MIRA INFORM REPORT

Report Date :

30.07.2014

IDENTIFICATION DETAILS

Name :	ERCROS SA

Registered Office :	Av. Diagonal, 595 - Barcelona - 08014 - Barcelona

Country :	Spain

Financials (as on) :	31.12.2013

Date of Incorporation :	01.07.1904

Legal Form :	Public Company

Line of Business :	Manufacture of Other Inorganic Basic Chemicals.

No. of Employees :	1560

RATING & COMMENTS

MIRA’s Rating :

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Spain

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:

ERCROS SA

NIF / Fiscal code:

A08000630

Status:

ACTIVE

Incorporation Date:

01/07/1904

Register Data

Last Publication in BORME:

14/07/2014 [Increase of Capital]

Last Published Account Deposit:

2012

Share Capital:

33.314.707,80

Localization:

AV. DIAGONAL, 595 - BARCELONA - 08014 - BARCELONA

Telephone - Fax - Email - Website:

Ph.:. 934393009 Email. ercros@ercros.es Website. www.ercros.es

Number of Branches

Activity:

NACE:

2013 - Manufacture of other inorganic basic chemicals

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

6 for a total cost of NaN

Subsidies:

6 for a total cost of 10357000

Quality Certificate:

Default Risk:

2.731%

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

ANTONIO ZABALZA MARTI

0.04 %

LAUREANO ROLDAN AGUILAR

Identification

Social Denomination:

ERCROS SA

NIF / Fiscal code:

A08000630

Corporate Status:

ACTIVE

Start of activity:

1989

Registered Office:

AV. DIAGONAL, 595

Locality:

BARCELONA

Province:

BARCELONA

Postal Code:

08014

Telephone:

934393009

Fax:

934308073

Website:

www.ercros.es

Email:

ercros@ercros.es

Branch Offices

Address

Postal Code

City

Province

B. Escorials, S/N

08261

CARDONA

BARCELONA

Comerç, 5

08470

SANT CELONI

BARCELONA

Santa Anna, 105

08290

CERDANYOLA DEL VALLES

BARCELONA

Activity

NACE:

2013

CNAE Obtaining Source:

2013

Additional Information:

It is engaged in the manufacture and marketing of chemicals. Diversified into three areas: Business Group Associated with Chlorine, which includes the divisions of Basic Chemicals and Plastics, and served as a strategic business unit whose common link is chlorine; Intermediate Chemistry Division, focused on the chemistry of formaldehyde, product from which the rest of products in its portfolio are produced, and the Pharmacy Division, which is engaged in the manufacture of active pharmaceutical ingredients.

Additional Address:

AV. DIAGONAL, 595 08014 BARCELONA , registered office, central offices. It has several production centers: - Almussafes , Aranjuez ,Cardona , Cerdanyola , Flix, Monzón, Palos de La Frontera, Sabiñánigo , Salina de Huelva , Tarragona, Tortosa , Vila-Seca I y Vila-Seca II.

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2014

1560

Chronological Summary

Year

Act

1990

Adaptation to Law (1) Appointments/ Re-elections (11) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Statutory Modifications (1)

1991

Accounts deposit (ejer. 1989, 1991) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)

1992

Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (7) Errata (3) Other Concepts/ Events (6) Statutory Modifications (1) Temporary Receivership (1)

1993

Accounts deposit (ejer. 1991 consolidated, 1992 consolidated, 1992) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)

1994

Accounts deposit (ejer. 1993 consolidated, 1993) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Errata (2) Increase of Capital (1) Other Concepts/ Events (11) Statutory Modifications (1) Temporary Receivership (2)

1995

Accounts deposit (ejer. 1994 consolidated, 1994) Appointments/ Re-elections (3) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Errata (1) Other Concepts/ Events (5)

1996

Accounts deposit (ejer. 1995 consolidated, 1995) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Increase of Capital (1) Other Concepts/ Events (8)

1997

Accounts deposit (ejer. 1996 consolidated, 1996) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (9) Statutory Modifications (1) Temporary Receivership (1)

1998

Accounts deposit (ejer. 1997 consolidated, 1997) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (3)

1999

Accounts deposit (ejer. 1998 consolidated, 1998) Appointments/ Re-elections (2) Board Meeting (2) Cessations/ Resignations/ Reversals (3) Increase of Capital (2) Other Concepts/ Events (4)

2000

Accounts deposit (ejer. 1999 consolidated, 1999) Appointments/ Re-elections (2) Board Meeting (1) Increase of Capital (2) Other Concepts/ Events (6) Statutory Modifications (1)

2001

Accounts deposit (ejer. 2000 consolidated, 2000) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2002

Accounts deposit (ejer. 2001 consolidated, 2001) Appointments/ Re-elections (2) Board Meeting (1)

2003

Accounts deposit (ejer. 2002 consolidated, 2002) Appointments/ Re-elections (1) Board Meeting (1)

2004

Accounts deposit (ejer. 2003 consolidated, 2003) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)

2005

Accounts deposit (ejer. 2004 consolidated, 2004) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Errata (1) Increase of Capital (2) Other Concepts/ Events (5) Statutory Modifications (2)

2006

Accounts deposit (ejer. 2005 consolidated) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (5) Statutory Modifications (2)

2007

Accounts deposit (ejer. 2006 consolidated, 2005, 2006) Appointments/ Re-elections (1) Board Meeting (1) Increase of Capital (2) Other Concepts/ Events (4) Statutory Modifications (2)

2008

Accounts deposit (ejer. 2007 consolidated, 2007) Appointments/ Re-elections (1) Board Meeting (1) Other Concepts/ Events (1) Statutory Modifications (2)

2009

Accounts deposit (ejer. 2008 consolidated, 2008) Appointments/ Re-elections (1) Board Meeting (1) Capital Reduction (3) Other Concepts/ Events (10) Statutory Modifications (2)

2010

Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (25) Board Meeting (1) Capital Reduction (3) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (2) Errata (2) Other Concepts/ Events (5) Take-over Merger (3)

2011

Accounts deposit (ejer. 2010 consolidated, 2010) Appointments/ Re-elections (2) Board Meeting (1) Other Concepts/ Events (2) Statutory Modifications (1)

2012

Accounts deposit (ejer. 2011 consolidated) Appointments/ Re-elections (6) Board Meeting (1) Cessations/ Resignations/ Reversals (5) Increase of Capital (1) Other Concepts/ Events (5) Statutory Modifications (1) Temporary Receivership Cancellation (1)

2013

Accounts deposit (ejer. 2012 consolidated, 2011, 2012) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (5) Other Concepts/ Events (17) Statutory Modifications (1)

2014

Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (3) Other Concepts/ Events (12)

Breakdown of Owners' Equity

Registered Capital:

33.314.707,80

Paid up capital:

33.314.707,80

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

19/02/1991

Increase of Capital

83.361.286

250.083.859

22/12/1993

Capital Reduction

-200.067.087

50.016.772

27/05/1994

Increase of Capital

882.539

50.899.311

16/02/1995

Capital Reduction

-20.359.724

30.539.586

12/03/1996

Increase of Capital

20.843.503

51.383.090

14/01/1997

Increase of Capital

3.723.885

55.106.975

12/06/1999

Increase of Capital

25.391.158

80.405.333

03/05/2000

Increase of Capital

3.800.805

84.206.138

21/07/2005

Increase of Capital

126.309.207

210.515.344

22/05/2006

Increase of Capital

48.229.710

258.745.054

06/07/2007

Increase of Capital

103.498.021

362.243.076

16/06/2009

Capital Reduction

-201.246.180

160.996.896

26/05/2010

Capital Reduction

-130.809.978

30.186.918

17/10/2012

Increase of Capital

263.477

30.450.395

28/01/2013

Increase of Capital

355.137

30.805.532

07/06/2013

Increase of Capital

297.765

31.103.297

01/10/2013

Increase of Capital

282.353

31.385.649

07/11/2013

Increase of Capital

362.903

31.748.552

24/12/2013

Increase of Capital

362.172

32.110.724

17/02/2014

Increase of Capital

584.793

32.695.517

30/04/2014

Increase of Capital

292.395

32.987.912

04/07/2014

Increase of Capital

326.796

33.314.708

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

ZABALZA MARTI ANTONIO

05/05/2010

MEMBER OF THE BOARD

FERNANDEZ GOULA PFAFF LUIS

05/05/2010

ZABALZA MARTI ANTONIO

05/05/2010

BLANCO BALIN RAMON

05/05/2010

ROLDAN AGUILAR LAUREANO

05/05/2010

SANCHEZ MORRONDO EDUARDO

05/05/2010

HORTALA ARAU JOAN

22/09/2006

RECIO ARIAS JOSE AURELIANO

04/08/1992

CHIEF EXECUTIVE OFFICER

ZABALZA MARTI ANTONIO

05/05/2010

NON CONSELLOR SECRETARY

MAYANS SINTES SANTIAGO

03/02/2004

NON CONSELLOR ASSISTANT SECRETARY

PUJOL BATLLE ISABEL

07/06/2013

MEMBER OF THE EXECUTIVE COMM.

