MIRA INFORM REPORT

Report Date :

07.03.2014

IDENTIFICATION DETAILS

Name :	HUNE RENTAL SL
Registered Office :	C/ Haya, 4 1 Planta, Madrid, Postal Code 28044, Madrid
Country :	Spain
Financials (as on) :	2012
Date of Incorporation :	19.06.2006
Legal Form :	Private Company
Line of Business :	Engaged in renting and leasing of construction and civil engineering machinery and equipment
No. of Employees	520 (2014)

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	Euro  15.000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	---

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 – december 01, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

After almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.3% in 2010; GDP expanded 0.4% in 2011, before contracting 1.4% in 2012. The economy has once again fallen into recession as deleveraging in the private sector, fiscal consolidation, and continued high unemployment weigh on domestic demand and investment, even as exports have shown signs of resiliency. The unemployment rate rose from a low of about 8% in 2007 to 26.0% in 2012. The economic downturn has also hurt Spain's public finances. The government budget deficit peaked at 11.2% of GDP in 2010 and the process to reduce this imbalance has been slow despite the central government's efforts to raise new tax revenue and cut spending. Spain reduced its budget deficit to 9.4% of GDP in 2011, and roughly 7.4% of GDP in 2012, above the 6.3% target negotiated between Spain and the EU. Although Spain''s large budget deficit and poor economic growth prospects remain a source of concern for foreign investors, the government''s ongoing efforts to cut spending and introduce flexibility into the labor markets are intended to assuage these concerns. The government is also taking steps to shore up the banking system, namely by using up to $130 billion in EU funds to recapitalize struggling banks exposed to the collapsed domestic construction and real estate sectors.

Source : CIA

EXECUTIVE SUMMARY

Name:	HUNE RENTAL SL
NIF / Fiscal code:	B84736354
Status:	ACTIVE
Incorporation Date:	19/06/2006
Register Data	Register Section 8 Sheet 410367
Last Publication in BORME:	19/02/2014 [Appointments]
Last Published Account Deposit:	2011
Share Capital:	6.936.089
Localization:	C/ HAYA, 4 1 PLANTA. - MADRID - 28044 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 902108686
Number of Branches	4
Activity:
NACE:	7732 - Renting and leasing of construction and civil engineering machinery and equipment
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No

	Poor credit rating. Its capacity to repay its financial obligations is uncertain. High probability of failure to meet some of its obligations. High sensitivity to financial environment changes.
Maximum recommended commercial credit:	Euro  15.000
Currency in the report is in Euro

Defaults, Legal Claims and Insolvency Proceedings :
		Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies		None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)		1	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

LUIS ANGEL SALAS MANRIQUE	2.39 %
MASTHEAD PORTFOLIO SOCIEDAD LIMITADA	43 %
RAFAEL DUYOS ALVAREZARENAS	2.17 %
RAMON SANTAMARIA TRILLO	2.17 %
SORFINSA, S.A.	49.89 %
Shares:	2
Other Links:	8
No. of Active Corporate Bodies:

Ratios

2012

2011

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The subject is a leader company in its activity and its evolution is conditioned by the current situation of the market. Due to the accumulation of losses in the latest years, there is an important debt situation. It has not guarantees with its creditors.

Identification
Social Denomination:	HUNE RENTAL SL
NIF / Fiscal code:	B84736354
Corporate Status:	ACTIVE
Start of activity:	2006
Registered Office:	C/ HAYA, 4 1 PLANTA.
Locality:	MADRID
Province:	MADRID
Postal Code:	28044
Telephone:	902108686

Branch Offices
Address	Postal Code	City	Province
Zenc, 10	08755	CASTELLBISBAL	BARCELONA
Sabadell (Pol. Ind. Sot dels Pradals), 24	08500	VIC	BARCELONA
Av. Palmeras (Pol. Ind. La Sendilla), S/N	28350	CIEMPOZUELOS	MADRID
Av. Comarques del País Valencià, 99 BL.2	46930	QUART DE POBLET	VALENCIA

Activity

NACE:	7732
CNAE Obtaining Source:	7732
Additional Information:	The subject is engaged in leasing of machinery and lifting platform without driver. It also has prefabricated units for project’s, installations, sanitary and generators with high, medium and low power. It works for companies in different sectors such as construction, industry, energy, services, maintenance of installations and infrastructures... The subject has machinery with more than 23 thousands of units, of which 10 thousands are big machines. Its trade area is all Spain, Portugal and France and it has 8 areas which include more than 35 branches where the subject gives service to their customer. The subject also has a big fleet with more than 250 vehicles distributed in all the branches and a team formed by more than 400 technicians.
Additional Address:	Registered office and central offices, rented by the company, are located in C/ HAYA, 4, 1ª PLANTA, 28014-MADRID.
Import / export:	YES IMPORT / YES EXPORT
Future Perspective:	Face recession
Industry situation:	Decline

Number of Employees

Year	No. of employees	Established	Incidentals
2014	520

Chronological Summary

Year	Act
2006	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Change of Social address (1) Company Formation (1) Declaration of Sole Propietorship (2) Increase of Capital (1) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (2)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (1) Increase of Capital (3) Statutory Modifications (1)
2008	Accounts deposit (ejer. 2006 consolidated, 2007 consolidated, 2007) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (4) Change of Social Denomination (1) Change of Social address (1) Increase of Capital (2) Other Concepts/ Events (1) Statutory Modifications (1)
2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Statutory Modifications (1)
2010	Accounts deposit (ejer. 2008 consolidated) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Loss of the sole propietorship condition (1) Statutory Modifications (1)
2011	Accounts deposit (ejer. 2010 consolidated, 2009, 2010) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (3) Change of Social Purpose (1) Other Concepts/ Events (1) Take-over Merger (4)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (5)
2013	Accounts deposit (ejer. 2009 consolidated, 2011 consolidated, 2012 consolidated) Appointments/ Re-elections (3) Capital Reduction (1)
2014	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA GESTION Y EXPLOTACION DE MAQUINARIA INDUSTRIAL, INCLUYENDO LA CESIÓN DE USO A TERCEROS Y SU COMPRAVENTA	Corporate Purpose Change	05/10/2006
	EL ASESORAMIENTO EN MATERIA ECONOMICA, CONTABLE Y FINANCIERA	Company Formation	11/07/2006

