MIRA INFORM REPORT

Report Date :

07.03.2014

IDENTIFICATION DETAILS

Name :	COSENTINO SA
Registered Office :	Ctra. Baza A Huercal - Overa, Km 59, Cantoria, Almeria, 04850
Country :	Spain
Financials (as on) :	31.12.2012
Date of Incorporation :	1940
Legal Form :	Public Limited Company
Line of Business :	Manufacturing, wholesale and distribution of construction material, mainly quartz surfaces and kitchen worktops.
No. of Employees :	1010

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Spain	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SPAIN - ECONOMIC OVERVIEW

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 11.1% of GDP in 2009. Spain gradually reduced the deficit to 6.8% of GDP in 2013, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially - from 70.4% in 2010 to 93.7% 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:	COSENTINO SA
NIF / Fiscal code:	A04117297
Status:	ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL
Incorporation Date:	15/12/1989
Register Data	Register Section 8 Sheet 2270
Last Publication in BORME:	13/11/2013 [Appointments]
Last Published Account Deposit:	2011
Share Capital:	3.005.060,52
Localization:	CTRA. BAZA A HUERCAL - OVERA, KM 59 - CANTORIA - 04850 - ALMERIA
Telephone - Fax - Email - Website:	Ph.:. 950444175   Email. info@cosentinogroup.net   Website. www.consentinogroup.net - www.grupoconsentino.es
Number of Branches	5
Activity:
NACE:	0811 - Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	50 for a total cost of 92808167.17
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	13.097,99	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	None	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

GRUPO COSENTINO SL	100 %
Shares:	26
Other Links:	20
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
Big size company engaged in manufacturing and marketing of kitchen worktops, which has been operating for several years, without incidences.

Identification

Social Denomination:	COSENTINO SA
NIF / Fiscal code:	A04117297
Corporate Status:	ACTIVE WITH PARTIAL DIVISIONS OF CAPITAL
Start of activity:	1940
Registered Office:	CTRA. BAZA A HUERCAL - OVERA, KM 59
Locality:	CANTORIA
Province:	ALMERIA
Postal Code:	04850
Telephone:	950444175
Fax:	950444226
Website:	www.consentinogroup.net - www.grupoconsentino.es
Email:	info@cosentinogroup.net

Branch Offices

Address	Postal Code	City	Province
CAMIN HOSTALASSOS 1	12550	ALMAZORA/ALMASSORA	CASTELLON
CALLE BARBANZA 13	15171	OLEIROS	LA CORUÑA
CALLE UNICEF 20 POL IND TORRE MIRONA	17190	SALT	GIRONA
AVENI GUMERSINDO LLORENTE S/N	28022	MADRID	MADRID
CALLE VENEZUELA 6	30820	ALCANTARILLA	MURCIA

Activity

NACE:	0811
Additional Information:	BACKGROUND Business started in 1940 by EDUARDO COSENTINO. ACTIVITY Manufacturing, wholesale and distribution of construction material, mainly quartz surfaces and kitchen worktops. The subject is the parent company of the group Cosentino. Brands used are: - SILESTONE - DEKTON - SCALEA - SENSA - ECO - PREXURY
Additional Address:	Registered office, central offices, owned by the company, are located in Ctrra Baza Huércal-Overa (A334 salida 60) km 59 04850 Cantoria (Almería).
Import / export:	EXPORTS
Future Perspective:	Face recession
Industry situation:	Decline

Number of Employees

Year	No. of employees	Established	Incidentals
2014	1010

Chronological Summary

Year	Act
1990	Accounts deposit (ejer. 1989) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Company Formation (1) Other Concepts/ Events (1)
1991	Accounts deposit (ejer. 1990) Appointments/ Re-elections (1)
1992	Accounts deposit (ejer. 1991) Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
1993	Accounts deposit (ejer. 1992)
1995	Accounts deposit (ejer. 1993)
1996	Accounts deposit (ejer. 1995) Change of Social Purpose (1) Increase of Capital (1) Take-over Merger (2)
1997	Accounts deposit (ejer. 1996)
1998	Accounts deposit (ejer. 1997)
1999	Accounts deposit (ejer. 1998)
2000	Accounts deposit (ejer. 1999) Other Concepts/ Events (1)
2001	Appointments/ Re-elections (1) Other Concepts/ Events (1)
2002	Accounts deposit (ejer. 2000, 2001) Appointments/ Re-elections (3) Declaration of Sole Propietorship (1)
2003	Accounts deposit (ejer. 2001 consolidated, 2002) Appointments/ Re-elections (1) Other Concepts/ Events (2)
2004	Accounts deposit (ejer. 2002 consolidated, 2003) Change of Social Purpose (1) Take-over Merger (5)
2005	Accounts deposit (ejer. 2004 consolidated, 2004) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (2) Take-over Merger (6)
2006	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (1) Take-over Merger (6)
2007	Accounts deposit (ejer. 2005 consolidated, 2006 consolidated, 2005, 2006) Other Concepts/ Events (1) Take-over Merger (6)
2008	Accounts deposit (ejer. 2007 consolidated, 2007) Appointments/ Re-elections (1) Other Concepts/ Events (1)
2009	Accounts deposit (ejer. 2008 consolidated, 2008) Other Concepts/ Events (1)
2010	Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (2) Change of Social Purpose (1) Statutory Modifications (1)
2011	Accounts deposit (ejer. 2010 consolidated, 2010) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Errata (1) Other Concepts/ Events (3) Partial split (3)
2012	Accounts deposit (ejer. 2011 consolidated, 2011) Appointments/ Re-elections (17) Other Concepts/ Events (2)
2013	Accounts deposit (ejer. 2012 consolidated) Appointments/ Re-elections (9) Change of Social Purpose (1) Other Concepts/ Events (1) Statutory Modifications (1)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	CENTRO DE CÁLCULO, ASESORAMIENTO CONTABLE, COMERCIAL, FISCAL E INDUSTRIAL.SERVICIOS DE REPARACIÓN MECÁNICA Y MANTENIMIENTO INDUSTRIAL. LA FABRICACIÓN Y COMERCIALIZACIÓN DE MÁRMOLES, PIEDRAS Y GRANITOS, SUMINISTROS INDUSTRIALES Y CUALQUIER TIPO DE MATERIAL PARA LA CONSTRUCCIÓN O ACCESORIO A LA MISMA	Corporate Purpose Change	15/06/2010
	LA PRESTACION DE SERVICIOS TALES COMO: CENTRO DE CALCULO, ASESORAMIENTO CONTABLE, COMERCIAL, FINANCIERO E INDUSTRIAL, ASI COMO LOS SERVICIOS DE REPARACION MECANICA Y MANTENIMIENTO INDUSTRIAL	Corporate Purpose Change	11/03/2004
	ELABORACION Y COMERCIALIZACION DE MARMOLES, PIEDRAS, GRANITOS Y CALIZAS, TRITURACION COMERCIALIZACION. EXPLOTACION DE CANTERAS, ELABORACION Y COMERCIALIZACION.	Corporate Purpose Change	10/01/1997
	PRESTACION DE SERVICIOS TALES COMO CENTRO DE CALCULO ASESORAMIENTO CONTABLE FINANCIERO E INDUSTRIAL	Company Formation	07/03/1990

Breakdown of Owners' Equity

Registered Capital:	3.005.060,52
Paid up capital:	3.005.060,52

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
22/01/1990	Company Formation	60.101	60.101	60.101	60.101
11/12/1996	Increase of Capital	2.944.959	2.944.959	3.005.061	3.005.061