RECIO ARIAS JOSE AURELIANO

04/08/1992

MANAGING ENTITY

SERVICIO DE COMPENSACION Y LIQUIDACION DE VALORES

04/01/1997

ACCOUNTS' AUDITOR / HOLDER

ERNST & YOUNG SL

20/12/2013

CONSOLIDATED ACCOUNTS' AUDITOR

ERNST & YOUNG SL

20/12/2013

COMMISSIONER

BIENES BONET PEDRO

29/05/1996

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ALONSO BOTIN RAFAEL

MEMBER OF THE BOARD

04/08/1992

ALVAREZ MARGARIDE JOSE LUIS

MEMBER OF THE BOARD

04/08/1992

BANCO EXTERIOR DE ESPAÑA

COMMISSIONER

10/12/2012

BANCO EXTERIOR DE ESPAÑA SA

CONTROLLER

25/02/1994

BASAGOITI GARCIA TUÑON ANTONIO

MEMBER OF THE BOARD

11/06/1992

BDO AUDIBERIA AUDITORES SL

CONSOLIDATED ACCOUNTS' AUDITOR

02/10/2002

ACCOUNTS' AUDITOR / HOLDER

17/07/2003

BLANCO BALIN RAMON

MEMBER OF THE BOARD

24/01/2000

MEMBER OF THE BOARD

03/06/2005

MEMBER OF THE BOARD

05/05/2010

BORES MONTAL JUAN ANTONIO

MEMBER OF THE BOARD

04/08/2004

SECRETARY

27/01/1998

BOTIN SANZ DE SAUTUOLA Y LOPEZ EMILIO

MEMBER OF THE BOARD

09/12/1991

BRUCE AMAGER DAWSON

MEMBER OF THE BOARD

11/06/1992

CABESTANY ILLANA JOSE LUIS

MEMBER OF THE BOARD

05/05/2010

CANALEJO LARRAINZAR MIGUEL ANGEL

MEMBER OF THE BOARD

04/08/1992

CATA VIRGILI JOSE MARIA

MEMBER OF THE BOARD

09/12/1991

CATALANA D'INICIATIVES SCR SA

MEMBER OF THE BOARD

03/06/2005

CHAPAPRIETA ORNSTEIN JOAQUIN

MEMBER OF THE BOARD

11/06/1992

DE JUAN LOPEZ RAFAEL

MEMBER OF THE BOARD

18/07/1990

DE LA RIVA GARRIGA FRANCISCO

MEMBER OF THE BOARD

26/08/1994

MEMBER OF THE BOARD

14/01/1997

VICE CHAIRMAN

14/01/1997

DE LA ROSA MARTI JAVIER

MEMBER OF THE BOARD

13/10/1992

DE MIR FAURA NARCISO

CHIEF EXECUTIVE OFFICER

04/08/1992

PRESIDENT OF THE EXECUTIVE COMM.

04/08/1992

PRESIDENT

04/08/1992

MEMBER OF THE BOARD

13/10/1992

MEMBER OF THE BOARD

09/12/1991

VICE CHAIRMAN

17/02/1992

MEMBER OF THE EXECUTIVE COMM.

11/06/1992

DEL VALLE PEREZ JOSE LUIS

MEMBER OF THE BOARD

13/10/1992

MEMBER OF THE EXECUTIVE COMM.

13/10/1992

MEMBER OF THE BOARD

11/06/1992

DELGADO GARRIGA JUAN ANTONIO

MEMBER OF THE BOARD

13/10/1992

MEMBER OF THE BOARD

11/06/1992

ERCROS SA

COMMISSIONER

10/12/2012

ERNST & YOUNG SL

ACCOUNTS' AUDITOR / HOLDER

21/11/2012

CONSOLIDATED ACCOUNTS' AUDITOR

21/11/2012

CONSOLIDATED ACCOUNTS' AUDITOR

20/12/2013

ACCOUNTS' AUDITOR / HOLDER

20/12/2013

ERNST AND YOUNG SL

ACCOUNTS' AUDITOR / HOLDER

04/08/2006

CONSOLIDATED ACCOUNTS' AUDITOR

04/08/2006

CONSOLIDATED ACCOUNTS' AUDITOR

27/11/2007

ACCOUNTS' AUDITOR / HOLDER

27/11/2007

ACCOUNTS' AUDITOR / HOLDER

29/10/2008

CONSOLIDATED ACCOUNTS' AUDITOR

29/10/2008

CONSOLIDATED ACCOUNTS' AUDITOR

16/06/2009

ACCOUNTS' AUDITOR / HOLDER

16/06/2009

ACCOUNTS' AUDITOR / HOLDER

11/10/2010

CONSOLIDATED ACCOUNTS' AUDITOR

11/10/2010

CONSOLIDATED ACCOUNTS' AUDITOR

14/10/2011

ACCOUNTS' AUDITOR / HOLDER

14/10/2011

FARRES COSTAFREDA RAMON

CONTROLLER

25/02/1994

FIGUERAS BASSOLS JOSE MARIA

MEMBER OF THE BOARD

15/07/1992

GUASCH MOLINS MANUEL

MEMBER OF THE BOARD

13/10/1992

HACIENDA PUBLICA

COMMISSIONER

10/12/2012

HORTALA ARAU JOAN

MEMBER OF THE BOARD

22/09/2006

KPMG PEAT MARWICK SA Y CIA AUDITORES SRC

ACCOUNTS' AUDITOR / HOLDER

27/11/1992

ACCOUNTS' AUDITOR / HOLDER

16/02/1995

CONSOLIDATED ACCOUNTS' AUDITOR

16/02/1995

LORENTE MONES FRANCISCO

CONTROLLER

25/02/1994

COMMISSIONER

10/12/2012

LOSTE PAÑO RAFAEL

MEMBER OF THE BOARD

18/08/1998

MEMBER OF THE BOARD

04/08/2004

MARTINEZ GARRIDO JUAN ANTONIO

MEMBER OF THE BOARD

09/02/1994

VICE CHAIRMAN

09/02/1994

MARTINEZ LAGE SANTIAGO

MEMBER OF THE BOARD

04/08/1992

MUÑIZ ALVAREZ JOSE

MEMBER OF THE BOARD

01/08/1996

NUÑEZ Y LASSO DE LA VEGA JORGE

MEMBER OF THE BOARD

11/06/1992

MEMBER OF THE BOARD

13/10/1992

ORDOÑEZ SAINZ MELCHOR

MEMBER OF THE BOARD

13/10/1992

OSORIO NAVARRO Y COMPAÑIA SRC

ACCOUNTS' AUDITOR / HOLDER

02/10/2002

CONSOLIDATED ACCOUNTS' AUDITOR

02/10/2002

PERA MADRAZO JAVIER

NON CONSELLOR SECRETARY

03/02/2004

PIQUE CAMPS JOSE

PRESIDENT

12/06/1996

PIQUE CAMPS JOSEP

MEMBER OF THE BOARD

12/06/1996

CHIEF EXECUTIVE OFFICER

13/10/1992

CHIEF EXECUTIVE OFFICER

12/06/1996

MEMBER OF THE EXECUTIVE COMM.

13/10/1992

PUENTES LOPEZ FRANCISCO

MEMBER OF THE BOARD

14/01/1997

RAVENTOS TORRAS FRANCESC

REPRESENTATIVE

03/06/2005

RECIO ARIAS JOSE AURELIANO

CHIEF EXECUTIVE OFFICER

13/10/1992

PRESIDENT OF THE EXECUTIVE COMM.

