MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	BERSHKA BSK ESPAÑA SA
Registered Office :	AVD. Diputación - Edificio Inditex, Arteixo, La Coruña
Country :	Spain
Financials (as on) :	31.01.2013
Date of Incorporation :	24.02.1986
Legal Form :	Public Company
Line of Business :	· Retail sale of clothing in specialised stores · Subject is engaged in management and exploitation of a chain store of clothes and complements for the youth (male and female), owned by the company and franchises.
No. of Employees :	3820

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 :	Good
Payment Behaviour :	Regular
Litigation :	Clear

NOTES :

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

ECGC Country Risk Classification List – March 31, 2014

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

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

SPAIN - ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:	BERSHKA BSK ESPAÑA SA
NIF / Fiscal code:	A78276854
Status:	ACTIVE
Incorporation Date:	24/02/1986
Register Data	Register Section 8 Sheet 19163
Last Publication in BORME:	13/03/2014 [Appointments]
Last Published Account Deposit:	2012
Share Capital:	6.010.121,04
Localization:	AVD. DIPUTACIÓN - EDIFICIO INDITEX - ARTEIXO - 15142 - LA CORUÑA
Telephone - Fax - Email - Website:	Ph.:. 981159603   Website. www.bershka.com
Postal Address :
CL Virgen De Montserrat S/N, 08490, Tordera, Barcelona, Spain
Activity:
NACE:	4771 - Retail sale of clothing in specialised stores
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
Defaults, Legal Claims and Insolvency Proceedings :

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

Partners:

INDUSTRIA DE DISEÑO TEXTIL SA	100 %
Shares:	29
Other Links:	0
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
Bershka belongs to the group Inditex, one of the biggest fashion distribution groups globally. It has more than 6100 stablishments in 86 countries in Europe, America, Asia and Africa. Apart from Bershka, Inditex has other formats such as Zara, Pull and Bear, Massimo Dutti, Stradivarius, Oysho, Zara Home and Uterqüe. It has 8 fashion distribution chains (Bershka, Zara, Pull and Bear, Massimo Dutti, Stradivarius, Oysho, Zara Home and Üterque), all of them have the same commercial approach and management: to be leaders in their segment with a flexible business model and international trade. The group also has around 100 linked companies with the different activities and the results of its year were 38.10%. It is one of the most important companies nationally (turnover). The subject meets normally its payment commitments.

Identification

Social Denomination:	BERSHKA BSK ESPAÑA SA
NIF / Fiscal code:	A78276854
Corporate Status:	ACTIVE
Start of activity:	1986
Registered Office:	AVD. DIPUTACIÓN - EDIFICIO INDITEX
Locality:	ARTEIXO
Province:	LA CORUÑA
Postal Code:	15142
Telephone:	981159603
Website:	www.bershka.com

Activity

NACE:	4771
Additional Information:	The subject is engaged in management and exploitation of a chain store of clothes and complements for the youth (male and female), owned by the company and franchises. It has online sale. It belongs to the group Inditex with registered office in Arteixo (La Coruña). Bershka started in 1998 as a new brand of Inditex, with a new commercial format in response to the fashion needs of young people. Bershka is a reference point for young fashion in 2 years it has 100 establishments. Currently, after 15 years, the chain has more than 910 shops in more than 64 countries with sales that mean thr 10% of its incomes. Bershka has a trade area of more than 338,000 m2. Its business includes the design, manufacturing, distribution and sale of fashion in the shops.
Additional Address:	Registered office, headquarters of the group Inditex, offices and other premises, are located in AVD. DIPUTACIÓN - EDIFICIO INDITEX 15142 ARTEIXO ( LA CORUÑA ).
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	3820

Chronological Summary

Year	Act
1990	Accounts deposit (ejer. 1989)
1991	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Change of Social address (1)
1992	Accounts deposit (ejer. 1991)
1993	Accounts deposit (ejer. 1992)
1994	Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1) Other Concepts/ Events (1)
1995	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)
1996	Accounts deposit (ejer. 1994, 1995, 1996) Appointments/ Re-elections (1)
1997	Accounts deposit (ejer. 1997)
1998	Appointments/ Re-elections (3) Change of Social address (1) Errata (2) Statutory Modifications (1)
1999	Accounts deposit (ejer. 1998) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (3) Change of Social Denomination (1) Errata (2) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (2)
2000	Accounts deposit (ejer. 1999) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3) Change of Social address (1) Errata (2) Statutory Modifications (1)
2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)
2002	Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (1)
2004	Accounts deposit (ejer. 2003) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
2005	Accounts deposit (ejer. 2004) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (6)
2006	Accounts deposit (ejer. 2005) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (3)
2007	Accounts deposit (ejer. 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2008	Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
2009	Accounts deposit (ejer. 2008) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)
2010	Accounts deposit (ejer. 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4)
2011	Accounts deposit (ejer. 2010) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (3)
2012	Accounts deposit (ejer. 2011) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (2)
2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)
2014	Appointments/ Re-elections (2)

Breakdown of Owners' Equity

Registered Capital:	6.010.121,04
Paid up capital:	6.010.121,04

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
10/06/1994	Increase of Capital	402.678	402.678	601.012	601.012
26/10/1999	Increase of Capital	1.202.024	1.202.024	1.803.036	1.803.036
09/03/2001	Increase of Capital	4.207.085	4.207.085	6.010.121	6.010.121

