CONSELLOR SECRETARY	24/04/2013	1
NORBERT SCHUSTER	MEMBER OF THE BOARD	30/09/1998	4
	MEMBER OF THE BOARD	09/10/2003
	MEMBER OF THE BOARD	03/02/2005
	PRESIDENT	30/09/1998
PEREZ CARRETERO SALVADOR	PROXY	20/08/2007	3
	PROXY	20/07/2011
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	29/09/2005	3
	ACCOUNTS' AUDITOR / HOLDER	16/11/2005
	ACCOUNTS' AUDITOR / HOLDER	30/10/2006
ROOS CHRISTIAN JOHANN JACOB FRIEDRICH	MEMBER OF THE BOARD	30/09/1998	1
ROVIRA DE CAMPS RAMON	MEMBER OF THE BOARD	05/10/1994	5
	PROXY	20/08/2007
	CHIEF EXECUTIVE OFFICER	20/10/1993
	CHIEF EXECUTIVE OFFICER	05/10/1994
	VICE CHAIRMAN	05/10/1994
THOMAS HARTMUT FEIGEL	MEMBER OF THE BOARD	24/04/2013	2
	MEMBER OF THE BOARD	17/11/2014

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		SALVADOR PEREZ CARRETERO
MANAGING DIRECTOR		JORGE BARENYS

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	---

Details

Probability of default

> Estimated Probability of Default for the next 12 months:  0.917 %

> Latest Scoring 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 93.00% of the companies of the sector SOCIEDAD ANONIMA ROBAMA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.917%.

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

References

Suppliers

Name	NIF	Telephone
SAIKA
UNIXPER
BACHUS

Link List

ABSORBS TO:	2 Entities
IS RELATED WITH:	2 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities

Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	TRUMPLER ESPAÑOLA SA	BARCELONA	60
PARTICIPATES IN	ROBAMA, SOCIEDAD ANONIMA, DE CV (MEXICO)		99

Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ARGENTINA TRUMPLER
	TRUMPLER, SOCIEDAD ANONIMA, & CO CHEMISCHE FABRIK ( ALEMANIA)
ABSORBS TO	COMPAÑIA DE INVERSIONES Y RAICES, S.A.	BARCELONA
	FIMSA SA	BARCELONA

