MIRA INFORM REPORT

Report Date :

28.07.2014

IDENTIFICATION DETAILS

Name :	Centros Commerciales Carrefour SA
Registered Office :	EDF De Oficinas Carrefour, Ctra De Burgos Km. 14.500 - Alcobendas - 28108 - Madrid
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	01.01.1976
Legal Form :	Public Company
Line of Business :	Retail sale in non-specialised stores with food, beverages or tobacco predominating
No. of Employees	Not Available

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
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

Company name and address

Name:	CENTROS COMERCIALES CARREFOUR SA
NIF / Fiscal code:	A28425270
Status:	ACTIVE
Incorporation Date:	01/01/1976
Register Data	Register Section 8 Sheet 6318
Last Publication in BORME:	10/07/2014 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	196.822.251
Localization:	EDF DE OFICINAS CARREFOUR, CTRA DE BURGOS KM. 14.500 - ALCOBENDAS - 28108 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 913018900/902202000   Email. cuentaseloacarrefour@carrefour.com   Website. www.carrefour.es
Number of Branches	1
Activity:
NACE:	4711 - Retail sale in non-specialised stores with food, beverages or tobacco predominating
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	5 for a total cost of NaN
Subsidies:	0 for a total cost of 0
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	1	4.466,91	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	2	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	2	0	---

Partners

INVERSIONES PRYCA SA	0.02 %
NORFIN HOLDER SL	91.74 %
SOCIETE DES GRANDS MAGASINS GARONNE ADOUR, SOCIEDAD ANONIMA, (FRANCIA)	8 %
Shares:	4
Other Links:	14
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
French origin multinational chain of distribution, being the first European Group and second worldwide in the sector. In 2013, the group completes 10.105 stores in 34 countries (11 countries integrated), 3.107 shops in Europe (except France) 4.779 stores in France, 762 stores in Latin America and 310 in Asia, as well as 1,147 stores in countries in the Convention. It employs some 365,000 people around the world. Its consolidated sales reached 74.888 billion euros in 2013. It has a negative working capital on 31 December 2012, due to the activity carried out by the company, and to be consistent with the figures of the sector, current liabilities of the society are higher than current assets in 612.341 thousand euros, (805.444 thousand euros at 31 December 2011). It tends to meet payment commitments.

Identification
Social Denomination:	CENTROS COMERCIALES CARREFOUR SA
NIF / Fiscal code:	A28425270
Corporate Status:	ACTIVE
Registered Office:	EDF DE OFICINAS CARREFOUR, CTRA DE BURGOS KM. 14.500
Locality:	ALCOBENDAS
Province:	MADRID
Postal Code:	28108
Telephone:	913018900/902202000
Fax:	913331140
Website:	www.carrefour.es
Email:	cuentaseloacarrefour@carrefour.com

Branch Offices

Address	Postal Code	City	Province
CALLE INFANTE DON FERNANDO 47	29200	ANTEQUERA	MALAGA

Activity
NACE:	4711
Additional Information:	Engaged in the commercial exploitation of retail establishments of all kinds of goods, especially those within the commercial activity of hypermarkets, including the necessary management for its purchase, sale, import and export. On 13 March 2000 the General meetings of shareholders of Centros Comerciales Pryca, S.A. and Centros Comerciales Continente, S.A. approved the draft terms of merger of both companies, fusion that was carried out through mainland commercial centers, S.A. by centers absorption Comerciales Pryca, S.A. This merger was a result of the takeover of Société Promodes, S.A. (main shareholder of mainland commercial centers, S.A.) by Carrefour, S.A. (main shareholder of Centros Comerciales Pryca, S.A.) and later merger of both companies, in what is today CENTROS COMERCIALES CARREFOUR SA. Belongs to the CARREFOUR group, whose parent company is Carrefour, S.A., with registered office in Paris. The company has about 140 establishments in operation.
Additional Address:	C/ CAMPEZO , 16 POL LAS MERCEDES 28022 MADRID , registered office, branches and other facilities, property. EDF DE OFICINAS CARREFOUR, CTRA DE BURGOS , KM 14,500 28108 ALCOBENDAS ( MADRID ), branches.
Import / export:	DOES NOT IMPORT / DOES NOT EXPORT
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1990	Accounts deposit (ejer. 1989) Adaptation to Law (1) Appointments/ Re-elections (68) Cessations/ Resignations/ Reversals (8) Change of Social Denomination (1) Errata (1) Increase of Capital (2) Other Concepts/ Events (1) Take-over Merger (1)
	1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (33) Cessations/ Resignations/ Reversals (11) Errata (1) Other Concepts/ Events (3)
	1992	Accounts deposit (ejer. 1991) Appointments/ Re-elections (23) Cessations/ Resignations/ Reversals (12) Increase of Capital (1) Other Concepts/ Events (3)
	1993	Accounts deposit (ejer. 1992 consolidated, 1992) Appointments/ Re-elections (28) Cessations/ Resignations/ Reversals (17) Other Concepts/ Events (1) Statutory Modifications (1)
	1994	Accounts deposit (ejer. 1993 consolidated, 1993) Appointments/ Re-elections (23) Cessations/ Resignations/ Reversals (28) Errata (2) Other Concepts/ Events (1)
	1995	Accounts deposit (ejer. 1994 consolidated, 1994) Appointments/ Re-elections (18) Cessations/ Resignations/ Reversals (6)
	1996	Accounts deposit (ejer. 1995 consolidated, 1995) Appointments/ Re-elections (25) Cessations/ Resignations/ Reversals (8) Take-over Merger (2)
	1997	Accounts deposit (ejer. 1996 consolidated, 1996) Appointments/ Re-elections (17) Board Meeting (1) Cessations/ Resignations/ Reversals (10)
	1998	Accounts deposit (ejer. 1997 consolidated, 1997) Appointments/ Re-elections (28) Board Meeting (1) Cessations/ Resignations/ Reversals (5)
	1999	Accounts deposit (ejer. 1998 consolidated, 1998) Appointments/ Re-elections (30) Board Meeting (1) Cessations/ Resignations/ Reversals (5) Other Concepts/ Events (1) Take-over Merger (1)
	2000	Accounts deposit (ejer. 1999 consolidated, 1999) Appointments/ Re-elections (21) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (2) Increase of Capital (3) Other Concepts/ Events (2) Statutory Modifications (1) Take-over Merger (4)
	2001	Accounts deposit (ejer. 2000 consolidated, 2000) Appointments/ Re-elections (25) Board Meeting (2) Cessations/ Resignations/ Reversals (5) Other Concepts/ Events (2)
	2002	Accounts deposit (ejer. 2001 consolidated, 2001) Appointments/ Re-elections (15) Board Meeting (1) Cessations/ Resignations/ Reversals (4) Increase of Capital (1) Other Concepts/ Events (3)
	2003	Accounts deposit (ejer. 2002 consolidated, 2002) Appointments/ Re-elections (27) Board Meeting (2) Cessations/ Resignations/ Reversals (9) Other Concepts/ Events (1)
	2004	Accounts deposit (ejer. 2003 consolidated) Appointments/ Re-elections (21) Board Meeting (1) Cessations/ Resignations/ Reversals (6) Change of Social Purpose (1) Other Concepts/ Events (5)
	2005	Accounts deposit (ejer. 2004 consolidated, 2003, 2004) Appointments/ Re-elections (41) Board Meeting (3) Capital Reduction (3) Cessations/ Resignations/ Reversals (14)
	2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (32) Capital Reduction (1) Cessations/ Resignations/ Reversals (6) Change of Social Purpose (1) Other Concepts/ Events (1) Statutory Modifications (3)
	2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (24) Cessations/ Resignations/ Reversals (8) Other Concepts/ Events (1) Statutory Modifications (1)
	2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (56) Cessations/ Resignations/ Reversals (11)
	2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (43) Cessations/ Resignations/ Reversals (9) Other Concepts/ Events (2) Statutory Modifications (1) Take-over Merger (5)
	2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (31) Cessations/ Resignations/ Reversals (11) Statutory Modifications (1)
	2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (40) Cessations/ Resignations/ Reversals (15)
	2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (29) Cessations/ Resignations/ Reversals (9) Other Concepts/ Events (1) Take-over Merger (4)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (26) Cessations/ Resignations/ Reversals (7)
	2014	Appointments/ Re-elections (23) Cessations/ Resignations/ Reversals (13)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA PRESTACION DE SERVICIOS DE COLABORACION EMPRESARIAL DE TODO TIPO PARA LA COMERCIALIZACION DE LOS PRODUCTOS PROPIOS DE LAS ENTIDADES DE CREDITO ESTABLECIMIENTOS DE CAMBIO DE MONEDA, ASI COMO LAS ENTIDADES DE DINERO ELECTRONICO		11/03/2004