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	GRUPO COSENTINO SL	27/08/2002	1
PRESIDENT	MARTINEZ CONSENTINO JUSTO FRANCISCO	14/03/2012	6
MEMBER OF THE BOARD	MARTINEZ CONSENTINO JUSTO FRANCISCO	14/03/2012	6
	MARTINEZ COSENTINO ALFONSO PILAR	14/03/2012	2
	MARTINEZ COSENTINO ALFONSO EDUARDO	14/03/2012	2
	MARTINEZ-COSENTINO ROSADO EDUARDO	14/03/2012	4
	MARTINEZ-COSENTINO ROSADO ANGELES	14/03/2012	2
	MARTINEZ COSENTINO RAMOS MARIA DEL MAR	14/03/2012	2
	MARTINEZ-CONSENTINO RAMOS EDUARDO	14/03/2012	2
	MARTINEZ COSENTINO RAMOS ISABEL	14/03/2012	3
	MARTINEZ RAMOS MARIA DEL MAR	20/12/2006	1
	MARTINEZ RAMOS EDUARDO	20/12/2006	2
	MARTINEZ RAMOS ISABEL	20/12/2006	2
COMBINED PROXY	GARCIA MUROS JOSE ANTONIO	19/03/2013	1
JOINT ATTORNEY	HERNANDEZ RODRIGUEZ JOSE ANTONIO	18/03/2010	1
	MORENO NOGALES MARIA DE LOS ANGELES	18/03/2010	1
	GONZALEZ AHIJADO JESUS	18/03/2010	1
JOINT ATTORNEY/COMBINED PROXY	NAVARRO RUBIO GINES	04/11/2013	1
	RAMON MORENO JOSE LUIS	04/11/2013	2
	DE LA HAZA DE LARA LUIS	04/11/2013	2
	DE LA HAZA DE LARA ALVARO	04/11/2013	5
	MARTINEZ-COSENTINO RAMOS EDUARDO	04/11/2013	3
	QUEVEDO GONZALEZ ALBERTO	04/11/2013	1
	ALFONSO RODRIGUEZ SANTIAGO	04/11/2013	1
	BENAVENTE PEREZ DAVID	04/11/2013	1
PROXY	MARTINEZ RUIZ JUSTO	04/11/2013	1
	RUIZ SANCHEZ RAMON	09/08/2013	1
	MARTINEZ-COSENTINO ALFONSO MARIA DEL PILAR	09/08/2013	2
	OLIVER JIMENEZ SERAFIN	09/08/2013	1
	MARTINEZ-COSENTINO ROSADO EDUARDO	08/04/2013	4
	EXPOSITO CARRASCO OSCAR	15/10/2012	1
	PEREZ VILLA JAIME	15/10/2012	1
	MOLINA RODRIGUEZ FERNANDO	15/10/2012	1
	SANCHEZ IBAÑEZ ANTONIO	15/10/2012	1
	CARRILLO MONGRUT MICHAEL ERNESTO	15/10/2012	1
	CRUZ ALVARADO JOSE MANUEL	15/10/2012	1
	URQUIDI GARAY RAMON	15/10/2012	1
	GARCIA PORTERO JOSE RAMON	15/10/2012	1
	CAPELLA VIDAL FRANCISCO	15/10/2012	1
	CALLEJA EXPOSITO JOSE LUIS	15/10/2012	1
	MARTINEZ-COSENTINO RAMOS QUERALT	15/10/2012	1
	MARTINEZ-COSENTINO RAMOS VICENTE	15/10/2012	1
	BARBERO GONZALEZ VICTOR	15/10/2012	1
	OROZCO FERRON JESUS	15/10/2012	1
	MARTINEZ COSENTINO JUSTO JOSE	20/12/2006	3
CHIEF EXECUTIVE OFFICER	MARTINEZ CONSENTINO JUSTO FRANCISCO	14/03/2012	6
NON CONSELLOR SECRETARY	DE LA HAZA DE LARA ALVARO	14/03/2012	5
REPRESENTATIVE	MARTINEZ-COSENTINO RAMOS EDUARDO	08/02/2011	3
	MARTINEZ COSENTINO RAMOS ISABEL	08/02/2011	3
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	01/02/2013	4

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AMB SA	ACCOUNTS' AUDITOR / HOLDER	13/02/2002	4
	ACCOUNTS' AUDITOR / HOLDER	13/02/2002
	ACCOUNTS' AUDITOR / HOLDER	09/09/2002
	ACCOUNTS' AUDITOR / HOLDER	30/10/2003
DE LA HAZA DE LARA ALVARO	NON CONSELLOR SECRETARY	14/03/2012	5
	PROXY	19/03/2013
	COMBINED PROXY	04/11/2013
DE LA HAZA DE LARA LUIS	COMBINED PROXY	04/11/2013	2
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	01/02/2013	4
	ACCOUNTS' AUDITOR / HOLDER	12/01/2012
	ACCOUNTS' AUDITOR / HOLDER	05/12/2008
MARTINEZ CONSENTINO JUSTO FRANCISCO	MEMBER OF THE BOARD	14/03/2012	6
	CHIEF EXECUTIVE OFFICER	14/03/2012
	PRESIDENT	14/03/2012
MARTINEZ COSENTINO ALFONSO EDUARDO	MEMBER OF THE BOARD	14/03/2012	2
MARTINEZ COSENTINO ALFONSO PILAR	MEMBER OF THE BOARD	14/03/2012	2
MARTINEZ COSENTINO JUSTO FRANCISCO	JOINT MANAGER	05/09/2001	3
	JOINT MANAGER	15/09/2006
	JOINT MANAGER	20/12/2006
MARTINEZ COSENTINO JUSTO JOSE	JOINT MANAGER	15/09/2006	3
	JOINT MANAGER	20/12/2006
MARTINEZ COSENTINO RAMOS ISABEL	MEMBER OF THE BOARD	14/03/2012	3
MARTINEZ COSENTINO RAMOS MARIA DEL MAR	MEMBER OF THE BOARD	14/03/2012	2
MARTINEZ JUSTO EDUARDO	JOINT MANAGER	05/09/2001	4
	JOINT MANAGER	15/09/2006
	JOINT MANAGER	20/12/2006
	ADMINISTRATOR	30/11/1992
MARTINEZ JUSTO FRANCISCO	ADMINISTRATOR	22/01/1990	2
	ADMINISTRATOR	30/11/1992
MARTINEZ JUSTO JOSE	JOINT MANAGER	05/09/2001	4
	JOINT MANAGER	06/07/2005
	ADMINISTRATOR	22/01/1990
	ADMINISTRATOR	30/11/1992
MARTINEZ RAMOS EDUARDO	REPRESENTATIVE	08/02/2011	2
MARTINEZ RAMOS ISABEL	REPRESENTATIVE	08/02/2011	2
MARTINEZ-CONSENTINO RAMOS EDUARDO	MEMBER OF THE BOARD	14/03/2012	2
MARTINEZ-COSENTINO ALFONSO MARIA DEL PILAR	COMBINED PROXY	09/08/2013	2
MARTINEZ-COSENTINO RAMOS EDUARDO	PROXY	04/11/2013	3
MARTINEZ-COSENTINO ROSADO ANGELES	MEMBER OF THE BOARD	14/03/2012	2
MARTINEZ-COSENTINO ROSADO EDUARDO	COMBINED PROXY	08/04/2013	4
	MEMBER OF THE BOARD	14/03/2012
MC ECONOMISTAS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	30/12/2005	1
RAMON MORENO JOSE LUIS	PROXY	04/11/2013	2

Executive board

Post	NIF	Name
ADMINISTRATOR		JOSE MARTINEZ COSENTINO JUSTO
FINANCIAL DIRECTOR		LUIS HAZA LARA
MANAGING DIRECTOR		JUSTO MARTINEZ RUIZ
MARKETING DIRECTOR		SANTIAGO ALFONSO RODRIGUEZ

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	25/11/2012	05/03/2014
Status: Friendly		1	13097.99	25/11/2012	25/12/2012
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		Unpublished	---
Notices of defaults and enforcement		---	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Details

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
OTRAS	Otros	---	Amistoso	---	13097.99	25/11/12	25/12/12
				13.097,99

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 .

Positive Factors

No judicial claims have been detected in the Official Gazettes, regarding any Company's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

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

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

Positive Working Capital. The Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

Significant operating income return. The Company has return on the investments necessary for its main activity with respect to its assets. This yield is lower than that of fiscal year 2011.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.7 %

> Latest Rating Changes :

Sector in which comparison is carried out : 081 Quarrying of stone, sand and clay
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 99.00% of the companies of the sector COSENTINO 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 0.66%.