Breakdown of Owners' Equity
Registered Capital:	6.936.089
Paid up capital:	6.936.089

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
28/06/2006	Company Formation	3.600	3.600	3.600	3.600
22/09/2006	Increase of Capital	4.977.650	4.977.650	4.981.250	4.981.250
28/06/2007	Increase of Capital	249.824	249.824	5.231.074	5.231.074
28/06/2007	Increase of Capital	238.603	238.603	5.469.677	5.469.677
13/07/2007	Increase of Capital	961.624	961.624	6.431.301	6.431.301
28/01/2008	Increase of Capital	395.958	395.958	6.827.259	6.827.259
28/01/2008	Increase of Capital	695.614	695.614	7.522.873	7.522.873
04/01/2013	Capital Reduction	-586.784	-586.784	6.936.089	6.936.089

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	ADMINISTRACION PROFESIONAL INDEPENDIENTE SL	12/02/2014	2
MEMBER OF THE BOARD	SALAS MANRIQUE LUIS-ANGEL	12/02/2014	1
	MASTHEAD PORTFOLIO SL	20/07/2010	1
	ADMINISTRACION PROFESIONAL INDEPENDIENTE SL	20/07/2010	2
JOINT ATTORNEY	LLEONART FAUS MARIA TERESA	14/02/2013	1
	MIRA FERNANDEZ MARIA	14/02/2013	1
	SANTAMARIA RAMON	07/06/2011	1
	HUERTAS ORDOÑEZ JOSE ANTONIO	07/06/2011	1
	BANZO ROMERO SERGIO	07/06/2011	1
	DUYOS ALVAREZ ARENAS RAFAEL	07/06/2011	1
	GRECO SANABRIA SERGIO	07/06/2011	1
	GARCIA CAPELO MANUEL	07/06/2011	1
PROXY	SALAS MANRIQUE LUIS ANGEL	14/10/2013	2
	MARTIN TANARRO JUAN IGNACIO	17/08/2012	1
	RODRIGUEZ MUÑOZ FRANCISCO	17/08/2012	2
	PEINADO VALLEJO BEATRIZ	10/05/2012	5
	VILLATE ESPIGA MIGUEL ANGEL	20/07/2010	2
	PARRONDO PEREZ FERNANDO	31/01/2008	1
NON CONSELLOR SECRETARY	BILBAO MANCISIDOR IÑIGO	20/07/2010	1
NON CONSELLOR ASSISTANT SECRETARY	SIRODEY LIÑARES JORGE	12/02/2014	1
REPRESENTATIVE	FERNANDEZ DE SANTAELLA DE HEREDIA FERNANDO MARIA	16/10/2012	1
	VILLATE ESPIGA MIGUEL ANGEL	20/07/2010	2
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	11/10/2013	8
CONSOLIDATED ACCOUNTS' AUDITOR	KPMG AUDITORES SL	11/10/2013	8

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ADVENT RENTAL HOLDINGS SCA	SINGLE PARTNER	04/11/2010	1
ANTON LAZARO PEDRO	JOINT ATTORNEY/COMBINED PROXY	04/02/2011	1
AZNAR SANTOS SANTIAGO	PROXY	20/07/2010	1
BORREGO GUTIERREZ JESUS	JOINT ATTORNEY	03/12/2011	1
CAMILLERI TERRER LUIS	PRESIDENT	09/12/2009	11
	MEMBER OF THE EXECUTIVE COMM.	09/12/2009
	VICE CHAIRMAN	03/12/2008
	PROXY	25/06/2007
	MEMBER OF THE BOARD	04/02/2008
	PROXY	26/02/2008
	COMBINED PROXY	22/12/2008
	MEMBER OF THE BOARD	09/12/2009
	PRESIDENT OF THE EXECUTIVE COMM.	09/12/2009
	COMBINED PROXY	04/02/2011
	PROXY	04/02/2011
CARVAJAL Y URQUIJO JAIME	MEMBER OF THE BOARD	09/12/2009	1
CASTRO VILLANUEVA ESTHER	JOINT ATTORNEY	02/01/2012	1
CEBAMANOS JARRETA EMILIO	MEMBER OF THE BOARD	12/02/2014	3
	REPRESENTATIVE	03/12/2008
	PRESIDENT	12/02/2014
DE ENTRAMBASAGUAS MONSELL JOAQUIN	JOINT ATTORNEY/COMBINED PROXY	29/08/2008	1
DEL CAMPO RODRIGUEZ MIGUEL	MEMBER OF THE BOARD	03/12/2008	1
DIAZ LAVIADA MARTURET JUAN	PROXY	04/02/2011	3
	MEMBER OF THE BOARD	09/12/2009
	PROXY	25/06/2007
DIONIS TRENOR JUAN	MEMBER OF THE BOARD	04/02/2008	5
	MEMBER OF THE BOARD	09/12/2009
	CHIEF EXECUTIVE OFFICER	09/12/2009
	MEMBER OF THE EXECUTIVE COMM.	09/12/2009
	SINGLE ADMINISTRATOR	20/07/2010
EIGEL CHRISTIAN HOEDL	PROXY	04/02/2011	2
	NON CONSELLOR SECRETARY	17/01/2008
ESCUDERO CUESTA DAVID	NON CONSELLOR ASSISTANT SECRETARY	25/06/2007	1
GIMENEZ SANCHEZ AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	30/11/2010	1
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	30/11/2010	8
	CONSOLIDATED ACCOUNTS' AUDITOR	30/11/2010
	ACCOUNTS' AUDITOR / HOLDER	25/06/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	25/06/2008
	CONSOLIDATED ACCOUNTS' AUDITOR	11/10/2013
	ACCOUNTS' AUDITOR / HOLDER	11/10/2013
LATORRE & ASOCIADOS CONSULTORIA S.L	SINGLE PARTNER	22/09/2006	1
LATORRE ATANCE ALEJANDRO	JOINT MANAGER	22/09/2006	1
LECHON ALFONSO FERNANDO	JOINT ATTORNEY	27/11/2012	1
LOVELUS PRINCIPE SL	MEMBER OF THE BOARD	03/12/2008	2
	PRESIDENT	03/12/2008
MANTECA PRIETO PAOLA	PROXY	17/08/2012	1
MARTIN SERRANO FRANCISCO	JOINT ATTORNEY	31/10/2012	1
NAVARRO MARTINEZ PEDRO ANGEL	REPRESENTATIVE	03/12/2008	1
PARDO BLASCO ENRIQUE	JOINT ATTORNEY	03/12/2011	1
PAZ VALBUENA JAVIER	NON CONSELLOR ASSISTANT SECRETARY	17/01/2008	1
PEINADO VALLEJO BEATRIZ	NON CONSELLOR SECRETARY	09/12/2009	5
	JOINT ATTORNEY	10/05/2012
	NON CONSELLOR SECRETARY	04/02/2008
	SECRETARY	09/12/2009
PERELLI BOTELLO JORGE	MEMBER OF THE BOARD	17/01/2008	2
	PROXY	17/01/2008
PUIG FABREGA GASPAR	MEMBER OF THE BOARD	08/01/2009	1
RODRIGUEZ CARMONA GONZALEZ ALEJANDRO	REPRESENTATIVE	16/10/2012	1
RODRIGUEZ MUÑOZ FRANCISCO	JOINT ATTORNEY	17/08/2012	2
RUBIO MARTINEZ DE LECEA MANUEL	NON CONSELLOR ASSISTANT SECRETARY	23/05/2011	1
SALAS MANRIQUE LUIS ANGEL	PROXY	14/10/2013	2
SANTIAGO PEREZ ANTONIO	JOINT MANAGER	22/09/2006	1
SOTO MEDINA CARLOS MARIA	PROXY	04/02/2011	11
	COMBINED PROXY	04/02/2011
	PROXY	26/02/2008
	PROXY	25/06/2007
	MEMBER OF THE BOARD	17/01/2008
	MEMBER OF THE EXECUTIVE COMM.	03/12/2008
	VICE SECRETARY	03/12/2008
	COMBINED PROXY	22/12/2008
	MEMBER OF THE EXECUTIVE COMM.	09/12/2009
	VICE CHAIRMAN	09/12/2009
	MEMBER OF THE BOARD	09/12/2009
TORRES MICHELENA PEDRO	MEMBER OF THE BOARD	03/12/2008	1
TORRES MICHELENA PEDRO VICENTE	PROXY	31/10/2012	1
TROPOSFERA SL	MEMBER OF THE BOARD	03/12/2008	1