Breakdown of Owners' Equity
Registered Capital:	196.822.251
Paid up capital:	196.822.251

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
05/10/1990	Increase of Capital	5.649.321	5.649.321	53.020.422	53.020.422
08/10/1990	Increase of Capital	48.080.968	48.080.968	101.101.391	101.101.391
07/10/1992	Increase of Capital	12.637.674	12.637.674	113.739.065	113.739.065
29/09/2000	Increase of Capital	75.600.000	75.600.000	189.147.528	189.147.528
23/01/2002	Increase of Capital	13.386.909	13.386.909	202.534.437	202.534.437
15/11/2005	Capital Reduction	-5.091.587	-5.091.587	197.442.850	197.442.850
10/01/2006	Capital Reduction	-620.599	-620.599	196.822.251	196.822.251

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	ARIAS SALGADO MONTALVO RAFAEL	07/09/2010	6
CHIEF EXECUTIVE OFFICER	CLOUZARD PASCAL MARCEL RAOUL	21/07/2011	5
VICE CHAIRMAN	CLOUZARD PASCAL MARCEL RAOUL	15/12/2011	5
MEMBER OF THE BOARD	LOPEZ CALVET FRANCISCO JAVIER	31/03/2014	8
	NORFIN HOLDER SL	07/09/2010	2
	ARIAS SALGADO MONTALVO RAFAEL	07/09/2010	6
	CURRAS DE DON PABLO RICARDO	27/12/2006	1
	PLASSAT GEORGES ALAIN	07/07/1998	5
NON CONSELLOR SECRETARY	RAMOS VARILLAS AGUSTIN	17/10/2000	2
MANAGING ENTITY	SERVICIO DE COMPENSACION Y LIQUIDACION DE VALORES	05/10/1993	1
REPRESENTATIVE	SIVIGNON PIERRE JEAN JEROME	29/01/2014	1
	ARMAND PATRICK PHILIPPE MARIE	06/04/2011	1
	BERNARD DANIEL CAMILLE	03/05/1993	1
ACCOUNTS' AUDITOR / HOLDER	MAZARS AUDITORES SLP	23/08/2011	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARIAS SALGADO MONTALVO RAFAEL	MEMBER OF THE BOARD	16/09/2005	6
	PRESIDENT	16/09/2005
	MEMBER OF THE BOARD	07/09/2010
	PRESIDENT	07/09/2010
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	14/01/1992	8
	ACCOUNTS' AUDITOR / HOLDER	29/05/2000
	CONSOLIDATED ACCOUNTS' AUDITOR	29/05/2000
	ACCOUNTS' AUDITOR / HOLDER	17/11/1999
	CONSOLIDATED ACCOUNTS' AUDITOR	19/12/2001
	ACCOUNTS' AUDITOR / HOLDER	19/12/2001
	ACCOUNTS' AUDITOR / HOLDER	10/10/2002
	CONSOLIDATED ACCOUNTS' AUDITOR	10/10/2002
BADIN JACQUES	MEMBER OF THE BOARD	18/07/1994	1
BEAUCHET JACQUES	MEMBER OF THE BOARD	27/12/2006	1
BERNARD DANIEL	MEMBER OF THE BOARD	16/09/2005	2
	MEMBER OF THE BOARD	21/11/1995
BILLIARD BERNARD CARREL	REPRESENTATIVE	21/04/2010	3
	REPRESENTATIVE	01/06/2010
	REPRESENTATIVE	13/08/2012
BON MICHEL	MEMBER OF THE BOARD	07/10/1992	1
BOUCHUT PIERRE BRUNO CHARLES	REPRESENTATIVE	06/04/2011	1
BOYER FRANCOIS	JOINT CHIEF EXECUTIVE OFFICER	25/11/1993	1
BRILLET RENE	MEMBER OF THE BOARD	05/09/1996	3
	MEMBER OF THE BOARD	08/07/1998
	VICE CHAIRMAN	08/07/1998
CARREFOUR NEDERLAND BV	MEMBER OF THE BOARD	13/08/2012	2
	MEMBER OF THE BOARD	20/09/1993
CLOUZARD PASCAL MARCEL RAOUL	REPRESENTATIVE	02/11/2011	5
	MEMBER OF THE BOARD	15/12/2011
CULLELL MUNIESA ROSA	MEMBER OF THE BOARD	16/06/2009	1
CURRAS DE DIB PABLO RICARDO	MEMBER OF THE BOARD	23/04/2008	1
DE BOYER DES ROCHES FRANCOIS GEORGES	MEMBER OF THE BOARD	20/09/1993	5
	JOINT CHIEF EXECUTIVE OFFICER	20/09/1993
	SOLE CHIEF EXECUTIVE OFFICER	25/11/1993
	MEMBER OF THE BOARD	25/11/1993
DE FRANCISCO BLANCO JOSE ANTONIO	MEMBER OF THE BOARD	16/09/2005	1
DEFFOREY HERVE	MEMBER OF THE BOARD	17/09/1999	3
	MEMBER OF THE BOARD	29/09/2000
	MEMBER OF THE BOARD	14/09/2001
DEFFOREY JACQUES JOSE	MEMBER OF THE BOARD	20/09/1993	1
DELOITTE & TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	20/10/2005	6
	CONSOLIDATED ACCOUNTS' AUDITOR	20/10/2005
	CONSOLIDATED ACCOUNTS' AUDITOR	23/09/2003
	ACCOUNTS' AUDITOR / HOLDER	23/09/2003
	ACCOUNTS' AUDITOR / HOLDER	26/07/2004
	CONSOLIDATED ACCOUNTS' AUDITOR	26/07/2004
DELOITTE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	23/09/2003	2
	CONSOLIDATED ACCOUNTS' AUDITOR	23/09/2003
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	19/10/2006	2
	ACCOUNTS' AUDITOR / HOLDER	26/11/2007
DELOITTE SL	CONSOLIDATED ACCOUNTS' AUDITOR	19/10/2006	8
	ACCOUNTS' AUDITOR / HOLDER	19/10/2006
	CONSOLIDATED ACCOUNTS' AUDITOR	20/10/2005
	ACCOUNTS' AUDITOR / HOLDER	23/08/2011
	ACCOUNTS' AUDITOR / HOLDER	20/10/2008
	ACCOUNTS' AUDITOR / HOLDER	07/10/2009
	ACCOUNTS' AUDITOR / HOLDER	20/10/2005
	ACCOUNTS' AUDITOR / HOLDER	08/09/2010
DURAN SCHULZ JOSE LUIS	MEMBER OF THE BOARD	16/09/2005	6
	MEMBER OF THE BOARD	16/06/2009
FEZENSAC BERTRAND MONTESQUIOU	MEMBER OF THE BOARD	29/09/2000	1
FOLACHE GONZALEZ PARRADO JOSE MARIA	MEMBER OF THE BOARD	20/10/2008	6
	MEMBER OF THE BOARD	16/09/2005
	MEMBER OF THE BOARD	16/09/2005
	JOINT CHIEF EXECUTIVE OFFICER	16/09/2005
	VICE CHAIRMAN	23/04/2008
GARCIA DIEZ JUAN ANTONIO	MEMBER OF THE BOARD	18/07/1994	2
	PRESIDENT	18/07/1994
GILLET REGINALD LAMBERT GABRIEL MARC MARIE	REPRESENTATIVE	27/01/2012	1
HERRANDO Y PRAT DE LA RIBA MANUEL	MEMBER OF THE BOARD	16/09/2005	1
HUBNER THOMAS MARTIN	REPRESENTATIVE	29/01/2014	1
INVERSIONES PRYCA SA	VICE CHAIRMAN	15/12/2011	3
	MEMBER OF THE BOARD	16/06/2009
JARRY PHILIPPE	MEMBER OF THE BOARD	29/09/2000	2
	VICE CHAIRMAN	29/09/2000
JEAN FRANCOIS PONTAL	JOINT CHIEF EXECUTIVE OFFICER	07/06/1993	1
JODAR MASANES ANTONIO	MEMBER OF THE BOARD	20/10/2008	1
LEGUILLETE MARC	MEMBER OF THE BOARD	14/09/1995	6
	MEMBER OF THE BOARD	05/05/2000
	MEMBER OF THE BOARD	29/09/2000
	MEMBER OF THE BOARD	16/09/2005
	MEMBER OF THE BOARD	13/08/2012
	MEMBER OF THE BOARD	07/09/2010
LOPEZ CALVET JAVIER	MEMBER OF THE BOARD	13/01/2006	1
MARTIN SANCHEZ BENDITO JUSTO MANUEL	MEMBER OF THE BOARD	16/06/2009	1
MAYANS ALTABA FERNANDO	MEMBER OF THE BOARD	16/09/2005	2
	MEMBER OF THE BOARD	27/12/2006
MEDEL CAMARA BRAULIO	MEMBER OF THE BOARD	27/12/2006	1
MERRY DEL VAL GRACIE ALFONSO	MEMBER OF THE BOARD	17/10/2000	1
MONTESQUIOU BERTRAND	VICE CHAIRMAN	16/09/2005	6
	VICE CHAIRMAN	13/08/2012
	MEMBER OF THE BOARD	17/10/2000
	VICE CHAIRMAN	14/09/1995
	MEMBER OF THE BOARD	05/05/2000
	VICE CHAIRMAN	29/09/2000
MONTESQUIOU FEZENSAC BERTRAND	MEMBER OF THE BOARD	16/09/2005	3
	MEMBER OF THE BOARD	07/09/2010
	MEMBER OF THE BOARD	13/08/2012
NORFIN HOLDER SL	MEMBER OF THE BOARD	07/09/2010	2
PARADA TOLOSA MARCOS ANTONIO	MEMBER OF THE BOARD	07/09/2010	7
	MEMBER OF THE BOARD	31/03/2014
PETIT GILLES	MEMBER OF THE BOARD	23/04/2008	3
	CHIEF EXECUTIVE OFFICER	23/04/2008
PINEL LOPEZ ENRIQUE	MEMBER OF THE BOARD	17/10/2000	1
PINOT MICHEL	REPRESENTATIVE	03/05/1993	1
PIÑEL LOPEZ ENRIQUE	MEMBER OF THE BOARD	20/09/1993	3
	MEMBER OF THE BOARD	08/07/1998
	MEMBER OF THE BOARD	29/09/2000
PLASSAT GEORGES ALAIN	MEMBER OF THE BOARD	07/07/1998	5
	JOINT CHIEF EXECUTIVE OFFICER	07/07/1998
	CHIEF EXECUTIVE OFFICER	23/11/1999
	JOINT CHIEF EXECUTIVE OFFICER	23/11/1999
PONTAL JEAN FRANCOIS RENE	MEMBER OF THE BOARD	16/04/1996	6
	VICE CHAIRMAN	16/04/1996
	MEMBER OF THE BOARD	23/04/1991
	CHIEF EXECUTIVE OFFICER	07/10/1992
	CHIEF EXECUTIVE OFFICER	25/11/1993
	MEMBER OF THE BOARD	14/09/1995
PRIOUX NOEL FREDERIC GEORGES	MEMBER OF THE BOARD	21/10/2011	4
	CHIEF EXECUTIVE OFFICER	21/07/2011
	REPRESENTATIVE	16/06/2009
PROHENS MAS JAIME	MEMBER OF THE BOARD	20/09/1993	2
	MEMBER OF THE BOARD	20/04/1994
REISS ERIC PATRICK	REPRESENTATIVE	11/08/2009	1
RIBALTA AGUILERA JUAN	SECRETARY	20/09/1993	6
	MEMBER OF THE BOARD	20/09/1993
	MEMBER OF THE BOARD	29/09/2000
	SECRETARY	17/10/2000
	MEMBER OF THE BOARD	16/09/2005
	MEMBER OF THE BOARD	20/09/1993
SALA I SCHNORKOWSKI MERCE	MEMBER OF THE BOARD	27/12/2006	1
SANTOYO MARTIN JUAN ANDRES	CHIEF EXECUTIVE OFFICER	30/07/1997	7
	JOINT CHIEF EXECUTIVE OFFICER	30/07/1997
	MEMBER OF THE BOARD	18/07/1994
	SOLE CHIEF EXECUTIVE OFFICER	18/07/1994
	MEMBER OF THE BOARD	29/09/2000
	MEMBER OF THE BOARD	17/09/1999
SAVEUSSE JOEL	MEMBER OF THE BOARD	17/10/2000	3
	MEMBER OF THE BOARD	16/09/2005
	VICE CHAIRMAN	16/09/2005
SERRATOSA LUJAN PABLO	MEMBER OF THE BOARD	07/09/2010	1
SUREDA CARRION JOSE LUIS	MEMBER OF THE BOARD	16/11/1990	2
	PRESIDENT	16/11/1990
TRIUS OLIVA VICENTE	REPRESENTATIVE	18/05/2011	1
VALLBONA VADELL PABLO	MEMBER OF THE BOARD	18/07/1994	8
	MEMBER OF THE BOARD	17/09/1999
	PRESIDENT	17/09/1999
	SOLE CHIEF EXECUTIVE OFFICER	29/09/2000
	MEMBER OF THE BOARD	29/09/2000
	MEMBER OF THE BOARD	17/10/2000
	JOINT CHIEF EXECUTIVE OFFICER	17/10/2000
	PRESIDENT	17/10/2000
VAN DYCK ETIENNE	MEMBER OF THE BOARD	05/09/1996	3
	MEMBER OF THE BOARD	30/07/1997
	MEMBER OF THE BOARD	16/09/2005
YRAETA GUY JACQUES	MEMBER OF THE BOARD	23/04/2008	4
	MEMBER OF THE BOARD	16/06/2009
	VICE CHAIRMAN	16/06/2009
	REPRESENTATIVE	21/04/2010