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	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link List

PARTICIPATES IN:	26 Entities
SHAREHOLDERS:	1 Entities
ABSORBS TO:	7 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
IS RELATED WITH:	11 Entities
SE ESCINDE PARCIALMENTE EN:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GRUPO COSENTINO SL	ALMERIA	100
PARTICIPATES IN	MARMOLES EL TRANCO SA	ALMERIA	50
	COSENTINO SUR SOCIEDAD LIMITADA	SEVILLA	74.92
	SILESTONE DE BELO HORIZONTE LTDA (BRASIL)		99.98
	SILESTONE DE BRASILIA LTDA (BRASIL)		99.97
	C & C INC (EEUU)		100
	SILESTONE DE SANTIAGO DE CHILE LTDA		99.99
	COSENTINO ITALIA		100
	COSENTINO DO BRASIL LTDA (BRASIL)		100
	COSENTINO UK, SOCIEDAD ANONIMA, (REINO UNIDO)		100
	COSENTINO LATINA LTDA		99.4
	SOLUCIONES AMBIENTALES COMA SOCIEDAD LIMITADA	ALMERIA	100
	COSENTINO BELGIUM, SOCIEDAD LIMITADA, (BELGICA)		100
	COSENTINO IRELAND, SOCIEDAD ANONIMA, (IRLANDA)		100
	COSENTINO PORTUGAL LDA (PORTUGAL)		100
	COSENTINO SCANDINAVIA AB (SUECIA)		100
	COSENTINO SWISS AG (SUIZA)		80
	COSENTINO THE NETHERLANDS BV (BELGICA)		100
	INV SUPERFICIE DE PIEDRA INNOVADORA, SOCIEDAD LIMITADA, DE CV (MEXICO DF)		100
	LATINA DEL VALLE DE MEXICO, SOCIEDAD ANONIMA, DE CV (MEXICO)		100
	| | 100
	COSENTINO AUSTRALIA PTY, S.A.		100
	COSENTINO AUSTRIA, SOCIEDAD ANONIMA, (AUSTRIA)		100
	COSENTINO JAPAN		51
	COSENTINO NORWAY AS		100
	COSENTINO SOUTH EAST ASIA		100
	COSENTINO MILANO, S.L.		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	AMERICA INC C&C NORTH
	COSENTINE R6D, S.L.
	COSENTINO SCANDINAVIA AB
	VITORIA LATINA
	SILESTONE DE PORTO ALEGRE (BRASIL)
	STONE SERVICE OF FRANCE
	SUPERFICIE DE PIEDRAS UNNOVADORA, SOCIEDAD LIMITADA, DE CV
	GRUPO COSENTINO SL	ALMERIA	100
	COSENTINO RESEARCH AND DEVELOPMENT SL	ALMERIA
IS RELATED WITH	GRUPO COSENTINO SL	ALMERIA
	COSENTINO SUR SOCIEDAD LIMITADA	SEVILLA	74.92
ABSORBS TO	COSENTINO STONE SOCIEDAD ANONIMA	ALMERIA
	MARMOLES COSENTINO, S.A.	ALMERIA
	GRANITOS Y STONE SL	PONTEVEDRA
	EUROVASGRAMAR SL	GUIPUZCOA
	COSENTINO LATINOAMERICA SL	ALMERIA
	COSENTINO LEVANTE SL	ALMERIA
	MARMOLES MONELOS SL	LA CORUÑA
SE ESCINDE PARCIALMENTE EN	COSENTINO RESEARCH AND DEVELOPMENT SL	ALMERIA
BELONGS TO THE ADMINISTRATION BOARD OF	TRITURADOS BLANCO MACAEL SA	ALMERIA