Turnover
Total Sales 2013	18.208.940,38

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	August  2014
2012	Normales	June  2013
2011	Normales	June  2012
2010	Normales	July  2011
2009	Normales	August  2010
2008	Normales	July  2009
2007	Normales	October  2008
2006	Normales	July  2007
2005	Normales	September  2006
2004	Normales	October  2005
2003	Normales	December  2004
2002	Normales	September  2003
2001	Normales	December  2002
2000	Normales	October  2001
1999	Normales	January  2001
1998	Normales	July  1999
1997	Normales	December  1998
1996	Normales	September  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	October  1994
1992	Normales	July  1993
1991	Normales	July  1992
1990	Normales	August  1991
1989	Normales	September  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 31/12/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009  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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	3.647.587,00	3.970.547,00	4.252.410,00	4.125.301,00	4.542.094,00
I. Intangible fixed assets : 11100	37.364,00	32.333,00	3.510,00	11.348,00	24.954,00
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	14,00	957,00	2.684,00	5.457,00	8.918,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	37.350,00	31.376,00	826,00	5.891,00	16.037,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	2.962.721,00	3.190.710,00	3.370.281,00	3.656.981,00	4.069.179,00
1. Land and buildings: 11210	1.763.272,00	1.818.892,00	1.860.201,00	1.947.536,00	2.015.298,00
2. Technical installations and other tangible fixed assets: 11220	1.182.985,00	1.364.068,00	1.335.825,00	1.523.963,00	1.868.399,00
3. Tangible asset in progress and advances: 11230	16.463,00	7.750,00	174.255,00	185.482,00	185.482,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	581.175,00	721.291,00	861.406,00	441.059,00	441.059,00
1. Equity instruments: 11410	441.059,00	441.059,00	441.059,00	441.059,00	441.059,00
2. Credits to businesses: 11420	140.116,00	280.231,00	420.347,00	0,00	0,00
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	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	18.746,00	17.213,00	17.213,00	15.912,00	6.901,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
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	18.746,00	17.213,00	17.213,00	15.912,00	6.901,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	47.581,00	9.000,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	9.112.812,00	8.877.205,00	8.118.716,00	7.709.772,00	6.210.467,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	4.568.476,00	3.565.826,00	3.690.515,00	2.963.440,00	2.363.774,00
1. Commercial: 12210	735.606,00	695.900,00	691.953,00	664.855,00	515.784,00
2. Primary material and other supplies: 12220	2.542.309,00	1.645.960,00	1.616.751,00	1.203.645,00	604.957,00
3. Work in progress: 12230	476.331,00	506.239,00	429.287,00	441.342,00	566.240,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	476.331,00	506.239,00	429.287,00	441.342,00	566.240,00
4. Finished goods: 12240	814.230,00	717.727,00	952.523,00	653.598,00	676.793,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	814.230,00	717.727,00	952.523,00	653.598,00	676.793,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	3.974.979,00	4.603.031,00	3.831.556,00	4.148.239,00	3.448.462,00
1. Trade debtors / accounts receivable: 12310	2.215.826,00	2.132.480,00	1.909.108,00	1.962.863,00	1.991.919,00
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	2.215.826,00	2.132.480,00	1.909.108,00	1.962.863,00	1.991.919,00
2. Customers, Group companies and associates : 12320	1.331.323,00	1.477.813,00	1.098.082,00	1.752.258,00	1.228.374,00
3. Other accounts receivable: 12330	1.500,00	342,00	793,00	1.423,00	288,00
4. Personnel: 12340	13.500,00	10.580,00	4.300,00	7.100,00	1.000,00
5. Assets for deferred tax: 12350	28,00	162,00	144,00	10,00	351,00
6. Other debtors, including tax and social security: 12360	412.802,00	981.653,00	819.129,00	424.586,00	226.530,00
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	140.115,00	140.115,00	140.115,00	0,00	0,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	140.115,00	140.115,00	140.115,00	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	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	0,00	0,00	60.000,00	30.000,00	63.250,00
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	0,00	0,00	60.000,00	30.000,00	63.250,00
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	429.241,00	568.233,00	396.530,00	568.093,00	334.981,00
1. Treasury: 12710	429.241,00	568.233,00	396.530,00	568.093,00	334.981,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	12.760.399,00	12.847.752,00	12.371.126,00	11.835.072,00	10.752.561,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	4.060.785,00	3.320.166,00	2.677.311,00	2.079.406,00	1.659.623,00
A-1) Shareholders' equity: 21000	4.060.785,00	3.320.166,00	2.677.311,00	2.079.406,00	1.659.623,00
I. Capital: 21100	276.466,00	276.466,00	276.466,00	276.466,00	276.466,00
1. Registered capital : 21110	276.466,00	276.466,00	276.466,00	276.466,00	276.466,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	535.707,00	535.707,00	535.707,00	535.707,00	535.707,00
III. Reserves: 21300	4.847.842,00	4.847.842,00	4.847.842,00	4.847.842,00	4.847.842,00
1. Legal y estatutarias: 21310	55.293,00	55.293,00	55.293,00	55.293,00	55.293,00
2. Other reserves: 21320	4.792.549,00	4.792.549,00	4.792.549,00	4.792.549,00	4.792.549,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-2.339.849,00	-2.960.375,00	-3.580.609,00	-4.000.391,00	-3.872.943,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-2.339.849,00	-2.960.375,00	-3.580.609,00	-4.000.391,00	-3.872.943,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	740.619,00	620.527,00	597.905,00	419.783,00	-127.448,00