Executive board

Post	NIF	Name
COMMERCIAL MANAGER		JOSE LUIS GUTIERREZ
FINANCIAL DIRECTOR		MARCOS ANTONIO PARADA TOLOSA
MANAGING DIRECTOR		MARCEL RAOUL CLOUZARD PASCAL

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	1	0	05/04/2014	25/07/2014
Status: Friendly		1	4466.91	05/04/2014	05/04/2014
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		2	---	05/09/2009	20/11/2012
Notices of defaults and enforcement		2	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		2	---	08/04/2011	06/09/2011

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS  

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

List of current instances of default for each of the transactions in progress

Type of creditor	Product	Value of transactions (_)	Status	No. of defaults	Default balance (_)	Date of first default	Date of last default
INDUSTRIA	Otros	4466.91	Amistoso	---	4466.91	05/04/14	05/04/14
				4.466,91

Change in values of defaults and settled debts

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. It may only be used for the purposes of awarding credit, monitoring credit and managing loans. This data may not be reused or included in any database, and may not be ceded .

> Basis for rating

Positive Factors

Adverse Factors

CENTROS COMERCIALES CARREFOUR SA 's borrowing cost is appropriate according to its volume of external financing sources. Solvency increase . The company's capacity to bear the cost derived from debts incurred with third parties has increased significantly in its last fiscal year. Adequate turnover of the current assets. The company shows an efficient use of current assets by having good capacity to generate incomes based on the dedicated assets available for sale. CENTROS COMERCIALES CARREFOUR SA has received several grants within the last twelve months. As a prerequisite to obtaining a grant, it has had to prove its financial and technical solvency as stated by the laws in force. The 53.33 total % of relationships held CENTROS COMERCIALES CARREFOUR SAare with large companies.

It has been found to have irregular payment performance at the credit bureaus and has not paid all of its debts in a timely manner. CENTROS COMERCIALES CARREFOUR SA it presents an excessive indebtedness that may compromise their balance sheet. The company denotes a special dependence short-term financing which, a priori, could cause problems of short-term solvency. It has no return from its main operating activity.This might deteriorate its financial situation. Moreover, this productivity has decreased in comparison with the previous financial year. Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  2.731 %

> Latest Rating Changes :

Sector in which comparison is carried out :

471 Retail sale in non-specialised stores

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 51.00% of the companies of the sector CENTROS COMERCIALES CARREFOUR SA 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 2.731%.

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.