Turnover

Total Sales

241.265.724

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Consolidadas	August  2013
2012	Normales	No publicado en BORME
2011	Consolidadas	September  2012
2011	Normales	July  2012
2010	Consolidadas	August  2011
2010	Normales	August  2011
2009	Consolidadas	August  2010
2009	Normales	August  2010
2008	Consolidadas	August  2009
2008	Normales	August  2009
2007	Consolidadas	August  2008
2007	Normales	July  2008
2006	Consolidadas	July  2007
2006	Normales	July  2007
2005	Consolidadas	September  2006
2005	Normales	August  2006
2004	Consolidadas	July  2005
2004	Normales	July  2005
2003	Normales	July  2004
2002	Consolidadas	September  2004
2002	Normales	November  2003
2001	Consolidadas	July  2003
2001	Normales	July  2002
2000	Normales	January  2002
1999	Normales	July  2000
1998	Normales	October  1999
1997	Normales	July  1998
1996	Normales	October  1997
1995	Normales	September  1996
1993	Normales	December  1994
1992	Normales	September  1993
1992	Normales	September  1993
1991	Normales	September  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, 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	346.631.959,00	277.402.855,00	271.126.062,00	276.693.761,00	227.686.047,00
I. Intangible fixed assets : 11100	5.351.046,00	5.522.042,00	7.534.889,00	8.365.505,00	8.254.183,00
1. Development: 11110	0,00	0,00	1.846.420,00	0,00	0,00
2. Concessions: 11120	2.665.508,00	2.808.976,00	2.960.616,00	3.362.916,00	3.506.088,00
3. Patents, licencing, trade marks and similar: 11130	6.895,00	6.895,00	6.895,00	6.895,00	7.359,00
4. Goodwill: 11140	1.390.740,00	1.390.740,00	1.390.740,00	1.390.740,00	1.390.740,00
5. IT applications: 11150	1.287.903,00	1.315.431,00	1.330.218,00	1.859.765,00	2.420.859,00
6. Investigation: 11160	0,00	0,00	0,00	1.745.189,00	929.137,00
7. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	148.258.043,00	99.434.277,00	101.656.886,00	114.826.977,00	123.328.201,00
1. Land and buildings: 11210	38.614.629,00	38.567.321,00	39.622.212,00	39.477.252,00	32.339.884,00
2. Technical installations and other tangible fixed assets: 11220	40.634.040,00	48.811.228,00	61.428.520,00	75.079.870,00	87.360.841,00
3. Tangible asset in progress and advances: 11230	69.009.374,00	12.055.728,00	606.154,00	269.855,00	3.627.476,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	185.423.975,00	165.592.629,00	151.446.032,00	143.396.665,00	89.676.149,00
1. Equity instruments: 11410	168.337.349,00	160.528.520,00	151.368.694,00	143.125.146,00	74.827.092,00
2. Credits to businesses: 11420	17.086.626,00	5.064.109,00	77.338,00	271.519,00	14.849.057,00
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	5.453.029,00	4.042.784,00	5.957.067,00	5.130.327,00	5.931.776,00
1. Equity instruments: 11510	696.074,00	100.220,00	100.220,00	100.220,00	100.220,00
2. Credits to third parties : 11520	4.723.185,00	3.783.648,00	5.261.315,00	4.985.479,00	5.678.628,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	6.373,00	131.519,00	556.018,00	0,00	0,00
5. Other financial assets : 11550	27.397,00	27.397,00	39.514,00	44.628,00	152.928,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	2.145.866,00	2.811.123,00	4.531.188,00	4.974.287,00	495.738,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	300.344.682,00	259.866.441,00	231.997.946,00	155.210.268,00	197.590.833,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	276.311,00
II. Stocks: 12200	70.961.010,00	70.895.070,00	70.126.390,00	61.625.754,00	65.583.641,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	20.636.671,00	23.916.982,00	24.473.631,00	20.298.332,00	22.827.771,00
3. Work in progress: 12230	2.340.267,00	2.574.810,00	3.664,00	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	2.340.267,00	2.574.810,00	3.664,00	0,00	0,00
4. Finished goods: 12240	47.908.852,00	44.289.084,00	45.478.770,00	41.036.583,00	40.550.547,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	47.908.852,00	44.289.084,00	45.478.770,00	41.036.583,00	40.550.547,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	75.220,00	114.194,00	170.325,00	290.839,00	2.205.323,00
III. Trade debtors and others receivable accounts: 12300	96.006.502,00	85.908.592,00	79.731.176,00	67.721.793,00	85.125.118,00
1. Trade debtors / accounts receivable: 12310	31.190.447,00	34.639.032,00	36.205.733,00	34.428.944,00	41.591.779,00
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	31.190.447,00	34.639.032,00	36.205.733,00	34.428.944,00	41.591.779,00
2. Customers, Group companies and associates : 12320	52.497.366,00	45.830.092,00	40.147.224,00	30.961.621,00	28.317.125,00
3. Other accounts receivable: 12330	110.777,00	668.948,00	925.710,00	442.075,00	1.514.986,00
4. Personnel: 12340	111.730,00	66.443,00	74.704,00	77.618,00	138.079,00
5. Assets for deferred tax: 12350	0,00	24.257,00	0,00	13.081,00	13.081,00
6. Other debtors, including tax and social security: 12360	12.096.182,00	4.679.820,00	2.377.805,00	1.798.454,00	13.550.068,00
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	6.369.997,00	1.380.588,00	8.483.128,00	2.400.014,00	9.256.330,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	6.369.997,00	1.155.828,00	8.483.128,00	2.244.043,00	3.513.025,00
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	224.760,00	0,00	155.971,00	5.743.305,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	84.470.374,00	36.589.045,00	4.900.419,00	5.443.388,00	7.888.407,00
1. Equity instruments: 12510	364.479,00	314.162,00	340.729,00	309.068,00	0,00
2. Credits to businesses: 12520	1.594.963,00	908.944,00	971.201,00	2.823.044,00	2.754.895,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	1.255.158,00	36.572,00	2.582.122,00	0,00	1.320.485,00
5. Other financial assets : 12550	81.255.774,00	35.329.367,00	1.006.367,00	2.311.276,00	3.813.027,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	636.411,00	901.694,00	784.956,00	798.746,00	706.867,00
VII. Cash and other equivalent liquid assets : 12700	41.900.388,00	64.191.452,00	67.971.877,00	17.220.573,00	28.754.159,00
1. Treasury: 12710	36.907.363,00	64.191.452,00	67.971.877,00	17.220.573,00	28.754.159,00
2. Other equivalent liquid assets: 12720	4.993.025,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	646.976.641,00	537.269.296,00	503.124.008,00	431.904.029,00	425.276.880,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	277.334.881,00	264.108.789,00	247.822.568,00	226.160.681,00	211.338.973,00
A-1) Shareholders' equity: 21000	274.239.731,00	260.110.816,00	238.216.872,00	213.684.295,00	194.141.634,00
I. Capital: 21100	3.005.000,00	3.005.000,00	3.005.000,00	3.005.000,00	3.005.000,00
1. Registered capital : 21110	3.005.000,00	3.005.000,00	3.005.000,00	3.005.000,00	3.005.000,00
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	257.105.816,00	236.119.915,00	210.679.295,00	191.136.634,00	164.377.896,00
1. Legal y estatutarias: 21310	604.773,00	604.773,00	604.773,00	1.463.648,00	2.335.115,00
2. Other reserves: 21320	256.501.043,00	235.515.142,00	210.074.522,00	189.672.986,00	162.042.781,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	25.128.915,00	26.235.901,00	29.782.577,00	26.542.661,00	38.758.738,00
VIII. (Interim dividend): 21800	-11.000.000,00	-5.250.000,00	-5.250.000,00	-7.000.000,00	-12.000.000,00
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	-2.719.347,00	-3.401.885,00	612.619,00	-39.152,00	-78.498,00
I. Financial assets held for sale: 22100	-364,00	-35.587,00	-16.990,00	-39.152,00	-78.498,00
II. Hedge operations: 22200	-2.718.983,00	-3.366.298,00	629.609,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	5.814.497,00	7.399.858,00	8.993.077,00	12.515.538,00	17.275.837,00
B) NON-CURRENT LIABILITIES: 31000	213.979.759,00	172.613.512,00	164.135.996,00	76.757.350,00	83.744.304,00
I. Long-term provisions: 31100	1.421.996,00	907.689,00	890.784,00	1.819.113,00	596.833,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	861.996,00	806.693,00	803.693,00	651.433,00	596.833,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	560.000,00	100.996,00	87.091,00	1.167.680,00	0,00
II Long-term creditors: 31200	189.430.451,00	149.147.150,00	143.247.806,00	56.715.516,00	68.115.373,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	157.786.818,00	142.599.609,00	138.563.372,00	53.286.454,00	63.425.383,00
3. Creditors from financial leasing: 31230	714.881,00	1.073.212,00	1.163.092,00	1.493.854,00	2.560.962,00
4. Derivatives : 31240	4.983.405,00	4.483.440,00	1.715.460,00	0,00	0,00
5. Other financial liabilities : 31250	25.945.347,00	990.889,00	1.805.882,00	1.935.208,00	2.129.028,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	23.127.312,00	22.558.673,00	19.997.406,00	18.222.721,00	15.032.098,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	155.662.001,00	100.546.995,00	91.165.444,00	128.985.998,00	130.193.603,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	92.345.300,00	47.199.108,00	34.605.322,00	80.129.248,00	68.370.248,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	51.430.977,00	33.357.006,00	26.304.003,00	34.125.587,00	39.943.206,00
3. Creditors from financial leasing: 32330	347.082,00	392.115,00	451.553,00	1.193.620,00	1.387.229,00
4. Derivatives : 32340	603.358,00	164.452,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	39.963.883,00	13.285.535,00	7.849.766,00	44.810.041,00	27.039.813,00
IV. Short-term debts with Group companies and associates: 32400	5.583.010,00	2.274.782,00	4.057.396,00	3.746.777,00	9.741.201,00
V. Trade creditors and other accounts payable: 32500	57.733.691,00	51.073.105,00	52.502.726,00	45.109.973,00	52.082.154,00
1. Suppliers: 32510	34.370.423,00	31.533.603,00	28.832.022,00	20.513.401,00	31.511.560,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	34.370.423,00	31.533.603,00	28.832.022,00	20.513.401,00	31.511.560,00
2. Suppliers, Group companies and associates: 32520	3.775.975,00	1.010.933,00	1.324.324,00	6.527.163,00	3.693.253,00
3. Other creditors: 32530	12.348.660,00	13.807.626,00	13.665.679,00	11.162.283,00	13.419.385,00
4. Personnel (remuneration due): 32540	2.287.831,00	2.147.353,00	2.712.735,00	2.292.461,00	2.122.191,00
5. Liabilities for current tax: 32550	3.460,00	36.990,00	67.956,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	4.947.342,00	2.536.600,00	5.900.010,00	4.614.665,00	1.335.765,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	646.976.641,00	537.269.296,00	503.124.008,00	431.904.029,00	425.276.880,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	241.265.724,00	221.262.284,00	234.371.127,00	215.207.131,00	260.571.291,00
a) Sales: 40110	239.869.132,00	219.853.519,00	234.258.254,00	215.207.131,00	258.600.829,00
b) Rendering of services: 40120	1.396.592,00	1.408.765,00	112.873,00	-206.124,00	1.970.462,00
2. Changes in stocks of finished goods and work in progress: 40200	3.385.227,00	1.381.459,00	4.445.852,00	486.036,00	2.383.673,00
3. Works carried out by the company for its assets: 40300	2.385.333,00	1.632.869,00	777.296,00	617.134,00	563.483,00
4. Supplies : 40400	-104.408.629,00	-95.313.621,00	-94.162.685,00	-80.193.722,00	-108.357.305,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-102.578.129,00	-94.096.688,00	-93.216.566,00	-79.141.722,00	-107.456.744,00
c) Works carried out by other companies: 40430	-1.830.500,00	-1.216.933,00	-946.119,00	-1.052.000,00	-900.561,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	3.732.344,00	2.984.630,00	2.812.901,00	2.083.197,00	679.614,00
a) Auxiliary income and other from current management: 40510	3.656.824,00	2.794.195,00	2.056.842,00	1.482.652,00	85.410,00
b) Operation subsidies included in the Period's result: 40520	75.520,00	190.435,00	756.059,00	600.545,00	594.204,00
6. Personnel costs: 40600	-46.166.698,00	-43.365.663,00	-43.877.693,00	-39.911.441,00	-41.815.878,00
a) Wages, salaries et al.: 40610	-35.604.685,00	-33.051.451,00	-33.838.845,00	-30.339.266,00	-31.694.467,00
b) Social security costs: 40620	-10.562.013,00	-10.314.212,00	-10.038.848,00	-9.572.175,00	-10.121.411,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-51.180.561,00	-42.291.588,00	-49.359.701,00	-45.438.295,00	-46.362.014,00
a) External services: 40710	-48.722.592,00	-40.533.847,00	-47.416.355,00	-42.835.292,00	-43.967.350,00
b) Taxes: 40720	-601.464,00	-672.952,00	-974.357,00	-578.676,00	-773.275,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-1.203.485,00	-754.209,00	-721.771,00	-1.509.948,00	-1.610.857,00
d) Other current management expenditure : 40740	-653.020,00	-330.580,00	-247.218,00	-514.379,00	-10.532,00
8. Amortisation of fixed assets: 40800	-13.104.393,00	-17.585.189,00	-21.375.459,00	-23.638.920,00	-23.796.612,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	2.202.174,00	3.670.482,00	5.942.396,00	3.069.085,00	3.034.693,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	293.011,00
11. Impairment and result of transfers of fixed assets: 41100	-246.323,00	77.912,00	-165.564,00	35.609,00	343.511,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-246.323,00	77.912,00	-165.564,00	35.609,00	343.511,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-13.444,00	-24.309,00	-16.330,00	-176.428,00	-318.997,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	37.850.754,00	32.429.266,00	39.392.140,00	32.139.386,00	47.218.470,00
14. Financial income : 41400	5.529.994,00	4.050.507,00	4.362.175,00	1.903.167,00	2.689.945,00
a) Of shares in equity instruments : 41410	0,00	224.760,00	1.182.042,00	0,00	82.865,00
a 1) In Group companies and associates: 41411	0,00	224.760,00	1.182.042,00	0,00	82.865,00
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	5.529.994,00	3.825.747,00	3.180.133,00	1.903.167,00	2.607.080,00
b 1) From Group companies and associates : 41421	321.607,00	175.570,00	90.215,00	982.482,00	1.267.278,00
b 2) From third parties : 41422	5.208.387,00	3.650.177,00	3.089.918,00	920.685,00	1.339.802,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-8.144.561,00	-4.814.165,00	-3.451.648,00	-4.038.991,00	-6.538.980,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	-581,00	0,00
b) For debts with third parties : 41520	-8.144.561,00	-4.814.165,00	-3.451.648,00	-4.038.410,00	-6.538.980,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-483.511,00	-331.563,00	-245.262,00	0,00	0,00
a) Trading book and other : 41610	-483.511,00	-331.563,00	-245.262,00	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	104.482,00	5.585.884,00	9.894,00	-186.646,00	8.523.083,00
18. Impairment and result for transfers of financial instruments: 41800	-110.867,00	-264.222,00	-767.161,00	0,00	-364.212,00
a) Impairment and losses : 41810	-110.867,00	-264.222,00	-767.161,00	0,00	-359.416,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	-4.796,00
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	-3.104.463,00	4.226.441,00	-92.002,00	-2.322.470,00	4.309.836,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	34.746.291,00	36.655.707,00	39.300.138,00	29.816.916,00	51.528.306,00
20. Income taxes: 41900	-9.617.376,00	-10.419.806,00	-9.517.561,00	-3.274.255,00	-12.769.568,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	25.128.915,00	26.235.901,00	29.782.577,00	26.542.661,00	38.758.738,00
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	25.128.915,00	26.235.901,00	29.782.577,00	26.542.661,00	38.758.738,00