Executive board

Post	NIF	Name
GENERAL MANAGER		LUIS ANGEL SALAS MANRIQUE

Defaults, Legal Claims and Insolvency Proceedings

Section enabling assessment of the degree of compliance of the company queried with its payment obligations. It provides information on the existence and nature of all stages of Insolvency and Legal Proceedings published with reference to the Company in the country's various Official Bulletins and national newspapers, as well Defaults Registered in the main national credit bureaus (ASNEF Industrial and RAI ).

> Summary

 Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		1	---	29/01/2013	29/01/2013
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Details

> Basis for rating

Positive Factors

Adverse Factors

Presents significant legal proceedings. Debts resulting from non-payment to Public Administrations or from lawsuits filed by individuals before the Courts of the different jurisdictions have been published in the Official Gazettes. However, given the nature of these legal proceedings and volume of this company's turnover, they are not considered serious. It has no operating income return. The Company has no return on the investments necessary for its main activity with respect to its assets. Insufficient long-term solvency. As the Real Assets of the company do not exceed its total debts, it does not offer, in principle, real property guarantee for settlement of its long-term obligations to third parties. The Company's show losses in the development of its ordinary activities in 2012 and in 2011. During 2012 the company renewed its customer portfolio 2.59 times. This reflects an approximate average payment collection term of 150 días days. Average payment term to suppliers is longer than average payment term from customers. This means that the company pays to suppliers later than it receives payment from its customers. This benefits the company from a financial perspective, as it may increase its income; whereas it is risky for suppliers, who are, therefore, financing the company.

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  17.2 %

> Latest Rating Changes :

Sector in which comparison is carried out : 773 Renting and leasing of other machinery, equipment and tangible goods
Relative Position: Credit quality is inferior 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 worse position with regard to the probability of non-compliance.

The 97% of the companies of the sector HUNE RENTAL SL belongs to shows a lower probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 17.18%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	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 PAMPLONA (NAVARRA) - Date 29/01/2013
Last Published Stage:	SEIZURE
Record Number:	2012321698
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	BOLETIN DE NAVARRA Nº35, 2013 PAGINA 2076

Link List

ABSORBS TO:	2 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	2 Entities
IS RELATED WITH:	4 Entities
PARTICIPATES IN:	2 Entities
SHAREHOLDERS:	5 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	LUIS ANGEL SALAS MANRIQUE		2.39
	MASTHEAD PORTFOLIO SOCIEDAD LIMITADA	VIZCAYA	43
	RAFAEL DUYOS ALVAREZARENAS		2.17
	RAMON SANTAMARIA TRILLO		2.17
	SORFINSA, S.A.		49.89
PARTICIPATES IN	HUNE ALUGUER LDA (PORTUGAL)		100
	HUNE LOCATION SARL (FRANCIA)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	HUNE LOCATION FRANCE SARL
	HUNE RENTAL FINANCE SARL
	PLATEFORMES ELEVATRICES UMESA
	ADMINISTRACION PROFESIONAL INDEPENDIENTE S.L.	GUIPUZCOA
ABSORBS TO	HUNE PLATAFORMAS S.A	BARCELONA
	HUNE MAQUINARIA S.L	MADRID
HAS IN ITS ADMINISTRATION BOARD TO	ADMINISTRACION PROFESIONAL INDEPENDIENTE S.L.	GUIPUZCOA
	MASTHEAD PORTFOLIO SOCIEDAD LIMITADA	VIZCAYA

Turnover
Total Sales 2013	53.100.000,00

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2012	Consolidadas	July  2013
2012	Normales	No publicado en BORME
2011	Consolidadas	May  2013
2011	Normales	December  2012
2010	Consolidadas	July  2011
2010	Normales	May  2011
2009	Consolidadas	May  2013
2009	Normales	January  2011
2008	Consolidadas	January  2010
2008	Normales	November  2009
2007	Consolidadas	November  2008
2007	Normales	September  2008
2006	Consolidadas	September  2008
2006	Normales	November  2007
2006	Normales	September  2008