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	1 Incidence for a total cost of 90,00 E
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	1 Incidence for a total cost of 0,00 E
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	2 Legal Claims for a total cost of 0,00 E

Incidences Detailed

Incidences with the Social Security

 BY THE SOCIAL SECURITY DE MADRID - Date 05/09/2009

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	03282008092422820
Amount of the incidence:	90,00 E
Requested by:	SEGURIDAD SOCIAL
Published domicile:	CL CAMPEZO 16; MADRID C.P.:28022
Source:	BOLETIN OFICIAL DE LA COMUNIDAD DE MADRID Nº211, 2009 PAGINA 28

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE TORRELAVEGA (CANTABRIA) - Date 20/11/2012

Last Published Stage:	SEIZURE
Record Number:	20122305
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	BOLETIN OFICIAL DE CANTABRIA Nº235, 2012 PAGINA 34601

  References

  Clients

Name	NIF	Telephone
NESTLE ESPAÑA SA
DANONE SA
BIMBO SA
PROCTER & GAMBLE SA
NUTREXPA SA
HENKEL ESPAÑA SA
GRUPO PASCUAL

Link List

ABSORBS TO:	8 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	2 Entities
IS RELATED WITH:	3 Entities
PARTICIPATES IN:	4 Entities
SHAREHOLDERS:	3 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	INVERSIONES PRYCA SA	MADRID	0.02
	NORFIN HOLDER SL	MADRID	91.74
	SOCIETE DES GRANDS MAGASINS GARONNE ADOUR, SOCIEDAD ANONIMA, (FRANCIA)		8
	SOCIEDAD DE COMPRAS MODERNAS SA	MADRID
	CARREFOURONLINE SL	MADRID	100
	CORREDURIA DE SEGUROS CARREFOUR SA	MADRID	100
PARTICIPATES IN	SUPERMERCADOS CHAMPION SA	MADRID	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	CARREFOUR CENTRE DE COORDINATION CARREFOUR SNC
	CARREFOURONLINE SL	MADRID
IS RELATED WITH	STEF LOS OLIVOS SA	MADRID
ABSORBS TO	INVERSIONES RO, S.A.	MADRID
	TEJAVANA UNO, S.A.	MADRID
	TELFINCA, S.A.	MADRID
	COFINAL, S.A.	MADRID
	INVERSIONES FINVISA, S.A.	MADRID
	CENTROS COMERCIALES CONTINENTE SA	MADRID
	INMOBILIARIA CARREFOUR SL	MADRID
	CARREFOUR CANARIAS SA	SANTA CRUZ DE TENERIFE
HAS IN ITS ADMINISTRATION BOARD TO	NORFIN HOLDER SL	MADRID
	INVERSIONES PRYCA SA	MADRID
BELONGS TO THE ADMINISTRATION BOARD OF	CARREFOUR PROPERTY ESPAÑA SL	MADRID