> 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, 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:	344.479.720,00	274.460.213,00	266.038.856,00	271.719.474,00	227.466.620,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	5.351.046,00	5.522.042,00	7.534.889,00	8.365.505,00	8.254.183,00
1. Research and development costs:	0,00	0,00	1.846.420,00	1.745.189,00	929.137,00
2. Concessions, patents, licences, trademarks et al.:	2.672.403,00	2.815.871,00	2.967.511,00	3.369.811,00	3.513.447,00
3. Goodwill:	1.390.740,00	1.390.740,00	1.390.740,00	1.390.740,00	1.390.740,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	1.287.903,00	1.315.431,00	1.330.218,00	1.859.765,00	2.420.859,00
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:	148.258.043,00	99.434.277,00	101.656.886,00	114.826.977,00	123.604.512,00
1. Land and construction:	38.614.629,00	38.567.321,00	39.622.212,00	39.477.252,00	32.616.195,00
2. Technical installations and machinery:	25.792.751,00	30.983.281,00	38.992.198,00	47.657.491,00	55.452.927,00
3. Other installations, tools and furniture:	13.095.449,00	15.730.776,00	19.797.049,00	24.196.576,00	28.154.461,00
4. Payments on account and tangible fixed assets under construction:	69.009.374,00	12.055.728,00	606.154,00	269.855,00	3.627.476,00
5. Other tangible assets:	1.745.839,00	2.097.172,00	2.639.273,00	3.225.802,00	3.753.454,00
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:	190.870.631,00	169.503.894,00	156.847.081,00	148.526.992,00	95.607.925,00
1. Equity investments in group companies:	166.884.807,00	159.143.358,00	150.062.570,00	141.890.154,00	74.181.427,00
2. Receivables from group companies:	17.086.626,00	5.064.109,00	77.338,00	271.519,00	14.849.057,00
3. Equity investment in associated companies:	1.452.542,00	1.385.162,00	1.306.124,00	1.234.992,00	645.665,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	696.074,00	100.220,00	100.220,00	100.220,00	100.220,00
6. Other receivables:	4.723.185,00	3.783.648,00	5.261.315,00	4.985.479,00	5.678.628,00
7. Long term guarantees and deposits:	27.397,00	27.397,00	39.514,00	44.628,00	152.928,00
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:	301.235.390,00	262.640.992,00	233.947.012,00	160.184.555,00	196.489.775,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	70.961.010,00	70.895.070,00	70.126.390,00	61.625.754,00	65.583.641,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	20.636.671,00	23.916.982,00	24.473.631,00	20.298.332,00	22.827.771,00
3. Goods in process and semifinished ones:	2.340.267,00	2.574.810,00	3.664,00	0,00	0,00
4. Finished products:	47.908.852,00	44.289.084,00	45.478.770,00	41.036.583,00	40.550.547,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	75.220,00	114.194,00	170.325,00	290.839,00	2.205.323,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	98.152.368,00	88.719.715,00	84.262.364,00	72.696.080,00	85.620.856,00
1. Trade debtors / accounts receivable:	31.190.447,00	34.639.032,00	36.205.733,00	34.428.944,00	41.591.779,00
2. Accounts receivable, Group companies:	52.313.780,00	45.669.822,00	40.006.827,00	30.853.347,00	28.218.099,00
3. Accounts receivable, associated companies:	183.586,00	160.270,00	140.397,00	108.274,00	99.026,00
4. Other debtors:	110.777,00	668.948,00	925.710,00	442.075,00	1.514.986,00
5. Staff:	111.730,00	66.443,00	74.704,00	77.618,00	138.079,00
6. Public bodies:	14.242.048,00	7.515.200,00	6.908.993,00	6.785.822,00	14.058.887,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	94.578.238,00	37.933.061,00	10.801.425,00	7.843.402,00	15.824.252,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	4.341.429,00	787.747,00	5.781.620,00	1.529.413,00	2.394.279,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	2.028.568,00	368.081,00	2.701.508,00	714.630,00	1.118.746,00
5. Short term securities portfolio:	5.357.504,00	314.162,00	340.729,00	309.068,00	0,00
6. Other receivables:	1.594.963,00	1.133.704,00	971.201,00	2.979.015,00	8.498.200,00
7. Shor term guarantees and deposits:	81.255.774,00	35.329.367,00	1.006.367,00	2.311.276,00	3.813.027,00
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:	36.907.363,00	64.191.452,00	67.971.877,00	17.220.573,00	28.754.159,00
VII. Prepayments and accrued income:	636.411,00	901.694,00	784.956,00	798.746,00	706.867,00
GENERAL TOTAL (A + B + C + D):	645.715.110,00	537.101.205,00	499.985.868,00	431.904.029,00	423.956.395,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	278.451.961,00	264.215.382,00	240.908.427,00	218.051.237,00	198.522.235,00
I. Subscribed capital:	3.005.000,00	3.005.000,00	3.005.000,00	3.005.000,00	3.005.000,00
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:	261.318.046,00	240.224.481,00	213.370.850,00	195.503.576,00	168.758.497,00
1. Legal reserve:	604.773,00	604.773,00	604.773,00	1.463.648,00	2.335.115,00
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:	260.713.159,00	239.619.602,00	212.765.981,00	194.039.839,00	166.423.304,00
Differences due to capital adjustement to euros:	114,00	107,00	96,00	89,00	78,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	25.128.915,00	26.235.901,00	29.782.577,00	26.542.661,00	38.758.738,00
VII. Interim dividend paid:	-11.000.000,00	-5.250.000,00	-5.250.000,00	-7.000.000,00	-12.000.000,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	4.070.148,00	5.179.901,00	6.295.154,00	8.760.877,00	12.093.086,00
1. Capital grants:	4.070.148,00	5.179.901,00	6.295.154,00	8.760.877,00	12.093.086,00
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:	560.000,00	100.996,00	87.091,00	1.167.680,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	560.000,00	100.996,00	87.091,00	1.167.680,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	207.574.358,00	167.222.383,00	161.529.752,00	74.938.237,00	83.147.471,00
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:	158.501.699,00	143.672.821,00	139.726.464,00	54.780.308,00	65.986.345,00
1. Loans and other liabilities:	157.786.818,00	142.599.609,00	138.563.372,00	53.286.454,00	63.425.383,00
2. Long-term liabilities from capital leases:	714.881,00	1.073.212,00	1.163.092,00	1.493.854,00	2.560.962,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	49.072.659,00	23.549.562,00	21.803.288,00	20.157.929,00	17.161.126,00
1. Long-term bills of exchange payable:	3.612.973,00	137.984,00	251.475,00	269.484,00	296.474,00
2. Other creditors:	22.332.374,00	852.905,00	1.554.407,00	1.665.724,00	1.832.554,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	23.127.312,00	22.558.673,00	19.997.406,00	18.222.721,00	15.032.098,00
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:	155.058.643,00	100.382.543,00	91.165.444,00	128.985.998,00	130.193.603,00
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:	51.778.059,00	33.749.121,00	26.755.556,00	35.319.207,00	41.330.435,00
1. Loans and other liabilities:	51.430.977,00	33.357.006,00	26.304.003,00	34.125.587,00	39.943.206,00
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:	347.082,00	392.115,00	451.553,00	1.193.620,00	1.387.229,00
III. Short-term amounts owed to group and associated companies:	9.358.985,00	3.285.715,00	5.381.720,00	10.273.940,00	13.434.454,00
1. Amounts owed to group companies:	8.642.570,00	3.034.199,00	4.969.758,00	9.487.487,00	12.406.069,00
2. Amounts owed to associated companies:	716.415,00	251.516,00	411.962,00	786.453,00	1.028.385,00
IV. Trade creditors:	46.719.083,00	45.341.229,00	42.497.701,00	31.675.684,00	44.930.945,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	46.719.083,00	45.341.229,00	42.497.701,00	31.675.684,00	44.930.945,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	47.202.516,00	18.006.478,00	16.530.467,00	51.717.167,00	30.497.769,00
1. Public bodies:	4.950.802,00	2.573.590,00	5.967.966,00	4.614.665,00	1.335.765,00
2. Bills of exchange payable:	34.343.760,00	11.417.189,00	6.745.853,00	38.508.402,00	23.237.203,00
3. Miscellaneous debts:	5.620.123,00	1.868.346,00	1.103.913,00	6.301.639,00	3.802.610,00
4. Wages and salaries payable:	2.287.831,00	2.147.353,00	2.712.735,00	2.292.461,00	2.122.191,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	645.715.110,00	537.101.205,00	499.985.868,00	431.904.029,00	423.956.395,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	233.476.363,00	214.410.126,00	222.939.064,00	196.858.698,00	240.323.566,00
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:	104.408.629,00	95.313.621,00	94.162.685,00	80.193.722,00	108.357.305,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	102.578.129,00	94.096.688,00	93.216.566,00	79.141.722,00	107.456.744,00
c) Miscellaneous external expenditure:	1.830.500,00	1.216.933,00	946.119,00	1.052.000,00	900.561,00
A.3. Staff costs:	46.166.698,00	43.365.663,00	43.877.693,00	39.911.441,00	41.815.878,00
a) Wages, salaries et al.:	35.604.685,00	33.051.451,00	33.838.845,00	30.339.266,00	31.694.467,00
b) Social security costs:	10.562.013,00	10.314.212,00	10.038.848,00	9.572.175,00	10.121.411,00
A.4. Depreciation expense:	13.104.393,00	17.585.189,00	21.375.459,00	23.638.920,00	23.796.612,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.203.485,00	754.209,00	721.771,00	1.509.948,00	1.610.857,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	1.203.485,00	754.209,00	721.771,00	1.509.948,00	1.610.857,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	49.977.076,00	41.537.379,00	48.637.930,00	43.928.347,00	44.751.157,00
a) External services:	48.722.592,00	40.533.847,00	47.416.355,00	42.835.292,00	43.967.350,00
b) Taxes:	601.464,00	672.952,00	974.357,00	578.676,00	773.275,00