13/10/1992

PRESIDENT

13/10/1992

ROLDAN AGUILAR LAUREANO

MEMBER OF THE BOARD

04/08/2004

MEMBER OF THE BOARD

18/08/1998

MEMBER OF THE BOARD

05/05/2010

SALSAS SAPERA FRANCISCO

MEMBER OF THE BOARD

04/07/1992

SAMARANCH TORELLO JUAN ANTONIO

MEMBER OF THE BOARD

09/12/1991

SANCHEZ JUNCO MAS JOSE FERNANDO

MEMBER OF THE BOARD

03/10/1990

MEMBER OF THE BOARD

13/10/1992

SANCHEZ MORRONDO EDUARDO

MEMBER OF THE BOARD

05/05/2010

SEGURIDAD SOCIAL

COMMISSIONER

10/12/2012

USUNARIZ BALANZATEGUI UBALDO

MEMBER OF THE BOARD

05/07/1999

VICE CHAIRMAN

05/07/1999

VICE CHAIRMAN

03/06/2005

MEMBER OF THE BOARD

03/06/2005

MEMBER OF THE BOARD

12/06/1996

VEGA DE SEOANE AZPILICUETA JAVIER

MEMBER OF THE BOARD

11/06/1992

CHIEF EXECUTIVE OFFICER

17/02/1992

PRESIDENT

17/02/1992

ZABALZA MARTI ANTONIO

MEMBER OF THE BOARD

05/05/2010

CHIEF EXECUTIVE OFFICER

05/05/2010

PRESIDENT

05/05/2010

MEMBER OF THE BOARD

18/08/1998

CHIEF EXECUTIVE OFFICER

18/08/1998

CHIEF EXECUTIVE OFFICER

04/08/2004

MEMBER OF THE BOARD

04/08/2004

Executive board

Post

NIF

Name

ADMINISTRATIVE MANAGER

JOSE ROVIRA

FINANCIAL DIRECTOR

PEDRO RODRIGUEZ

HUMAN RESOURCES MANAGER

JOAQUIN SANMARTIN

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

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

---

01/09/2011

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

---

Basis for rating

Positive Factors

Adverse Factors

No irregular payment performance has been detected based on information obtained from credit bureaus.

It is one of the major domestic companies in terms of sales volume.

Adequate level of financial autonomy. The financial autonomy of the entity represents the 29.99 %. In principle, an increase in this ratio would indicate an improvement in the corporate's balace sheets.

ERCROS SA 's borrowing cost is appropriate according to its volume of external financing sources.

Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2012 which means that the company's financial situation has improved.

ERCROS SA 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient.

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 :

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 55.00% of the companies of the sector ERCROS 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

No se han publicado

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

No se han publicado

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE SEVILLA - Date 01/09/2011

Last Published Stage:

SEIZURE

Record Number:

200900036105

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Source:

B.O.P. SEVILLA Nº51, 2011 SUPLEMENTO 1 PAGINA 68

B.O.P. SEVILLA Nº42, 2011 PAGINA 66

B.O.P. SEVILLA Nº18, 2010 SUPLEMENTO 1 PAGINA 287

Link List

PARTICIPATES IN:

24 Entities

SHAREHOLDERS:

2 Entities

ABSORBS TO:

3 Entities

BELONGS TO THE ADMINISTRATION BOARD OF:

5 Entities

IS RELATED WITH:

8 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

ANTONIO ZABALZA MARTI

0.04

LAUREANO ROLDAN AGUILAR

PARTICIPATES IN

ERFEI AGRUPACION DE INTERES ECONOMICO EN LIQUIDACION

TARRAGONA

UFEFYS SL EN LIQUIDACION

MADRID

INMOBILIARIA UNION INDUSTRIAL SA

BARCELONA

100

CONSTRUCTORA DE EQUIPOS ELECTRICOS SOCIEDAD ANONIMA

VIZCAYA

0.15

AGUAS INDUSTRIALES DE TARRAGONA SA

TARRAGONA

21.14

ASOCIACION FLIX COQUISA SL.

BARCELONA

TORTOSA ENERGIA SA

TARRAGONA

SERVICIOS INMOBILIARIOS Y TURISTICOS SL

MADRID

CORPORACION TURISTICO INMOBILIARIA SA

MADRID

GADES, SOCIEDAD ANONIMA, (REINO UNIDO)

100

MARCOATING SL

BARCELONA

100

SALINAS DE NAVARRA SA

NAVARRA

ERCROS ITALIA, SOCIEDAD LIMITADA, (ITALIA)

100

ERCEKOL AGRUPACION DE INTERES ECONOMICO

TARRAGONA

45.31

ERCROS GRAN BRETAÑA, S.A.

100

ERCROS FRANCE, SOCIEDAD ANONIMA, (FRANCIA)

100

ERCROS PORTUGAL, SOCIEDAD ANONIMA, (PORTUGAL)

100

CONSORCIO AGUAS DE TARRAGONA

2.96

MAS ENERGIA PARA GRANDES CONSUMIDORES SL

TOLEDO

6.54

ECROS ITALIA

ERKROS FRANCE

100

ERKROS GRAN BRETAÑA

100

ERKROS PORTUGAL

100

FUNDACION LABORAL ESCODE

HUELVA

3.25

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

CONSTRUCTORA EQUIPOS ELECTRICOS, S.A.

INMOBILIARIA URBANIZADORA SA

BARCELONA

MAXAM CHEM S.L

MADRID

L CORPORACION TURISTICA CORPOTUR SL

MADRID

YA GLOBAL DUTCH BV

YORKVILLE ADVISORS LLC

INMOBILIARIA INDUSTRIAL Y URBANA SA

BARCELONA

IS RELATED WITH

SOCIEDAD ESPAÑOLA DE MATERIALES PLASTICOS SEMAP SA

MADRID

ABSORBS TO

AGROCROS SA

BARCELONA

ARAGONESAS INDUSTRIAS Y ENERGIA SA

BARCELONA

ERCROS INDUSTRIAL SA

BARCELONA

CICLOPLAST SA

MADRID

SOCIEDAD ESPAÑOLA DE MATERIALES PLASTICOS SEMAP SA

MADRID

BELONGS TO THE ADMINISTRATION BOARD OF

AGUAS INDUSTRIALES DE TARRAGONA SA

TARRAGONA

ASOCIACION FLIX COQUISA SL.

BARCELONA

SAL DOMESTICA SA

NAVARRA

Turnover

Total Sales 2013

618.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Consolidadas

No publicado en BORME

2013

Normales

No publicado en BORME

2012

Consolidadas

December 2013

2012

Normales

December 2013

2011

Consolidadas

December 2012

2011

Normales

January 2013

2010

Consolidadas

August 2011

2010

Normales

August 2011

2009

Consolidadas

June 2010

2009

Normales

June 2010

2008

Consolidadas

May 2009

2008

Normales

June 2009

2007

Consolidadas

July 2008

2007

Normales

July 2008

2006

Consolidadas

October 2007

2006

Normales

October 2007

2005

Consolidadas

June 2006

2005

Normales

July 2007

2004

Consolidadas

June 2005

2004

Normales

June 2005

2003

Consolidadas

October 2004

2003

Normales

October 2004

2002

Consolidadas

June 2003

2002

Normales

June 2003

2001

Consolidadas

July 2002

2001

Normales

July 2002

2000

Consolidadas

September 2001

2000

Normales

September 2001

1999

Consolidadas

July 2000

1999

Normales

July 2000

1998

Consolidadas

July 1999

1998

Normales

October 1999

1997

Consolidadas

August 1998

1997

Normales

August 1998

1996

Consolidadas

August 1997

1996

Normales

August 1997

1995

Consolidadas

September 1996

1995

Normales

September 1996

1994

Consolidadas

September 1995

1994

Normales

September 1995

1993

Consolidadas

September 1994

1993

Normales

November 1994

1992

Consolidadas

August 1993

1992

Normales

August 1993

1991

Consolidadas

January 1993

1991

Normales

September 1991

1991

Normales

January 1993

1989

Normales

October 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, axesor created such criteria using its own methodology. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