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	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	914.337,00	1.727.649,00	2.443.814,00	3.197.392,00	3.946.085,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	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	0,00
II Long-term creditors: 31200	914.337,00	1.727.649,00	2.421.486,00	3.162.420,00	3.909.744,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	914.337,00	1.727.649,00	2.421.486,00	3.162.420,00	3.909.744,00
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	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	22.328,00	34.972,00	36.341,00
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	7.785.277,00	7.799.938,00	7.250.001,00	6.558.274,00	5.146.853,00
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	0,00	0,00	19.130,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	3.484.363,00	2.697.783,00	2.494.869,00	2.324.270,00	2.125.355,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.363.000,00	2.564.862,00	2.494.121,00	2.311.895,00	2.100.134,00
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	0,00
5. Other financial liabilities : 32350	121.363,00	132.921,00	749,00	12.374,00	25.221,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00
V. Trade creditors and other accounts payable: 32500	4.300.914,00	5.102.155,00	4.736.002,00	4.234.005,00	3.021.497,00
1. Suppliers: 32510	2.904.685,00	3.548.892,00	2.868.858,00	2.550.313,00	2.147.473,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.904.685,00	3.548.892,00	2.868.858,00	2.550.313,00	2.147.473,00
2. Suppliers, Group companies and associates: 32520	21.288,00	14.291,00	0,00	1.375,00	33.330,00
3. Other creditors: 32530	849.430,00	1.002.967,00	1.361.404,00	1.212.799,00	425.646,00
4. Personnel (remuneration due): 32540	392.964,00	406.963,00	376.902,00	361.043,00	313.904,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	131.833,00	128.963,00	128.837,00	106.823,00	100.796,00
7. Advances from clients: 32570	715,00	78,00	0,00	1.651,00	347,00
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	12.760.399,00	12.847.752,00	12.371.126,00	11.835.072,00	10.752.561,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	18.208.940,00	17.674.443,00	15.961.567,00	15.418.090,00	13.553.422,00
a) Sales: 40110	18.156.166,00	17.615.092,00	15.887.328,00	15.368.411,00	13.553.422,00
b) Rendering of services: 40120	52.775,00	59.351,00	74.239,00	49.679,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	66.595,00	-157.844,00	286.870,00	-148.093,00	-31.831,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-10.376.228,00	-9.875.075,00	-8.947.899,00	-8.226.513,00	-7.422.750,00
a) Stock consumption: 40410	-5.453.750,00	-2.946.451,00	-2.615.665,00	-3.012.839,00	-2.663.695,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-4.919.736,00	-6.954.286,00	-6.313.779,00	-5.198.039,00	-4.557.966,00
c) Works carried out by other companies: 40430	-1.062,00	-1.140,00	-1.069,00	-1.986,00	-617,00
d) Impairment of stock, primary material and other supplies: 40440	-1.681,00	26.802,00	-17.386,00	-13.649,00	-200.471,00
5. Other operating income: 40500	178.389,00	20.337,00	18.299,00	0,00	0,00
a) Auxiliary income and other from current management: 40510	178.389,00	20.337,00	18.299,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-3.305.430,00	-3.118.676,00	-3.026.964,00	-2.895.368,00	-2.786.873,00
a) Wages, salaries et al.: 40610	-2.520.862,00	-2.423.107,00	-2.362.936,00	-2.245.184,00	-2.125.784,00
b) Social security costs: 40620	-784.568,00	-695.570,00	-664.028,00	-650.184,00	-661.089,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-3.411.095,00	-3.241.851,00	-3.100.807,00	-2.916.673,00	-2.281.677,00
a) External services: 40710	-3.269.609,00	-3.042.870,00	-2.889.869,00	-2.331.294,00	-2.107.959,00
b) Taxes: 40720	-141.451,00	-137.177,00	-151.621,00	-175.804,00	-137.640,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-35,00	-61.803,00	-59.317,00	-409.575,00	-36.079,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-329.615,00	-300.289,00	-372.872,00	-446.337,00	-686.389,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	0,00	-19.871,00	-2.086,00	0,00	0,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	-19.871,00	-2.086,00	0,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	312,00	19.046,00	-3.047,00	2.880,00	-4.388,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	1.031.868,00	1.000.219,00	813.061,00	787.987,00	339.514,00
14. Financial income : 41400	18.454,00	27.418,00	149.485,00	51,00	1.950,00
a) Of shares in equity instruments : 41410	0,00	0,00	148.810,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	148.810,00	0,00	0,00
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	18.454,00	27.418,00	675,00	51,00	1.950,00
b 1) From Group companies and associates : 41421	17.931,00	22.432,00	0,00	0,00	0,00
b 2) From third parties : 41422	523,00	4.986,00	675,00	51,00	1.950,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-248.149,00	-362.252,00	-396.527,00	-376.063,00	-382.597,00
a) Amounts owed to Group companies and associates : 41510	0,00	-12.601,00	-16.954,00	-20.000,00	0,00
b) For debts with third parties : 41520	-248.149,00	-349.651,00	-379.573,00	-356.063,00	-382.597,00
c) Stock renewal : 41530	0,00	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	-100.135,00	-53.859,00	19.243,00	6.439,00	-87.685,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