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.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2012	2011	2010	2009	2008
A) NON-CURRENT ASSETS: 11000	222.522.000,00	308.528.000,00	222.875.000,00	207.189.079,00	217.281.000,00
I. Intangible fixed assets : 11100	84.174.000,00	128.759.000,00	346.000,00	207.154,00	214.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	9.000,00	11.000,00	14.000,00	25.691,00	33.000,00
4. Goodwill: 11140	83.827.000,00	127.963.000,00	0,00	0,00	0,00
5. IT applications: 11150	338.000,00	785.000,00	332.000,00	181.463,00	181.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	127.984.000,00	167.335.000,00	21.000,00	4.285,00	12.000,00
1. Land and buildings: 11210	5.000,00	14.000,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	127.976.000,00	167.318.000,00	21.000,00	4.285,00	12.000,00
3. Tangible asset in progress and advances: 11230	3.000,00	3.000,00	0,00	0,00	0,00
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	705.000,00	115.000,00	222.189.000,00	203.643.074,00	216.031.000,00
1. Equity instruments: 11410	705.000,00	115.000,00	8.167.000,00	8.152.286,00	20.236.000,00
2. Credits to businesses: 11420	0,00	0,00	214.022.000,00	195.490.788,00	195.795.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	2.269.000,00	2.592.000,00	305.000,00	796.365,00	906.000,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	300.000,00	259.000,00	785.100,00	895.000,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	2.269.000,00	2.292.000,00	46.000,00	11.265,00	11.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	7.390.000,00	9.727.000,00	14.000,00	2.538.202,00	118.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	38.899.000,00	50.229.000,00	1.566.000,00	17.304.370,00	19.824.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	2.361.000,00	3.103.000,00	0,00	1.764,00	0,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	2.361.000,00	3.103.000,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	1.764,00	0,00
III. Trade debtors and others receivable accounts: 12300	27.680.000,00	36.708.000,00	882.000,00	5.428.553,00	6.756.000,00
1. Trade debtors / accounts receivable: 12310	27.325.000,00	36.234.000,00	159.000,00	144.275,00	0,00
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	27.325.000,00	36.234.000,00	159.000,00	144.275,00	0,00
2. Customers, Group companies and associates : 12320	257.000,00	356.000,00	703.000,00	5.271.613,00	6.680.000,00
3. Other accounts receivable: 12330	38.000,00	63.000,00	10.000,00	0,00	76.000,00
4. Personnel: 12340	0,00	2.000,00	8.000,00	12.665,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	60.000,00	53.000,00	2.000,00	0,00	0,00
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	879.000,00	847.000,00	0,00	11.099.451,00	44.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	879.000,00	847.000,00	0,00	0,00	0,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	11.099.451,00	44.000,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	2.081.000,00	3.876.000,00	0,00	0,00	0,00
1. Equity instruments: 12510	13.000,00	11.000,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	2.068.000,00	3.865.000,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	417.000,00	481.000,00	31.000,00	14.380,00	6.000,00
VII. Cash and other equivalent liquid assets : 12700	5.481.000,00	5.214.000,00	653.000,00	760.222,00	13.018.000,00
1. Treasury: 12710	5.481.000,00	5.214.000,00	653.000,00	760.222,00	13.018.000,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	261.421.000,00	358.757.000,00	224.441.000,00	224.493.449,00	237.105.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2012	2011	2010	2009	2008
A) NET WORTH: 20000	-153.714.000,00	-75.372.000,00	24.592.000,00	-142.002.264,00	-104.877.000,00
A-1) Shareholders' equity: 21000	-153.714.000,00	-75.372.000,00	24.592.000,00	-142.002.264,00	-104.877.000,00
I. Capital: 21100	6.936.000,00	7.523.000,00	7.523.000,00	7.522.873,00	7.523.000,00
1. Registered capital : 21110	6.936.000,00	7.523.000,00	7.523.000,00	7.522.873,00	7.523.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	50.868.000,00	50.868.000,00	50.868.000,00	50.867.979,00	50.868.000,00
III. Reserves: 21300	-42.425.000,00	-42.256.000,00	-191.000,00	0,00	0,00
1. Legal y estatutarias: 21310	1.505.000,00	1.505.000,00	0,00	0,00	0,00
2. Other reserves: 21320	-43.930.000,00	-43.761.000,00	-191.000,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	-456.000,00	-456.000,00	0,00	0,00
V. Results from previous periods: 21500	-91.051.000,00	-35.113.000,00	-200.207.000,00	-163.263.684,00	-40.295.000,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-91.051.000,00	-35.113.000,00	-200.207.000,00	-163.263.684,00	-40.295.000,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	-78.042.000,00	-55.938.000,00	167.055.000,00	-37.129.432,00	-122.973.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	387.718.000,00	388.820.000,00	193.083.000,00	154.501.998,00	332.072.000,00
I. Long-term provisions: 31100	962.000,00	800.000,00	0,00	0,00	0,00
1. Long-term employee benefits liability: 31110	0,00	0,00	0,00	0,00	0,00
2. Environmental actions: 31120	0,00	0,00	0,00	0,00	0,00
3. Restructuring provisions: 31130	0,00	0,00	0,00	0,00	0,00
4. Other provisions: 31140	962.000,00	800.000,00	0,00	0,00	0,00
II Long-term creditors: 31200	386.756.000,00	388.020.000,00	147.159.000,00	154.469.948,00	196.245.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	323.172.000,00	310.919.000,00	143.986.000,00	149.528.930,00	192.365.000,00
3. Creditors from financial leasing: 31230	63.584.000,00	75.024.000,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	2.077.000,00	2.973.000,00	4.941.018,00	3.880.000,00
5. Other financial liabilities : 31250	0,00	0,00	200.000,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	45.924.000,00	0,00	135.763.000,00
IV. Liabilities for deferred tax: 31400	0,00	0,00	0,00	32.050,00	64.000,00