305.700.000,00

326.080.000,00

329.630.000,00

346.990.000,00

177.190.000,00

I. Intangible fixed assets : 11100

4.820.000,00

4.500.000,00

5.260.000,00

8.100.000,00

0,00

1. Development: 11110

80.000,00

0,00

2. Concessions: 11120

0,00

3. Patents, licencing, trade marks and similar: 11130

1.500.000,00

1.520.000,00

1.600.000,00

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

1.370.000,00

1.810.000,00

1.960.000,00

2.350.000,00

0,00

6. Investigation: 11160

0,00

7. Other intangible fixed assets: 11170

1.870.000,00

1.110.000,00

1.700.000,00

4.070.000,00

0,00

II. Tangible fixed assets : 11200

260.410.000,00

271.920.000,00

274.490.000,00

295.520.000,00

500.000,00

1. Land and buildings: 11210

142.850.000,00

147.800.000,00

152.570.000,00

159.710.000,00

140.000,00

2. Technical installations and other tangible fixed assets: 11220

108.960.000,00

114.820.000,00

110.560.000,00

124.730.000,00

360.000,00

3. Tangible asset in progress and advances: 11230

8.600.000,00

9.300.000,00

11.360.000,00

11.080.000,00

0,00

III. Real estate investment: 11300

27.980.000,00

27.950.000,00

21.290.000,00

0,00

1. Land: 11310

27.980.000,00

27.950.000,00

20.740.000,00

0,00

2. Buildings: 11320

0,00

550.000,00

0,00

IV. Long-term investments in Group companies and associates : 11400

6.210.000,00

6.270.000,00

176.260.000,00

1. Equity instruments: 11410

5.920.000,00

5.980.000,00

1.880.000,00

2. Credits to businesses: 11420

290.000,00

174.380.000,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

3.020.000,00

12.160.000,00

12.280.000,00

12.370.000,00

430.000,00

1. Equity instruments: 11510

280.000,00

240.000,00

10.000,00

2. Credits to third parties : 11520

80.000,00

8.080.000,00

8.340.000,00

9.960.000,00

20.000,00

3. Debt securities: 11530

300.000,00

210.000,00

50.000,00

400.000,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

2.360.000,00

3.540.000,00

3.490.000,00

2.120.000,00

0,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

3.260.000,00

3.340.000,00

3.380.000,00

3.440.000,00

0,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

250.410.000,00

273.310.000,00

265.270.000,00

289.710.000,00

5.210.000,00

I. Non-current assets held for sale : 12100

0,00

1.970.000,00

0,00

II. Stocks: 12200

60.510.000,00

75.430.000,00

70.810.000,00

62.360.000,00

0,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

24.400.000,00

29.070.000,00

33.320.000,00

27.510.000,00

0,00

3. Work in progress: 12230

5.890.000,00

5.710.000,00

5.650.000,00

5.850.000,00

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

5.650.000,00

5.850.000,00

0,00

4. Finished goods: 12240

30.220.000,00

40.650.000,00

31.840.000,00

29.000.000,00

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

40.650.000,00

31.840.000,00

29.000.000,00

0,00

5. By-products, residues and recycled materials: 12250

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

146.340.000,00

157.220.000,00

159.550.000,00

155.610.000,00

5.110.000,00

1. Trade debtors / accounts receivable: 12310

112.390.000,00

128.840.000,00

132.220.000,00

131.140.000,00

80.000,00

a) Long-term receivables from sales and services supplied : 12311

0,00

132.220.000,00

131.140.000,00

0,00

b) Customers for sales and provisions of services : 12312

0,00

80.000,00

2. Customers, Group companies and associates : 12320

2.280.000,00

3.090.000,00

4.600.000,00

4.680.000,00

3. Other accounts receivable: 12330

29.260.000,00

17.760.000,00

16.590.000,00

17.210.000,00

0,00

4. Personnel: 12340

0,00

10.000,00

0,00

5. Assets for deferred tax: 12350

0,00

6. Other debtors, including tax and social security: 12360

2.410.000,00

7.530.000,00

6.140.000,00

2.570.000,00

350.000,00

7. Called up share capital: 12370

0,00

IV. Short-term investments in Group companies and associates: 12400

640.000,00

2.970.000,00

1.420.000,00

20.880.000,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

0,00

1.230.000,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

640.000,00

2.970.000,00

1.420.000,00

19.650.000,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

27.150.000,00

25.140.000,00

26.610.000,00

43.800.000,00

0,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

300.000,00

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

27.150.000,00

25.140.000,00

26.310.000,00

43.800.000,00

0,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

370.000,00

310.000,00

630.000,00

610.000,00

0,00

VII. Cash and other equivalent liquid assets : 12700

15.400.000,00

10.270.000,00

6.250.000,00

6.450.000,00

100.000,00

1. Treasury: 12710

15.400.000,00

10.270.000,00

6.250.000,00

0,00

100.000,00

2. Other equivalent liquid assets: 12720

0,00

6.450.000,00

0,00

TOTAL ASSETS (A + B) : 10000

556.110.000,00

599.390.000,00

594.900.000,00

636.700.000,00

182.400.000,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

170.050.000,00

171.910.000,00

185.540.000,00

191.980.000,00

175.710.000,00

A-1) Shareholders' equity: 21000

166.790.000,00

168.660.000,00

182.520.000,00

190.330.000,00

175.710.000,00

I. Capital: 21100

32.110.000,00

30.450.000,00

30.190.000,00

161.000.000,00

1. Registered capital : 21110

32.110.000,00

30.450.000,00

30.190.000,00

161.000.000,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

1.040.000,00

150.000,00

0,00

III. Reserves: 21300

137.700.000,00

151.050.000,00

155.870.000,00

170.140.000,00

2.800.000,00

1. Legal y estatutarias: 21310

15.450.000,00

3.540.000,00

2. Other reserves: 21320

122.250.000,00

135.600.000,00

140.420.000,00

154.690.000,00

-740.000,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

-4.060.000,00

-12.990.000,00

-3.540.000,00

-10.000.000,00

11.910.000,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

A-2) Adjustments due to changes in value: 22000

210.000,00

10.000,00

-80.000,00

-230.000,00

0,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

210.000,00

10.000,00

-80.000,00

-230.000,00

0,00

III. Linked non-current assets and liabilities held for sale : 22300

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

A-3) Received subsidies, donations and legacies: 23000

3.050.000,00

3.240.000,00

3.100.000,00

1.880.000,00

0,00

B) NON-CURRENT LIABILITIES: 31000

120.850.000,00

124.210.000,00

138.340.000,00

137.920.000,00

4.990.000,00

I. Long-term provisions: 31100

27.480.000,00

30.260.000,00

34.920.000,00

52.000.000,00

4.980.000,00

1. Long-term employee benefits liability: 31110

1.320.000,00

1.490.000,00

1.280.000,00

1.400.000,00

0,00

2. Environmental actions: 31120

23.380.000,00

24.560.000,00

22.670.000,00

24.950.000,00

0,00

3. Restructuring provisions: 31130

840.000,00

2.790.000,00

4.820.000,00

8.430.000,00

0,00

4. Other provisions: 31140

1.940.000,00

1.420.000,00

6.150.000,00

17.220.000,00

4.980.000,00

II Long-term creditors: 31200

56.920.000,00

56.570.000,00

64.800.000,00

49.530.000,00

10.000,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3.460.000,00

7.610.000,00

730.000,00

10.000,00

3. Creditors from financial leasing: 31230

0,00

60.000,00

500.000,00

1.040.000,00

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

56.920.000,00

53.050.000,00

56.690.000,00

47.760.000,00

0,00

III. Long-term debts with Group companies and associates: 31300

2.240.000,00

750.000,00

0,00

IV. Liabilities for deferred tax: 31400

34.210.000,00

35.140.000,00