c) Other operating expenses:	653.020,00	330.580,00	247.218,00	514.379,00	10.532,00
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):	35.908.347,00	28.705.181,00	33.631.638,00	29.004.996,00	44.159.263,00
A.7. Financial and similar charges:	8.144.561,00	4.814.165,00	3.451.648,00	4.038.991,00	6.543.776,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	581,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	8.144.561,00	4.814.165,00	3.451.648,00	4.038.410,00	6.538.980,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	4.796,00
A.8. Changes in financial investment provisions:	594.378,00	595.785,00	1.012.423,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	186.646,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	4.226.441,00	0,00	0,00	4.669.252,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	32.803.884,00	32.931.622,00	33.539.636,00	26.682.526,00	48.828.515,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	359.416,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	246.323,00	0,00	165.564,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	13.444,00	24.309,00	16.330,00	176.428,00	318.997,00
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):	1.942.407,00	3.724.085,00	5.760.502,00	2.928.266,00	2.699.791,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	34.746.291,00	36.655.707,00	39.300.138,00	29.610.792,00	51.528.306,00
A.15. Corporation tax:	9.617.376,00	10.419.806,00	9.517.561,00	3.274.255,00	12.769.568,00
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):	25.128.915,00	26.235.901,00	29.782.577,00	26.336.537,00	38.758.738,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	258.605.278,00	240.646.027,00	252.721.641,00	223.195.235,00	279.082.304,00
B.1. Net total sales:	241.265.724,00	221.262.284,00	234.371.127,00	215.001.007,00	260.571.291,00
a) Sales:	241.967.797,00	221.777.063,00	236.307.828,00	217.090.023,00	260.863.381,00
b) Rendering of services:	1.396.592,00	1.408.765,00	112.873,00	-206.124,00	1.970.462,00
Returns and Rappel on sales:	-2.098.665,00	-1.923.544,00	-2.049.574,00	-1.882.892,00	-2.262.552,00
B.2. Stock increase of manufactured goods and products in process:	3.385.227,00	1.381.459,00	4.445.852,00	486.036,00	2.383.673,00
B.3. Works performed by the company for fixed assets:	2.385.333,00	1.632.869,00	777.296,00	617.134,00	563.483,00
B.4. Miscellaneous operating income:	3.732.344,00	2.984.630,00	2.812.901,00	2.083.197,00	972.625,00
a) Auxiliary income and other from current management:	3.656.824,00	2.794.195,00	2.056.842,00	1.482.652,00	85.410,00
b) Grants:	75.520,00	190.435,00	756.059,00	600.545,00	594.204,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	293.011,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	224.760,00	1.182.042,00	0,00	82.865,00
a) In companies of the group:	0,00	224.760,00	1.182.042,00	0,00	80.415,00
b) In associated companies:	0,00	0,00	0,00	0,00	2.450,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	321.607,00	175.570,00	90.215,00	982.482,00	1.267.278,00
a) From companies of the group:	321.607,00	175.570,00	90.215,00	982.482,00	1.267.278,00
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:	5.208.387,00	3.650.177,00	3.089.918,00	920.685,00	1.339.802,00
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) Miscellaneous interests:	5.208.387,00	3.650.177,00	3.089.918,00	920.685,00	1.339.802,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	104.482,00	5.585.884,00	9.894,00	0,00	8.523.083,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	3.104.463,00	0,00	92.002,00	2.322.470,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	77.912,00	0,00	35.609,00	343.511,00
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:	2.202.174,00	3.670.482,00	5.942.396,00	3.069.085,00	3.034.693,00
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):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	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	34.746.291,00	36.655.707,00	39.300.138,00	29.816.916,00	51.528.306,00
2. Results adjustments.: 61200	15.478.154,00	11.211.967,00	14.396.884,00	24.662.908,00	16.465.078,00
a) Fixed Assets Amortization (+).: 61201	13.104.393,00	17.585.189,00	21.375.459,00	23.638.920,00	23.796.612,00
b) Obsolescence Allowances (+/-). : 61202	1.314.352,00	975.498,00	1.488.932,00	1.113.259,00	1.562.237,00
c) Variation in Provision (+/-). : 61203	514.307,00	16.905,00	-928.329,00	1.222.280,00	-252.111,00
d) Allocation of grants (-).: 61204	-2.202.174,00	-3.860.917,00	-6.698.455,00	-3.669.630,00	-3.628.897,00
e) Results on disposal of fixed assets (+/-). : 61205	-246.323,00	77.912,00	-165.564,00	35.609,00	-343.511,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	0,00	4.796,00
g) Financial income (-).: 61207	-5.529.994,00	-4.095.586,00	-4.362.175,00	-1.903.167,00	-2.689.945,00
h) Financial Expenses (+). : 61208	8.628.072,00	5.190.807,00	3.696.910,00	4.038.991,00	6.538.980,00
i) Exchange differences (+/-). : 61209	-104.479,00	-5.585.884,00	-9.894,00	186.646,00	-8.523.083,00
k) Other income and expense (-/+). : 61211	0,00	908.043,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-53.555.533,00	-74.411.933,00	-56.762.664,00	-1.392.274,00	4.067.286,00
a) Stock (+/-).: 61301	-65.940,00	-768.680,00	-8.500.636,00	3.957.890,00	-6.716.290,00
d) Debtors and other accounts receivable (+/-). : 61302	-11.504.053,00	-6.932.300,00	-11.728.691,00	1.860.834,00	11.487.190,00
c) Other current assets (+/-). : 61303	-93.714.189,00	-69.311.431,00	-2.970.606,00	6.547.676,00	-30.262.564,00
d) Creditors and other accounts payable (+/-). : 61304	7.022.577,00	4.187.229,00	7.334.691,00	-12.404.865,00	33.549.447,00
e) Other current liabilities (+/-).: 61305	19.203.401,00	-1.338.573,00	-41.605.050,00	-1.215.492,00	-668.402,00
f) Other non-current assets and liabilities (+/-).: 61306	25.502.671,00	-248.178,00	707.628,00	-138.317,00	-3.322.095,00
4. Other cash flows for operating activities.: 61400	-10.035.141,00	-7.049.551,00	-4.562.134,00	-11.320.943,00	-25.273.512,00
a) Interest payments (-). : 61401	-8.628.072,00	-5.190.807,00	-3.696.910,00	-4.181.127,00	-6.714.236,00
b) Dividend payment collection (+). : 61402	0,00	0,00	0,00	0,00	82.865,00
c) Interest collection (+). : 61403	5.529.994,00	4.095.586,00	4.362.175,00	1.679.643,00	2.651.098,00
d) Income tax payment collection (payments) (+/-).: 61404	-6.937.063,00	-5.966.447,00	-5.222.285,00	-8.829.259,00	-21.293.239,00
e) Other payments (payment collection) (-/+) : 61405	0,00	12.117,00	-5.114,00	9.800,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	-13.366.229,00	-33.593.810,00	-7.627.776,00	41.766.607,00	46.787.158,00
6. Payments for investment (-).: 62100	-95.698.443,00	-33.026.212,00	-26.676.316,00	-50.244.662,00	-56.566.594,00
a) Companies of the group and affiliates. : 62101	-31.097.946,00	-14.349.161,00	-14.532.178,00	-26.837.999,00	-22.643.567,00
b) Intangible fixed assets. : 62102	-664.447,00	-846.480,00	-1.741.560,00	-1.201.959,00	-3.360.259,00
c) Fixed assets. : 62103	-61.446.819,00	-15.560.989,00	-6.030.308,00	-16.203.470,00	-27.608.521,00
e) Other financial assets. : 62105	-2.095.215,00	-1.723.871,00	-4.372.270,00	-5.638.417,00	-361.500,00
f) Non-current assets kept for sale. : 62106	0,00	0,00	0,00	-362.817,00	-2.592.747,00
h) Other assets. : 62108	-394.016,00	-545.711,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	52.864.893,00	47.569.706,00	5.629.231,00	12.138.731,00	2.847.229,00
a) Companies of the group and affiliates. : 62201	5.991.535,00	8.483.128,00	2.244.043,00	3.518.799,00	0,00
c) Fixed assets. : 62203	600.426,00	2.979.824,00	562.679,00	49.388,00	125.088,00
e) Other financial assets. : 62205	46.272.932,00	36.106.754,00	2.822.509,00	8.202.726,00	0,00
f) Non-current assets kept for sale. : 62206	0,00	0,00	0,00	367.818,00	2.722.141,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-42.833.550,00	14.543.494,00	-21.047.085,00	-38.105.931,00	-53.719.365,00
9. Payment collection and payments for equity instruments. : 63100	158.819,00	1.110.098,00	163.996,00	10.784.015,00	12.283.624,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	0,00	4.776.638,00
e) Grants, donations and bequests received (+). : 63105	158.819,00	1.110.098,00	163.996,00	10.784.015,00	12.283.624,00
10. Payment collection and payments for financial liabilities instruments.: 63200	33.749.896,00	14.159.793,00	79.262.169,00	-15.694.777,00	-2.007.309,00
a) Issuance : 63201	55.205.591,00	15.708.916,00	91.368.980,00	9.294.295,00	8.121.571,00
2. Debts incurred with credit institutions (+). : 63203	55.205.591,00	15.708.916,00	91.368.980,00	9.080.476,00	8.121.571,00
5. Other debts (+). : 63206	0,00	0,00	0,00	213.819,00	0,00
b) Repayment and amortization of : 63207	-21.455.695,00	-1.549.123,00	-12.106.811,00	-24.989.072,00	-10.128.880,00
2. Debts incurred with credit institutions (-).: 63209	-21.455.695,00	-1.549.123,00	-12.106.811,00	-24.894.888,00	-9.462.569,00
5. Other debts (-). : 63212	0,00	0,00	0,00	-94.184,00	-666.311,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	-10.283.500,00	0,00
a) Dividends (-).: 63301	0,00	0,00	0,00	-10.283.500,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	33.908.715,00	15.269.891,00	79.426.165,00	-15.194.262,00	10.276.315,00
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	-22.291.064,00	-3.780.425,00	50.751.304,00	-11.533.586,00	3.344.108,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	64.191.452,00	67.971.877,00	17.220.573,00	28.754.159,00	25.410.051,00
Cash or equivalent assets as of end of the fiscal year.: 65200	41.900.388,00	64.191.452,00	67.971.877,00	17.220.573,00	28.754.159,00