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	27.417.000,00	45.309.000,00	6.766.000,00	211.993.715,00	9.910.000,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	16.015.000,00	29.054.000,00	5.357.000,00	209.195.430,00	5.663.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	7.364.000,00	13.673.000,00	4.000.000,00	208.712.469,00	0,00
3. Creditors from financial leasing: 32330	8.133.000,00	12.963.000,00	0,00	482.961,00	0,00
4. Derivatives : 32340	309.000,00	1.691.000,00	1.157.000,00	0,00	0,00
5. Other financial liabilities : 32350	209.000,00	727.000,00	200.000,00	0,00	5.663.000,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	200.000,00	0,00	478.000,00
V. Trade creditors and other accounts payable: 32500	11.402.000,00	16.255.000,00	1.209.000,00	2.798.285,00	3.769.000,00
1. Suppliers: 32510	9.763.000,00	12.235.000,00	370.000,00	691.161,00	1.624.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	9.763.000,00	12.235.000,00	370.000,00	691.161,00	1.624.000,00
2. Suppliers, Group companies and associates: 32520	13.000,00	0,00	77.000,00	1.736.872,00	1.310.000,00
3. Other creditors: 32530	22.000,00	41.000,00	22.000,00	36.097,00	0,00
4. Personnel (remuneration due): 32540	682.000,00	993.000,00	130.000,00	124.982,00	453.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	43.441,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	922.000,00	2.986.000,00	610.000,00	165.732,00	382.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	261.421.000,00	358.757.000,00	224.441.000,00	224.493.449,00	237.105.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2012	2011	2010	2009	2008
1. Net turnover: 40100	53.358.000,00	67.433.000,00	0,00	581.138,00	0,00
a) Sales: 40110	0,00	0,00	0,00	0,00	0,00
b) Rendering of services: 40120	53.358.000,00	67.433.000,00	0,00	581.138,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	325.000,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-11.628.000,00	-13.770.000,00	0,00	0,00	0,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-10.627.000,00	-12.917.000,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	-666.000,00	-853.000,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	-335.000,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	18.122.000,00	20.556.000,00	6.590.000,00	5.959.435,00	8.596.000,00
a) Auxiliary income and other from current management: 40510	18.122.000,00	20.556.000,00	6.590.000,00	5.959.435,00	8.596.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-24.632.000,00	-30.700.000,00	-4.758.000,00	-2.555.912,00	-2.966.000,00
a) Wages, salaries et al.: 40610	-18.990.000,00	-23.628.000,00	-3.886.000,00	-2.161.976,00	-2.315.000,00
b) Social security costs: 40620	-5.047.000,00	-6.256.000,00	-742.000,00	-393.936,00	-198.000,00
c) Provisions : 40630	-595.000,00	-816.000,00	-130.000,00	0,00	-453.000,00
7. Other operating costs: 40700	-27.234.000,00	-37.618.000,00	-2.300.000,00	-3.223.387,00	-5.071.000,00
a) External services: 40710	-23.261.000,00	-31.514.000,00	-2.294.000,00	-3.218.339,00	-5.071.000,00
b) Taxes: 40720	-387.000,00	-668.000,00	-6.000,00	-5.048,00	0,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-3.586.000,00	-5.436.000,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-24.136.000,00	-27.180.000,00	-223.000,00	-122.846,00	-81.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-49.010.000,00	-18.354.000,00	0,00	0,00	0,00
a) Impairment and losses : 41110	-44.136.000,00	-17.992.000,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	-4.874.000,00	-362.000,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-577.000,00	-2.026.000,00	323.000,00	0,00	-2.000,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	-65.412.000,00	-41.659.000,00	-368.000,00	638.428,00	476.000,00
14. Financial income : 41400	66.000,00	67.000,00	7.677.000,00	7.525.784,00	12.547.000,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	12.547.000,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	12.397.000,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	150.000,00
b) From negotiable securities and other financial instruments : 41420	0,00	67.000,00	7.677.000,00	7.525.784,00	0,00
b 1) From Group companies and associates : 41421	0,00	0,00	7.617.000,00	7.493.773,00	0,00
b 2) From third parties : 41422	0,00	67.000,00	60.000,00	32.011,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	66.000,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-11.028.000,00	-13.168.000,00	-15.747.000,00	-26.896.539,00	-30.029.000,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	-6.106.000,00	-2.378.465,00	-12.577.000,00
b) For debts with third parties : 41520	-11.028.000,00	-13.168.000,00	-9.641.000,00	-24.518.074,00	-17.452.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	669.000,00	1.554.000,00	937.000,00	-967.434,00	-4.101.000,00
a) Trading book and other : 41610	669.000,00	1.554.000,00	937.000,00	-967.434,00	-4.101.000,00
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	0,00	0,00	0,00	0,00	0,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	222.527.000,00	-19.882.000,00	-101.839.000,00
a) Impairment and losses : 41810	0,00	0,00	0,00	-19.882.000,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	222.527.000,00	0,00	-101.839.000,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-10.293.000,00	-11.547.000,00	215.394.000,00	-40.220.189,00	-123.422.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-75.705.000,00	-53.206.000,00	215.026.000,00	-39.581.761,00	-122.946.000,00
20. Income taxes: 41900	-2.337.000,00	-2.732.000,00	-47.971.000,00	2.452.330,00	-27.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-78.042.000,00	-55.938.000,00	167.055.000,00	-37.129.432,00	-122.973.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	-78.042.000,00	-55.938.000,00	167.055.000,00	-37.129.432,00	-122.973.000,00