36.380.000,00

35.640.000,00

0,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

265.210.000,00

303.270.000,00

271.020.000,00

306.800.000,00

1.700.000,00

I. Liabilities linked to non-current assets held for sale: 32100

0,00

II. Short-term provisions: 32200

2.160.000,00

1.040.000,00

2.360.000,00

3.310.000,00

0,00

III. Short-term creditors : 32300

111.190.000,00

113.670.000,00

102.250.000,00

154.160.000,00

0,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

85.290.000,00

90.900.000,00

79.350.000,00

36.750.000,00

0,00

3. Creditors from financial leasing: 32330

70.000,00

430.000,00

670.000,00

1.060.000,00

0,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

25.830.000,00

22.340.000,00

22.230.000,00

116.350.000,00

0,00

IV. Short-term debts with Group companies and associates: 32400

2.240.000,00

2.610.000,00

2.660.000,00

0,00

V. Trade creditors and other accounts payable: 32500

149.620.000,00

186.320.000,00

163.800.000,00

146.670.000,00

1.700.000,00

1. Suppliers: 32510

96.580.000,00

130.420.000,00

112.490.000,00

93.230.000,00

0,00

a) Long-term debts : 32511

0,00

130.420.000,00

112.490.000,00

93.230.000,00

0,00

b) Short-term debts : 32512

0,00

2. Suppliers, Group companies and associates: 32520

2.120.000,00

4.930.000,00

3.140.000,00

1.900.000,00

360.000,00

3. Other creditors: 32530

37.610.000,00

37.200.000,00

34.670.000,00

35.150.000,00

890.000,00

4. Personnel (remuneration due): 32540

4.500.000,00

3.740.000,00

4.480.000,00

8.650.000,00

20.000,00

5. Liabilities for current tax: 32550

0,00

6. Otras deudas con las Administraciones Públicas. : 32560

8.120.000,00

8.700.000,00

8.110.000,00

5.410.000,00

430.000,00

7. Advances from clients: 32570

690.000,00

1.330.000,00

910.000,00

2.330.000,00

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000

556.110.000,00

599.390.000,00

594.900.000,00

636.700.000,00

182.400.000,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

618.000.000,00

667.550.000,00

673.230.000,00

592.860.000,00

0,00

a) Sales: 40110

582.020.000,00

628.950.000,00

634.850.000,00

557.360.000,00

0,00

b) Rendering of services: 40120

35.980.000,00

38.600.000,00

38.380.000,00

35.500.000,00

0,00

2. Changes in stocks of finished goods and work in progress: 40200

-13.390.000,00

7.950.000,00

5.000.000,00

-9.760.000,00

0,00

3. Works carried out by the company for its assets: 40300

70.000,00

140.000,00

10.000,00

70.000,00

0,00

4. Supplies : 40400

-310.930.000,00

-357.290.000,00

-363.610.000,00

-287.540.000,00

0,00

a) Stock consumption: 40410

-33.360.000,00

-43.120.000,00

-40.970.000,00

-31.570.000,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones: 40420

-265.610.000,00

-300.990.000,00

-309.700.000,00

-242.490.000,00

0,00

c) Works carried out by other companies: 40430

-11.860.000,00

-13.010.000,00

-12.670.000,00

-13.300.000,00

0,00

d) Impairment of stock, primary material and other supplies: 40440

-100.000,00

-170.000,00

-270.000,00

-180.000,00

0,00

5. Other operating income: 40500

2.240.000,00

1.560.000,00

1.250.000,00

1.420.000,00

3.160.000,00

a) Auxiliary income and other from current management: 40510

1.840.000,00

1.370.000,00

870.000,00

1.390.000,00

3.160.000,00

b) Operation subsidies included in the Period's result: 40520

400.000,00

190.000,00

380.000,00

30.000,00

0,00

6. Personnel costs: 40600

-78.690.000,00

-83.120.000,00

-82.750.000,00

-85.540.000,00

-750.000,00

a) Wages, salaries et al.: 40610

-58.040.000,00

-62.240.000,00

-62.520.000,00

-64.610.000,00

-620.000,00

b) Social security costs: 40620

-20.510.000,00

-20.730.000,00

-20.090.000,00

-20.800.000,00

-130.000,00

c) Provisions : 40630

-140.000,00

-150.000,00

-140.000,00

-130.000,00

0,00

7. Other operating costs: 40700

-193.040.000,00

-226.840.000,00

-217.970.000,00

-208.200.000,00

-3.050.000,00

a) External services: 40710

-185.530.000,00

-215.730.000,00

-208.450.000,00

-199.100.000,00

-3.090.000,00

b) Taxes: 40720

-5.030.000,00

-6.250.000,00

-6.100.000,00

-6.180.000,00

-60.000,00

c) Losses, impairments and variation in provisions from trade operations : 40730

-670.000,00

-3.820.000,00

-1.090.000,00

-140.000,00

100.000,00

d) Other current management expenditure : 40740

-1.810.000,00

-1.040.000,00

-2.330.000,00

-2.780.000,00

0,00

8. Amortisation of fixed assets: 40800

-19.310.000,00

-18.180.000,00

-18.000.000,00

-19.290.000,00

-160.000,00

9. Allocation of subsidies of non-financial fixed assets and other: 40900

1.790.000,00

1.550.000,00

1.390.000,00

2.780.000,00

0,00

10. Excess provisions : 41000

1.850.000,00

7.420.000,00

2.570.000,00

30.000,00

0,00

11. Impairment and result of transfers of fixed assets: 41100

1.420.000,00

1.120.000,00

5.470.000,00

3.100.000,00

0,00

a) Impairment and losses : 41110

0,00

-150.000,00

0,00

b) Results for transfers and other : 41120

1.420.000,00

1.120.000,00

5.620.000,00

3.100.000,00

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-1.790.000,00

-5.200.000,00

1.510.000,00

-270.000,00

10.620.000,00

A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100

8.220.000,00

-3.340.000,00

8.100.000,00

-10.340.000,00

9.820.000,00

14. Financial income : 41400

1.540.000,00

640.000,00

270.000,00

440.000,00

2.310.000,00

a) Of shares in equity instruments : 41410

0,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

1.540.000,00

640.000,00

270.000,00

440.000,00

2.310.000,00

b 1) From Group companies and associates : 41421

0,00

100.000,00

0,00

b 2) From third parties : 41422

1.540.000,00

640.000,00

170.000,00

340.000,00

2.310.000,00

c) Allocation of financial subsidies, donations and legacies : 41430

0,00

15. Financial expenditure: 41500

-11.340.000,00

-11.410.000,00

-11.280.000,00

-5.730.000,00

-170.000,00

a) Amounts owed to Group companies and associates : 41510

-70.000,00

-130.000,00

-20.000,00

-50.000,00

0,00

b) For debts with third parties : 41520

-11.270.000,00

-11.280.000,00

-11.260.000,00

-5.680.000,00

-170.000,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

b) Allocation of financial assets held for sale to the result for the period: 41620

0,00

17. Exchange rate differences : 41700

-270.000,00

-500.000,00

0,00

230.000,00

-50.000,00

18. Impairment and result for transfers of financial instruments: 41800

410.000,00

590.000,00

-950.000,00

5.400.000,00

0,00

a) Impairment and losses : 41810

0,00

-950.000,00

5.400.000,00

0,00

b) Results for transfers and other : 41820

410.000,00

590.000,00

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200

-9.660.000,00

-10.680.000,00

-11.960.000,00

340.000,00

2.090.000,00

A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300

-1.440.000,00

-14.020.000,00

-3.860.000,00

-10.000.000,00

11.910.000,00

20. Income taxes: 41900

810.000,00

1.030.000,00

320.000,00

0,00

A.4) PROFIT AFTER TAXES (A.3+20) : 49400

-630.000,00

-12.990.000,00

-3.540.000,00

-10.000.000,00

11.910.000,00

21. Result of the year coming from interrupted operations : 42000

-3.430.000,00

0,00

A.5) RESULT OF THE PERIOD (A.4+21) : 49500

-4.060.000,00

-12.990.000,00

-3.540.000,00

-10.000.000,00

11.910.000,00

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

Information corresponding to the fiscal year 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, Axesor created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