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:	-0,09 %	0,01 %	-0,02 %	0,00 %	-440,75 %
EBITDA over Sales:	20,31 %	9,55 %	20,92 %	10,07 %	-2,90 %	-5,09 %
Cash Flow Yield:	-0,03 %	0,00 %	-0,01 %	0,00 %	-389,68 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	10,37 %	5,66 %	9,84 %	6,97 %	5,30 %	-18,86 %
Total economic profitability:	6,63 %	2,71 %	7,72 %	4,18 %	-14,11 %	-35,04 %
Financial profitability:	9,16 %	1,73 %	10,09 %	5,87 %	-9,15 %	-70,57 %
Margin:	15,31 %	5,14 %	14,37 %	6,36 %	6,53 %	-19,27 %
Mark-up:	14,05 %	1,91 %	16,24 %	4,73 %	-13,47 %	-59,58 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,27	0,13	0,64	0,11	-57,84	17,86
Acid Test:	1,47	0,87	1,87	0,83	-21,44	4,65
Working Capital / Investment:	0,22	0,03	0,30	0,03	-24,59	31,84
Solvency:	1,94	1,21	2,61	1,16	-25,62	3,95

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,31	1,57	1,01	1,65	28,98	-4,37
Borrowing Composition:	1,37	1,11	1,71	1,04	-20,04	7,33
Repayment Ability:	-16,52	125,71	-72,02	715,71	77,06	-82,44
Warranty:	1,76	1,64	1,97	1,61	-10,96	1,77
Generated resources / Total creditors:	0,10	0,07	0,16	0,07	-35,69	-0,25

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,06	1,75	2,07	1,75	-0,28	0,12
Turnover of Collection Rights :	2,58	4,87	2,63	4,49	-2,00	8,62
Turnover of Payment Entitlements:	2,75	3,53	2,72	3,27	1,19	8,09
Stock rotation:	2,98	6,86	2,78	6,08	7,15	12,74
Assets turnover:	0,68	1,10	0,69	1,10	-1,15	0,50
Borrowing Cost:	2,21	3,04	1,77	2,93	25,09	4,07

> 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:	-0,09 %	-0,02 %	21,65 %	-5,36 %	1,28 %
EBITDA over Sales:	20,31 %	20,92 %	23,47 %	24,56 %	25,97 %
Cash Flow Yield:	-0,03 %	-0,01 %	10,09 %	-2,67 %	0,79 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	10,37 %	9,84 %	11,86 %	11,73 %	15,21 %
Total economic profitability:	6,63 %	7,72 %	8,50 %	7,84 %	13,65 %
Financial profitability:	9,16 %	10,09 %	12,50 %	12,42 %	19,96 %
Margin:	15,31 %	14,37 %	16,56 %	14,83 %	18,16 %
Mark-up:	14,05 %	16,24 %	16,52 %	13,76 %	1,77 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,27	0,64	0,75	0,13	0,22
Acid Test:	1,47	1,87	1,77	0,72	1,01
Working Capital / Investment:	0,22	0,30	0,28	0,06	0,16
Solvency:	1,94	2,61	2,59	1,24	1,52

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	1,31	1,01	1,03	0,89	1,01
Borrowing Composition:	1,37	1,71	1,79	0,58	0,64
Repayment Ability:	-16,52	-72,02	4,74	3,74	-7,27
Warranty:	1,76	1,97	1,98	2,12	1,99
Generated resources / Total creditors:	0,10	0,16	0,20	0,25	0,29