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

Information corresponding to the fiscal year 2012 2011 2010 2009 2008  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria.

	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:	215.132.000,00	299.257.000,00	223.317.000,00	204.650.877,00	217.163.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	84.174.000,00	128.759.000,00	346.000,00	207.154,00	214.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	9.000,00	11.000,00	14.000,00	25.691,00	33.000,00
3. Goodwill:	83.827.000,00	127.963.000,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	338.000,00	785.000,00	332.000,00	181.463,00	181.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	127.984.000,00	167.335.000,00	21.000,00	4.285,00	12.000,00
1. Land and construction:	5.000,00	14.000,00	0,00	0,00	0,00
2. Technical installations and machinery:	127.976.000,00	167.318.000,00	21.000,00	4.285,00	12.000,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	0,00
4. Payments on account and tangible fixed assets under construction:	3.000,00	3.000,00	0,00	0,00	0,00
5. Other tangible assets:	0,00	0,00	0,00	0,00	0,00
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:	2.974.000,00	2.707.000,00	222.494.000,00	204.439.438,00	216.937.000,00
1. Equity investments in group companies:	705.000,00	115.000,00	8.167.000,00	8.152.286,00	20.236.000,00
2. Receivables from group companies:	0,00	0,00	214.022.000,00	195.490.788,00	195.795.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	300.000,00	259.000,00	785.100,00	895.000,00
7. Long term guarantees and deposits:	2.269.000,00	2.292.000,00	46.000,00	11.265,00	11.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	456.000,00	456.000,00	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:	46.289.000,00	59.956.000,00	1.580.000,00	19.842.572,00	19.942.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	2.361.000,00	3.103.000,00	0,00	1.764,00	0,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	2.361.000,00	3.103.000,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	1.764,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	35.070.000,00	46.435.000,00	896.000,00	7.966.754,00	6.874.000,00
1. Trade debtors / accounts receivable:	27.325.000,00	36.234.000,00	159.000,00	144.275,00	0,00
2. Accounts receivable, Group companies:	257.000,00	356.000,00	703.000,00	5.271.613,00	6.680.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	38.000,00	63.000,00	10.000,00	0,00	76.000,00
5. Staff:	0,00	2.000,00	8.000,00	12.665,00	0,00
6. Public bodies:	7.450.000,00	9.780.000,00	16.000,00	2.538.202,00	118.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	2.960.000,00	4.723.000,00	0,00	11.099.451,00	44.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	879.000,00	847.000,00	0,00	0,00	0,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	13.000,00	11.000,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	11.099.451,00	44.000,00
7. Shor term guarantees and deposits:	2.068.000,00	3.865.000,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	5.481.000,00	5.214.000,00	653.000,00	760.222,00	13.018.000,00
VII. Prepayments and accrued income:	417.000,00	481.000,00	31.000,00	14.380,00	6.000,00
GENERAL TOTAL (A + B + C + D):	261.421.000,00	359.213.000,00	224.897.000,00	224.493.449,00	237.105.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2012	2011	2010	2009	2008
A) EQUITY:	-153.405.000,00	-71.148.000,00	29.178.000,00	-137.061.246,00	-100.997.000,00
I. Subscribed capital:	6.936.000,00	7.523.000,00	7.523.000,00	7.522.873,00	7.523.000,00
II. Share premium:	50.868.000,00	50.868.000,00	50.868.000,00	50.867.979,00	50.868.000,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	-42.116.000,00	-38.488.000,00	3.939.000,00	4.941.018,00	3.880.000,00
1. Legal reserve:	1.505.000,00	1.505.000,00	0,00	0,00	0,00
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:	-43.621.000,00	-39.993.000,00	3.939.000,00	4.941.018,00	3.880.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-91.051.000,00	-35.113.000,00	-200.207.000,00	-163.263.684,00	-40.295.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-91.051.000,00	-35.113.000,00	-200.207.000,00	-163.263.684,00	-40.295.000,00
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:	-78.042.000,00	-55.938.000,00	167.055.000,00	-37.129.432,00	-122.973.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	962.000,00	800.000,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	962.000,00	800.000,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	386.756.000,00	385.943.000,00	190.110.000,00	149.560.980,00	328.192.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	386.756.000,00	385.943.000,00	143.986.000,00	149.528.930,00	192.365.000,00
1. Loans and other liabilities:	323.172.000,00	310.919.000,00	143.986.000,00	149.528.930,00	192.365.000,00
2. Long-term liabilities from capital leases:	63.584.000,00	75.024.000,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	0,00	0,00	45.924.000,00	0,00	135.763.000,00
1. Amounts owed to group companies:	0,00	0,00	45.924.000,00	0,00	135.763.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	0,00	0,00	200.000,00	32.050,00	64.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	200.000,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	0,00	0,00	0,00	32.050,00	64.000,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	27.108.000,00	43.618.000,00	5.609.000,00	211.993.715,00	9.910.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	15.497.000,00	26.636.000,00	4.000.000,00	209.195.430,00	0,00
1. Loans and other liabilities:	7.364.000,00	13.673.000,00	4.000.000,00	208.712.469,00	0,00
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:	8.133.000,00	12.963.000,00	0,00	482.961,00	0,00
III. Short-term amounts owed to group and associated companies:	13.000,00	0,00	277.000,00	1.736.872,00	1.788.000,00
1. Amounts owed to group companies:	13.000,00	0,00	277.000,00	1.736.872,00	1.788.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	9.785.000,00	12.276.000,00	392.000,00	727.259,00	1.624.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	9.785.000,00	12.276.000,00	392.000,00	727.259,00	1.624.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.813.000,00	4.706.000,00	940.000,00	334.154,00	6.498.000,00
1. Public bodies:	922.000,00	2.986.000,00	610.000,00	209.173,00	382.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	209.000,00	727.000,00	200.000,00	0,00	5.663.000,00
4. Wages and salaries payable:	682.000,00	993.000,00	130.000,00	124.982,00	453.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	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):	261.421.000,00	359.213.000,00	224.897.000,00	224.493.449,00	237.105.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2012	2011	2010	2009	2008
A) CHARGES (A.1 to A.15):	150.582.000,00	145.548.000,00	70.999.000,00	51.195.789,00	144.116.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	11.293.000,00	13.770.000,00	0,00	0,00	0,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	10.627.000,00	12.917.000,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	666.000,00	853.000,00	0,00	0,00	0,00
A.3. Staff costs:	24.632.000,00	30.700.000,00	4.758.000,00	2.555.912,00	2.966.000,00
a) Wages, salaries et al.:	19.585.000,00	24.444.000,00	4.016.000,00	2.161.976,00	2.768.000,00
b) Social security costs:	5.047.000,00	6.256.000,00	742.000,00	393.936,00	198.000,00
A.4. Depreciation expense:	24.136.000,00	27.180.000,00	223.000,00	122.846,00	81.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	3.921.000,00	5.436.000,00	0,00	0,00	0,00
a) Stock provision variation:	335.000,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	3.586.000,00	5.436.000,00	0,00	0,00	0,00
A.6. Other operating charges:	23.648.000,00	32.182.000,00	2.300.000,00	3.223.387,00	5.071.000,00
a) External services:	23.261.000,00	31.514.000,00	2.294.000,00	3.218.339,00	5.071.000,00
b) Taxes:	387.000,00	668.000,00	6.000,00	5.048,00	0,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	0,00	0,00	0,00	638.428,00	478.000,00
A.7. Financial and similar charges:	11.028.000,00	13.168.000,00	15.747.000,00	46.008.895,00	131.868.000,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	6.106.000,00	2.378.465,00	12.577.000,00
c) Due to other debts.:	11.028.000,00	13.168.000,00	9.641.000,00	24.518.074,00	17.452.000,00
d) Losses from financial investments:	0,00	0,00	0,00	19.112.356,00	101.839.000,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	1.737.078,00	4.101.000,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	215.394.000,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	0,00	214.703.000,00	0,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	44.136.000,00	17.992.000,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	4.874.000,00	362.000,00	0,00	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:	577.000,00	2.026.000,00	0,00	0,00	2.000,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	323.000,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	0,00	215.026.000,00	0,00	0,00
A.15. Corporation tax:	2.337.000,00	2.732.000,00	47.971.000,00	-2.452.330,00	27.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	0,00	167.055.000,00	0,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2012	2011	2010	2009	2008
B) INCOME ( B.1 to B.13):	72.540.000,00	89.610.000,00	238.054.000,00	14.066.357,00	21.143.000,00
B.1. Net total sales:	53.358.000,00	67.433.000,00	0,00	581.138,00	0,00
a) Sales:	0,00	0,00	0,00	0,00	0,00
b) Rendering of services:	53.358.000,00	67.433.000,00	0,00	581.138,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	325.000,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	18.122.000,00	20.556.000,00	6.590.000,00	5.959.435,00	8.596.000,00
a) Auxiliary income and other from current management:	18.122.000,00	20.556.000,00	6.590.000,00	5.959.435,00	8.596.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	15.825.000,00	21.279.000,00	691.000,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	12.547.000,00
a) In companies of the group:	0,00	0,00	0,00	0,00	12.397.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	150.000,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	669.000,00	1.621.000,00	231.141.000,00	7.525.784,00	0,00
a) From companies of the group:	0,00	0,00	7.617.000,00	7.493.773,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	0,00	67.000,00	60.000,00	32.011,00	0,00
d) Profit on financial investment:	669.000,00	1.554.000,00	223.464.000,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	0,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	10.359.000,00	11.547.000,00	0,00	40.220.189,00	123.422.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	26.184.000,00	32.826.000,00	0,00	39.581.761,00	122.944.000,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	66.000,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	323.000,00	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):	49.521.000,00	20.380.000,00	0,00	0,00	2.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	75.705.000,00	53.206.000,00	0,00	39.581.761,00	122.946.000,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	78.042.000,00	55.938.000,00	0,00	37.129.432,00	122.973.000,00