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	-329.830,00	-388.693,00	-227.799,00	-369.573,00	-468.332,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	702.038,00	611.527,00	585.262,00	418.414,00	-128.817,00
20. Income taxes: 41900	38.581,00	9.000,00	12.644,00	1.369,00	1.369,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	740.619,00	620.527,00	597.905,00	419.783,00	-127.448,00
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	740.619,00	620.527,00	597.905,00	419.783,00	-127.448,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  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	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	3.600.006,00	3.961.547,00	4.252.410,00	4.125.301,00	4.542.094,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	37.364,00	32.333,00	3.510,00	11.348,00	24.954,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	14,00	957,00	2.684,00	5.457,00	8.918,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	37.350,00	31.376,00	826,00	5.891,00	16.037,00
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:	2.962.721,00	3.190.710,00	3.370.281,00	3.656.981,00	4.069.179,00
1. Land and construction:	1.763.272,00	1.818.892,00	1.860.201,00	1.947.536,00	2.015.298,00
2. Technical installations and machinery:	1.128.663,00	1.301.430,00	1.274.484,00	1.453.982,00	1.782.602,00
3. Other installations, tools and furniture:	33.963,00	39.162,00	38.351,00	43.752,00	53.641,00
4. Payments on account and tangible fixed assets under construction:	16.463,00	7.750,00	174.255,00	185.482,00	185.482,00
5. Other tangible assets:	20.360,00	23.476,00	22.990,00	26.228,00	32.156,00
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:	599.921,00	738.504,00	878.619,00	456.972,00	447.960,00
1. Equity investments in group companies:	441.059,00	441.059,00	441.059,00	441.059,00	441.059,00
2. Receivables from group companies:	140.116,00	280.231,00	420.347,00	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. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	18.746,00	17.213,00	17.213,00	15.912,00	6.901,00
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:	9.160.393,00	8.886.205,00	8.118.716,00	7.709.772,00	6.210.467,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	4.568.476,00	3.565.826,00	3.690.515,00	2.963.440,00	2.363.774,00
1. Goods for resale:	735.606,00	695.900,00	691.953,00	664.855,00	515.784,00
2. Raw materials and other consumables:	2.542.309,00	1.645.960,00	1.616.751,00	1.203.645,00	604.957,00
3. Goods in process and semifinished ones:	476.331,00	506.239,00	429.287,00	441.342,00	566.240,00
4. Finished products:	814.230,00	717.727,00	952.523,00	653.598,00	676.793,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	4.022.560,00	4.612.031,00	3.831.556,00	4.148.239,00	3.448.462,00
1. Trade debtors / accounts receivable:	2.215.826,00	2.132.480,00	1.909.108,00	1.962.863,00	1.991.919,00
2. Accounts receivable, Group companies:	1.331.323,00	1.477.813,00	1.098.082,00	1.752.258,00	1.228.374,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	1.500,00	342,00	793,00	1.423,00	288,00
5. Staff:	13.500,00	10.580,00	4.300,00	7.100,00	1.000,00
6. Public bodies:	460.411,00	990.815,00	819.273,00	424.596,00	226.881,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	140.115,00	140.115,00	200.115,00	30.000,00	63.250,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	140.115,00	140.115,00	140.115,00	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	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	60.000,00	30.000,00	63.250,00
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:	429.241,00	568.233,00	396.530,00	568.093,00	334.981,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	12.760.399,00	12.847.752,00	12.371.126,00	11.835.072,00	10.752.561,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	4.060.785,00	3.320.166,00	2.677.311,00	2.079.406,00	1.659.623,00
I. Subscribed capital:	276.466,00	276.466,00	276.466,00	276.466,00	276.466,00
II. Share premium:	535.707,00	535.707,00	535.707,00	535.707,00	535.707,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	4.847.842,00	4.847.842,00	4.847.842,00	4.847.842,00	4.847.842,00
1. Legal reserve:	55.293,00	55.293,00	55.293,00	55.293,00	55.293,00
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:	4.792.549,00	4.792.549,00	4.792.549,00	4.792.549,00	4.792.549,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-2.339.849,00	-2.960.375,00	-3.580.609,00	-4.000.391,00	-3.872.943,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-2.339.849,00	-2.960.375,00	-3.580.609,00	-4.000.391,00	-3.872.943,00
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:	740.619,00	620.527,00	597.905,00	419.783,00	-127.448,00
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:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	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:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	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	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	914.337,00	1.727.649,00	2.443.814,00	3.197.392,00	3.946.085,00
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:	914.337,00	1.727.649,00	2.421.486,00	3.162.420,00	3.909.744,00
1. Loans and other liabilities:	914.337,00	1.727.649,00	2.421.486,00	3.162.420,00	3.909.744,00
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:	0,00	0,00	22.328,00	34.972,00	36.341,00
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:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	22.328,00	34.972,00	36.341,00
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:	7.785.277,00	7.799.938,00	7.230.871,00	6.558.274,00	5.146.853,00
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:	3.363.000,00	2.564.862,00	2.494.121,00	2.311.895,00	2.100.134,00