Efficiency	2012	2011	2010	2009	2008
Productivity:	2,06	2,07	2,25	2,32	2,62
Turnover of Collection Rights :	2,58	2,63	2,98	3,22	3,08
Turnover of Payment Entitlements:	2,75	2,72	2,82	2,80	3,02
Stock rotation:	2,98	2,78	2,91	3,06	3,32
Assets turnover:	0,68	0,69	0,72	0,79	0,84
Borrowing Cost:	2,21	1,77	1,36	1,98	3,07

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

Ideal Digital	19/12/2013
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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	CONSEJERIA DE MEDIO AMBIENTE
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	16.838,00

Entity	MINISTERIO DE CONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	7.728.738,00

Entity	CONSEJERIA DE INNOVACION, CIENCIA Y EMPRESA
Status	CONCEDIDA
Amount Granted	6.244.096,00

Entity	MINISTERIO DE CONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	1.491.303,00

Entity	CONSEJERIA DE INNOVACION, CIENCIA Y EMPRESA
Status	CONCEDIDA
Amount Granted	765.786,00

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	289.818,00

Entity	MINISTERIO DE CONOMIA Y HACIENDA
Status	CONCEDIDA
Amount Granted	240.128,00

Entity	AGENCIA DE INNOVACION Y DESARROLLO
Status	CONCEDIDA
Amount Granted	204.989,00

Entity	CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL
Status	CONCEDIDA
Amount Granted	133.911,00

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Status	CONCEDIDA
Amount Granted	125.007,00

Entity	AGENCIA DE INNOVACION Y DESARROLLO
Status	CONCEDIDA
Amount Granted	100.646,00

Entity	AGENCIA DE INNOVACION Y DESARROLLO
Status	CONCEDIDA
Amount Granted	92.698,00

Entity	CONSEJERIA DE ECONOMIA Y TRABAJO DE LA JUNTA DE EXTREMADURA
Status	CONCEDIDA
Amount Granted	87.842,00

Entity	MINISTERIO DE INDUSTRIA, TURISMO Y COMERCIO
Status	CONCEDIDA
Amount Granted	55.068,00

Entity	CONSEJERIA DE MEDIO AMBIENTE
Status	CONCEDIDA
Amount Granted	52.533,00

Entity	MINISTERIO DE EDUCACION Y CIENCIA
Status	CONCEDIDA
Amount Granted	44.797,00

Entity	EXTENDA
Status	CONCEDIDA
Amount Granted	44.582,00

Entity	INSTITUTO ESPAÑOL DE COMERCIO EXTERIOR
Status	CONCEDIDA
Amount Granted	44.582,00

Entity	CORPORACION TECNOLOGICA DE ANDALUCIA
Status	CONCEDIDA
Amount Granted	33.063,00

Entity	CORPORACION TECNOLOGICA DE ANDALUCIA
Status	CONCEDIDA
Amount Granted	28.232,00

Entity	MINISTERIO DE EDUCACION Y CIENCIA
Status	CONCEDIDA
Amount Granted	15.341,00

Entity	CORPORACION TECNOLOGICA DE ANDALUCIA
Status	CONCEDIDA
Amount Granted	1.463,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	4.521.801,00
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	CONSEJERIA DE INNOVACION, CIENCIA Y EMPRESA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	4.186.666,00
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	CONSEJERIA DE MEDIO AMBIENTE
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	151.237,00
Notes	El importe reflejado corresponde al imputado a resultados.

Entity	CONSEJERIA DE ECONOMIA Y TRABAJO DE LA JUNTA DE EXTREMADURA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	125.580,00

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	20.742.994,00
Notes	El importe traspasado a resultados del ejercicio asciende a 980.393,00 euros, el de las altas del ejercicio a 11.938.636,00 euros, y el pendiente de imputación a resultados al cierre a 16.221.193,00 euros.

Entity	CONSEJERIA DE INNOVACION, CIENCIA Y EMPRESA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	15.413.606,00
Notes	El importe traspasado a resultados del ejercicio asciende a 484.177,00 euros, el de las altas del ejercicio a 3.195.214,00 euros, y el pendiente de imputación a resultados al cierre a 11.602.927,00 euros.

Entity	AGENCIA DE INNOVACION Y DESARROLLO DE ANDALUCIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	763.852,00
Notes	El importe traspasado a resultados del ejercicio asciende a 142,00 euros, el de las altas del ejercicio a 372.844,00 euros, y el pendiente de imputación a resultados al cierre a 372.843,00 euros.

Entity	CONSEJERIA DE MEDIO AMBIENTE
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	328.306,00
Notes	El importe traspasado a resultados del ejercicio asciende a 51.011,00 euros, quedando pendiente de imputación al cierre a 177.069,00 euros.

Entity	CORPORACION TECNOLOGICA DE ANDALUCIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	47.250,00
Notes	Esta subvención ha sido concedida durante el presente ejercicio, y no se ha traspasado importe alguno a resultados.

Entity	CONSEJERIA DE INNOVACION, CIENCIA Y EMPRESA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	12.218.392,00
Notes	Importe traspasado a resultados del ejercicio: 644.464,00 euros. Traspaso a resultados por regularización de ejercicios anteriores en el ejercicio: 99.893,00 euros.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	8.804.358,00
Notes	Importe traspasado a resultados del ejercicio: 1.045.569,00 euros. Traspasos a resultados por regulación de ejercicios anteriores en el ejercicio: 288.210,00 euros.

Entity	AGENCIA DE INNOVACION Y DESARROLLO DE ANDALUCIA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	391.008,00
Notes	Importe traspasado a resultados del ejercicio: 7.409,00 euros.

Entity	INDUSTRIA
Dossier	AL-009-270400
Amount Granted	1.594.365,90
Notes	Fecha de concesión: 05/05/2002

Entity	INDUSTRIA
Status	CONCEDIDA
Amount Granted	1.504.339,11
Notes	Fecha de concesión: 09/07/2004

Entity	INCENTIVOS ECONOMICOS REGIONALES
Status	CONCEDIDA
Dossier	AL/497/P08
Amount Granted	1.186.349,33
Notes	Fecha de concesión: 11/07/2001

Entity	INCENTIVOS ECONOMICOS REGIONALES
Status	CONCEDIDA
Dossier	AL/538/P08
Amount Granted	1.104.527,04
Notes	Fecha de concesión: 06/11/2002

Entity	INCENTIVOS ECNOMICOS REGIONALES
Status	CONCEDIDA
Dossier	AL/0406/P08
Amount Granted	882.166,35
Notes	Fecha de concesión: 29/11/1999. Imputado: 433.75 euros Saldo final: 3.023.12 euros.

Entity	MEDIO AMBIENTE
Status	CONCEDIDA
Dossier	5274/2003/C/00
Amount Granted	326.400,00
Notes	Fecha de concesión: 16/12/2003.

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	ISU0800220
Amount Granted	129.836,92
Notes	Fecha de concesión 1998. Imputado:1.366.83 euros. Saldo final: 1501.39 euros.

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	ISU0100636
Amount Granted	108.455,82
Notes	Subvención concedida 21/04/1999. Imputado: 8.449,81 euros Saldo final: 2.817,11euros.

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	B038
Amount Granted	107.117,36
Notes	Fecha de concesión: 07/06/1999

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	B015
Amount Granted	81.570,47
Notes	Imputado: 110,49 euros. Saldo final: 0.00 euros.

Entity	MINAS
Status	CONCEDIDA
Dossier	AI/069-MI
Amount Granted	79.507,53
Notes	Fecha de concesión: 23/11/2004

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	B032
Amount Granted	46.160,90
Notes	Fecha de concesión: 23/11/1998

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	ISU0100763
Amount Granted	45.597,59
Notes	Fecha de concesión: 08/08/1999

Entity	INSTITUTO DE FOMENTO ANDALUCIA
Status	CONCEDIDA
Dossier	B037
Amount Granted	42.338,11
Notes	Fecha de concesión: 07/06/1999

Entity	MINAS
Status	CONCEDIDA
Dossier	AL/001-MI
Amount Granted	31.018,94
Notes	Fecha de concesión: 03/09/2001

Entity	MEDIO AMBIENTE
Status	CONCEDIDA
Amount Granted	1.904,80
Notes	Fecha de concesión: 12/07/2004

Research Summary

Big size company engaged in manufacturing and marketing of kitchen worktops, which has been operating for several years, without incidences.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.32
UK Pound	1	Rs.102.54
Euro	1	Rs.84.19

INFORMATION DETAILS

Report Prepared by :

NNA

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