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	-75.705.000,00	-53.206.000,00	215.026.000,00	-39.581.761,00	-122.946.000,00
2. Results adjustments.: 61200	87.602.000,00	59.886.000,00	-215.041.000,00	0,00	123.956.000,00
a) Fixed Assets Amortization (+).: 61201	24.136.000,00	27.180.000,00	223.000,00	0,00	81.000,00
b) Obsolescence Allowances (+/-). : 61202	44.136.000,00	17.992.000,00	0,00	0,00	105.940.000,00
c) Variation in Provision (+/-). : 61203	3.921.000,00	686.000,00	-223.464.000,00	0,00	453.000,00
d) Allocation of grants (-).: 61204	0,00	0,00	130.000,00	0,00	0,00
e) Results on disposal of fixed assets (+/-). : 61205	4.874.000,00	362.000,00	0,00	0,00	0,00
g) Financial income (-).: 61207	-66.000,00	-67.000,00	-7.677.000,00	0,00	-12.547.000,00
h) Financial Expenses (+). : 61208	11.028.000,00	13.168.000,00	15.747.000,00	0,00	30.029.000,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	-669.000,00	-1.554.000,00	0,00	0,00	0,00
k) Other income and expense (-/+). : 61211	242.000,00	2.119.000,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	1.705.000,00	8.132.000,00	2.860.000,00	-2.688.002,00	1.791.000,00
a) Stock (+/-).: 61301	407.000,00	1.471.000,00	0,00	-1.764,00	0,00
d) Debtors and other accounts receivable (+/-). : 61302	5.442.000,00	13.453.000,00	4.589.000,00	-5.374.467,00	-1.565.000,00
c) Other current assets (+/-). : 61303	1.227.000,00	1.027.000,00	0,00	-14.380,00	5.668.000,00
d) Creditors and other accounts payable (+/-). : 61304	-5.371.000,00	-7.819.000,00	-1.729.000,00	2.702.609,00	-2.312.000,00
4. Other cash flows for operating activities.: 61400	-7.507.000,00	-6.411.000,00	34.000,00	0,00	-7.694.000,00
a) Interest payments (-). : 61401	-7.573.000,00	-6.478.000,00	-26.000,00	0,00	-7.957.000,00
c) Interest collection (+). : 61403	66.000,00	67.000,00	60.000,00	0,00	263.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	6.095.000,00	8.401.000,00	2.879.000,00	-42.269.764,00	-4.893.000,00
6. Payments for investment (-).: 62100	-567.000,00	-2.050.000,00	-2.171.000,00	-215.750.328,00	-9.125.000,00
a) Companies of the group and affiliates. : 62101	0,00	0,00	0,00	-214.742.525,00	0,00
b) Intangible fixed assets. : 62102	-1.000,00	-161.000,00	-352.000,00	-207.154,00	-213.000,00
c) Fixed assets. : 62103	-566.000,00	-1.789.000,00	-27.000,00	-4.285,00	-12.000,00
e) Other financial assets. : 62105	0,00	-100.000,00	-1.336.000,00	-796.365,00	-8.900.000,00
h) Other assets. : 62108	0,00	0,00	-456.000,00	0,00	0,00
7. Divestment payment collection (+). : 62200	6.618.000,00	5.728.000,00	0,00	0,00	0,00
c) Fixed assets. : 62203	6.595.000,00	5.503.000,00	0,00	0,00	0,00
d) Real estate investment. : 62204	23.000,00	225.000,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	6.051.000,00	3.678.000,00	-2.171.000,00	-215.750.328,00	-9.125.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	58.200.068,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	4.168,00	126.853.148,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	-190.784,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-11.879.000,00	-7.518.000,00	-811.000,00	363.665.378,00	23.977.000,00
a) Issuance : 63201	-11.879.000,00	-7.518.000,00	-811.000,00	363.665.378,00	23.977.000,00
2. Debts incurred with credit institutions (+). : 63203	-11.879.000,00	-7.518.000,00	-811.000,00	358.241.399,00	23.977.000,00
5. Other debts (+). : 63206	0,00	0,00	0,00	5.423.979,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-11.879.000,00	-7.518.000,00	-811.000,00	421.865.446,00	23.977.000,00
D) EFECTO DE LAS VARIACIONES DE LOS TIPOS DE CAMBIO: 64000	0,00	0,00	0,00	0,00	0,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	267.000,00	4.561.000,00	-103.000,00	163.845.354,00	9.959.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	5.214.000,00	653.000,00	756.000,00	0,00	3.059.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	5.481.000,00	5.214.000,00	653.000,00	760.222,00	13.018.000,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