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	INDUSTRIA DE DISEÑO TEXTIL SA	04/02/1999	1
PRESIDENT	AGNOLIN MARCO	11/05/2012	3
MEMBER OF THE BOARD	AGNOLIN MARCO	11/05/2012	3
	REÑON TUÑEZ RAMON	30/06/2011	5
	RAHOLA SALA JORGE	24/08/2010	5
SECRETARY	ABRIL ABADIN ANTONIO	06/10/2000	8
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	31/10/2012	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ABRIL ABADIN ANTONIO	MEMBER OF THE BOARD	06/10/1995	8
	MEMBER OF THE BOARD	06/10/2000
	SECRETARY	06/10/1995
	SECRETARY	06/10/2000
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	15/11/2002	1
BELMAR JUSTO DIEGO	MEMBER OF THE BOARD	17/08/2005	4
	MEMBER OF THE BOARD	04/11/2005
DEL BADO RIVAS JOSE PABLO	MEMBER OF THE BOARD	05/11/1999	2
	PRESIDENT	05/11/1999
GONZALEZ JIMENEZ LUIS	MEMBER OF THE BOARD	09/04/1991	1
HERNANDEZ DURAN CONSTANTINO	MEMBER OF THE BOARD	14/10/1991	1
ISLA ALVAREZ DE TEJERA PABLO	MEMBER OF THE BOARD	24/08/2010	3
	MEMBER OF THE BOARD	30/06/2011
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	20/10/2005	8
	ACCOUNTS' AUDITOR / HOLDER	23/10/2006
	ACCOUNTS' AUDITOR / HOLDER	30/10/2007
	ACCOUNTS' AUDITOR / HOLDER	29/10/2008
	ACCOUNTS' AUDITOR / HOLDER	29/01/2010
	ACCOUNTS' AUDITOR / HOLDER	13/01/2011
	ACCOUNTS' AUDITOR / HOLDER	12/01/2012
	ACCOUNTS' AUDITOR / HOLDER	31/10/2012
LASTRA GONZALEZ JOSE	NON CONSELLOR SECRETARY	14/10/1991	1
LOPEZ GARCIA CARLOS	MEMBER OF THE BOARD	14/10/1991	2
MARTINEZ LOPEZ FERNANDO	MEMBER OF THE BOARD	27/09/1994	5
	MEMBER OF THE BOARD	12/08/1999
	MEMBER OF THE BOARD	06/10/2000
MATO LOPEZ CARLOS	MEMBER OF THE BOARD	07/11/2001	6
	MEMBER OF THE BOARD	19/11/2004
	PRESIDENT	07/11/2001
	PRESIDENT	19/11/2004
MONTERO DIAZ ENRIQUE	MEMBER OF THE BOARD	14/10/1991	2
	PRESIDENT	14/10/1991
MUSSMANN WILLI	MEMBER OF THE BOARD	14/10/1991	2
	VICE CHAIRMAN	14/10/1991
NEW WEAR SOCIEDAD ANONIMA	SINGLE PARTNER	04/02/1999	1
ORTEGA GAONA JOSEFA	MEMBER OF THE BOARD	06/11/1995	4
	PRESIDENT	06/11/1995
PEREZ MARCOTE OSCAR	MEMBER OF THE BOARD	08/09/2009	8
	PRESIDENT	08/09/2009
	PRESIDENT	11/05/2012
	MEMBER OF THE BOARD	11/05/2012
POUILLO PIERRE	VICE CHAIRMAN	14/10/1991	1
POUILLOT PIERRE	MEMBER OF THE BOARD	14/10/1991	1
RAHOLA SALA JORGE	MEMBER OF THE BOARD	17/08/2005	5
	MEMBER OF THE BOARD	24/08/2010
RODRIGUEZ CEBRIAN JUAN CARLOS	MEMBER OF THE BOARD	13/04/2005	3
RODRIGUEZ PEÑA ANTONIO JOSE	MEMBER OF THE BOARD	14/10/1991	3
	CHIEF EXECUTIVE OFFICER	14/10/1991
VELA DELGADO ANTONIO ESTEBAN	MEMBER OF THE BOARD	09/04/1991	1

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

Probability of default

> Probabilidad Estimada de Impago para los próximos 12 meses:  0.155 %

> Latest Rating Changes :

Sector in which comparison is carried out : 477 Retail sale of other goods in specialised stores
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector BERSHKA BSK ESPAÑA 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 0.155%.

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:	29 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	INDUSTRIA DE DISEÑO TEXTIL SA	LA CORUÑA	100
PARTICIPATES IN	BERSHKA LOGISTICA SA	LA CORUÑA	100
	BERSHKA HELLAS, SOCIEDAD ANONIMA, (GRECIA)		100
	BERSHKA NEDERLAND BV (HOLANDA)		100
	BERSHKA IRELAND, S.A.		100
	BERSHKA ITALIA, S.L.		100
	BERSHKA U.K., S.A.		100
	BERSHKA POLSKA SP ZOO		100
	BERSHKA CIS, S.A.		100
	BERSHKA CROATIA, S.A.		100
	BERSHKA DISEÑO SL	LA CORUÑA	100
	BERSHKA COMMERCIAL BEIJING CO, S.A.		100
	BERSHKA KOREA, S.A.		100
	BERSHKA MEXICO, SOCIEDAD ANONIMA, DE CV		97
	BERSHKA CARPATI, SOCIEDAD LIMITADA, (RUMANIA)		100
	BERSHKA OSTERREICH CLOTHING, SOCIEDAD ANONIMA, (AUSTRIA)		100
	BERSHKA UKRAINE LLC (UCRANIA)		100
	BERSHKA MACAU, S.A.		100
	BERSHKA BULGARIA, SOCIEDAD ANONIMA, (BULGARIA)		100
	BERSHKA BELGIQUE, S.A.		100
	| |
	BERSHKA SUISSE SARL		100
	BERSHKA BH DOO		100
	BERSHKA CESKA REPUELICA SRO		100
	BERSHKA DEUTSCHLAND BV & CO KG		100
	BERSHKA GIYIM ITHALAT IHRACAL VE TIE, S.A.		100
	BERSHKA MAGYAROSZAG KFT (HUNGRIA)		100
	BERSHKA PORTUGAL CONF SOC UNIP LDA		100
	BERSHKA SERBIA DOO BELGRADE		100
	BERSHKA SLOVAKIA SRO (ESLOVAQUIA)		100