Turnover
Total Sales 2013	7.500.000

Financial Accounts and Balance Sheets

Financial Years Presented

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

>  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	1.485.551.000,00	1.503.022.000,00	1.438.836.000,00	1.511.165.000,00	2.414.948.000,00
I. Intangible fixed assets : 11100	52.832.000,00	62.332.000,00	77.154.000,00	104.012.000,00	155.207.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	12.306.000,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	18.881.000,00	20.071.000,00	24.240.000,00	33.972.000,00	43.638.000,00
5. IT applications: 11150	25.348.000,00	34.845.000,00	44.484.000,00	56.841.000,00	67.642.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	8.603.000,00	7.416.000,00	8.430.000,00	13.199.000,00	31.621.000,00
II. Tangible fixed assets : 11200	383.249.000,00	410.729.000,00	319.272.000,00	358.504.000,00	1.548.769.000,00
1. Land and buildings: 11210	75.122.000,00	65.463.000,00	68.135.000,00	74.510.000,00	1.137.608.000,00
2. Technical installations and other tangible fixed assets: 11220	303.741.000,00	343.823.000,00	246.383.000,00	280.154.000,00	400.361.000,00
3. Tangible asset in progress and advances: 11230	4.386.000,00	1.443.000,00	4.754.000,00	3.840.000,00	10.800.000,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	126.152.000,00
1. Land: 11310	0,00	0,00	0,00	0,00	61.662.000,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	64.490.000,00
IV. Long-term investments in Group companies and associates : 11400	969.402.000,00	979.078.000,00	983.328.000,00	991.264.000,00	561.479.000,00
1. Equity instruments: 11410	969.402.000,00	979.078.000,00	954.498.000,00	662.534.000,00	241.549.000,00
2. Credits to businesses: 11420	0,00	0,00	28.830.000,00	328.730.000,00	319.930.000,00
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	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	38.964.000,00	39.327.000,00	48.478.000,00	48.142.000,00	15.960.000,00
1. Equity instruments: 11510	162.000,00	162.000,00	162.000,00	162.000,00	162.000,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	38.799.000,00	39.162.000,00	48.313.000,00	47.977.000,00	15.795.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	41.104.000,00	11.556.000,00	10.604.000,00	9.243.000,00	7.381.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	1.195.513.000,00	1.555.767.000,00	1.624.621.000,00	2.443.962.000,00	2.624.161.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	587.344.000,00	701.467.000,00	743.845.000,00	771.345.000,00	922.402.000,00
1. Commercial: 12210	586.139.000,00	700.312.000,00	743.163.000,00	770.862.000,00	921.810.000,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	1.205.000,00	1.155.000,00	682.000,00	483.000,00	592.000,00
III. Trade debtors and others receivable accounts: 12300	211.490.000,00	255.087.000,00	217.878.000,00	204.828.000,00	591.505.000,00
1. Trade debtors / accounts receivable: 12310	12.197.000,00	8.279.000,00	4.710.000,00	3.384.000,00	2.157.000,00
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	12.197.000,00	8.279.000,00	4.710.000,00	3.384.000,00	2.157.000,00
2. Customers, Group companies and associates : 12320	131.989.000,00	163.123.000,00	149.405.000,00	150.825.000,00	451.127.000,00
3. Other accounts receivable: 12330	39.538.000,00	63.580.000,00	56.462.000,00	50.227.000,00	137.546.000,00
4. Personnel: 12340	265.000,00	92.000,00	91.000,00	134.000,00	119.000,00
5. Assets for deferred tax: 12350	27.419.000,00	19.893.000,00	7.108.000,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	82.000,00	120.000,00	102.000,00	258.000,00	556.000,00
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	0,00	0,00	0,00	0,00	1.049.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	1.049.000,00
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	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	151.000,00	415.000,00	354.000,00	1.782.000,00	7.481.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	355.000,00	277.000,00	1.782.000,00	5.853.000,00
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	1.628.000,00
5. Other financial assets : 12550	151.000,00	60.000,00	77.000,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	1.233.000,00	1.569.000,00	7.000,00	242.000,00	3.908.000,00
VII. Cash and other equivalent liquid assets : 12700	395.295.000,00	597.229.000,00	662.537.000,00	1.465.765.000,00	1.097.816.000,00
1. Treasury: 12710	93.001.000,00	85.639.000,00	76.163.000,00	64.525.000,00	72.799.000,00
2. Other equivalent liquid assets: 12720	302.294.000,00	511.590.000,00	586.374.000,00	1.401.240.000,00	1.025.017.000,00
TOTAL ASSETS (A + B) : 10000	2.681.064.000,00	3.058.789.000,00	3.063.457.000,00	3.955.127.000,00	5.039.109.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	533.781.000,00	561.193.000,00	594.740.000,00	583.585.000,00	650.242.000,00
A-1) Shareholders' equity: 21000	533.567.000,00	560.963.000,00	594.991.000,00	585.708.000,00	649.102.000,00
I. Capital: 21100	196.822.000,00	196.822.000,00	196.822.000,00	196.822.000,00	196.822.000,00
1. Registered capital : 21110	196.822.000,00	196.822.000,00	196.822.000,00	196.822.000,00	196.822.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	268.325.000,00	175.602.000,00	172.463.000,00	169.562.000,00	97.507.000,00
1. Legal y estatutarias: 21310	39.364.000,00	39.364.000,00	39.364.000,00	39.364.000,00	39.364.000,00
2. Other reserves: 21320	228.961.000,00	136.238.000,00	133.099.000,00	130.198.000,00	58.143.000,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	78.863.000,00	78.863.000,00	78.863.000,00	78.863.000,00	78.863.000,00
1. Brought forward: 21510	78.863.000,00	78.863.000,00	78.863.000,00	78.863.000,00	78.863.000,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	11.313.000,00	10.567.000,00	9.208.000,00	6.345.000,00	3.754.000,00
VII. Result of the period: 21700	-21.756.000,00	99.109.000,00	137.635.000,00	134.116.000,00	272.156.000,00
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	-251.000,00	-2.123.000,00	1.140.000,00
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	-251.000,00	-2.123.000,00	1.140.000,00
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	214.000,00	230.000,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	139.429.000,00	136.385.000,00	127.246.000,00	760.680.000,00	1.644.933.000,00
I. Long-term provisions: 31100	93.348.000,00	95.436.000,00	120.789.000,00	107.773.000,00	120.846.000,00
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	93.348.000,00	95.436.000,00	120.789.000,00	107.773.000,00	120.846.000,00
II Long-term creditors: 31200	979.000,00	818.000,00	438.000,00	173.000,00	3.362.000,00
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	979.000,00	818.000,00	438.000,00	173.000,00	3.362.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	645.991.000,00	1.500.000.000,00
IV. Liabilities for deferred tax: 31400	38.223.000,00	33.585.000,00	1.319.000,00	1.643.000,00	15.523.000,00
V. Long-term accruals: 31500	6.879.000,00	6.546.000,00	4.700.000,00	5.100.000,00	5.202.000,00
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	2.007.854.000,00	2.361.211.000,00	2.341.471.000,00	2.610.862.000,00	2.743.934.000,00
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	32.799.000,00	25.849.000,00	30.094.000,00	27.573.000,00	18.151.000,00
III. Short-term creditors : 32300	107.117.000,00	129.668.000,00	94.649.000,00	99.240.000,00	100.811.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	67.361.000,00	46.174.000,00	34.667.000,00	44.979.000,00	29.433.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	359.000,00	3.033.000,00	0,00
5. Other financial liabilities : 32350	39.756.000,00	83.494.000,00	59.623.000,00	51.228.000,00	71.378.000,00
IV. Short-term debts with Group companies and associates: 32400	41.000,00	341.000,00	60.000,00	83.000,00	157.000,00
V. Trade creditors and other accounts payable: 32500	1.867.110.000,00	2.205.254.000,00	2.215.250.000,00	2.483.938.000,00	2.624.793.000,00
1. Suppliers: 32510	1.309.980.000,00	1.400.252.000,00	1.445.385.000,00	1.760.875.000,00	1.977.609.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	1.309.980.000,00	1.400.252.000,00	1.445.385.000,00	1.760.875.000,00	1.977.609.000,00
2. Suppliers, Group companies and associates: 32520	314.185.000,00	571.505.000,00	526.427.000,00	430.464.000,00	213.406.000,00
3. Other creditors: 32530	129.010.000,00	151.078.000,00	153.206.000,00	188.372.000,00	236.361.000,00
4. Personnel (remuneration due): 32540	49.443.000,00	41.341.000,00	34.480.000,00	45.700.000,00	31.760.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	99.690.000,00
6. Otras deudas con las Administraciones Públicas. : 32560	62.856.000,00	39.341.000,00	53.511.000,00	55.407.000,00	63.636.000,00
7. Advances from clients: 32570	1.636.000,00	1.737.000,00	2.241.000,00	3.120.000,00	2.331.000,00
VI. Short-term accruals: 32600	787.000,00	99.000,00	1.418.000,00	28.000,00	22.000,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	2.681.064.000,00	3.058.789.000,00	3.063.457.000,00	3.955.127.000,00	5.039.109.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	7.532.393.000,00	7.897.178.000,00	8.104.322.000,00	8.356.751.000,00	9.039.254.000,00
a) Sales: 40110	7.532.340.000,00	7.897.061.000,00	8.104.136.000,00	8.356.439.000,00	9.038.784.000,00
b) Rendering of services: 40120	53.000,00	117.000,00	186.000,00	312.000,00	470.000,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-6.236.755.000,00	-7.229.384.000,00	-7.369.303.000,00	-7.540.478.000,00	-8.166.773.000,00
a) Stock consumption: 40410	-6.231.706.000,00	-7.229.581.000,00	-7.381.300.000,00	-7.537.807.000,00	-8.157.387.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
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	-5.049.000,00	197.000,00	11.997.000,00	-2.671.000,00	-9.386.000,00
5. Other operating income: 40500	78.599.000,00	823.699.000,00	861.428.000,00	884.722.000,00	924.643.000,00
a) Auxiliary income and other from current management: 40510	75.157.000,00	820.138.000,00	858.038.000,00	880.283.000,00	920.228.000,00
b) Operation subsidies included in the Period's result: 40520	3.442.000,00	3.561.000,00	3.390.000,00	4.439.000,00	4.415.000,00
6. Personnel costs: 40600	-642.375.000,00	-664.605.000,00	-660.057.000,00	-703.862.000,00	-729.020.000,00
a) Wages, salaries et al.: 40610	-504.381.000,00	-523.848.000,00	-513.889.000,00	-549.387.000,00	-561.490.000,00
b) Social security costs: 40620	-137.994.000,00	-140.757.000,00	-146.168.000,00	-154.475.000,00	-167.530.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-629.290.000,00	-657.135.000,00	-695.414.000,00	-720.555.000,00	-531.745.000,00
a) External services: 40710	-600.831.000,00	-635.212.000,00	-670.964.000,00	-698.711.000,00	-497.905.000,00
b) Taxes: 40720	-22.714.000,00	-18.898.000,00	-21.075.000,00	-17.565.000,00	-31.276.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-4.888.000,00	-2.134.000,00	-2.316.000,00	-3.223.000,00	-226.000,00
d) Other current management expenditure : 40740	-857.000,00	-891.000,00	-1.059.000,00	-1.056.000,00	-2.338.000,00
8. Amortisation of fixed assets: 40800	-106.033.000,00	-103.929.000,00	-105.264.000,00	-108.393.000,00	-190.141.000,00
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	401.000,00	1.529.000,00
11. Impairment and result of transfers of fixed assets: 41100	-35.208.000,00	-25.655.000,00	-25.502.000,00	-11.795.000,00	52.664.000,00
a) Impairment and losses : 41110	-32.294.000,00	-17.397.000,00	-28.665.000,00	-10.474.000,00	0,00
b) Results for transfers and other : 41120	-2.914.000,00	-8.258.000,00	3.163.000,00	-1.321.000,00	52.664.000,00
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	-38.669.000,00	40.169.000,00	110.210.000,00	156.791.000,00	400.411.000,00
14. Financial income : 41400	4.930.000,00	55.948.000,00	70.872.000,00	37.151.000,00	72.026.000,00
a) Of shares in equity instruments : 41410	0,00	48.874.000,00	60.514.000,00	22.131.000,00	24.129.000,00
a 1) In Group companies and associates: 41411	0,00	48.874.000,00	60.514.000,00	22.131.000,00	24.129.000,00
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	4.930.000,00	7.074.000,00	10.358.000,00	15.020.000,00	47.897.000,00
b 1) From Group companies and associates : 41421	1.813.000,00	6.759.000,00	4.423.000,00	10.970.000,00	46.316.000,00
b 2) From third parties : 41422	3.117.000,00	315.000,00	5.935.000,00	4.050.000,00	1.581.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-1.386.000,00	-6.534.000,00	-16.636.000,00	-41.279.000,00	-99.796.000,00
a) Amounts owed to Group companies and associates : 41510	-1.260.000,00	-6.076.000,00	-15.349.000,00	-38.759.000,00	-95.639.000,00
b) For debts with third parties : 41520	-126.000,00	-458.000,00	-1.287.000,00	-2.520.000,00	-4.157.000,00
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	28.000,00	20.000,00	51.000,00	83.000,00	-104.000,00
18. Impairment and result for transfers of financial instruments: 41800	259.000,00	12.443.000,00	5.101.000,00	16.304.000,00	-6.757.000,00
a) Impairment and losses : 41810	259.000,00	12.443.000,00	5.101.000,00	16.304.000,00	-6.830.000,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	73.000,00
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	3.831.000,00	61.877.000,00	59.388.000,00	12.259.000,00	-34.631.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-34.838.000,00	102.046.000,00	169.598.000,00	169.050.000,00	365.780.000,00
20. Income taxes: 41900	13.082.000,00	-2.937.000,00	-31.963.000,00	-34.934.000,00	-93.624.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-21.756.000,00	99.109.000,00	137.635.000,00	134.116.000,00	272.156.000,00
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	-21.756.000,00	99.109.000,00	137.635.000,00	134.116.000,00	272.156.000,00