 Data used in the following ratios and indicators is taken from the Annual Accounts submitted by the company to the TRADE REGISTER.

> Comparison within the Sector

Cash Flow	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,01 %	0,01 %	0,07 %	0,00 %	-92,60 %
EBITDA over Sales:	15,58 %	9,55 %	8,75 %	10,07 %	77,99 %	-5,09 %
Cash Flow Yield:	0,00 %	0,00 %	0,01 %	0,00 %	-91,97 %

Profitability	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-25,38 %	5,66 %	-11,28 %	6,97 %	-124,95 %	-18,78 %
Total economic profitability:	-24,74 %	2,71 %	-11,16 %	4,18 %	-121,69 %	-35,03 %
Financial profitability:	50,77 %	1,73 %	74,22 %	5,87 %	-31,59 %	-70,51 %
Margin:	-90,29 %	5,14 %	-45,04 %	6,36 %	-100,46 %	-19,21 %
Mark-up:	-104,63 %	1,91 %	-58,17 %	4,74 %	-79,88 %	-59,59 %

Solvency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,20	0,13	0,12	0,11	73,72	17,79
Acid Test:	1,32	0,87	1,03	0,83	27,97	4,64
Working Capital / Investment:	0,04	0,03	0,01	0,03	220,26	31,82
Solvency:	1,69	1,21	1,32	1,16	27,59	3,94

Indebtedness	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	-2,71	1,58	-5,81	1,65	53,34	-4,26
Borrowing Composition:	14,11	1,12	8,56	1,04	64,72	7,37
Repayment Ability:	1.551,21	124,65	95,01	704,05	1.532,72	-82,30
Warranty:	0,63	1,64	0,83	1,62	-23,76	1,72
Generated resources / Total creditors:	-0,13	0,07	-0,07	0,07	-94,90	-0,31

Efficiency	2012		2011		Variación 2012 - 2011
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,34	1,76	1,19	1,75	12,18	0,16
Turnover of Collection Rights :	2,59	4,87	2,40	4,49	8,22	8,62
Turnover of Payment Entitlements:	3,41	3,53	3,16	3,27	7,81	8,09
Stock rotation:	37,12	6,86	35,21	6,09	5,40	12,69
Assets turnover:	0,28	1,10	0,25	1,10	12,22	0,53
Borrowing Cost:	2,66	3,04	3,04	2,93	-12,38	4,08

> 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:	0,01 %	0,07 %		28.193,87 %
EBITDA over Sales:	15,58 %	8,75 %		131,00 %
Cash Flow Yield:	0,00 %	0,01 %	0,00 %	72,98 %	4,20 %

Profitability	2012	2011	2010	2009	2008
Operating economic profitability:	-25,38 %	-11,28 %	-35,49 %	7,13 %	2,38 %
Total economic profitability:	-24,74 %	-11,16 %	102,82 %	-5,65 %	-39,19 %
Financial profitability:	50,77 %	74,22 %	679,31 %	26,15 %	117,25 %
Margin:	-90,29 %	-45,04 %	-10,49 %	9,76 %	5,56 %
Mark-up:	-104,63 %	-58,17 %	3.258,01 %	-605,17 %	-1.435,78 %

Solvency	2012	2011	2010	2009	2008
Liquidity:	0,20	0,12	0,10	0,00	1,31
Acid Test:	1,32	1,03	0,23	0,08	2,00
Working Capital / Investment:	0,04	0,01	-0,02	-0,86	0,04
Solvency:	1,69	1,32	0,23	0,09	2,01

Indebtedness	2012	2011	2010	2009	2008
Indebtedness level:	-2,71	-5,81	8,13	-2,58	-3,26
Borrowing Composition:	14,11	8,56	28,54	0,73	33,51
Repayment Ability:	1.551,21	95,01	-1.863,88	-9,26	-36,06
Warranty:	0,63	0,83	1,12	0,61	0,69
Generated resources / Total creditors:	-0,13	-0,07	-0,28	-0,05	-0,06

Efficiency	2012	2011	2010	2009	2008
Productivity:	1,34	1,19	0,90	1,30	1,19
Turnover of Collection Rights :	2,59	2,40	7,47	1,20	1,27
Turnover of Payment Entitlements:	3,41	3,16	1,90	1,15	1,35
Stock rotation:	37,12	35,21		3.345,34
Assets turnover:	0,28	0,25	3,38	0,73	0,43
Borrowing Cost:	2,66	3,04	7,88	7,34	8,78

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

The subject is a leader company in its activity and its evolution is conditioned by the current situation of the market. Due to the accumulation of losses in the latest years, there is an important debt situation. It has not guarantees with its creditors.

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 :

MNL

RATING EXPLANATIONS

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

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

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

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

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