302.440.000,00

324.710.000,00

326.250.000,00

343.550.000,00

177.190.000,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

4.820.000,00

4.500.000,00

5.260.000,00

8.100.000,00

0,00

1. Research and development costs:

80.000,00

0,00

2. Concessions, patents, licences, trademarks et al.:

1.500.000,00

1.520.000,00

1.600.000,00

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

1.370.000,00

1.810.000,00

1.960.000,00

2.350.000,00

0,00

6. Assets under capital leases:

0,00

7. Payments on account:

1.870.000,00

1.110.000,00

1.700.000,00

4.070.000,00

0,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

288.390.000,00

301.840.000,00

302.440.000,00

316.810.000,00

500.000,00

1. Land and construction:

170.830.000,00

177.720.000,00

180.520.000,00

181.000.000,00

140.000,00

2. Technical installations and machinery:

0,00

3. Other installations, tools and furniture:

0,00

4. Payments on account and tangible fixed assets under construction:

8.600.000,00

9.300.000,00

11.360.000,00

11.080.000,00

0,00

5. Other tangible assets:

108.960.000,00

114.820.000,00

110.560.000,00

124.730.000,00

360.000,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

9.230.000,00

18.370.000,00

18.550.000,00

18.640.000,00

176.690.000,00

1. Equity investments in group companies:

5.920.000,00

5.980.000,00

1.880.000,00

2. Receivables from group companies:

290.000,00

174.380.000,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

580.000,00

540.000,00

450.000,00

290.000,00

410.000,00

6. Other receivables:

80.000,00

8.080.000,00

8.340.000,00

9.960.000,00

20.000,00

7. Long term guarantees and deposits:

2.360.000,00

3.540.000,00

3.490.000,00

2.120.000,00

0,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

253.670.000,00

274.680.000,00

268.650.000,00

293.150.000,00

5.210.000,00

I. Called-up share capital (not paid):

0,00

II. Stocks:

60.510.000,00

75.430.000,00

70.810.000,00

62.360.000,00

0,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

24.400.000,00

29.070.000,00

33.320.000,00

27.510.000,00

0,00

3. Goods in process and semifinished ones:

5.890.000,00

5.710.000,00

5.650.000,00

5.850.000,00

0,00

4. Finished products:

30.220.000,00

40.650.000,00

31.840.000,00

29.000.000,00

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

149.600.000,00

160.560.000,00

162.930.000,00

159.050.000,00

5.110.000,00

1. Trade debtors / accounts receivable:

112.390.000,00

128.840.000,00

132.220.000,00

131.140.000,00

80.000,00

2. Accounts receivable, Group companies:

2.280.000,00

3.090.000,00

4.600.000,00

4.680.000,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

29.260.000,00

17.760.000,00

16.590.000,00

17.210.000,00

0,00

5. Staff:

0,00

10.000,00

0,00

6. Public bodies:

5.670.000,00

10.870.000,00

9.520.000,00

6.010.000,00

350.000,00

7. Provisions:

0,00

IV. Short-term investments:

27.790.000,00

28.110.000,00

28.030.000,00

71.130.000,00

0,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

0,00

1.230.000,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

300.000,00

6.450.000,00

0,00

6. Other receivables:

640.000,00

2.970.000,00

1.420.000,00

19.650.000,00

0,00

7. Shor term guarantees and deposits:

27.150.000,00

25.140.000,00

26.310.000,00

43.800.000,00

0,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

15.400.000,00

10.270.000,00

6.250.000,00

0,00

100.000,00

VII. Prepayments and accrued income:

370.000,00

310.000,00

630.000,00

610.000,00

0,00

GENERAL TOTAL (A + B + C + D):

556.110.000,00

599.390.000,00

594.900.000,00

636.700.000,00

182.400.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

192.135.000,00

196.992.000,00

210.860.000,00

224.044.000,00

175.710.000,00

I. Subscribed capital:

32.110.000,00

30.450.000,00

30.190.000,00

161.000.000,00

II. Share premium:

1.040.000,00

150.000,00

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

163.045.000,00

179.382.000,00

184.210.000,00

203.854.000,00

2.800.000,00

1. Legal reserve:

15.450.000,00

3.540.000,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

147.595.000,00

163.932.000,00

168.760.000,00

188.404.000,00

-740.000,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

-4.060.000,00

-12.990.000,00

-3.540.000,00

-10.000.000,00

11.910.000,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

2.135.000,00

2.268.000,00

2.170.000,00

1.316.000,00

0,00

1. Capital grants:

2.135.000,00

2.268.000,00

2.170.000,00

1.316.000,00

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

3.260.000,00

2.910.000,00

7.430.000,00

18.620.000,00

4.980.000,00

1. Provisions for pension fund and other similar obligations:

1.320.000,00

1.490.000,00

1.280.000,00

1.400.000,00

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

1.940.000,00

1.420.000,00

6.150.000,00

17.220.000,00

4.980.000,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

93.370.000,00

93.950.000,00

103.420.000,00

85.920.000,00

10.000,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

3.520.000,00

8.110.000,00

1.770.000,00

10.000,00

1. Loans and other liabilities:

0,00

3.460.000,00

7.610.000,00

730.000,00

10.000,00

2. Long-term liabilities from capital leases:

0,00

60.000,00

500.000,00

1.040.000,00

0,00

III. Debts with companies of the group and affiliated ones:

2.240.000,00

750.000,00

0,00

1. Amounts owed to group companies:

2.240.000,00

750.000,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

91.130.000,00

88.190.000,00

93.070.000,00

83.400.000,00

0,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

56.920.000,00

53.050.000,00

56.690.000,00

47.760.000,00

0,00

3. Long term guarantees and deposits received:

0,00

4. Long term payables to public bodies:

34.210.000,00

35.140.000,00

36.380.000,00

35.640.000,00

0,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

263.050.000,00

302.230.000,00

268.660.000,00

303.490.000,00

1.700.000,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

85.360.000,00

91.330.000,00

80.020.000,00

37.810.000,00

0,00

1. Loans and other liabilities:

85.290.000,00

90.900.000,00

79.350.000,00

36.750.000,00

0,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

70.000,00

430.000,00

670.000,00

1.060.000,00

0,00

III. Short-term amounts owed to group and associated companies:

4.360.000,00

7.170.000,00

5.750.000,00

4.560.000,00

360.000,00

1. Amounts owed to group companies:

4.360.000,00

7.170.000,00

5.750.000,00

4.560.000,00

360.000,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

134.880.000,00

168.950.000,00

148.070.000,00

130.710.000,00

890.000,00

1. Advanced payments from customers:

690.000,00

1.330.000,00

910.000,00

2.330.000,00

0,00

2. Amounts owed for purchases of goods or services:

134.190.000,00

167.620.000,00

147.160.000,00

128.380.000,00

890.000,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

38.450.000,00

34.780.000,00

34.820.000,00

130.410.000,00

450.000,00

1. Public bodies:

8.120.000,00

8.700.000,00

8.110.000,00

5.410.000,00

430.000,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

25.830.000,00

22.340.000,00

22.230.000,00

116.350.000,00

0,00

4. Wages and salaries payable:

4.500.000,00

3.740.000,00

4.480.000,00

8.650.000,00

20.000,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

2.160.000,00

1.040.000,00

2.360.000,00

3.310.000,00

0,00

GENERAL TOTAL (A + B + C + D + E + F):

556.110.000,00

599.390.000,00

594.900.000,00

636.700.000,00

182.400.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

A) CHARGES (A.1 to A.15):

631.380.000,00

701.510.000,00

694.390.000,00

610.930.000,00

4.180.000,00

A.1. Stock reduction of both manufactured goods and the ones in process:

13.390.000,00

0,00

9.760.000,00

0,00

A.2. Supplies:

310.830.000,00

357.120.000,00

363.340.000,00

287.360.000,00

0,00

a) Stock consumption:

33.360.000,00

43.120.000,00

40.970.000,00

31.570.000,00

0,00

b) Consumption of raw materials and miscellaneous consumable ones:

265.610.000,00

300.990.000,00

309.700.000,00

242.490.000,00

0,00

c) Miscellaneous external expenditure:

11.860.000,00

13.010.000,00

12.670.000,00

13.300.000,00

0,00

A.3. Staff costs:

78.690.000,00

83.120.000,00

82.750.000,00

85.540.000,00

750.000,00

a) Wages, salaries et al.:

58.180.000,00

62.390.000,00

62.660.000,00

64.740.000,00

620.000,00

b) Social security costs:

20.510.000,00

20.730.000,00

20.090.000,00

20.800.000,00

130.000,00

A.4. Depreciation expense:

19.310.000,00

18.180.000,00

18.000.000,00

19.290.000,00

160.000,00

A.5. Variation of trade provisions and losses of unrecovered receivables:

770.000,00

3.990.000,00

1.360.000,00

320.000,00

-100.000,00

a) Stock provision variation:

100.000,00

170.000,00

270.000,00

180.000,00

0,00

b) Variation in provision and bad debt losses:

670.000,00

3.820.000,00

1.090.000,00

140.000,00

-100.000,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

192.370.000,00

223.020.000,00

216.880.000,00

208.060.000,00

3.150.000,00

a) External services:

185.530.000,00

215.730.000,00

208.450.000,00

199.100.000,00

3.090.000,00

b) Taxes:

5.030.000,00

6.250.000,00

6.100.000,00

6.180.000,00

60.000,00

c) Other operating expenses:

1.810.000,00

1.040.000,00

2.330.000,00

2.780.000,00

0,00

d) Allocation to revision fund:

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):

6.800.000,00

0,00

A.7. Financial and similar charges:

11.340.000,00

11.410.000,00

11.280.000,00

5.730.000,00

170.000,00

a) Due to liabilities with companies of the group:

70.000,00

130.000,00

20.000,00

50.000,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

11.270.000,00

11.280.000,00

11.260.000,00

5.680.000,00

170.000,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

950.000,00

-5.400.000,00

0,00

A.9. Exchange losses:

270.000,00

500.000,00

0,00

50.000,00

A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):

0,00

340.000,00

2.090.000,00

A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):

0,00

1.290.000,00

A.10. Changes in provisions for intangible, tangible and securities portfolio:

0,00

150.000,00

0,00

A.11. Losses from tangible and intangible fixed assets and securities portfolio:

0,00

A.12. Losses from transactions with own shares and debentures:

0,00

A.13. Extraordinary expenses:

5.220.000,00

5.200.000,00

0,00

270.000,00

0,00

A.14. Expenses and losses of former financial years:

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

8.370.000,00

5.610.000,00

10.620.000,00

A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):

0,00

11.910.000,00

A.15. Corporation tax:

-810.000,00

-1.030.000,00

-320.000,00

0,00

A.16. Miscellaneous taxes:

0,00

A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):

0,00

11.910.000,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

B) INCOME ( B.1 to B.13):

627.320.000,00

688.520.000,00

690.850.000,00

600.930.000,00

16.090.000,00

B.1. Net total sales:

618.000.000,00

667.550.000,00

673.230.000,00

592.860.000,00

0,00

a) Sales:

582.020.000,00

628.950.000,00

634.850.000,00

557.360.000,00

0,00

b) Rendering of services:

35.980.000,00

38.600.000,00

38.380.000,00

35.500.000,00

0,00

Returns and Rappel on sales:

0,00

B.2. Stock increase of manufactured goods and products in process:

0,00

7.950.000,00

5.000.000,00

0,00

B.3. Works performed by the company for fixed assets:

70.000,00

140.000,00

10.000,00

70.000,00

0,00

B.4. Miscellaneous operating income:

4.090.000,00

8.980.000,00

3.820.000,00

1.450.000,00

3.160.000,00

a) Auxiliary income and other from current management:

1.840.000,00

1.370.000,00

870.000,00

1.390.000,00

3.160.000,00

b) Grants:

400.000,00

190.000,00

380.000,00

30.000,00

0,00

c) Liabilities and charges provisions surplus:

1.850.000,00

7.420.000,00

2.570.000,00

30.000,00

0,00

B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):

0,00

810.000,00

270.000,00

15.950.000,00

800.000,00

B.5. Income from equity investment:

0,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

B.6. Income from other marketable securities and long-term receivables:

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

1.950.000,00

1.230.000,00

270.000,00

440.000,00

2.310.000,00

a) From companies of the group:

0,00

100.000,00

0,00

b) From associated companies:

0,00

c) Miscellaneous interests:

1.540.000,00

640.000,00

170.000,00

340.000,00

2.310.000,00

d) Profit on financial investment:

410.000,00

590.000,00

0,00

B.8. Exchange positive differences:

0,00

230.000,00

0,00

B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):

9.660.000,00

10.680.000,00

11.960.000,00

0,00

B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):

2.860.000,00

11.490.000,00

12.230.000,00

15.610.000,00

0,00

B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:

1.420.000,00

1.120.000,00

5.620.000,00

3.100.000,00

0,00

B.10. Profit on transactions with own shares and debentures:

0,00

B.11. Capital grants transferred to profit and loss:

1.790.000,00

1.550.000,00

1.390.000,00

2.780.000,00

0,00

B.12. Extraordinary income:

0,00

1.510.000,00

0,00

10.620.000,00

B.13. Income and profit of former financial years:

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):

2.010.000,00

2.530.000,00

0,00

B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):

4.870.000,00

14.020.000,00

3.860.000,00

10.000.000,00

0,00

B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):

4.060.000,00

12.990.000,00

3.540.000,00

10.000.000,00

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.