> 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:	1.444.447.000,00	1.491.466.000,00	1.428.232.000,00	1.501.922.000,00	2.407.567.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	52.832.000,00	62.332.000,00	77.154.000,00	104.012.000,00	155.207.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	12.306.000,00
3. Goodwill:	18.881.000,00	20.071.000,00	24.240.000,00	33.972.000,00	43.638.000,00
4. Key money paid for premises:	8.603.000,00	7.416.000,00	8.430.000,00	13.199.000,00	31.621.000,00
5. Software:	25.348.000,00	34.845.000,00	44.484.000,00	56.841.000,00	67.642.000,00
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:	383.249.000,00	410.729.000,00	319.272.000,00	358.504.000,00	1.674.921.000,00
1. Land and construction:	75.122.000,00	65.463.000,00	68.135.000,00	74.510.000,00	1.263.760.000,00
2. Technical installations and machinery:	253.424.574,00	286.866.763,00	205.568.253,00	233.744.895,00	334.038.921,00
3. Other installations, tools and furniture:	25.581.711,00	28.957.502,00	20.750.899,00	23.595.164,00	33.719.252,00
4. Payments on account and tangible fixed assets under construction:	4.386.000,00	1.443.000,00	4.754.000,00	3.840.000,00	10.800.000,00
5. Other tangible assets:	24.734.715,00	27.998.735,00	20.063.848,00	22.813.941,00	32.602.827,00
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:	1.008.366.000,00	1.018.405.000,00	1.031.806.000,00	1.039.406.000,00	577.439.000,00
1. Equity investments in group companies:	969.402.000,00	979.078.000,00	954.498.000,00	662.534.000,00	241.549.000,00
2. Receivables from group companies:	0,00	0,00	28.830.000,00	328.730.000,00	319.930.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	165.000,00	165.000,00	165.000,00	165.000,00	165.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	38.799.000,00	39.162.000,00	48.313.000,00	47.977.000,00	15.795.000,00
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:	1.236.617.000,00	1.567.323.000,00	1.635.225.000,00	2.453.205.000,00	2.629.914.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	587.344.000,00	701.467.000,00	743.845.000,00	771.345.000,00	922.402.000,00
1. Goods for resale:	586.139.000,00	700.312.000,00	743.163.000,00	770.862.000,00	921.810.000,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	1.205.000,00	1.155.000,00	682.000,00	483.000,00	592.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	252.594.000,00	266.643.000,00	228.482.000,00	214.071.000,00	598.886.000,00
1. Trade debtors / accounts receivable:	12.197.000,00	8.279.000,00	4.710.000,00	3.384.000,00	2.157.000,00
2. Accounts receivable, Group companies:	131.989.000,00	163.123.000,00	149.405.000,00	150.825.000,00	451.127.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	39.538.000,00	63.580.000,00	56.462.000,00	50.227.000,00	137.546.000,00
5. Staff:	265.000,00	92.000,00	91.000,00	134.000,00	119.000,00
6. Public bodies:	68.605.000,00	31.569.000,00	17.814.000,00	9.501.000,00	7.937.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	302.445.000,00	512.005.000,00	586.728.000,00	1.403.022.000,00	1.031.919.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	1.049.000,00
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:	302.294.000,00	511.590.000,00	586.374.000,00	1.401.240.000,00	1.025.017.000,00
6. Other receivables:	0,00	355.000,00	277.000,00	1.782.000,00	5.853.000,00
7. Shor term guarantees and deposits:	151.000,00	60.000,00	77.000,00	0,00	0,00
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:	93.001.000,00	85.639.000,00	76.163.000,00	64.525.000,00	72.799.000,00
VII. Prepayments and accrued income:	1.233.000,00	1.569.000,00	7.000,00	242.000,00	3.908.000,00
GENERAL TOTAL (A + B + C + D):	2.681.064.000,00	3.058.789.000,00	3.063.457.000,00	3.955.127.000,00	5.037.481.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	533.631.200,00	561.032.000,00	595.099.000,00	586.618.000,00	648.614.000,00
I. Subscribed capital:	196.822.000,00	196.822.000,00	196.822.000,00	196.822.000,00	196.822.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	268.389.200,00	175.671.000,00	172.571.000,00	170.472.000,00	97.019.000,00
1. Legal reserve:	39.364.000,00	39.364.000,00	39.364.000,00	39.364.000,00	39.364.000,00
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:	228.704.398,00	136.116.017,00	133.020.266,00	130.924.059,00	57.573.546,00
Differences due to capital adjustement to euros:	320.802,00	190.983,00	186.734,00	183.941,00	81.454,00
V. Profit or loss brought forward:	90.176.000,00	89.430.000,00	88.071.000,00	85.208.000,00	82.617.000,00
1. Retained earnings:	78.863.000,00	78.863.000,00	78.863.000,00	78.863.000,00	78.863.000,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	11.313.000,00	10.567.000,00	9.208.000,00	6.345.000,00	3.754.000,00
VI. Profit or loss for the financial year:	-21.756.000,00	99.109.000,00	137.635.000,00	134.116.000,00	272.156.000,00
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:	149.800,00	161.000,00	0,00	0,00	0,00
1. Capital grants:	149.800,00	161.000,00	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:	93.348.000,00	95.436.000,00	120.789.000,00	107.773.000,00	120.846.000,00
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:	93.348.000,00	95.436.000,00	120.789.000,00	107.773.000,00	120.846.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	39.202.000,00	34.403.000,00	1.757.000,00	647.807.000,00	1.518.885.000,00
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	645.991.000,00	1.500.000.000,00
1. Amounts owed to group companies:	0,00	0,00	0,00	645.991.000,00	1.500.000.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	39.202.000,00	34.403.000,00	1.757.000,00	1.816.000,00	18.885.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	979.000,00	818.000,00	438.000,00	173.000,00	3.362.000,00
4. Long term payables to public bodies:	38.223.000,00	33.585.000,00	1.319.000,00	1.643.000,00	15.523.000,00
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:	1.981.934.000,00	2.341.908.000,00	2.315.718.000,00	2.585.356.000,00	2.730.985.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	67.361.000,00	46.174.000,00	34.667.000,00	44.979.000,00	29.433.000,00
1. Loans and other liabilities:	67.361.000,00	46.174.000,00	34.667.000,00	44.979.000,00	29.433.000,00
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:	314.226.000,00	571.846.000,00	526.487.000,00	430.547.000,00	213.563.000,00
1. Amounts owed to group companies:	314.226.000,00	571.846.000,00	526.487.000,00	430.547.000,00	213.563.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	1.440.626.000,00	1.553.067.000,00	1.600.832.000,00	1.952.367.000,00	2.216.301.000,00
1. Advanced payments from customers:	1.636.000,00	1.737.000,00	2.241.000,00	3.120.000,00	2.331.000,00
2. Amounts owed for purchases of goods or services:	1.438.990.000,00	1.551.330.000,00	1.598.591.000,00	1.949.247.000,00	2.213.970.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	152.055.000,00	164.176.000,00	147.614.000,00	152.335.000,00	266.464.000,00
1. Public bodies:	62.856.000,00	39.341.000,00	53.511.000,00	55.407.000,00	163.326.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	39.756.000,00	83.494.000,00	59.623.000,00	51.228.000,00	71.378.000,00
4. Wages and salaries payable:	49.443.000,00	41.341.000,00	34.480.000,00	45.700.000,00	31.760.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	7.666.000,00	6.645.000,00	6.118.000,00	5.128.000,00	5.224.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	32.799.000,00	25.849.000,00	30.094.000,00	27.573.000,00	18.151.000,00
GENERAL TOTAL (A + B + C + D + E + F):	2.681.064.000,00	3.058.789.000,00	3.063.457.000,00	3.955.127.000,00	5.037.481.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	7.637.706.000,00	8.677.736.000,00	8.902.201.000,00	9.144.992.000,00	9.818.033.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	6.231.706.000,00	7.229.581.000,00	7.381.300.000,00	7.537.807.000,00	8.157.387.000,00
a) Stock consumption:	6.231.706.000,00	7.229.581.000,00	7.381.300.000,00	7.537.807.000,00	8.157.387.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	642.375.000,00	664.605.000,00	660.057.000,00	703.862.000,00	729.020.000,00
a) Wages, salaries et al.:	504.381.000,00	523.848.000,00	513.889.000,00	549.387.000,00	561.490.000,00
b) Social security costs:	137.994.000,00	140.757.000,00	146.168.000,00	154.475.000,00	167.530.000,00
A.4. Depreciation expense:	106.033.000,00	103.929.000,00	105.264.000,00	108.393.000,00	190.141.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	9.937.000,00	1.937.000,00	-9.681.000,00	5.894.000,00	9.612.000,00
a) Stock provision variation:	5.049.000,00	-197.000,00	-11.997.000,00	2.671.000,00	9.386.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	4.888.000,00	2.134.000,00	2.316.000,00	3.223.000,00	226.000,00
A.6. Other operating charges:	624.402.000,00	655.001.000,00	693.098.000,00	717.332.000,00	531.519.000,00
a) External services:	600.831.000,00	635.212.000,00	670.964.000,00	698.711.000,00	497.905.000,00
b) Taxes:	22.714.000,00	18.898.000,00	21.075.000,00	17.565.000,00	31.276.000,00
c) Other operating expenses:	857.000,00	891.000,00	1.059.000,00	1.056.000,00	2.338.000,00
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	65.824.000,00	135.712.000,00	168.586.000,00	347.747.000,00
A.7. Financial and similar charges:	1.386.000,00	6.534.000,00	16.636.000,00	41.279.000,00	99.796.000,00
a) Due to liabilities with companies of the group:	1.260.000,00	6.076.000,00	15.349.000,00	38.759.000,00	95.639.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	126.000,00	458.000,00	1.287.000,00	2.520.000,00	4.157.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	104.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	3.572.000,00	49.434.000,00	54.287.000,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	111.000,00	115.258.000,00	189.999.000,00	164.541.000,00	319.946.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	32.035.000,00	4.954.000,00	23.564.000,00	-5.830.000,00	6.830.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	2.914.000,00	8.258.000,00	0,00	1.321.000,00	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	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	4.509.000,00	45.834.000,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	102.046.000,00	169.598.000,00	169.050.000,00	365.780.000,00
A.15. Corporation tax:	-13.082.000,00	2.937.000,00	31.963.000,00	34.934.000,00	93.624.000,00
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	99.109.000,00	137.635.000,00	134.116.000,00	272.156.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	7.615.950.000,00	8.776.845.000,00	9.039.836.000,00	9.279.108.000,00	10.090.189.000,00
B.1. Net total sales:	7.532.393.000,00	7.897.178.000,00	8.104.322.000,00	8.356.751.000,00	9.039.254.000,00
a) Sales:	7.532.340.000,00	7.897.061.000,00	8.104.136.000,00	8.356.439.000,00	9.038.784.000,00
b) Rendering of services:	53.000,00	117.000,00	186.000,00	312.000,00	470.000,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	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:	78.599.000,00	823.699.000,00	861.428.000,00	885.123.000,00	926.172.000,00
a) Auxiliary income and other from current management:	75.157.000,00	820.138.000,00	858.038.000,00	880.283.000,00	920.228.000,00
b) Grants:	3.442.000,00	3.561.000,00	3.390.000,00	4.439.000,00	4.415.000,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	401.000,00	1.529.000,00
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):	3.461.000,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	48.874.000,00	60.514.000,00	22.131.000,00	24.129.000,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	48.874.000,00	60.514.000,00	22.131.000,00	24.129.000,00
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:	4.930.000,00	7.074.000,00	10.358.000,00	15.020.000,00	47.970.000,00
a) From companies of the group:	1.813.000,00	6.759.000,00	4.423.000,00	10.970.000,00	46.316.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	3.117.000,00	315.000,00	5.935.000,00	4.050.000,00	1.581.000,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	73.000,00
B.8. Exchange positive differences:	28.000,00	20.000,00	51.000,00	83.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	4.045.000,00	27.801.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	3.163.000,00	0,00	52.664.000,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	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):	34.949.000,00	13.212.000,00	20.401.000,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	34.838.000,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	21.756.000,00	0,00	0,00	0,00	0,00