Turnover

Total Sales 2013

972.224.141

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	No publicado en BORME
2012	Normales	January  2013
2011	Normales	March  2012
2010	Normales	November  2011
2009	Normales	October  2010
2008	Normales	October  2009
2007	Normales	October  2008
2006	Normales	September  2007
2005	Normales	September  2006
2004	Normales	September  2005
2003	Normales	September  2004
2002	Normales	August  2003
2001	Normales	September  2002
2000	Normales	September  2001
1999	Normales	August  2000
1998	Normales	August  1999
1997	Normales	November  1997
1997	Normales	August  1998
1996	Normales	October  1996
1995	Normales	January  1996
1994	Normales	January  1996
1992	Normales	May  1993
1992	Normales	March  1994
1991	Normales	September  1992
1989	Normales	August  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 31/01/2013

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2013 2012 2011 2010 2009  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	338.888.617,00	316.768.183,00	330.527.662,00	314.858.724,00	257.993.419,00
I. Intangible fixed assets : 11100	8.168.910,00	6.700.943,00	8.484.318,00	8.978.235,00	9.599.909,00
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	798.967,00	609.262,00	585.644,00	469.947,00	435.004,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	152.589,00	98.761,00	736,00	8.917,00	28.907,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Other intangible fixed assets: 11170	7.217.354,00	5.992.920,00	7.897.938,00	8.499.371,00	9.135.998,00
II. Tangible fixed assets : 11200	81.016.973,00	78.461.726,00	79.823.593,00	86.493.333,00	96.742.759,00
1. Land and buildings: 11210	25.326.683,00	23.217.727,00	20.552.651,00	19.048.533,00	17.827.535,00
2. Technical installations and other tangible fixed assets: 11220	55.457.092,00	54.592.043,00	58.229.108,00	67.075.168,00	76.729.491,00
3. Tangible asset in progress and advances: 11230	233.198,00	651.956,00	1.041.834,00	369.632,00	2.185.733,00
III. Real estate investment: 11300	978.378,00	0,00	0,00	0,00	0,00
1. Land: 11310	687.705,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	290.673,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	234.411.565,00	221.275.356,00	232.737.258,00	210.739.874,00	145.316.808,00
1. Equity instruments: 11410	234.164.102,00	221.275.356,00	232.737.258,00	210.739.874,00	145.316.808,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	247.463,00	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	6.115.111,00	5.892.474,00	5.713.516,00	5.549.078,00	5.398.218,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	6.115.111,00	5.892.474,00	5.713.516,00	5.549.078,00	5.398.218,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	6.335.426,00	4.180.971,00	3.577.994,00	2.921.792,00	803.851,00
VII. Non-current trade debts : 11700	1.862.254,00	256.713,00	190.983,00	176.412,00	131.874,00
B) CURRENT ASSETS: 12000	183.617.411,00	172.864.745,00	212.426.618,00	193.881.179,00	252.913.177,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	87.630.979,00	64.483.537,00	61.638.082,00	45.399.410,00	71.234.172,00
1. Commercial: 12210	85.364.799,00	63.344.431,00	61.417.165,00	45.399.270,00	71.185.035,00
2. Primary material and other supplies: 12220	2.266.180,00	1.139.106,00	220.917,00	140,00	49.137,00
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	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	82.091.159,00	98.426.453,00	72.578.255,00	58.941.633,00	52.155.347,00
1. Trade debtors / accounts receivable: 12310	15.711.759,00	11.149.019,00	11.485.177,00	13.039.769,00	10.041.793,00
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	15.711.759,00	11.149.019,00	11.485.177,00	13.039.769,00	10.041.793,00
2. Customers, Group companies and associates : 12320	37.385.149,00	36.259.238,00	23.908.484,00	26.262.341,00	22.521.451,00
3. Other accounts receivable: 12330	301.550,00	1.784.611,00	1.549.344,00	1.616.895,00	3.568.278,00
4. Personnel: 12340	13.805,00	8.102,00	19.455,00	20.961,00	16.270,00
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	28.678.896,00	49.225.483,00	35.615.795,00	18.001.667,00	16.007.555,00
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	10.059.265,00	683.199,00	73.696.494,00	83.564.886,00	113.714.433,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	10.059.265,00	683.199,00	73.696.494,00	83.564.886,00	113.714.433,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	8.060,00	6.361.021,00	8.060,00	48.800,00	10.523.680,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	6.352.961,00	0,00	0,00	0,00
5. Other financial assets : 12550	8.060,00	8.060,00	8.060,00	48.800,00	10.523.680,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	0,00	0,00	196.558,00	5.671,00	88.753,00
VII. Cash and other equivalent liquid assets : 12700	3.827.948,00	2.910.535,00	4.309.169,00	5.920.779,00	5.196.792,00
1. Treasury: 12710	3.827.948,00	2.910.535,00	4.309.169,00	5.920.779,00	5.196.792,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	522.506.028,00	489.632.928,00	542.954.280,00	508.739.903,00	510.906.596,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	219.728.884,00	230.652.522,00	283.390.440,00	269.826.372,00	251.389.897,00
A-1) Shareholders' equity: 21000	223.510.815,00	228.331.578,00	286.410.843,00	267.356.395,00	245.481.179,00
I. Capital: 21100	6.010.121,00	6.010.121,00	6.010.121,00	6.010.121,00	6.010.121,00
1. Registered capital : 21110	6.010.121,00	6.010.121,00	6.010.121,00	6.010.121,00	6.010.121,00
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	120.864.612,00	151.943.877,00	152.996.738,00	241.329.213,00	221.918.447,00
1. Legal y estatutarias: 21310	1.202.024,00	1.202.024,00	1.202.024,00	1.202.024,00	1.202.024,00
2. Other reserves: 21320	119.662.588,00	150.741.853,00	151.794.714,00	240.127.189,00	220.716.423,00
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	1.456.845,00	1.456.845,00	1.456.845,00	1.456.845,00	1.456.845,00
VII. Result of the period: 21700	95.179.237,00	68.920.735,00	125.947.139,00	128.560.216,00	106.095.766,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	-110.000.000,00	-90.000.000,00
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	-3.781.931,00	2.320.944,00	-3.020.403,00	2.469.977,00	5.908.718,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-3.781.931,00	2.320.944,00	-3.020.403,00	2.469.977,00	5.908.718,00
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	49.963.407,00	50.841.579,00	54.046.989,00	51.244.078,00	52.447.296,00
I. Long-term provisions: 31100	568.481,00	1.102.002,00	1.201.622,00	264.307,00	324.307,00
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	568.481,00	1.102.002,00	1.201.622,00	264.307,00	324.307,00