1. Loans and other liabilities:	3.363.000,00	2.564.862,00	2.494.121,00	2.311.895,00	2.100.134,00
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:	21.288,00	14.291,00	0,00	1.375,00	33.330,00
1. Amounts owed to group companies:	21.288,00	14.291,00	0,00	1.375,00	33.330,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	3.754.829,00	4.551.938,00	4.230.262,00	3.764.763,00	2.573.466,00
1. Advanced payments from customers:	715,00	78,00	0,00	1.651,00	347,00
2. Amounts owed for purchases of goods or services:	3.754.114,00	4.551.859,00	4.230.262,00	3.763.112,00	2.573.119,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	646.160,00	668.847,00	506.488,00	480.241,00	439.922,00
1. Public bodies:	131.833,00	128.963,00	128.837,00	106.823,00	100.796,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	121.363,00	132.921,00	749,00	12.374,00	25.221,00
4. Wages and salaries payable:	392.964,00	406.963,00	376.902,00	361.043,00	313.904,00
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:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	19.130,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	12.760.399,00	12.847.752,00	12.371.126,00	11.835.072,00	10.752.561,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	17.732.071,00	17.120.717,00	15.837.559,00	15.007.678,00	13.682.821,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	157.844,00	0,00	148.093,00	31.831,00
A.2. Supplies:	10.374.547,00	9.901.877,00	8.930.513,00	8.212.864,00	7.222.278,00
a) Stock consumption:	5.453.750,00	2.946.451,00	2.615.665,00	3.012.839,00	2.663.695,00
b) Consumption of raw materials and miscellaneous consumable ones:	4.919.736,00	6.954.286,00	6.313.779,00	5.198.039,00	4.557.966,00
c) Miscellaneous external expenditure:	1.062,00	1.140,00	1.069,00	1.986,00	617,00
A.3. Staff costs:	3.305.430,00	3.118.676,00	3.026.964,00	2.895.368,00	2.786.873,00
a) Wages, salaries et al.:	2.520.862,00	2.423.107,00	2.362.936,00	2.245.184,00	2.125.784,00
b) Social security costs:	784.568,00	695.570,00	664.028,00	650.184,00	661.089,00
A.4. Depreciation expense:	329.615,00	300.289,00	372.872,00	446.337,00	686.389,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.715,00	35.001,00	76.703,00	423.224,00	236.550,00
a) Stock provision variation:	1.681,00	-26.802,00	17.386,00	13.649,00	200.471,00
b) Variation in provision and bad debt losses:	35,00	61.803,00	59.317,00	409.575,00	36.079,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	3.411.060,00	3.180.047,00	3.041.490,00	2.507.098,00	2.245.599,00
a) External services:	3.269.609,00	3.042.870,00	2.889.869,00	2.331.294,00	2.107.959,00
b) Taxes:	141.451,00	137.177,00	151.621,00	175.804,00	137.640,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
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):	1.031.556,00	1.001.045,00	818.194,00	785.106,00	343.902,00
A.7. Financial and similar charges:	248.149,00	362.252,00	396.527,00	376.063,00	382.597,00
a) Due to liabilities with companies of the group:	0,00	12.601,00	16.954,00	20.000,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	248.149,00	349.651,00	379.573,00	356.063,00	382.597,00
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:	100.135,00	53.859,00	0,00	0,00	87.685,00
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):	701.726,00	612.352,00	590.395,00	415.534,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	19.871,00	2.086,00	0,00	0,00
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	3.047,00	0,00	4.388,00
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):	312,00	0,00	0,00	2.880,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	702.038,00	611.527,00	585.262,00	418.414,00	0,00
A.15. Corporation tax:	-38.581,00	-9.000,00	-12.644,00	-1.369,00	-1.369,00
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):	740.619,00	620.527,00	597.905,00	419.783,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	18.472.690,00	17.741.244,00	16.435.464,00	15.427.461,00	13.555.373,00
B.1. Net total sales:	18.208.940,00	17.674.443,00	15.961.567,00	15.418.090,00	13.553.422,00
a) Sales:	18.494.532,00	17.943.375,00	16.183.412,00	15.654.823,00	13.806.010,00
b) Rendering of services:	52.775,00	59.351,00	74.239,00	49.679,00	0,00
Returns and Rappel on sales:	-338.367,00	-328.283,00	-296.083,00	-286.413,00	-252.588,00
B.2. Stock increase of manufactured goods and products in process:	66.595,00	0,00	286.870,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	178.389,00	20.337,00	18.299,00	0,00	0,00
a) Auxiliary income and other from current management:	178.389,00	20.337,00	18.299,00	0,00	0,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	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:	0,00	0,00	148.810,00	0,00	0,00
a) In companies of the group:	0,00	0,00	148.810,00	0,00	0,00
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:	18.454,00	27.418,00	675,00	51,00	1.950,00
a) From companies of the group:	17.931,00	22.432,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	523,00	4.986,00	675,00	51,00	1.950,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	19.243,00	6.439,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	329.830,00	388.693,00	227.799,00	369.573,00	468.332,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	124.430,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	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:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	312,00	19.046,00	0,00	2.880,00	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):	0,00	826,00	5.133,00	0,00	4.388,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	128.817,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	127.448,00