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.

	2012	2011	2010	2009	2008
1. Fiscal year result before taxes.: 61100	-34.838.000,00	102.046.000,00	169.598.000,00	169.050.000,00	365.780.000,00
2. Results adjustments.: 61200	150.606.000,00	76.874.000,00	83.169.000,00	126.570.000,00	186.628.000,00
a) Fixed Assets Amortization (+).: 61201	109.926.000,00	108.908.000,00	111.321.000,00	114.170.000,00	196.022.000,00
b) Obsolescence Allowances (+/-). : 61202	32.294.000,00	6.891.000,00	13.883.000,00	64.000,00	6.830.000,00
c) Variation in Provision (+/-). : 61203	8.340.000,00	892.000,00	12.553.000,00	4.378.000,00	5.547.000,00
e) Results on disposal of fixed assets (+/-). : 61205	2.914.000,00	8.258.000,00	-3.163.000,00	1.321.000,00	-52.664.000,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	0,00	-73.000,00
g) Financial income (-).: 61207	-4.930.000,00	-55.948.000,00	-70.872.000,00	-37.151.000,00	-72.417.000,00
h) Financial Expenses (+). : 61208	1.386.000,00	6.534.000,00	16.636.000,00	41.279.000,00	99.796.000,00
i) Exchange differences (+/-). : 61209	-28.000,00	-20.000,00	-51.000,00	-83.000,00	104.000,00
k) Other income and expense (-/+). : 61211	704.000,00	1.359.000,00	2.862.000,00	2.592.000,00	3.483.000,00
3. Changes in current capital equity.: 61300	151.860.000,00	7.718.000,00	-227.152.000,00	477.710.000,00	85.738.000,00
a) Stock (+/-).: 61301	121.544.000,00	42.575.000,00	39.497.000,00	148.386.000,00	110.694.000,00
d) Debtors and other accounts receivable (+/-). : 61302	46.615.000,00	-26.558.000,00	-8.260.000,00	381.044.000,00	63.332.000,00
c) Other current assets (+/-). : 61303	721.000,00	-1.623.000,00	1.663.000,00	7.737.000,00	6.444.000,00
d) Creditors and other accounts payable (+/-). : 61304	-17.392.000,00	-8.902.000,00	-259.917.000,00	-61.186.000,00	-99.495.000,00
f) Other non-current assets and liabilities (+/-).: 61306	372.000,00	2.226.000,00	-135.000,00	1.729.000,00	4.763.000,00
4. Other cash flows for operating activities.: 61400	-17.942.000,00	58.137.000,00	21.449.000,00	-97.386.000,00	-179.253.000,00
a) Interest payments (-). : 61401	-1.386.000,00	-6.534.000,00	-16.636.000,00	-41.279.000,00	-99.796.000,00
b) Dividend payment collection (+). : 61402	0,00	48.874.000,00	60.514.000,00	22.131.000,00	24.129.000,00
c) Interest collection (+). : 61403	4.930.000,00	7.074.000,00	10.358.000,00	15.020.000,00	47.897.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-20.811.000,00	8.703.000,00	-32.842.000,00	-93.341.000,00	-151.379.000,00
e) Other payments (payment collection) (-/+) : 61405	-675.000,00	20.000,00	55.000,00	83.000,00	-104.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	249.686.000,00	244.775.000,00	47.064.000,00	675.944.000,00	458.893.000,00
6. Payments for investment (-).: 62100	-475.709.000,00	-197.254.000,00	-69.479.000,00	-126.327.000,00	-193.386.000,00
a) Companies of the group and affiliates. : 62101	-3.502.000,00	-4.900.000,00	0,00	0,00	0,00
b) Intangible fixed assets. : 62102	-12.065.000,00	-9.903.000,00	-10.434.000,00	-11.261.000,00	-18.043.000,00
c) Fixed assets. : 62103	-110.133.000,00	-181.251.000,00	-58.609.000,00	-72.274.000,00	-175.004.000,00
d) Real estate investment. : 62104	0,00	0,00	0,00	0,00	-862.000,00
e) Other financial assets. : 62105	-350.009.000,00	-1.200.000,00	-436.000,00	-42.792.000,00	523.000,00
7. Divestment payment collection (+). : 62200	1.167.000,00	9.930.000,00	6.705.000,00	2.886.000,00	182.732.000,00
a) Companies of the group and affiliates. : 62201	0,00	0,00	0,00	0,00	36.747.000,00
b) Intangible fixed assets. : 62202	0,00	0,00	0,00	0,00	1.442.000,00
c) Fixed assets. : 62203	662.000,00	3.827.000,00	6.705.000,00	2.886.000,00	142.497.000,00
d) Real estate investment. : 62204	0,00	0,00	0,00	0,00	2.046.000,00
e) Other financial assets. : 62205	505.000,00	6.103.000,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-474.542.000,00	-187.324.000,00	-62.774.000,00	-123.441.000,00	-10.654.000,00
9. Payment collection and payments for equity instruments. : 63100	-16.000,00	230.000,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	-16.000,00	230.000,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	21.187.000,00	-122.989.000,00	-656.303.000,00	15.546.000,00	8.836.000,00
a) Issuance : 63201	21.187.000,00	11.507.000,00	0,00	15.546.000,00	0,00
2. Debts incurred with credit institutions (+). : 63203	21.187.000,00	11.507.000,00	0,00	15.546.000,00	0,00
b) Repayment and amortization of : 63207	0,00	-134.496.000,00	-656.303.000,00	0,00	8.836.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	-10.312.000,00	0,00	8.836.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	-645.991.000,00	0,00	0,00
5. Other debts (-). : 63212	0,00	-134.496.000,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	-131.215.000,00	-200.101.000,00	-383.803.000,00
a) Dividends (-).: 63301	0,00	0,00	-131.215.000,00	-200.101.000,00	-383.803.000,00
12. Cash flows for financing activities (9+10+11).: 63400	21.171.000,00	-122.759.000,00	-787.518.000,00	-184.555.000,00	-374.967.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-203.685.000,00	-65.308.000,00	-803.228.000,00	367.948.000,00	73.272.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	598.980.000,00	662.537.000,00	1.465.765.000,00	1.097.816.000,00	1.024.543.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	395.295.000,00	597.229.000,00	662.537.000,00	1.465.765.000,00	1.097.816.000,00

