MIRA INFORM REPORT

Report No. :	337728
Report Date :	27.08.2015

IDENTIFICATION DETAILS

Name :	YERSE SA

Registered Office :	Ctra Terrassa 263-265 - Sabadell - 08205 - Barcelona

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	30.12.1967

Legal Form :	Public Company

Line of Business :	Subject is manufacture of knitted and crocheted fabrics

No. of Employee :	45

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Spain

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

SPAIN - ECONOMIC OVERVIEW

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained 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 2010, but Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, 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 more than 97% in 2014.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:

YERSE SA

NIF / Fiscal code:

A08224958

Status:

ACTIVE

Incorporation Date:

30/12/1967

Register Data

Last Publication in BORME:

27/05/2015 [Appointments]

Last Published Account Deposit:

2013

Share Capital:

703.184,16

Localization:

CTRA TERRASSA 263-265 - SABADELL - 08205 - BARCELONA

Telephone - Fax - Email - Website:

Telephone. 937 451 700 Email. INFO@YERSE.COM Website. WWW.YERSE.COM

Activity:

NACE:

1391 - Manufacture of knitted and crocheted fabrics

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

0 for a total cost of 0

Quality Certificate:

Scoring and Risk:

Payment Behaviour:

Currently fulfilled

Prospects:

Consolidation

Industry situation:

Maturity

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

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

CARLOS PENAS BABOT
JOSEP GENERO GALLEGO
LUIS GENERO DOMENECH
MARIONA GENERO GALLEGO
Shares:	2
Other Links:	2
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

A company that was established on 1967. It is dedicated to the manufacturing and sale of women clothes. In charge of the owner, there are 45 employees. In light of the above, we consider that it is possible to maintain relations related to operations of habitual credit.

Interviewed Person:

Enquiry Details

Business address regime:

Property

Identification

Social Denomination:

YERSE SA

NIF / Fiscal code:

A08224958

Corporate Status:

ACTIVE

Start of activity:

1966

Registered Office:

CTRA TERRASSA 263-265

Locality:

SABADELL

Province:

BARCELONA

Postal Code:

08205

Telephone:

937 451 700

Fax:

937 451 701

Website:

WWW.YERSE.COM

Email:

INFO@YERSE.COM

Interviewed Person:

Gestiones diversas, al no encontrarse el responsable por periodo vacacional.

Activity

NACE:

1391

CNAE Obtaining Source:

1391

Legal Form:

Maufacturing and sale of clothes and garments for women.

Additional Information:

Plant, warehouse and offices located on CTRA TERRASSA 263-265

Additional Address:

Registered office and offices as well as other dependencies. It has four or five stores of retial sale.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2015

The data of employees is from the latest available financial statements, are estimates data calculated by statistical methods

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989)

1991

Accounts deposit (year 1990) Appointments/ Re-elections (1)

1992

Accounts deposit (year 1991) Adaptation to Law (1) Change of Social Denomination (1) Statutory Modifications (1)

1993

Accounts deposit (year 1992)

1994

Accounts deposit (year 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Other Concepts/ Events (1)

1997

Accounts deposit (year 1996)

1998

Accounts deposit (year 1997) Increase of Capital (2) Other Concepts/ Events (1)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (1)

2000

Appointments/ Re-elections (1) Change of Social address (1)

2001

Accounts deposit (year 1999, 2000) Appointments/ Re-elections (1)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Statutory Modifications (2)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (1)

2004

Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)

2005

Accounts deposit (year 2003, 2004) Appointments/ Re-elections (1)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (2)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (1)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1)

2010

Accounts deposit (year 2009)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (2) Statutory Modifications (1)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Statutory Modifications (2)

2015

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Breakdown of Owners' Equity

Registered Capital:

703.184,16

Paid up capital:

703.184,16

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

07/02/1998

Increase of Capital

84.142

234.395

19/08/1998

Increase of Capital

468.789

703.184

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

PENAS BABOT CARLES

04/09/2014

MEMBER OF THE BOARD

GENERO DOMENECH LUIS

19/05/2015

TORRENTS PONT FRANCESC XAVIER

04/09/2014

PENAS BABOT CARLES

04/09/2014

PENAS BABOT CARLOS

23/02/2009

GENERO DOMENECH LLUIS

26/01/2007

JOINT ATTORNEY

TORRENTS PONT FRANCESC XAVIER

19/05/2015

PROXY

OLIVAN GIMENEZ JOSE MARIA

16/05/2006

JIMENEZ VELASCO LUIS

16/05/2006

JORGE VIVES RAMON

06/10/2004

SECRETARY

TORRENTS PONT FRANCESC XAVIER

04/09/2014

ACCOUNTS' AUDITOR / HOLDER

UNIAUDIT OLIVER CAMPS SL

01/12/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

BURGADA SIMON RAMON

MEMBER OF THE BOARD

27/05/2004

SECRETARY

27/05/2004

GENERO DOMENECH LLUIS

MEMBER OF THE BOARD

26/01/2007

PRESIDENT

26/01/2007

PRESIDENT

28/11/2011

GENERO DOMENECH LUIS

MEMBER OF THE BOARD

04/09/2014

PRESIDENT

04/09/2014

ADMINISTRATOR

22/11/1994

ADMINISTRATOR

21/10/1999

ADMINISTRATOR

21/02/2002

GENERO GALLEGO JOSEP

MEMBER OF THE BOARD

28/11/2011

MEMBER OF THE BOARD

26/01/2007

MEMBER OF THE BOARD

19/05/2015

CHIEF EXECUTIVE OFFICER

26/01/2007

VICE CHAIRMAN

26/01/2007

CHIEF EXECUTIVE OFFICER

28/11/2011

CHIEF EXECUTIVE OFFICER

19/05/2015

GENERO GALLEGO MONTSERRAT

PROXY

10/03/2004

GIL LOPEZ JOSE

PROXY

06/10/2004

PROXY

10/03/2004

PROXY

10/03/2004

GRANT THORNTON JRP SL

ACCOUNTS' AUDITOR / HOLDER

06/11/2006

ACCOUNTS' AUDITOR / HOLDER

17/12/2007

ACCOUNTS' AUDITOR / HOLDER

07/11/2005

JORGE VIVES RAMON

PROXY

06/10/2004

OLIVAN GIMENEZ JOSE MARIA

PROXY

16/05/2006

PENAS BABOT CARLES

SECRETARY

04/09/2014

PENAS BABOT CARLOS

SECRETARY

04/09/2014

MEMBER OF THE BOARD

23/02/2009

SECRETARY

23/02/2009

UNIAUDIT JRP AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

30/12/2008

ACCOUNTS' AUDITOR / HOLDER

28/12/2011

ACCOUNTS' AUDITOR / HOLDER

24/10/2012

ACCOUNTS' AUDITOR / HOLDER

11/10/2013

UNIAUDIT JRP SL

ACCOUNTS' AUDITOR / HOLDER

04/01/2000

ACCOUNTS' AUDITOR / HOLDER

27/01/2001

ACCOUNTS' AUDITOR / HOLDER

31/01/2002

ACCOUNTS' AUDITOR / HOLDER

12/06/2003

ACCOUNTS' AUDITOR / HOLDER

14/01/2004

ACCOUNTS' AUDITOR / HOLDER

01/10/2004

UNIAUDIT OLIVER CAMPS SL

ACCOUNTS' AUDITOR / HOLDER

01/12/2014

Executive board

Post

NIF

Name

FINANCIAL DIRECTOR

LUIS JIMENEZ VELASCO

MANAGING DIRECTOR

JOSE GENERO

CHAIRMAN

CARLES PENAS BABOT

DIRECTOR/GENERAL MANAGER

JOSEP GENERO GALLEGO

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

> Basis for scoring

Positive Factors

Adverse Factors

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

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

The current debt represents a 24.18of the financial structure. In principle, a decrease in this ratio would indicate an improvement in the short-term financial situation.

YERSE SA obtains economic profitability from the necessary investments in the development of its activity in comparison with its assets.

High financial profitability. Net return from the company's main activity performed using its own equity is high. This income return has decreased in comparison with the previous financial year.

Grants or Publics aids Update for the company.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.212 %

> Latest Scoring Changes:

Sector in which comparison is carried out:

139 Manufacture of other textiles

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 YERSE 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 0.212%.

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

Proceedings before the Industrial Tribunal

No se han publicado

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

IS RELATED WITH:

1 Entities

PARTICIPATES IN:

2 Entities

SHAREHOLDERS:

4 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

CARLOS PENAS BABOT

JOSEP GENERO GALLEGO

LUIS GENERO DOMENECH

MARIONA GENERO GALLEGO

PARTICIPATES IN

MARIONAGEN SA

BARCELONA

100

CADENA GIOCA SL

BARCELONA

100

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

CADENA GIOCA SL

BARCELONA

BELONGS TO THE ADMINISTRATION BOARD OF

CADENA GIOCA SL

BARCELONA

Turnover

Total Sales 2014

12.000.000

The sales data is from the latest available financial statements. Failing that, are estimates data calculated by statistical methods.

Estimated Balance

Prev. 2014 Non-current asset 2.050.000 Current asset 6.800.000 Net worth 6.600.000 Non-current liabilities 50.000 Current liabilities 2.200.000 Total liabilities and net assets 8.850.000 Sales 12.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

October 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

September 2011

2009

Normales

November 2010

2008

Normales

August 2009

2007

Normales

November 2008

2006

Normales

August 2007

2005

Normales

August 2006

2004

Normales

September 2005

2003

Normales

November 2004

2002

Normales

September 2003

2001

Normales

August 2002

2000

Normales

August 2001

1999

Normales

December 2000

1998

Normales

August 1999

1997

Normales

September 1998

1996

Normales

September 1997

1995

Normales

July 1996

1994

Normales

August 1995

1993

Normales

August 1994

1992

Normales

August 1993

1991

Normales

July 1992

1990

Normales

August 1991

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 31/12/2013

> Normal format Balance in accordance with the New Accounting Plan 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,. To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

2.117.020,00

2.583.990,00

2.635.048,00

2.744.263,00

3.036.141,00

I. Intangible fixed assets : 11100

27.185,00

42.939,00

65.026,00

68.720,00

82.826,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

0,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

27.185,00

42.939,00

65.026,00

68.720,00

46.480,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

0,00

36.346,00

II. Tangible fixed assets : 11200

1.201.270,00

1.281.784,00

1.308.291,00

1.346.424,00

1.353.737,00

1. Land and buildings: 11210

959.024,00

1.008.434,00

1.069.075,00

1.113.621,00

1.152.606,00

2. Technical installations and other tangible fixed assets: 11220

242.245,00

241.626,00

239.216,00

232.802,00

201.131,00

3. Tangible asset in progress and advances: 11230

0,00

31.723,00

0,00

III. Real estate investment: 11300

742.349,00

779.526,00

816.703,00

853.880,00

891.057,00

1. Land: 11310

0,00

2. Buildings: 11320

742.349,00

779.526,00

816.703,00

853.880,00

891.057,00

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

91.976,00

463.315,00

427.712,00

457.546,00

625.755,00

1. Equity instruments: 11410

16.976,00

83.341,00

60.101,00

2. Credits to businesses: 11420

75.000,00

379.974,00

367.611,00

397.444,00

565.653,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

14.372,00

731,00

6.052,00

11.085,00

75.550,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

14.098,00

457,00

5.777,00

10.811,00

75.276,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

274,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

39.868,00

15.695,00

11.264,00

6.608,00

7.216,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

6.542.065,00

5.835.075,00

5.126.019,00

4.005.971,00

3.160.844,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

2.321.894,00

2.384.822,00

1.557.630,00

996.620,00

876.901,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

22.325,00

40.585,00

40.914,00

25.472,00

64.085,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

2.280.616,00

2.344.237,00

1.516.716,00

808.385,00

812.816,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

2.280.616,00

2.344.237,00

1.516.716,00

808.385,00

812.816,00

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

0,00

6. Advances to suppliers: 12260

18.953,00

0,00

162.764,00

0,00

III. Trade debtors and others receivable accounts: 12300

2.368.115,00

2.115.762,00

2.692.694,00

2.338.233,00

1.667.007,00

1. Trade debtors / accounts receivable: 12310

1.805.951,00

1.674.082,00

2.367.346,00

2.160.160,00

1.503.579,00

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

0,00

b) Customers for sales and provisions of services : 12312

1.805.951,00

1.674.082,00

2.367.346,00

2.160.160,00

1.503.579,00

2. Customers, Group companies and associates : 12320

317.833,00

203.513,00

291.225,00

175.255,00

129.137,00

3. Other accounts receivable: 12330

0,00

4. Personnel: 12340

0,00

155,00

5. Assets for deferred tax: 12350

161.294,00

168.258,00

6.964,00

0,00

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

83.037,00

69.910,00

27.158,00

2.663,00

34.136,00

7. Called up share capital: 12370

0,00

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

102.964,00

0,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

99.614,00

0,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

3.350,00

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

0,00

7.854,00

113.178,00

6.507,00

39.393,00

1. Equity instruments: 12510

0,00

25.079,00

2. Credits to businesses: 12520

0,00

5.320,00

5.034,00

4.821,00

10.352,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

5. Other financial assets : 12550

0,00

2.534,00

108.144,00

1.685,00

3.962,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

109.430,00

99.536,00

20.895,00

53.463,00

45.469,00

VII. Cash and other equivalent liquid assets : 12700

1.639.662,00

1.227.101,00

741.622,00

611.148,00

532.073,00

1. Treasury: 12710

1.639.662,00

1.227.101,00

741.622,00

611.148,00

532.073,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

8.659.085,00

8.419.065,00

7.761.067,00

6.750.234,00

6.196.985,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

6.493.017,00

6.188.728,00

6.321.902,00

5.485.021,00

4.357.081,00

A-1) Shareholders' equity: 21000

6.493.017,00

6.188.728,00

6.321.902,00

5.485.021,00

4.357.026,00

I. Capital: 21100

703.170,00

1. Registered capital : 21110

703.170,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

5.376.833,00

5.016.182,00

4.348.304,00

3.400.356,00

2.914.285,00

1. Legal and statutory: 21310

140.637,00

2. Other reserves: 21320

5.236.196,00

4.875.545,00

4.207.667,00

3.259.719,00

2.773.648,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

0,00

VII. Result of the period: 21700

608.015,00

625.375,00

1.720.879,00

1.810.495,00

993.071,00

VIII. (Interim dividend): 21800

-195.000,00

-156.000,00

-450.450,00

-429.000,00

-253.500,00

IX. Other net worth instruments: 21900

0,00

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

0,00

55,00

I. Financial assets held for sale: 22100

0,00

55,00

II. Hedge operations: 22200

0,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

72.087,00

83.561,00

85.912,00

106.255,00

106.738,00

I. Long-term provisions: 31100

0,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

0,00

II Long-term creditors: 31200

49.141,00

40.487,00

42.838,00

63.181,00

92.665,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

13.164,00

39.492,00

3. Creditors from financial leasing: 31230

8.506,00

0,00

1.346,00

4.073,00

6.800,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

40.635,00

40.487,00

41.492,00

45.944,00

46.373,00

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

0,00

IV. Liabilities for deferred tax: 31400

22.946,00

43.074,00

14.073,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

2.093.980,00

2.146.776,00

1.353.253,00

1.158.958,00

1.733.166,00

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

0,00

II. Short-term provisions: 32200

26.307,00

25.416,00

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

26.307,00

0,00

III. Short-term creditors : 32300

359.161,00

631.448,00

454.367,00

454.166,00

892.846,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

357.217,00

630.245,00

451.640,00

450.758,00

890.255,00

3. Creditors from financial leasing: 32330

1.944,00

1.203,00

2.727,00

2.591,00

4. Derivatives : 32340

0,00

5. Other financial liabilities : 32350

0,00

681,00

0,00

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

0,00

443,00

0,00

V. Trade creditors and other accounts payable: 32500

1.708.512,00

1.488.579,00

873.470,00

704.792,00

840.320,00

1. Suppliers: 32510

1.118.857,00

815.096,00

333.632,00

56.380,00

241.713,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

1.118.857,00

815.096,00

333.632,00

56.380,00

241.713,00

2. Suppliers, Group companies and associates: 32520

0,00

17.884,00

4.655,00

6.243,00

0,00

3. Other creditors: 32530

378.171,00

567.262,00

434.499,00

413.853,00

416.978,00

4. Personnel (remuneration due): 32540

90.791,00

88.337,00

88.775,00

69.517,00

53.437,00

5. Liabilities for current tax: 32550

47.374,00

0,00

63.513,00

83.056,00

6. Other accounts payable to Public Administrations.: 32560

73.320,00

0,00

60.485,00

19.730,00

7. Advances from clients: 32570

0,00

11.910,00

34.802,00

25.407,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

8.659.085,00

8.419.065,00

7.761.067,00

6.750.234,00

6.196.985,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

10.981.665,00

10.722.986,00

12.608.937,00

11.571.991,00

7.595.829,00

a) Sales: 40110

10.981.665,00

10.722.986,00

12.608.937,00

11.571.991,00

7.595.829,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

-39.684,00

-48.170,00

-31.158,00

17.159,00

287.829,00

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

0,00

4. Supplies : 40400

-5.950.319,00

-5.795.164,00

-6.139.082,00

-5.674.778,00

-4.159.781,00

a) Stock consumption: 40410

-5.268.412,00

-5.255.951,00

-5.658.071,00

-5.360.506,00

-3.876.378,00

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

-681.190,00

-534.573,00

-459.978,00

-336.863,00

-282.750,00

c) Works carried out by other companies: 40430

-717,00

-4.640,00

-21.032,00

-2.407,00

-653,00

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

0,00

24.999,00

0,00

5. Other operating income: 40500

309.268,00

403.706,00

451.414,00

473.302,00

494.540,00

a) Auxiliary income and other from current management: 40510

290.179,00

403.277,00

450.985,00

472.874,00

488.094,00

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

19.089,00

429,00

6.446,00

6. Personnel costs: 40600

-1.550.007,00

-1.423.545,00

-1.301.326,00

-1.163.790,00

-980.893,00

a) Wages, salaries et al.: 40610

-1.194.508,00

-1.110.806,00

-994.275,00

-954.361,00

-788.734,00

b) Social security costs: 40620

-355.499,00

-312.739,00

-307.051,00

-209.429,00

-192.159,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-2.552.425,00

-2.762.749,00

-2.966.621,00

-2.444.380,00

-1.627.714,00

a) External services: 40710

-2.448.883,00

-2.504.495,00

-2.714.593,00

-2.292.794,00

-1.601.595,00

b) Taxes: 40720

-32.803,00

-36.492,00

-31.770,00

-29.614,00

-27.467,00

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

-70.739,00

-221.762,00

-220.257,00

-121.973,00

1.348,00

d) Other current management expenditure : 40740

0,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-171.599,00

-177.937,00

-166.692,00

-185.835,00

-169.041,00

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

0,00

10. Excess provisions : 41000

0,00

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

0,00

2.440,00

0,00

a) Impairment and losses : 41110

0,00

b) Results for transfers and other : 41120

0,00

2.440,00

0,00

c) Impairment and profit due to disposals of assets of holding companies: 41130

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

12.985,00

22.453,00

31.142,00

31.601,00

9.063,00

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

1.039.884,00

941.580,00

2.486.615,00

2.627.710,00

1.449.832,00

14. Financial income : 41400

2.501,00

16.427,00

18.206,00

17.769,00

20.351,00

a) Of shares in equity instruments : 41410

0,00

510,00

a 1) In Group companies and associates: 41411

0,00

510,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

2.501,00

16.427,00

18.206,00

17.769,00

19.841,00

b 1) From Group companies and associates : 41421

0,00

13.960,00

15.266,00

13.538,00

10.322,00

b 2) From third parties : 41422

2.501,00

2.467,00

2.940,00

4.231,00

9.519,00

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

0,00

15. Financial expenditure: 41500

-50.837,00

-62.095,00

-65.185,00

-75.739,00

-73.100,00

a) Amounts owed to Group companies and associates : 41510

0,00

b) For debts with third parties : 41520

-50.837,00

-62.095,00

-65.185,00

-75.739,00

-73.100,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-70,00

0,00

a) Trading book and other : 41610

0,00

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

0,00

-70,00

0,00

17. Exchange rate differences : 41700

-35.010,00

-16.523,00

467,00

-2.072,00

0,00

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

-85.847,00

1.351,00

2.899,00

0,00

102,00

a) Impairment and losses : 41810

-85.847,00

0,00

b) Results for transfers and other : 41820

0,00

1.351,00

2.899,00

0,00

102,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

-169.193,00

-60.841,00

-43.613,00

-60.111,00

-52.647,00

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

870.690,00

880.739,00

2.443.002,00

2.567.598,00

1.397.185,00

20. Income taxes: 41900

-262.676,00

-255.363,00

-722.124,00

-757.103,00

-404.115,00

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

608.015,00

625.375,00

1.720.879,00

1.810.495,00

993.071,00

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

0,00

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

608.015,00

625.375,00

1.720.879,00

1.810.495,00

993.071,00

> 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. To view details on the methodology 2013 2012 2011 2010 2009 is taken from information submitted to the TRADE REGISTER.

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

2.077.152,00

2.568.295,00

2.623.784,00

2.737.655,00

3.028.925,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

27.185,00

42.939,00

65.026,00

68.720,00

82.826,00

1. Research and development costs:

0,00

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

0,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

27.185,00

42.939,00

65.026,00

68.720,00

46.480,00

6. Assets under capital leases:

0,00

7. Payments on account:

0,00

36.346,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

1.943.619,00

2.061.310,00

2.124.994,00

2.200.304,00

2.244.794,00

1. Land and construction:

1.701.373,00

1.787.960,00

1.885.778,00

1.967.501,00

2.043.663,00

2. Technical installations and machinery:

158.675,00

158.269,00

156.691,00

152.489,00

131.744,00

3. Other installations, tools and furniture:

38.743,00

38.644,00

38.259,00

37.233,00

32.168,00

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

0,00

31.723,00

0,00

5. Other tangible assets:

44.827,00

44.713,00

44.267,00

43.080,00

37.219,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

106.348,00

464.046,00

433.763,00

468.631,00

701.305,00

1. Equity investments in group companies:

16.976,00

83.341,00

60.101,00

2. Receivables from group companies:

75.000,00

379.974,00

367.611,00

397.444,00

565.653,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

14.098,00

457,00

5.777,00

10.811,00

75.276,00

7. Long term guarantees and deposits:

274,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

6.581.933,00

5.850.770,00

5.137.284,00

4.012.579,00

3.168.060,00

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

0,00

II. Stocks:

2.321.894,00

2.384.822,00

1.557.630,00

996.620,00

876.901,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

22.325,00

40.585,00

40.914,00

25.472,00

64.085,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

2.280.616,00

2.344.237,00

1.516.716,00

808.385,00

812.816,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

18.953,00

0,00

162.764,00

0,00

7. Provisions:

0,00

III. Debtors:

2.407.983,00

2.131.457,00

2.703.958,00

2.344.841,00

1.674.224,00

1. Trade debtors / accounts receivable:

1.805.951,00

1.674.082,00

2.367.346,00

2.160.160,00

1.503.579,00

2. Accounts receivable, Group companies:

317.833,00

203.513,00

291.225,00

175.255,00

129.137,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

0,00

5. Staff:

0,00

155,00

6. Public bodies:

284.199,00

253.863,00

45.386,00

9.272,00

41.352,00

7. Provisions:

0,00

IV. Short-term investments:

102.964,00

7.854,00

113.178,00

6.507,00

39.393,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

99.614,00

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

25.079,00

6. Other receivables:

3.350,00

5.320,00

5.034,00

4.821,00

10.352,00

7. Shor term guarantees and deposits:

0,00

2.534,00

108.144,00

1.685,00

3.962,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.639.662,00

1.227.101,00

741.622,00

611.148,00

532.073,00

VII. Prepayments and accrued income:

109.430,00

99.536,00

20.895,00

53.463,00

45.469,00

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

8.659.085,00

8.419.065,00

7.761.067,00

6.750.234,00

6.196.985,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

6.493.017,00

6.188.728,00

6.321.902,00

5.485.021,00

4.357.081,00

I. Subscribed capital:

703.170,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

5.376.833,00

5.016.182,00

4.348.304,00

3.400.356,00

2.914.340,00

1. Legal reserve:

140.637,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

5.236.196,00

4.875.545,00

4.207.667,00

3.259.719,00

2.773.704,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

608.015,00

625.375,00

1.720.879,00

1.810.495,00

993.071,00

VII. Interim dividend paid:

-195.000,00

-156.000,00

-450.450,00

-429.000,00

-253.500,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

0,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

72.087,00

83.561,00

85.912,00

106.255,00

106.738,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

8.506,00

0,00

1.346,00

17.237,00

46.292,00

1. Loans and other liabilities:

0,00

13.164,00

39.492,00

2. Long-term liabilities from capital leases:

8.506,00

0,00

1.346,00

4.073,00

6.800,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

63.581,00

83.561,00

84.566,00

89.018,00

60.446,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

40.635,00

40.487,00

41.492,00

45.944,00

46.373,00

4. Long term payables to public bodies:

22.946,00

43.074,00

14.073,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

2.067.673,00

2.120.470,00

1.327.837,00

1.158.958,00

1.733.166,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

359.161,00

631.448,00

454.367,00

453.486,00

892.846,00

1. Loans and other liabilities:

357.217,00

630.245,00

451.640,00

450.758,00

890.255,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

1.944,00

1.203,00

2.727,00

2.591,00

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

0,00

18.327,00

4.655,00

6.243,00

0,00

1. Amounts owed to group companies:

0,00

18.327,00

4.655,00

6.243,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

1.497.027,00

1.382.358,00

780.041,00

505.035,00

684.097,00

1. Advanced payments from customers:

0,00

11.910,00

34.802,00

25.407,00

2. Amounts owed for purchases of goods or services:

1.497.027,00

1.382.358,00

768.131,00

470.233,00

658.690,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

211.485,00

88.337,00

88.775,00

194.195,00

156.223,00

1. Public bodies:

120.694,00

0,00

123.998,00

102.787,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

0,00

681,00

0,00

4. Wages and salaries payable:

90.791,00

88.337,00

88.775,00

69.517,00

53.437,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

26.307,00

25.416,00

0,00

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

8.659.085,00

8.419.065,00

7.761.067,00

6.750.234,00

6.196.985,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

10.698.404,00

10.541.546,00

11.392.186,00

10.303.768,00

7.414.644,00

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

39.684,00

48.170,00

31.158,00

0,00

A.2. Supplies:

5.950.319,00

5.795.164,00

6.139.082,00

5.699.776,00

4.159.781,00

a) Stock consumption:

5.268.412,00

5.255.951,00

5.658.071,00

5.360.506,00

3.876.378,00

b) Consumption of raw materials and miscellaneous consumable ones:

681.190,00

534.573,00

459.978,00

336.863,00

282.750,00

c) Miscellaneous external expenditure:

717,00

4.640,00

21.032,00

2.407,00

653,00

A.3. Staff costs:

1.550.007,00

1.423.545,00

1.301.326,00

1.163.790,00

980.893,00

a) Wages, salaries et al.:

1.194.508,00

1.110.806,00

994.275,00

954.361,00

788.734,00

b) Social security costs:

355.499,00

312.739,00

307.051,00

209.429,00

192.159,00

A.4. Depreciation expense:

171.599,00

177.937,00

166.692,00

185.835,00

169.041,00

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

70.739,00

221.762,00

220.257,00

96.974,00

-1.348,00

a) Stock provision variation:

0,00

-24.999,00

0,00

b) Variation in provision and bad debt losses:

70.739,00

221.762,00

220.257,00

121.973,00

-1.348,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

2.481.686,00

2.540.987,00

2.746.364,00

2.322.408,00

1.629.062,00

a) External services:

2.448.883,00

2.504.495,00

2.714.593,00

2.292.794,00

1.601.595,00

b) Taxes:

32.803,00

36.492,00

31.770,00

29.614,00

27.467,00

c) Other operating expenses:

0,00

d) Allocation to revision fund:

0,00

A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):

1.026.899,00

919.127,00

2.455.473,00

2.593.669,00

1.440.769,00

A.7. Financial and similar charges:

50.837,00

62.095,00

65.185,00

75.739,00

73.100,00

a) Due to liabilities with companies of the group:

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

50.837,00

62.095,00

65.185,00

75.739,00

73.100,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

85.847,00

0,00

70,00

0,00

A.9. Exchange losses:

35.010,00

16.523,00

0,00

2.072,00

0,00

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

0,00

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

857.705,00

858.286,00

2.411.860,00

2.533.557,00

1.388.122,00

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

0,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

0,00

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

0,00

A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):

12.985,00

22.453,00

31.142,00

34.041,00

9.063,00

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

870.690,00

880.739,00

2.443.002,00

2.567.598,00

1.397.185,00

A.15. Corporation tax:

262.676,00

255.363,00

722.124,00

757.103,00

404.115,00

A.16. Miscellaneous taxes:

0,00

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

608.015,00

625.375,00

1.720.879,00

1.810.495,00

993.071,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

11.306.419,00

11.166.922,00

13.113.065,00

12.114.263,00

8.407.714,00

B.1. Net total sales:

10.981.665,00

10.722.986,00

12.608.937,00

11.571.991,00

7.595.829,00

a) Sales:

11.819.121,00

11.540.714,00

13.570.487,00

12.454.465,00

8.175.082,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-837.456,00

-817.729,00

-961.550,00

-882.474,00

-579.254,00

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

0,00

17.159,00

287.829,00

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

0,00

B.4. Miscellaneous operating income:

309.268,00

403.706,00

451.414,00

473.302,00

494.540,00

a) Auxiliary income and other from current management:

290.179,00

403.277,00

450.985,00

472.874,00

488.094,00

b) Grants:

19.089,00

429,00

6.446,00

c) Liabilities and charges provisions surplus:

0,00

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

0,00

B.5. Income from equity investment:

0,00

510,00

a) In companies of the group:

0,00

510,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

0,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

0,00

B.7. Miscellaneous interests or similar income:

2.501,00

17.778,00

21.105,00

17.769,00

19.943,00

a) From companies of the group:

0,00

13.960,00

15.266,00

13.538,00

10.322,00

b) From associated companies:

0,00

c) Miscellaneous interests:

2.501,00

2.467,00

2.940,00

4.231,00

9.519,00

d) Profit on financial investment:

0,00

1.351,00

2.899,00

0,00

102,00

B.8. Exchange positive differences:

0,00

467,00

0,00

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

169.193,00

60.841,00

43.613,00

60.111,00

52.647,00

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

0,00

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

0,00

2.440,00

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

12.985,00

22.453,00

31.142,00

31.601,00

9.063,00

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

0,00

B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):

0,00

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

0,00

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

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

870.690,00

880.739,00

2.443.002,00

2.567.598,00

1.397.185,00

2. Results adjustments.: 61200

423.796,00

444.017,00

431.029,00

338.408,00

220.442,00

a) Fixed Assets Amortization (+).: 61201

171.599,00

177.937,00

166.692,00

185.835,00

169.041,00

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

85.847,00

0,00

-24.999,00

0,00

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

70.739,00

221.762,00

220.257,00

121.973,00

-1.348,00

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

0,00

-1.351,00

-2.899,00

-2.440,00

0,00

g) Financial income (-).: 61207

-2.501,00

-16.427,00

-18.206,00

-17.769,00

-20.351,00

h) Financial Expenses (+). : 61208

50.837,00

62.095,00

65.185,00

75.739,00

73.100,00

j) Reasonable Value Variation in Financial Instruments (+/-).: 61210

0,00

70,00

0,00

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

47.275,00

0,00

3. Changes in current capital equity.: 61300

-97.942,00

336.719,00

-838.589,00

-979.160,00

-336.942,00

a) Stock (+/-).: 61301

62.928,00

-827.192,00

-561.010,00

-94.720,00

-288.762,00

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

-323.092,00

559.215,00

-567.754,00

-793.199,00

-331.904,00

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

-9.894,00

-14.717,00

32.567,00

24.893,00

-21.667,00

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

172.559,00

615.109,00

232.191,00

-115.985,00

275.313,00

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

-443,00

1.334,00

25.416,00

0,00

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

0,00

2.970,00

0,00

-149,00

30.078,00

4. Other cash flows for operating activities.: 61400

-307.938,00

-466.757,00

-845.883,00

-804.983,00

-392.501,00

a) Interest payments (-). : 61401

-50.837,00

-62.095,00

-65.185,00

-75.739,00

-73.100,00

c) Interest collection (+). : 61403

2.501,00

16.427,00

18.206,00

17.769,00

20.351,00

d) Income tax payment collection (payments) (+/-).: 61404

-259.602,00

-421.089,00

-797.256,00

-747.014,00

-339.751,00

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

0,00

-1.648,00

0,00

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

888.606,00

1.194.717,00

1.189.559,00

1.121.864,00

888.184,00

6. Payments for investment (-).: 62100

-133.264,00

-127.769,00

-194.359,00

-133.129,00

-338.966,00

b) Intangible fixed assets. : 62102

-12.438,00

-11.664,00

-24.629,00

-11.484,00

-60.916,00

c) Fixed assets. : 62103

-25.716,00

-80.502,00

-63.059,00

-121.645,00

-170.528,00

e) Other financial assets. : 62105

-95.110,00

-35.603,00

-106.671,00

0,00

-107.522,00

7. Divestment payment collection (+). : 62200

271.851,00

0,00

34.868,00

241.004,00

58.024,00

a) Companies of the group and affiliates. : 62201

0,00

168.209,00

58.024,00

c) Fixed assets. : 62203

0,00

8.330,00

0,00

e) Other financial assets. : 62205

271.851,00

0,00

34.868,00

64.465,00

0,00

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

138.587,00

-127.769,00

-159.492,00

107.875,00

-280.941,00

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

0,00

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

-263.633,00

177.081,00

-20.143,00

-468.163,00

15.517,00

a) Issuance : 63201

0,00

177.081,00

0,00

15.517,00

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

0,00

177.081,00

0,00

15.517,00

b) Repayment and amortization of : 63207

-263.633,00

0,00

-20.143,00

-468.163,00

0,00

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

-263.633,00

0,00

-20.143,00

-468.163,00

0,00

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

-351.000,00

-758.550,00

-879.450,00

-682.500,00

-312.000,00

a) Dividends (-).: 63301

-351.000,00

-758.550,00

-879.450,00

-682.500,00

-312.000,00

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

-614.633,00

-581.469,00

-899.593,00

-1.150.663,00

-296.483,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

412.560,00

485.479,00

130.474,00

79.075,00

310.760,00

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

1.227.101,00

741.622,00

611.148,00

532.073,00

221.313,00

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

1.639.662,00

1.227.101,00

741.622,00

611.148,00

532.073,00

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:

0,04 %

0,01 %

0,05 %

0,01 %

-17,02 %

109,21 %

EBITDA over Sales:

10,91 %

11,36 %

10,23 %

9,02 %

6,67 %

26,05 %

Cash Flow Yield:

0,05 %

0,01 %

0,06 %

0,00 %

-17,37 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

12,15 %

6,91 %

11,57 %

4,94 %

5,08 %

39,79 %

Total economic profitability:

10,64 %

3,75 %

11,20 %

2,31 %

-4,97 %

62,48 %

Financial profitability:

9,36 %

4,22 %

10,11 %

0,82 %

-7,33 %

413,50 %

Margin:

9,09 %

6,73 %

8,26 %

4,62 %

10,10 %

45,55 %

Mark-up:

7,60 %

4,48 %

7,71 %

1,22 %

-1,52 %

265,74 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,79

0,13

0,58

0,12

37,03

14,66

Acid Test:

1,99

0,87

1,58

0,85

25,82

1,97

Working Capital / Investment:

0,51

0,05

0,44

0,03

17,26

86,32

Solvency:

3,18

1,18

2,76

1,17

15,37

0,42

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,33

1,38

0,36

1,62

-7,47

-14,88

Borrowing Composition:

0,03

1,00

0,04

1,02

-11,53

-2,44

Repayment Ability:

5,19

91,53

4,54

199,17

14,24

-54,04

Warranty:

4,05

1,73

3,82

1,62

5,94

6,78

Generated resources / Total creditors:

0,40

0,08

0,36

0,07

11,16

25,47

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,77

1,85

1,77

1,70

0,14

8,71

Turnover of Collection Rights :

4,77

5,00

5,26

4,78

-9,34

4,61

Turnover of Payment Entitlements:

4,95

3,64

5,72

3,51

-13,35

3,56

Stock rotation:

4,42

7,34

4,28

6,48

3,28

13,38

Assets turnover:

1,34

1,03

1,40

1,07

-4,56

-3,95

Borrowing Cost:

2,38

2,86

2,82

2,95

-15,67

-3,02

> 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:

0,04 %

0,05 %

0,01 %

0,04 %

EBITDA over Sales:

10,91 %

10,23 %

20,80 %

24,02 %

21,19 %

Cash Flow Yield:

0,05 %

0,06 %

0,02 %

0,01 %

0,05 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

12,15 %

11,57 %

34,04 %

41,37 %

26,41 %

Total economic profitability:

10,64 %

11,20 %

32,32 %

39,16 %

23,73 %

Financial profitability:

9,36 %

10,11 %

27,22 %

33,01 %

22,79 %

Margin:

9,09 %

8,26 %

18,80 %

21,55 %

17,81 %

Mark-up:

7,60 %

7,71 %

18,47 %

21,05 %

17,16 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,79

0,58

0,56

0,53

0,31

Acid Test:

1,99

1,58

2,67

2,55

1,29

Working Capital / Investment:

0,51

0,44

0,49

0,42

0,23

Solvency:

3,18

2,76

3,87

3,46

1,83

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,33

0,36

0,22

0,23

0,42

Borrowing Composition:

0,03

0,04

0,06

0,09

0,06

Repayment Ability:

5,19

4,54

10,84

16,00

5,92

Warranty:

4,05

3,82

5,49

5,34

3,37

Generated resources / Total creditors:

0,40

0,36

1,33

1,56

0,63

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,77

3,01

3,39

2,64

Turnover of Collection Rights :

4,77

5,26

4,85

5,15

4,85

Turnover of Payment Entitlements:

4,95

5,72

10,39

11,54

7,23

Stock rotation:

4,42

4,28

6,81

9,48

7,58

Assets turnover:

1,34

1,40

1,81

1,92

1,48

Borrowing Cost:

2,38

2,82

4,61

5,99

3,97

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

LAS PROVINCIAS

20/05/2015

Pep Generó deja la empresa familiar Yerse y se incorpora a Inditex

Companies related

INDUSTRIA DE DISEÑO TEXTIL SA

STRADIVARIUS ESPAÑA SA

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.16
UK Pound	1	Rs.103.88
Euro	1	Rs.75.89

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	ASH

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Enquiry Details

Identification

Activity

Number of Employees

Active Social Bodies

Historical Social Bodies

Executive board

LEGAL CLAIMS

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Research Summary

Unit