MERCANTILE REGISTRY.

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.

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	702.038,00	611.527,00	585.262,00	418.414,00	-128.817,00
2. Results adjustments.: 61200	659.446,00	708.853,00	602.757,00	1.244.437,00	1.196.176,00
a) Fixed Assets Amortization (+).: 61201	329.615,00	300.289,00	372.872,00	446.337,00	686.389,00
b) Obsolescence Allowances (+/-). : 61202	0,00	0,00	0,00	21.833,00	41.456,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	409.575,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	0,00	19.871,00	2.086,00	0,00	0,00
g) Financial income (-).: 61207	-18.454,00	-27.418,00	-149.485,00	-51,00	-1.950,00
h) Financial Expenses (+). : 61208	248.149,00	362.252,00	396.527,00	376.063,00	382.597,00
i) Exchange differences (+/-). : 61209	100.135,00	53.859,00	-19.243,00	-6.439,00	87.685,00
k) Other income and expense (-/+). : 61211	0,00	0,00	0,00	-2.880,00	0,00
3. Changes in current capital equity.: 61300	-1.175.839,00	-299.763,00	-430.484,00	-469.956,00	272.865,00
a) Stock (+/-).: 61301	-1.002.650,00	124.689,00	-727.075,00	-621.499,00	891.214,00
d) Debtors and other accounts receivable (+/-). : 61302	628.052,00	-771.475,00	-224.536,00	-935.219,00	435.405,00
c) Other current assets (+/-). : 61303	0,00	0,00	0,00	30.000,00	32.463,00
d) Creditors and other accounts payable (+/-). : 61304	-801.241,00	366.153,00	501.997,00	1.055.682,00	-1.002.507,00
e) Other current liabilities (+/-).: 61305	0,00	-19.130,00	19.130,00	1.079,00	-83.709,00
4. Other cash flows for operating activities.: 61400	-229.695,00	-334.834,00	-247.043,00	-376.012,00	0,00
a) Interest payments (-). : 61401	-248.149,00	-362.252,00	-396.528,00	-376.063,00	0,00
b) Dividend payment collection (+). : 61402	0,00	0,00	148.810,00	0,00	0,00
c) Interest collection (+). : 61403	18.454,00	27.418,00	675,00	51,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-44.051,00	685.783,00	510.492,00	816.883,00	1.340.224,00
6. Payments for investment (-).: 62100	-108.190,00	-169.413,00	-111.721,00	-26.294,00	-233.692,00
b) Intangible fixed assets. : 62102	-16.982,00	-36.500,00	0,00	0,00	-1.061,00
c) Fixed assets. : 62103	-89.675,00	-132.913,00	-80.420,00	-20.532,00	-196.631,00
e) Other financial assets. : 62105	-1.533,00	0,00	-31.301,00	-5.761,00	0,00
h) Other assets. : 62108	0,00	0,00	0,00	0,00	-36.000,00
7. Divestment payment collection (+). : 62200	140.115,00	200.115,00	0,00	0,00	0,00
a) Companies of the group and affiliates. : 62201	140.115,00	140.115,00	0,00	0,00	0,00
e) Other financial assets. : 62205	0,00	60.000,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	31.925,00	30.703,00	-111.721,00	-26.294,00	-233.692,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	-236.972,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	52.099,00
c) Acquisition of own equity instruments (-). : 63103	0,00	0,00	0,00	0,00	-236.972,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-26.732,00	-490.924,00	-570.334,00	-557.477,00	-703.758,00
a) Issuance : 63201	0,00	262.173,00	-570.334,00	5.710.177,00	2.000.000,00
2. Debts incurred with credit institutions (+). : 63203	0,00	130.000,00	-558.709,00	5.710.177,00	2.000.000,00
5. Other debts (+). : 63206	0,00	132.173,00	-11.625,00	0,00	0,00
b) Repayment and amortization of : 63207	-26.732,00	-753.096,00	0,00	-6.267.655,00	-2.703.758,00
2. Debts incurred with credit institutions (-).: 63209	-15.174,00	-753.096,00	0,00	-6.267.655,00	-2.598.135,00
5. Other debts (-). : 63212	-11.558,00	0,00	0,00	0,00	-105.623,00
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	-26.732,00	-490.924,00	-570.334,00	-557.477,00	-940.730,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-100.135,00	-53.859,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-138.992,00	171.703,00	-171.563,00	233.112,00	165.803,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	568.233,00	396.530,00	568.093,00	334.981,00	169.178,00
Cash or equivalent assets as of end of the fiscal year.: 65200	429.241,00	568.233,00	396.530,00	568.093,00	334.981,00