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:	-0,03 %	0,01 %	-0,01 %	0,00 %	-224,17 %
EBITDA over Sales:	1,36 %	9,22 %	2,15 %	10,07 %	-36,65 %	-8,47 %
Cash Flow Yield:	-0,08 %	0,00 %	-0,02 %	0,00 %	-252,77 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-2,31 %	5,24 %	1,97 %	6,93 %	-217,41 %	-24,34 %
Total economic profitability:	-1,25 %	2,51 %	3,55 %	4,15 %	-135,15 %	-39,57 %
Financial profitability:	-4,08 %	1,33 %	17,67 %	5,82 %	-123,08 %	-77,23 %
Margin:	-0,51 %	4,83 %	0,46 %	6,36 %	-210,30 %	-23,96 %
Mark-up:	-0,46 %	1,62 %	1,17 %	4,71 %	-139,12 %	-65,60 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,20	0,12	0,26	0,11	-21,79	9,61
Acid Test:	0,31	0,86	0,36	0,83	-15,90	2,91
Working Capital / Investment:	-0,30	0,03	-0,26	0,03	-15,07	8,73
Solvency:	0,62	1,18	0,67	1,16	-6,77	1,36

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	3,22	1,63	3,62	1,66	-10,95	-1,69
Borrowing Composition:	0,02	1,03	0,01	1,04	34,65	-0,92
Repayment Ability:	-10,01	159,81	-36,39	827,31	72,49	-80,68
Warranty:	1,33	1,62	1,29	1,61	3,05	0,68
Generated resources / Total creditors:	0,04	0,07	0,08	0,07	-45,00	-4,01

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,16	1,72	1,26	1,75	-7,63	-1,64
Turnover of Collection Rights :	35,99	4,83	34,19	4,48	5,26	7,65
Turnover of Payment Entitlements:	3,68	3,52	3,58	3,26	2,83	7,93
Stock rotation:	12,96	6,61	12,34	6,04	5,07	9,48
Assets turnover:	4,55	1,08	4,28	1,09	6,45	-0,49
Borrowing Cost:	0,07	2,95	0,27	2,93	-75,06	0,65

> 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:	-0,03 %	-0,01 %	-0,10 %	0,04 %	0,11 %
EBITDA over Sales:	1,36 %	2,15 %	2,97 %	3,31 %	5,93 %
Cash Flow Yield:	-0,08 %	-0,02 %	-0,26 %	0,09 %	0,20 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	-2,31 %	1,97 %	5,43 %	5,38 %	8,99 %
Total economic profitability:	-1,25 %	3,55 %	6,08 %	5,32 %	9,24 %
Financial profitability:	-4,08 %	17,67 %	23,13 %	22,90 %	41,93 %
Margin:	-0,51 %	0,46 %	1,23 %	1,70 %	4,02 %
Mark-up:	-0,46 %	1,17 %	1,89 %	1,83 %	3,67 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,20	0,26	0,29	0,57	0,40
Acid Test:	0,31	0,36	0,38	0,65	0,62
Working Capital / Investment:	-0,30	-0,26	-0,23	-0,04	-0,02
Solvency:	0,62	0,67	0,71	0,95	0,96

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	3,22	3,62	3,24	4,67	5,52
Borrowing Composition:	0,02	0,01	0,00	0,25	0,56
Repayment Ability:	-10,01	-36,39	-2,89	8,80	4,28
Warranty:	1,33	1,29	1,32	1,22	1,19
Generated resources / Total creditors:	0,04	0,08	0,10	0,07	0,11

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,16	1,26	1,37	1,39	1,74
Turnover of Collection Rights :	35,99	34,19	41,15	45,12	16,84
Turnover of Payment Entitlements:	3,68	3,58	3,64	3,33	3,31
Stock rotation:	12,96	12,34	11,87	11,76	10,43
Assets turnover:	4,55	4,28	4,41	3,17	2,24
Borrowing Cost:	0,07	0,27	0,72	1,28	2,35

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

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Organisation that calls the tender:

AYUNTAMIENTO DE JEREZ

Objective of Tender:

SUMINISTRO DE ARTICULOS BASICOS Y ALIMENTICIOS PARA LA GESTION DE AYUDAS SOCIALES EN ESPECIE

Date Awarded:

10/02/2012

Organisation that calls the tender:

AYUNTAMIENTO DE MADRID

Objective of Tender:

SUMINISTRO DE PRODUCTOS ALIMENTICIOS PARA LOS TURNOS DE GUARDIA DEL PERSONAL DEL SERVICIO DE EXTINCION DE INCENDIOS QUE SE REALICEN DURANTE EL AÑO 2003

Date Awarded:

18/12/2002

Cost:

966.868,28 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE MADRID

Objective of Tender:

SUMINISTRO DE PRODUCTOS ALIMENTICIOS PARA LOS TURNOS DE GUARDIA DEL PERSONAL DEL SERVICIO DE EXTINCION DE INCENDIOS QUE SE REALICEN DURANTE EL AÑO 2003.

Date Awarded:

18/12/2002

Cost:

1.121.567,20 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE ELCHE

Objective of Tender:

UNIDAD DE EJECUCION B DEL SECTOR E-29 Y DEL AREA DE REPARTO 96 ACOMPAÑADA DE MODIFICACION DEL PLAN PARCIAL DOL SECTOR E-29 Y DEL PLAN DE REFORMA INTERIOR DEL AREA DE REPARTO DE SUELO URBANO NUMERO 96 Y ANTEPROYECTO DE VIALES PERIMETRALES

Date Awarded:

25/02/2002

Organisation that calls the tender:

AYUNTAMIENTO DE MADRID

Objective of Tender:

SUMINISTRO POR EL EMPRESARIO ADJUDICATARIO DE PRODUCTOS ALIMENTICIOS, MEDIANTE LA PRESENTACION POR EL PERSOAL DEL SERVICIO DE EXTINCION DE INCENDIOS DE UN CHEQUE-COMIDA

Date Awarded:

27/12/2001

Cost:

1.134.308,18 EURO.

Research Summary

French origin multinational chain of distribution, being the first European Group and second worldwide in the sector. In 2013, the group completes 10.105 stores in 34 countries (11 countries integrated), 3.107 shops in Europe (except France) 4.779 stores in France, 762 stores in Latin America and 310 in Asia, as well as 1,147 stores in countries in the Convention. It employs some 365,000 people around the world. Its consolidated sales reached 74.888 billion euros in 2013. It has a negative working capital on 31 December 2012, due to the activity carried out by the company, and to be consistent with the figures of the sector, current liabilities of the society are higher than current assets in 612.341 thousand euros, (805.444 thousand euros at 31 December 2011). It tends to meet payment commitments.

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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	NIS

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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