II Long-term creditors: 31200	14.000,00	12.681,00	12.681,00	12.681,00	388.794,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	14.000,00	12.681,00	12.681,00	12.681,00	388.794,00
III. Long-term debts with Group companies and associates: 31300	173,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	16.569.211,00	11.589.340,00	11.138.542,00	7.248.133,00	5.764.441,00
V. Long-term accruals: 31500	32.811.542,00	38.137.556,00	41.694.144,00	43.718.957,00	45.969.754,00
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	252.813.737,00	208.138.827,00	205.516.851,00	187.669.453,00	207.069.403,00
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	10.251.639,00	1.720.074,00	1.374.302,00	1.355.835,00	4.482.695,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	9.896,00	6.023,00	9.084,00	6.006,00	159.728,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	7.406.681,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	2.835.062,00	1.714.051,00	1.365.218,00	1.349.829,00	4.322.967,00
IV. Short-term debts with Group companies and associates: 32400	25.680.913,00	44.959.775,00	33.798.974,00	39.917.728,00	30.951.761,00
V. Trade creditors and other accounts payable: 32500	215.203.058,00	161.458.978,00	170.343.575,00	146.395.890,00	171.634.947,00
1. Suppliers: 32510	82.509.043,00	71.119.600,00	75.551.412,00	60.242.050,00	84.554.101,00
a) Long-term debts : 32511	0,00	0,00	0,00	60.242.050,00	84.554.101,00
b) Short-term debts : 32512	82.509.043,00	71.119.600,00	75.551.412,00	0,00	0,00
2. Suppliers, Group companies and associates: 32520	101.538.390,00	62.260.706,00	61.728.014,00	58.827.312,00	62.305.761,00
3. Other creditors: 32530	11.246.003,00	13.437.124,00	16.753.478,00	12.318.181,00	8.958.859,00
4. Personnel (remuneration due): 32540	7.965.250,00	6.768.602,00	7.100.550,00	7.034.153,00	5.899.939,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Otras deudas con las Administraciones Públicas. : 32560	11.863.709,00	7.872.946,00	9.210.121,00	7.974.194,00	9.916.287,00
7. Advances from clients: 32570	80.663,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	1.678.127,00	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	522.506.028,00	489.632.928,00	542.954.280,00	508.739.903,00	510.906.596,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	972.224.141,00	952.208.667,00	907.526.920,00	878.448.025,00	791.414.585,00
a) Sales: 40110	972.224.141,00	919.271.109,00	872.533.917,00	860.942.512,00	777.390.627,00
b) Rendering of services: 40120	0,00	32.937.558,00	34.993.003,00	17.505.513,00	14.023.958,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-624.658.748,00	-578.733.620,00	-517.423.512,00	-498.598.813,00	-454.501.047,00
a) Stock consumption: 40410	-608.287.219,00	-552.904.450,00	-491.900.899,00	-476.694.586,00	-432.584.955,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-15.437.327,00	-22.225.619,00	-22.619.646,00	-20.330.434,00	-20.513.944,00
c) Works carried out by other companies: 40430	-934.202,00	-3.603.551,00	-2.902.967,00	-1.573.793,00	-1.402.148,00
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	8.176.645,00	8.074.441,00	7.394.267,00	9.784.904,00	9.180.902,00
a) Auxiliary income and other from current management: 40510	7.962.004,00	7.861.724,00	7.226.344,00	9.616.071,00	9.003.008,00
b) Operation subsidies included in the Period's result: 40520	214.641,00	212.717,00	167.923,00	168.833,00	177.894,00
6. Personnel costs: 40600	-79.830.088,00	-84.999.323,00	-84.198.304,00	-82.742.854,00	-78.642.175,00
a) Wages, salaries et al.: 40610	-61.186.427,00	-65.475.654,00	-65.250.858,00	-63.806.038,00	-60.762.587,00
b) Social security costs: 40620	-18.643.661,00	-19.523.669,00	-18.947.446,00	-18.936.816,00	-17.879.588,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-166.202.560,00	-152.640.046,00	-147.020.652,00	-123.660.116,00	-107.963.999,00
a) External services: 40710	-164.282.447,00	-150.388.791,00	-145.136.149,00	-121.628.082,00	-106.489.110,00
b) Taxes: 40720	-1.562.669,00	-1.494.058,00	-1.222.853,00	-1.184.436,00	-1.199.552,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	83.802,00	-43.823,00	0,00
d) Other current management expenditure : 40740	-357.444,00	-757.197,00	-745.452,00	-803.775,00	-275.337,00
8. Amortisation of fixed assets: 40800	-18.442.819,00	-18.484.464,00	-18.567.324,00	-19.356.636,00	-17.740.021,00
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	4.500,00	595.500,00	254.417,00	71.003,00	169.393,00
11. Impairment and result of transfers of fixed assets: 41100	-7.798.335,00	-7.271.581,00	-2.909.514,00	-983.175,00	224.766,00
a) Impairment and losses : 41110	-3.902.903,00	-4.902.121,00	-2.021.581,00	0,00	425.790,00
b) Results for transfers and other : 41120	-3.895.432,00	-2.369.460,00	-887.933,00	-983.175,00	-201.024,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	-424.747,00	-441.438,00	-217.677,00	1.486,00	-16.738,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	83.047.989,00	118.308.136,00	144.838.621,00	162.963.824,00	142.125.666,00
14. Financial income : 41400	27.458.749,00	681.049,00	258.465,00	781.153,00	6.237.181,00
a) Of shares in equity instruments : 41410	27.273.271,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	27.273.271,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	185.478,00	681.049,00	258.465,00	781.153,00	6.237.181,00
b 1) From Group companies and associates : 41421	176.182,00	666.165,00	249.198,00	768.356,00	6.143.177,00
b 2) From third parties : 41422	9.296,00	14.884,00	9.267,00	12.797,00	94.004,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-37.809,00	-1.447.325,00	-14.825,00	-23.482,00	-51.523,00
a) Amounts owed to Group companies and associates : 41510	-33.105,00	0,00	0,00	-778,00	0,00
b) For debts with third parties : 41520	-4.704,00	-1.447.325,00	-14.825,00	-22.704,00	-51.523,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	1.592.302,00	973.854,00	2.009.992,00	3.145.179,00	138.271,00
18. Impairment and result for transfers of financial instruments: 41800	13.386.502,00	-15.938.046,00	17.997.285,00	3.562.901,00	-7.591.806,00
a) Impairment and losses : 41810	13.386.502,00	-15.938.046,00	17.997.285,00	3.562.901,00	-7.591.806,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	42.399.744,00	-15.730.468,00	20.250.917,00	7.465.751,00	-1.267.877,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	125.447.733,00	102.577.668,00	165.089.538,00	170.429.575,00	140.857.789,00
20. Income taxes: 41900	-30.268.496,00	-33.656.933,00	-39.142.399,00	-41.869.359,00	-34.762.023,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	95.179.237,00	68.920.735,00	125.947.139,00	128.560.216,00	106.095.766,00
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	95.179.237,00	68.920.735,00	125.947.139,00	128.560.216,00	106.095.766,00

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

Information corresponding to the fiscal year 2013 2012 2011 2010 2009  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	332.553.191,00	312.587.212,00	326.949.668,00	311.936.932,00	257.189.568,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	8.168.910,00	6.700.943,00	8.484.318,00	8.978.235,00	9.599.909,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	798.967,00	609.262,00	585.644,00	469.947,00	435.004,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	7.207.436,00	5.984.685,00	7.887.085,00	8.487.692,00	9.123.444,00
5. Software:	152.589,00	98.761,00	736,00	8.917,00	28.907,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	9.918,00	8.235,00	10.853,00	11.679,00	12.554,00
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:	81.995.351,00	78.461.726,00	79.823.593,00	86.493.333,00	96.742.759,00
1. Land and construction:	26.305.061,00	23.217.727,00	20.552.651,00	19.048.533,00	17.827.535,00
2. Technical installations and machinery:	43.837.816,00	43.154.011,00	46.029.044,00	53.021.692,00	60.653.258,00
3. Other installations, tools and furniture:	9.658.533,00	9.507.874,00	10.141.313,00	11.681.963,00	13.363.382,00
4. Payments on account and tangible fixed assets under construction:	233.198,00	651.956,00	1.041.834,00	369.632,00	2.185.733,00
5. Other tangible assets:	1.960.743,00	1.930.158,00	2.058.751,00	2.371.512,00	2.712.851,00
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:	240.526.676,00	227.167.830,00	238.450.774,00	216.288.952,00	150.715.026,00
1. Equity investments in group companies:	234.164.102,00	221.275.356,00	232.737.258,00	210.739.874,00	145.316.808,00
2. Receivables from group companies:	0,00	0,00	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. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	6.362.574,00	5.892.474,00	5.713.516,00	5.549.078,00	5.398.218,00
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:	1.862.254,00	256.713,00	190.983,00	176.412,00	131.874,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	189.952.837,00	170.692.755,00	216.004.612,00	196.802.971,00	253.717.028,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	87.630.979,00	64.483.537,00	61.638.082,00	45.399.410,00	71.234.172,00
1. Goods for resale:	85.364.799,00	63.344.431,00	61.417.165,00	45.399.270,00	71.185.035,00
2. Raw materials and other consumables:	2.266.180,00	1.139.106,00	220.917,00	140,00	49.137,00
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	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	88.426.585,00	102.607.424,00	76.156.249,00	61.863.425,00	52.959.198,00
1. Trade debtors / accounts receivable:	15.711.759,00	11.149.019,00	11.485.177,00	13.039.769,00	10.041.793,00
2. Accounts receivable, Group companies:	37.385.149,00	36.259.238,00	23.908.484,00	26.262.341,00	22.521.451,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	301.550,00	1.784.611,00	1.549.344,00	1.616.895,00	3.568.278,00
5. Staff:	13.805,00	8.102,00	19.455,00	20.961,00	16.270,00
6. Public bodies:	35.014.322,00	53.406.454,00	39.193.789,00	20.923.459,00	16.811.406,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	10.067.325,00	691.259,00	73.704.554,00	83.613.686,00	124.238.113,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	10.059.265,00	683.199,00	73.696.494,00	83.564.886,00	113.714.433,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	8.060,00	8.060,00	8.060,00	48.800,00	10.523.680,00
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:	3.827.948,00	2.910.535,00	4.309.169,00	5.920.779,00	5.196.792,00
VII. Prepayments and accrued income:	0,00	0,00	196.558,00	5.671,00	88.753,00
GENERAL TOTAL (A + B + C + D):	522.506.028,00	483.279.967,00	542.954.280,00	508.739.903,00	510.906.596,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	227.135.565,00	224.299.561,00	283.390.440,00	269.826.372,00	251.389.897,00
I. Subscribed capital:	6.010.121,00	6.010.121,00	6.010.121,00	6.010.121,00	6.010.121,00
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:	124.489.362,00	147.911.860,00	149.976.335,00	243.799.190,00	227.827.165,00
1. Legal reserve:	1.202.024,00	1.202.024,00	1.202.024,00	1.202.024,00	1.202.024,00
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:	123.287.338,00	146.709.836,00	148.774.311,00	242.597.166,00	226.625.141,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	1.456.845,00	1.456.845,00	1.456.845,00	1.456.845,00	1.456.845,00
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:	1.456.845,00	1.456.845,00	1.456.845,00	1.456.845,00	1.456.845,00
VI. Profit or loss for the financial year:	95.179.237,00	68.920.735,00	125.947.139,00	128.560.216,00	106.095.766,00
VII. Interim dividend paid:	0,00	0,00	0,00	-110.000.000,00	-90.000.000,00
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:	568.481,00	1.102.002,00	1.201.622,00	264.307,00	324.307,00
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:	568.481,00	1.102.002,00	1.201.622,00	264.307,00	324.307,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	16.583.384,00	11.602.021,00	11.151.223,00	7.260.814,00	6.153.235,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	173,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	173,00	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:	16.583.211,00	11.602.021,00	11.151.223,00	7.260.814,00	6.153.235,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	14.000,00	12.681,00	12.681,00	12.681,00	388.794,00
4. Long term payables to public bodies:	16.569.211,00	11.589.340,00	11.138.542,00	7.248.133,00	5.764.441,00
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:	278.218.598,00	246.276.383,00	247.210.995,00	231.388.410,00	253.039.157,00
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:	9.896,00	6.023,00	9.084,00	6.006,00	159.728,00
1. Loans and other liabilities:	9.896,00	6.023,00	9.084,00	6.006,00	159.728,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	127.219.303,00	107.220.481,00	95.526.988,00	98.745.040,00	93.257.522,00
1. Amounts owed to group companies:	127.219.303,00	107.220.481,00	95.526.988,00	98.745.040,00	93.257.522,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	93.835.709,00	84.556.724,00	92.304.890,00	72.560.231,00	93.512.960,00
1. Advanced payments from customers:	80.663,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	93.755.046,00	84.556.724,00	92.304.890,00	72.560.231,00	93.512.960,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	22.664.021,00	16.355.599,00	17.675.889,00	16.358.176,00	20.139.193,00
1. Public bodies:	11.863.709,00	7.872.946,00	9.210.121,00	7.974.194,00	9.916.287,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	2.835.062,00	1.714.051,00	1.365.218,00	1.349.829,00	4.322.967,00
4. Wages and salaries payable:	7.965.250,00	6.768.602,00	7.100.550,00	7.034.153,00	5.899.939,00
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:	34.489.669,00	38.137.556,00	41.694.144,00	43.718.957,00	45.969.754,00
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):	522.506.028,00	483.279.967,00	542.954.280,00	508.739.903,00	510.906.596,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	914.277.100,00	893.612.776,00	791.496.922,00	763.671.534,00	701.044.566,00
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:	624.658.748,00	578.733.620,00	517.423.512,00	498.598.813,00	454.501.047,00
a) Stock consumption:	608.287.219,00	552.904.450,00	491.900.899,00	476.694.586,00	432.584.955,00
b) Consumption of raw materials and miscellaneous consumable ones:	15.437.327,00	22.225.619,00	22.619.646,00	20.330.434,00	20.513.944,00
c) Miscellaneous external expenditure:	934.202,00	3.603.551,00	2.902.967,00	1.573.793,00	1.402.148,00
A.3. Staff costs:	79.830.088,00	84.999.323,00	84.198.304,00	82.742.854,00	78.642.175,00
a) Wages, salaries et al.:	61.186.427,00	65.475.654,00	65.250.858,00	63.806.038,00	60.762.587,00
b) Social security costs:	18.643.661,00	19.523.669,00	18.947.446,00	18.936.816,00	17.879.588,00
A.4. Depreciation expense:	18.442.819,00	18.484.464,00	18.567.324,00	19.356.636,00	17.740.021,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	-83.802,00	43.823,00	0,00
a) Stock provision variation:	0,00	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:	0,00	0,00	-83.802,00	43.823,00	0,00
A.6. Other operating charges:	166.202.560,00	152.640.046,00	147.104.454,00	123.616.293,00	107.963.999,00
a) External services:	164.282.447,00	150.388.791,00	145.136.149,00	121.628.082,00	106.489.110,00
b) Taxes:	1.562.669,00	1.494.058,00	1.222.853,00	1.184.436,00	1.199.552,00
c) Other operating expenses:	357.444,00	757.197,00	745.452,00	803.775,00	275.337,00
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):	91.271.071,00	126.021.155,00	147.965.812,00	163.945.513,00	141.917.638,00
A.7. Financial and similar charges:	37.809,00	1.447.325,00	14.825,00	23.482,00	51.523,00
a) Due to liabilities with companies of the group:	33.105,00	0,00	0,00	778,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	4.704,00	1.447.325,00	14.825,00	22.704,00	51.523,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	29.013.242,00	207.578,00	2.253.632,00	3.902.850,00	6.323.929,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	120.284.313,00	126.228.733,00	150.219.444,00	167.848.363,00	148.241.567,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-9.483.599,00	20.840.167,00	-15.975.704,00	-3.562.901,00	7.166.016,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	3.895.432,00	2.369.460,00	887.933,00	983.175,00	201.024,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	424.747,00	441.438,00	217.677,00	0,00	16.738,00
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):	5.163.420,00	0,00	14.870.094,00	2.581.212,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	125.447.733,00	102.577.668,00	165.089.538,00	170.429.575,00	140.857.789,00
A.15. Corporation tax:	30.268.496,00	33.656.933,00	39.142.399,00	41.869.359,00	34.762.023,00
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):	95.179.237,00	68.920.735,00	125.947.139,00	128.560.216,00	106.095.766,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	1.009.456.337,00	962.533.511,00	917.444.061,00	892.231.750,00	807.140.332,00
B.1. Net total sales:	972.224.141,00	952.208.667,00	907.526.920,00	878.448.025,00	791.414.585,00
a) Sales:	986.855.659,00	933.105.709,00	885.665.144,00	873.899.294,00	789.089.992,00
b) Rendering of services:	0,00	32.937.558,00	34.993.003,00	17.505.513,00	14.023.958,00
Returns and Rappel on sales:	-14.631.518,00	-13.834.600,00	-13.131.227,00	-12.956.782,00	-11.699.365,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	8.181.145,00	8.669.941,00	7.648.684,00	9.855.907,00	9.350.295,00
a) Auxiliary income and other from current management:	7.962.004,00	7.861.724,00	7.226.344,00	9.616.071,00	9.003.008,00
b) Grants:	214.641,00	212.717,00	167.923,00	168.833,00	177.894,00
c) Liabilities and charges provisions surplus:	4.500,00	595.500,00	254.417,00	71.003,00	169.393,00
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:	27.273.271,00	0,00	0,00	0,00	0,00
a) In companies of the group:	27.273.271,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	5.877,00	9.410,00	5.859,00	8.090,00	59.430,00
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:	5.877,00	9.410,00	5.859,00	8.090,00	59.430,00
B.7. Miscellaneous interests or similar income:	179.601,00	671.639,00	252.606,00	773.063,00	6.177.751,00
a) From companies of the group:	176.182,00	666.165,00	249.198,00	768.356,00	6.143.177,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	3.419,00	5.474,00	3.408,00	4.707,00	34.574,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	1.592.302,00	973.854,00	2.009.992,00	3.145.179,00	138.271,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	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	0,00	0,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	1.486,00	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	23.651.065,00	0,00	0,00	7.383.778,00
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.

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	125.447.733,00	102.577.668,00	165.089.538,00	170.429.575,00	140.857.789,00
2. Results adjustments.: 61200	-21.092.166,00	40.247.665,00	-2.836.721,00	15.672.386,00	14.788.323,00
a) Fixed Assets Amortization (+).: 61201	18.442.819,00	18.484.464,00	18.567.324,00	19.356.636,00	17.740.021,00
b) Obsolescence Allowances (+/-). : 61202	-9.483.599,00	20.834.786,00	2.021.581,00	-3.562.901,00	7.166.016,00
c) Variation in Provision (+/-). : 61203	428.087,00	-118.055,00	-17.068.527,00	43.823,00	68.307,00
e) Results on disposal of fixed assets (+/-). : 61205	3.895.432,00	2.369.456,00	887.932,00	983.175,00	201.024,00
g) Financial income (-).: 61207	-185.478,00	-681.049,00	-258.465,00	-781.153,00	-6.237.181,00
h) Financial Expenses (+). : 61208	4.704,00	1.447.325,00	14.825,00	23.482,00	51.523,00
i) Exchange differences (+/-). : 61209	-479.117,00	1.590.765,00	-3.336.121,00	-1.098.290,00	-724.884,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	0,00	0,00	4.034.160,00	0,00
k) Other income and expense (-/+). : 61211	-33.715.014,00	-3.680.027,00	-3.665.270,00	-3.326.546,00	-3.476.503,00
3. Changes in current capital equity.: 61300	52.619.672,00	-35.839.382,00	-9.045.245,00	-878.473,00	10.649.144,00
a) Stock (+/-).: 61301	-23.147.442,00	-2.845.455,00	-16.238.672,00	25.834.762,00	-15.270.861,00
d) Debtors and other accounts receivable (+/-). : 61302	15.877.906,00	-25.459.948,00	-13.947.595,00	-2.909.035,00	-4.493.081,00
c) Other current assets (+/-). : 61303	3.037.327,00	0,00	40.740,00	75.022,00	-49.088,00
d) Creditors and other accounts payable (+/-). : 61304	54.733.884,00	-7.887.972,00	19.681.201,00	-24.170.051,00	24.664.506,00
e) Other current liabilities (+/-).: 61305	2.607.809,00	284.064,00	148.520,00	0,00	30.043,00
f) Other non-current assets and liabilities (+/-).: 61306	-489.812,00	69.929,00	1.270.561,00	290.829,00	5.767.625,00
4. Other cash flows for operating activities.: 61400	3.158.118,00	-46.360.029,00	-39.702.304,00	-24.818.491,00	-29.968.693,00
a) Interest payments (-). : 61401	-4.704,00	-1.423.510,00	-6.270,00	-22.704,00	-51.523,00
b) Dividend payment collection (+). : 61402	27.273.271,00	0,00	0,00	6.155.974,00	3.504.253,00
c) Interest collection (+). : 61403	9.296,00	14.884,00	9.267,00	0,00	0,00
d) Income tax payment collection (payments) (+/-).: 61404	-24.119.745,00	-44.951.403,00	-39.705.301,00	-30.951.761,00	-33.421.423,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	160.133.357,00	60.625.922,00	113.505.268,00	160.404.997,00	136.326.563,00
6. Payments for investment (-).: 62100	-39.805.217,00	-28.469.733,00	-18.236.768,00	-74.363.298,00	-70.876.817,00
a) Companies of the group and affiliates. : 62101	-9.216.703,00	-4.222.732,00	-4.000.098,00	-61.860.165,00	-43.172.787,00
b) Intangible fixed assets. : 62102	-2.945.789,00	-603.504,00	-304.690,00	-383.295,00	-1.838.599,00
c) Fixed assets. : 62103	-27.181.510,00	-23.643.497,00	-13.931.980,00	-12.119.838,00	-25.865.431,00
d) Real estate investment. : 62104	-7.934,00	0,00	0,00	0,00	0,00
e) Other financial assets. : 62105	-453.281,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	562.756,00	73.679.460,00	10.116.812,00	24.836.010,00	12.053.513,00
a) Companies of the group and affiliates. : 62201	497.756,00	73.679.460,00	10.116.812,00	24.774.726,00	10.894.835,00
b) Intangible fixed assets. : 62202	65.000,00	0,00	0,00	0,00	248.439,00
c) Fixed assets. : 62203	0,00	0,00	0,00	61.284,00	910.239,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-39.242.461,00	45.209.727,00	-8.119.956,00	-49.527.288,00	-58.823.304,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-19.973.482,00	19.765.716,00	3.078,00	-153.722,00	-368.306,00
a) Issuance : 63201	17.873,00	19.768.777,00	3.078,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	3.873,00	0,00	3.078,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	19.768.777,00	0,00	0,00	0,00
5. Other debts (+). : 63206	14.000,00	0,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-19.991.355,00	-3.061,00	0,00	-153.722,00	-368.306,00
2. Debts incurred with credit institutions (-).: 63209	0,00	-3.061,00	0,00	-153.722,00	-368.306,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-19.991.355,00	0,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-100.000.000,00	-127.000.000,00	-107.000.000,00	-110.000.000,00	-90.000.000,00
a) Dividends (-).: 63301	-100.000.000,00	-127.000.000,00	-107.000.000,00	-110.000.000,00	-90.000.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-119.973.482,00	-107.234.284,00	-106.996.922,00	-110.153.722,00	-90.368.306,00
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	917.414,00	-1.398.635,00	-1.611.610,00	723.987,00	-12.865.047,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.910.534,00	4.309.169,00	5.920.779,00	5.196.792,00	18.061.839,00
Cash or equivalent assets as of end of the fiscal year.: 65200	3.827.948,00	2.910.534,00	4.309.169,00	5.920.779,00	5.196.792,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,05 %	0,00 %	0,01 %		427,89 %
EBITDA over Sales:	11,28 %	6,01 %	15,11 %	9,24 %	-25,33 %	-34,93 %
Cash Flow Yield:	0,00 %	0,04 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	30,91 %	0,28 %	46,54 %	5,28 %	-33,58 %	-94,63 %
Total economic profitability:	24,02 %	1,01 %	21,25 %	2,50 %	13,04 %	-59,54 %
Financial profitability:	42,58 %	-3,75 %	30,18 %	1,35 %	41,08 %	-376,63 %
Margin:	8,51 %	0,17 %	12,37 %	4,84 %	-31,15 %	-96,47 %
Mark-up:	12,84 %	-1,06 %	10,73 %	1,58 %	19,68 %	-166,95 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,14	0,01	0,12	13,40	22,53
Acid Test:	0,34	0,66	0,44	0,86	-23,64	-22,72
Working Capital / Investment:	-0,13	-0,05	-0,07	0,03	-83,83	-277,00
Solvency:	0,67	0,97	0,72	1,18	-7,49	-18,09

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	1,35	1,91	1,12	1,65	19,99	15,95
Borrowing Composition:	0,06	0,62	0,05	1,04	23,24	-40,13
Repayment Ability:	329,41	15,31	-184,38	144,61	278,66	-89,41
Warranty:	1,73	1,54	1,90	1,61	-8,94	-4,62
Generated resources / Total creditors:	0,33	0,04	0,40	0,07	-17,23	-34,49

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,37	1,51	2,69	1,73	-11,84	-12,83
Turnover of Collection Rights :	11,94	7,08	9,76	4,84	22,41	46,18
Turnover of Payment Entitlements:	3,67	3,95	4,53	3,53	-18,87	11,80
Stock rotation:	10,15	10,11	12,95	6,65	-21,63	52,01
Assets turnover:	3,63	1,66	3,76	1,09	-3,53	51,89
Borrowing Cost:	0,01	2,73	0,56	2,94	-97,77	-7,23

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

Cash Flow	2013	2012	2011	2010	2009
Cash Flow over Sales:	0,00 %	0,00 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	11,28 %	15,11 %	18,32 %	20,86 %	20,15 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,00 %	0,00 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	30,91 %	46,54 %	62,90 %	78,10 %	60,28 %
Total economic profitability:	24,02 %	21,25 %	30,41 %	33,50 %	27,58 %
Financial profitability:	42,58 %	30,18 %	43,97 %	48,09 %	43,22 %
Margin:	8,51 %	12,37 %	15,85 %	18,35 %	17,75 %
Mark-up:	12,84 %	10,73 %	18,07 %	19,19 %	17,60 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,01	0,01	0,02	0,03	0,02
Acid Test:	0,34	0,44	0,61	0,64	0,72
Working Capital / Investment:	-0,13	-0,07	0,01	0,01	0,09
Solvency:	0,67	0,72	0,87	0,85	1,00

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	1,35	1,12	0,90	0,89	1,05
Borrowing Composition:	0,06	0,05	0,05	0,03	0,02
Repayment Ability:	329,41	-184,38	-160,31	329,63	106,73
Warranty:	1,73	1,90	2,10	2,13	1,97
Generated resources / Total creditors:	0,33	0,40	0,49	0,60	0,51

Efficiency	2013	2012	2011	2010	2009
Productivity:	2,37	2,69	2,97	3,21	3,03
Turnover of Collection Rights :	11,94	9,76	12,61	15,07	15,35
Turnover of Payment Entitlements:	3,67	4,53	3,90	4,25	3,28
Stock rotation:	10,15	12,95	12,45	15,96	9,25
Assets turnover:	3,63	3,76	3,97	4,26	3,39
Borrowing Cost:	0,01	0,56	0,01	0,01	0,02

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

MurciaEconomía.com	25/04/2014
Inditex se estrena en Albania con cinco tiendas
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Lavozdigital.es	04/10/2013
Bershka reabre su tienda en el centro comercial Área Sur
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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

Bershka belongs to the group Inditex, one of the biggest fashion distribution groups globally. It has more than 6100 stablishments in 86 countries in Europe, America, Asia and Africa. Apart from Bershka, Inditex has other formats such as Zara, Pull and Bear, Massimo Dutti, Stradivarius, Oysho, Zara Home and Uterqüe. It has 8 fashion distribution chains (Bershka, Zara, Pull and Bear, Massimo Dutti, Stradivarius, Oysho, Zara Home and Üterque), all of them have the same commercial approach and management: to be leaders in their segment with a flexible business model and international trade. The group also has around 100 linked companies with the different activities and the results of its year were 38.10%. It is one of the most important companies nationally (turnover). The subject meets normally its payment commitments.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	RAS
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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