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	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,01 %	0,02 %	0,01 %	0,01 %	-178,57 %	192,58 %
EBITDA over Sales:	7,48 %	10,33 %	7,36 %	9,25 %	1,53 %	11,68 %
Cash Flow Yield:	-0,01 %	0,01 %	0,01 %	0,00 %	-181,50 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	8,58 %	6,69 %	8,20 %	5,25 %	4,69 %	27,33 %
Total economic profitability:	7,45 %	3,62 %	7,58 %	2,50 %	-1,75 %	45,16 %
Financial profitability:	18,24 %	4,34 %	18,69 %	1,32 %	-2,41 %	228,52 %
Margin:	5,61 %	6,10 %	5,54 %	4,87 %	1,18 %	25,15 %
Mark-up:	3,82 %	4,07 %	3,35 %	1,59 %	13,98 %	155,69 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,06	0,14	0,07	0,12	-24,32	20,27
Acid Test:	0,58	0,85	0,68	0,85	-14,28	0,46
Working Capital / Investment:	0,10	0,02	0,08	0,03	24,07	-21,55
Solvency:	1,18	1,17	1,14	1,17	3,28	-0,76

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	2,14	1,42	2,87	1,63	-25,34	-12,71
Borrowing Composition:	0,12	1,02	0,22	1,03	-46,98	-1,15
Repayment Ability:	-62,59	55,13	55,49	175,08	-212,80	-68,51
Warranty:	1,47	1,71	1,35	1,62	8,77	5,72
Generated resources / Total creditors:	0,12	0,08	0,09	0,07	31,31	23,25

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,41	1,84	1,42	1,73	-0,39	6,48
Turnover of Collection Rights :	4,63	5,15	3,84	4,81	20,33	7,02
Turnover of Payment Entitlements:	3,22	3,71	2,54	3,52	26,82	5,42
Stock rotation:	3,80	7,85	4,68	6,54	-18,85	20,03
Assets turnover:	1,53	1,10	1,48	1,08	3,47	1,74
Borrowing Cost:	2,85	2,85	3,80	2,95	-24,98	-3,49

> Trend of indicators under the General Accounting Plan of 2007 (2013, 2012, 2011, 2010, 2009)

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	-0,01 %	0,01 %	-0,01 %	1,51 %	1,22 %
EBITDA over Sales:	7,48 %	7,36 %	7,46 %	7,99 %	7,60 %
Cash Flow Yield:	-0,01 %	0,01 %	-0,01 %	1,97 %	1,54 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	8,58 %	8,20 %	7,23 %	6,92 %	3,36 %
Total economic profitability:	7,45 %	7,58 %	7,94 %	6,71 %	2,36 %
Financial profitability:	18,24 %	18,69 %	22,33 %	20,19 %	-7,68 %
Margin:	5,61 %	5,54 %	5,11 %	5,09 %	2,54 %
Mark-up:	3,82 %	3,35 %	3,68 %	2,70 %	-0,92 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,06	0,07	0,05	0,09	0,07
Acid Test:	0,58	0,68	0,61	0,72	0,75
Working Capital / Investment:	0,10	0,08	0,07	0,10	0,10
Solvency:	1,18	1,14	1,12	1,18	1,21

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	2,14	2,87	3,61	4,69	5,48
Borrowing Composition:	0,12	0,22	0,34	0,49	0,77
Repayment Ability:	-62,59	55,49	-56,39	5,87	8,52
Warranty:	1,47	1,35	1,28	1,21	1,18
Generated resources / Total creditors:	0,12	0,09	0,10	0,09	0,08

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,41	1,42	1,39	1,43	1,37
Turnover of Collection Rights :	4,63	3,84	4,17	3,72	3,93
Turnover of Payment Entitlements:	3,22	2,54	2,60	2,60	3,20
Stock rotation:	3,80	4,68	4,11	4,94	5,59
Assets turnover:	1,53	1,48	1,42	1,36	1,32
Borrowing Cost:	2,85	3,80	4,10	3,85	4,21

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA - MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvenciones de capital.
Status	CONCEDIDA
Amount Granted	47.874,65
Notes	El importe reflejado es el imputado a resultados. Varias subvenciones.

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA - MINISTERIO DE CIENCIA Y TECNOLOGIA
Subsidy Concept	Subvenciones de capital
Status	CONCEDIDA
Amount Granted	49.587,00
Notes	Dentro de estas subvenciones se incluyen las concedidas por parte del Ministerio de Industria y Energía para financiar la mejora de la planta depuradora que la sociedad tiene en Palafolls. así como una subvención concedida por parte del Ministerio de Ciencia y Tecnología para financiar la implantación de un proceso de nanofiltración para la obtención de blanqueadores ópticos, y la nueva subvención del Ministerio de Ciencia y Tecnología para financiar la implantación de un software informático que permita un control de mantenimiento preventivo. El importe reflejado corresponde al traspasado a resultados del ejercicio, quedando pendiente de imputar al cierre 130.033,00 euros. Adiciones durante el ejercicio: 21.330,00 euros.

Entity	MINISTERIO DE INDUSTRIA Y ENERGIA
Subsidy Concept	SUBVENCION DE CAPITAL
Amount Granted	44.255,00
Notes	PARA FINANCIAR LA MEJORA DE LA PLANTA DEPURADORA QUE LA SOCIEDAD TIENE EN PALAFOLLS. EL IMPORTE REFLEJADO ES EL QUE PERTENECE AL IMPUTADO A RESULTADOS.

Research Summary

The firm was established in 1996, and continues the business started by the families Rovira, Bachs and Maciá back in 1925. It is engaged in the manufacture and sale of chemicals and develops its activity both nationally and internationally. There is no evidence of any default in the sources consulted, although according to the last figures filed at the Trade Registry, it can be noticed that despite the results of the fiscal year are positive(740,619 Euro/s), there are still losses from past fiscal years (-2,339,849 Euro/s). Its own funds are positive in 4, 060,785 Euros. Although it is considered apt to keep being related to usual risk operations, it is advisable to monitore its comercial evolution in an on-going basis.

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.61.88
UK Pound	1	Rs.96.90
Euro	1	Rs.76.29

INFORMATION DETAILS

Analysis Done by :	SUB
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%)

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