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

-4.870.000,00

-14.020.000,00

-3.860.000,00

-10.000.000,00

11.910.000,00

2. Results adjustments.: 61200

23.700.000,00

24.490.000,00

26.180.000,00

10.670.000,00

-11.760.000,00

a) Fixed Assets Amortization (+).: 61201

19.310.000,00

18.180.000,00

18.000.000,00

19.290.000,00

160.000,00

b) Obsolescence Allowances (+/-). : 61202

770.000,00

3.990.000,00

4.830.000,00

-3.360.000,00

0,00

c) Variation in Provision (+/-). : 61203

-1.660.000,00

-5.980.000,00

-1.690.000,00

-900.000,00

0,00

d) Allocation of grants (-).: 61204

-2.070.000,00

-1.680.000,00

-1.390.000,00

-2.780.000,00

0,00

e) Results on disposal of fixed assets (+/-). : 61205

-1.700.000,00

-1.120.000,00

-5.650.000,00

-3.100.000,00

0,00

f) Results on disposal of financial instruments (+/-).: 61206

-1.100.000,00

0,00

-5.400.000,00

0,00

g) Financial income (-).: 61207

-1.540.000,00

-640.000,00

-270.000,00

-440.000,00

-2.800.000,00

h) Financial Expenses (+). : 61208

11.340.000,00

11.410.000,00

11.280.000,00

5.730.000,00

170.000,00

i) Exchange differences (+/-). : 61209

270.000,00

500.000,00

0,00

-230.000,00

0,00

k) Other income and expense (-/+). : 61211

80.000,00

-170.000,00

1.070.000,00

1.860.000,00

-9.290.000,00

3. Changes in current capital equity.: 61300

13.040.000,00

16.940.000,00

-1.340.000,00

-550.000,00

4.280.000,00

a) Stock (+/-).: 61301

14.860.000,00

-5.390.000,00

-10.810.000,00

12.010.000,00

0,00

d) Debtors and other accounts receivable (+/-). : 61302

17.730.000,00

-1.490.000,00

-5.030.000,00

31.840.000,00

-770.000,00

c) Other current assets (+/-). : 61303

1.190.000,00

450.000,00

-450.000,00

-19.340.000,00

5.810.000,00

d) Creditors and other accounts payable (+/-). : 61304

-20.070.000,00

25.020.000,00

13.940.000,00

-22.080.000,00

-680.000,00

e) Other current liabilities (+/-).: 61305

0,00

-370.000,00

750.000,00

-2.980.000,00

-80.000,00

f) Other non-current assets and liabilities (+/-).: 61306

-670.000,00

-1.280.000,00

260.000,00

0,00

4. Other cash flows for operating activities.: 61400

-7.500.000,00

-8.260.000,00

-7.290.000,00

-3.080.000,00

-3.220.000,00

a) Interest payments (-). : 61401

-8.110.000,00

-8.590.000,00

-7.460.000,00

-3.960.000,00

-3.220.000,00

c) Interest collection (+). : 61403

610.000,00

520.000,00

120.000,00

770.000,00

0,00

e) Other payments (payment collection) (-/+) : 61405

0,00

-190.000,00

50.000,00

110.000,00

0,00

5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500

24.370.000,00

19.150.000,00

13.690.000,00

-2.960.000,00

1.210.000,00

6. Payments for investment (-).: 62100

-4.350.000,00

-16.150.000,00

-8.080.000,00

-20.280.000,00

0,00

a) Companies of the group and affiliates. : 62101

0,00

-12.190.000,00

0,00

b) Intangible fixed assets. : 62102

-130.000,00

-280.000,00

-230.000,00

0,00

c) Fixed assets. : 62103

-4.220.000,00

-15.770.000,00

-7.640.000,00

-8.090.000,00

0,00

e) Other financial assets. : 62105

0,00

-100.000,00

-210.000,00

0,00

7. Divestment payment collection (+). : 62200

2.680.000,00

1.060.000,00

6.170.000,00

15.390.000,00

0,00

a) Companies of the group and affiliates. : 62201

0,00

2.840.000,00

0,00

b) Intangible fixed assets. : 62202

300.000,00

1.060.000,00

4.350.000,00

1.010.000,00

0,00

c) Fixed assets. : 62203

0,00

1.820.000,00

2.090.000,00

0,00

f) Non-current assets kept for sale. : 62206

2.380.000,00

0,00

9.230.000,00

0,00

h) Other assets. : 62208

0,00

220.000,00

0,00

8. Investment activity cash flows (6 + 7) minus Amortization: 62300

-1.670.000,00

-15.090.000,00

-1.910.000,00

-4.890.000,00

0,00

9. Payment collection and payments for equity instruments. : 63100

2.500.000,00

-270.000,00

3.310.000,00

1.180.000,00

0,00

a) Issuance of equity instruments (+). : 63101

2.500.000,00

-270.000,00

0,00

e) Grants, donations and bequests received (+). : 63105

0,00

3.310.000,00

1.180.000,00

0,00

10. Payment collection and payments for financial liabilities instruments.: 63200

-19.770.000,00

830.000,00

-14.700.000,00

810.000,00

0,00

a) Issuance : 63201

4.120.000,00

13.370.000,00

92.750.000,00

6.410.000,00

0,00

2. Debts incurred with credit institutions (+). : 63203

2.810.000,00

10.000.000,00

65.300.000,00

1.470.000,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

0,00

9.770.000,00

0,00

5. Other debts (+). : 63206

1.310.000,00

3.370.000,00

17.680.000,00

4.940.000,00

0,00

b) Repayment and amortization of : 63207

-23.890.000,00

-12.540.000,00

-107.450.000,00

-5.600.000,00

0,00

2. Debts incurred with credit institutions (-).: 63209

0,00

-2.630.000,00

-36.860.000,00

0,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

0,00

-50.000,00

-4.110.000,00

0,00

5. Other debts (-). : 63212

-23.890.000,00

-9.910.000,00

-70.540.000,00

-1.490.000,00

0,00

11. Payments from dividends and remunerations from other assets instruments. : 63300

-300.000,00

-600.000,00

-590.000,00

-600.000,00

-1.210.000,00

b) Remuneration from other assets instruments (-).: 63302

0,00

-600.000,00

-590.000,00

-600.000,00

-1.210.000,00

12. Cash flows for financing activities (9+10+11).: 63400

-17.570.000,00

-40.000,00

-11.980.000,00

1.390.000,00

-1.210.000,00

D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000

0,00

12.810.000,00

0,00

E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000

5.130.000,00

4.020.000,00

-200.000,00

6.350.000,00

0,00

Cash or equivalent assets as of beginning of the fiscal year.: 65100

10.270.000,00

6.250.000,00

6.450.000,00

100.000,00

Cash or equivalent assets as of end of the fiscal year.: 65200

15.400.000,00

10.270.000,00

6.250.000,00

6.450.000,00

100.000,00

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

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,01 %

0,08 %

0,01 %

37,84 %

932,86 %

EBITDA over Sales:

3,93 %

12,47 %

1,49 %

9,22 %

163,37 %

35,23 %

Cash Flow Yield:

0,01 %

0,04 %

0,01 %

0,00 %

37,54 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

1,93 %

6,82 %

0,34 %

5,24 %

473,24 %

30,13 %

Total economic profitability:

1,78 %

3,51 %

-0,44 %

2,51 %

508,83 %

40,11 %

Financial profitability:

-2,43 %

4,31 %

-7,70 %

1,33 %

68,39 %

224,69 %

Margin:

1,61 %

6,56 %

0,28 %

4,84 %

480,63 %

35,67 %

Mark-up:

0,06 %

3,82 %

-1,32 %

1,62 %

104,28 %

136,12 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,06

0,19

0,03

0,12

72,28

64,30

Acid Test:

0,72

0,83

0,65

0,86

11,33

-2,61

Working Capital / Investment:

-0,03

0,01

-0,05

0,03

46,76

-66,90

Solvency:

0,96

1,16

0,91

1,18

6,11

-1,55

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,81

1,57

1,96

1,63

-7,83

-4,14

Borrowing Composition:

0,35

1,30

0,31

1,03

14,19

26,18

Repayment Ability:

69,48

15,53

98,55

159,71

-29,50

-90,28

Warranty:

1,56

1,65

1,51

1,62

3,13

1,76

Generated resources / Total creditors:

0,04

0,09

0,01

0,07

248,15

34,28

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,31

1,93

1,12

1,72

16,84

11,82

Turnover of Collection Rights :

4,24

6,19

4,26

4,83

-0,42

28,18

Turnover of Payment Entitlements:

3,28

3,81

3,18

3,52

3,18

8,07

Stock rotation:

10,17

8,94

8,98

6,61

13,23

35,30

Assets turnover:

1,19

1,04

1,21

1,08

-1,27

-4,08

Borrowing Cost:

3,18

3,00

2,88

2,95

10,47

1,88

> 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 %

0,00 %

0,01 %

EBITDA over Sales:

3,93 %

1,49 %

2,25 %

0,56 %

Cash Flow Yield:

0,01 %

0,00 %

0,01 %

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

1,93 %

0,34 %

1,20 %

-1,82 %

-14,01 %

Total economic profitability:

1,78 %

-0,44 %

1,25 %

-0,67 %

6,62 %

Financial profitability:

-2,43 %

-7,70 %

-1,94 %

-5,25 %

6,78 %

Margin:

1,61 %

0,28 %

0,98 %

-1,69 %

-25,32 %

Mark-up:

0,06 %

-1,32 %

-0,80 %

-1,64 %

-269,94 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,06

0,03

0,02

0,06

Acid Test:

0,72

0,65

0,72

0,75

3,06

Working Capital / Investment:

-0,03

-0,05

-0,01

-0,03

0,02

Solvency:

0,96

0,91

1,00

0,97

3,06

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,81

1,96

1,69

1,59

0,01

Borrowing Composition:

0,35

0,31

0,38

0,28

0,01

Repayment Ability:

69,48

98,55

-1.860,40

61,32

-0,23

Warranty:

1,56

1,51

1,60

1,64

106,67

Generated resources / Total creditors:

0,04

0,01

0,04

0,01

7,06

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,31

1,12

1,18

1,04

0,15

Turnover of Collection Rights :

4,24

4,26

4,23

3,82

0,62

Turnover of Payment Entitlements:

3,28

3,18

3,58

3,31

1,79

Stock rotation:

10,17

8,98

9,57

9,79

Assets turnover:

1,19

1,21

1,23

1,07

0,55

Borrowing Cost:

3,18

2,88

3,03

1,47

9,94

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

La información.com

12/05/2014

Ercros inicia la construcción de una nueva planta en Aranjuez (Madrid)

Companies related

La información.com

09/05/2014

Las nuevas acciones de Ercros por la ampliación de Ya Global Dutch cotizan desde este viernes

Companies related

Public Tenders and Works Won

Organisation that calls the tender:

CANAL DE ISABEL II GESTION SA

Objective of Tender:

Suministro de 240 toneladas anuales de clorito sódico en solución al 25% en cisternas para descarga por medios neumáticos o mecánicos.

Date Awarded:

01/04/2013

Cost:

514.800,00 EURO.

Organisation that calls the tender:

AIGUES TER LLOBREGAT

Objective of Tender:

Suministros de Hipoclorito Sódico necesario para el tratamiento de potabilización del agua en el ETAP del Llobregat de Aigües Ter Llobregat

Date Awarded:

09/03/2011

Cost:

192.000,00 EURO.

Organisation that calls the tender:

AIGUES TER LLOBREGAT

Objective of Tender:

Suministro de Acido Clorhídrico 35% (M/M) necesario para el tratamiento de potabilización del agua en el ETAP del Llobregat de Aigües Ter Llobregat.

Date Awarded:

28/02/2011

Cost:

218.000,00 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE ZARAGOZA

Objective of Tender:

SUMINISTRO DE HIPOCLORITO SODICO PARA LA PLANTA POTABILIZADORA

Date Awarded:

14/04/2010

Cost:

522.000,00 EURO.

Organisation that calls the tender:

AYUNTAMIENTO DE ZARAGOZA

Objective of Tender:

SUMINISTRO DE HIPOCLORITO SODICO PARA LA PLANTA POTABILIZADORA C BOLETIN O DIARIO OFICIAL Y FECHA DE PUBLICACION DEL ANUNCIO DE LICITACION N BOLETIN 184

Date Awarded:

21/09/2009

Cost:

450.000,00 EURO.

Organisation that calls the tender:

EMPRESA METROPOLITANA DE SANEJAMENT SA

Objective of Tender:

Suministro de hidróxido sódico (solución) para diferentes instalaciones de aguas residuales en el área metropolitana de Barcelona

Date Awarded:

02/07/2007

Cost:

Importe compartido entre distintos Contratistas

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

207.000,00

Notes

El importe reflejado es el imputado a resultados quedando un importe pendiente al cierre de 3.050.000 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

3.240.000,00

Entity

ORGANISMO NO ESPECIFICADO

Amount Granted

1.390.000,00

Notes

El importe corresponde al imputado a resultados del ejercicio.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

4.640.000,00

Notes

Importe correspondiente al adicionado durante el ejercicio.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

610.000,00

Notes

Importe correspondiente al adicionado durante el ejercicio.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

270.000,00

Notes

Importe correspondiente al adicionado durante el ejercicio.

Research Summary

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.60.10
UK Pound	1	Rs.102.04
Euro	1	Rs.80.74

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	TPT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Branch Offices

Activity

Number of Employees

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Executive board

Defaults, Legal Claims and Insolvency Proceedings

Basis for rating

Probability of default

LEGAL CLAIMS

PROCESSED BY THE LOCAL GOVERNMENT DE SEVILLA - Date 01/09/2011

Link List

Turnover

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit