MIRA INFORM REPORT

Report No. :	351552
Report Date :	01.12.2015

IDENTIFICATION DETAILS

Name :	GAMESA EOLICA S.L.
Registered Office :	Avd. Ciudad De La Innovacion, 9 Nave, - Egues - 31621 – Navarra
Country :	Spain
Financials (as on) :	31.12.2014
Date of Incorporation :	10.11.2006
Legal Form :	Private Company
LINE OF BUSINESS :	MANUFACTURE OF ELECTRIC MOTORS, GENERATORS AND TRANSFORMERS.
No. of Employee :	1758

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Spain	A1	A1

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:	GAMESA EOLICA S.L.
NIF / Fiscal code:	B31907330
Status:	ACTIVE
Incorporation Date:	10/11/2006
Register Data	Register Section 8 Sheet 25117
Last Publication in BORME:	21/08/2015 [Power of attorney modification]
Last Published Account Deposit:	2014
Share Capital:	200.500
Localization:	AVD. CIUDAD DE LA INNOVACION, 9 NAVE, - EGUES - 31621 - NAVARRA
Telephone - Fax - Email - Website:	Telephone. 902 734 949 Email. info@gamesacorp.com Website. www.gamesacorp.com
Number of Branches	18
Activity:
NACE:	2711 - Manufacture of electric motors, generators and transformers
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	24 for a total cost of 22725000
Quality Certificate:	No
Payment Behaviour:	According to the agreed terms
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	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

GAMESA ENERGIA SA	100 %
Shares:	49
Other Links:	43
No. of Active Corporate Bodies:	SINGLE ADMINISTRATOR 1

Ratios	2014	2013	Change
Nº of employees:	1758

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This company was incorporated in 2006 and it's engaged in the design, manufacture and sale of wind turbines and their components. It develops its activity at a national and international level. It's part of the group GAMESA, one of the main wind turbine producers worldwide. It's part of the exclusive group forming IBEX 35. There is nothing against registered among the sources consulted. For all these reasons, we consider the company to keep being related in terms of risk operations in keeping with its size.
Interviewed Person:

Enquiry Details

-----

Identification
Social Denomination:	GAMESA EOLICA S.L.
NIF / Fiscal code:	B31907330
Corporate Status:	ACTIVE
Start of activity:	2006
Registered Office:	AVD. CIUDAD DE LA INNOVACION, 9 NAVE,
Locality:	EGUES
Province:	NAVARRA
Postal Code:	31621
Telephone:	902 734 949
Fax:	948 165 039
Website:	www.gamesacorp.com
Email:	info@gamesacorp.com
Interviewed Person:	The hereby information has been obtained through indirect sources in light of the people responsible for the subject company refusing to collaborate with the present work

Branch Offices

Address	Postal Code	City	Province
CALLE CONCEPCION 18 3	02002	ALBACETE	ALBACETE
CALLE CONDADO DE TREVIÑO 11	09001	BURGOS	BURGOS
CALLE MANUEL DE SANDOVAL 5 1 3	14008	CORDOBA	CORDOBA
VIA DE PASTEUR PG TAMBRE	15898	SANTIAGO DE COMPOSTELA	LA CORUÑA
CARRETERA VALENCIA PG PALANCARES	16004	CUENCA	CUENCA
CALLE RAPOSAL 14	26580	ARNEDO	LA RIOJA
CALLE MARCONI 10	28823	COSLADA	MADRID
CALLE RAMIREZ DE ARELLANO 37	28043	MADRID	MADRID
CALLE DECANO ANTONIO ZEDANO 3 2 2 37	29620	TORREMOLINOS	MALAGA
CALLE CABARCENO	31621	EGUES	NAVARRA
POLIGONO CIUDAD DEL TRANSPORTE 15 EUROPA	31119	NOAIN (VALLE DE ELORZ)/NOAIN (ELORTZIBAR)	NAVARRA
CALLE MIRAVALLES 4	31191	BERIAIN	NAVARRA
CALLE TECNOLOGICO ASTURIAS 2 ED	33690	LLANERA	ASTURIAS
CALLE OLIVOS LOS 128 2	35118	AGUIMES	LAS PALMAS
AVENIDA SAN FRANCISCO JAVIER 15 ED CAPITO 4	41005	SEVILLA	SEVILLA
CALLE DE LA CONSTRUCCION 11 ROMERAL	46340	REQUENA	VALENCIA
CARRETERA POZALDEZ	47400	MEDINA DEL CAMPO	VALLADOLID
POLIGONO INDUSTRIAL LAS ROZAS	50660	TAUSTE	ZARAGOZA

Activity
NACE:	2711
Legal Form:	DESIGN, MANUFACTURE, TRADE, PROMOTION AND SALE OF WIND TURBINES AND ALL ITS COMPONENTS. DEVELOPMENT, COMMERCIALIZATION, AND PROMOTION OF WIND ENERGY PLANTS. PARTICIPATE IN THE MAINTENANCE AND OPERATION OF WIND ENERY PLANTS.
Additional Information:	Desing, manufacture and sale of wind turbines.
Additional Address:	Registered office and offices AVENIDA CIUDAD DE LA INNOVACION, 9 NAVE,, 31621, EGUES, NAVARRA
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2014	1758

The data of employees is from the latest available financial statements in axesor. Failing that, are estimates data calculated by statistical methods

Chronological Summary
	Year	Act
	2006	Appointments/ Re-elections (1) Change of Social Denomination (3) Company Formation (1) Declaration of Sole Propietorship (1) Take-over Merger (3)
	2007	Appointments/ Re-elections (4) Change of Social Denomination (1) Other Concepts/ Events (5) Take-over Merger (1)
	2008	Accounts deposit (year 2006, 2007) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Correction (1) Other Concepts/ Events (3) Take-over Merger (5)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (3) Take-over Merger (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2) Take-over Merger (2)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Take-over Merger (1)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Other Concepts/ Events (1) Take-over Merger (4)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (2)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (2) Take-over Merger (2)
	2015	Accounts deposit (year 2014) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (3) Modification of Powers (1) Other Concepts/ Events (1) Take-over Merger (1)

Breakdown of Owners' Equity
Registered Capital:	200.500
Paid up capital:	200.500

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
15/12/2006	Company Formation	3.006	3.006	3.006	3.006
11/12/2012	Increase of Capital	197.494	197.494	200.500	200.500

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	GAMESA ENERGIA SA	15/12/2006	2
SINGLE ADMINISTRATOR	GAMESA ENERGIA SA	15/12/2006	2
PROXY	LOPEZ GARCIA PEDRO	19/05/2015	4
	IÑARRITU IBARRECHE JUAN RAMON	19/05/2015	6
	SUAREZ GUTIERREZ HIPOLITO	19/05/2015	2
	TREVIÑO IZQUIERDO JAVIER	19/05/2015	3
	GARMENDIA ZARANDONA MANUEL	19/05/2015	3
	PONCELA SAMPEDRO FRANCISCO JAVIER	19/05/2015	1
	CORTAJARENA MANCHADO JOSE ANTONIO	19/05/2015	4
	GONZALEZ RIOS NEREA	19/05/2015	3
	LEZAUN GOÑI ENRIQUE	19/05/2015	4
	LARRAÑETA NIDO JOHN PAUL	19/05/2015	3
	PEDROSA GOMEZ ENRIQUE	19/05/2015	4
	GELDHOF WIM	19/05/2015	2
	ETXEBERRIA MUGURUZA PATXI XABIER	19/05/2015	2
	CONNELL THOMAS WILLIAM	19/05/2015	3
	ECHEVARRIA SARASQUETA DAVID	19/05/2015	3
	COLOMA FERNANDEZ GONZALO	19/05/2015	2
	MESONERO MOLINA DAVID JOSE	19/05/2015	1
	GONZALEZ RUIZ-JARABO JESUS	19/05/2015	1
	ZHENG LILI	19/05/2015	1
	ARTAZCOZ BARRENA IGNACIO	19/05/2015	2
	HERNANDEZ DEL TESO ANGEL	19/05/2015	1
	NICUESA CHACON GAIZKA	19/05/2015	4
	LARGO SEISDEDOS JOSE RAMON	19/05/2015	1
	BILBAO MORAN ALVARO	19/05/2015	2
	PARIS BAJOS LUCIA	19/05/2015	2
	LARRETXI BURGOS JOSE IGNACIO	19/05/2015	3
	CAAMAÑO MARTINEZ LUIS CLAUDIO	19/05/2015	1
	GARCIA CORONADO JESUS MARIA	19/05/2015	2
	MIRANDA SOTO JOSE ANTONIO	19/05/2015	1
	VALLDEPERES LOPEZ FERNANDO	19/05/2015	3
	GARCIA FUENTE JUAN ANTONIO	19/05/2015	3
	SUNYER FOLCH ALBERT	19/05/2015	1
	CABEZUDO PUEYO JAVIER	19/05/2015	1
	CHOCARRO MELGOSA RICARDO	19/05/2015	3
	GUTIERREZ GARCIA CARLOS JESUS	19/05/2015	2
	LAUCIRICA LARRINAGA ANTONIO EDUARDO	19/05/2015	3
	ARZOZ BERAMENDI FRANCISCO JAVIER	19/05/2015	2
	MENDEZ RAMOS ITZELL	19/05/2015	1
	HIJAS RODRIGUEZ ALBERTO	19/05/2015	1
	PALAO BASTARDES ROBIN	19/05/2015	1
	RONHOLM NIELSEN MIKAEL	19/05/2015	1
	CAMPOS SAN ROMAN JAVIER ANTONIO	19/05/2015	1
	TATTERSFIELD PETER PAUL	19/05/2015	1
	SABALZA GOYENECHE ROBERTO	19/05/2015	1
	ARRIZABALAGA ALBERDI JAVIER	19/05/2015	1
	MURGIONDO GOROSTIDI IÑAKI	19/05/2015	1
	FERNANDEZ ROMERO LUIS ALBERTO	19/05/2015	1
	URDANOZ PEREZ DE OBANOS FRANCISCO JAVIER	19/05/2015	1
	GARCIA LOS ARCOS PAULA	19/05/2015	1
	DELMAS THIERRY AIME	19/05/2015	1
	PIERRE SANCHEZ JEAN	19/05/2015	1
	PEREA FRANCES JAVIER	21/06/2007	1
REPRESENTATIVE	GERMAN GONZALEZ AVECILLA	27/04/2015	1
	CISNEROS HUMARAN IÑIGO	09/11/2007	4
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	15/01/2015	1

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ARTAZCOZ BARRENA IGNACIO	PROXY	19/05/2015	2
ARZOZ BERAMENDI FRANCISCO JAVIER	PROXY	19/05/2015	2
BERMEJO BERAZA MAITE	PROXY	19/05/2015	1
BILBAO MORAN ALVARO	PROXY	19/05/2015	2
BLANCO DIEGUEZ JOSE LUIS	PROXY	14/10/2011	2
	PROXY	04/05/2012
CALVET SPINATSCH JORGE	PROXY	19/05/2015	1
CAMPOS SANROMAN JAVIER ANTONIO	PROXY	19/05/2015	2
	PROXY	11/12/2013
CHOCARRO MELGOSA RICARDO	PROXY	11/12/2013	3
	PROXY	19/05/2015
CISNEROS HUMARAN IÑIGO	PROXY	03/10/2008	4
	PROXY	07/11/2008
	PROXY	04/05/2012
COLOMA FERNANDEZ GONZALO	PROXY	19/05/2015	2
CONNELL THOMAS WILLIAM	PROXY	11/12/2013	3
	PROXY	19/05/2015
CORROCHANO EDGARD	PROXY	19/05/2015	1
CORTAJARENA MANCHADO JOSE ANTONIO	PROXY	11/12/2013	4
	PROXY	19/05/2015
	REPRESENTATIVE	27/04/2015
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	10/01/2011	2
	ACCOUNTS' AUDITOR / HOLDER	24/11/2011
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	11/12/2009	2
	ACCOUNTS' AUDITOR / HOLDER	10/01/2011
DIAZ VEGA JUAN DIEGO	PROXY	19/05/2015	1
ECHEVARRIA SARASQUETA DAVID	PROXY	11/12/2013	3
	PROXY	19/05/2015
ETXEBERRIA MUGURUZA PATXI XABIER	PROXY	19/05/2015	2
FERNANDEZ DE VELASCO MUÑOZ CESAR	PROXY	07/11/2008	1
FERNANDEZ MARTIN DEL CAMPO JUANA MARIA	PROXY	03/10/2008	3
	PROXY	07/11/2008
	PROXY	19/05/2015
GARCIA CORONADO JESUS MARIA	PROXY	19/05/2015	2
GARCIA FUENTE JUAN ANTONIO	PROXY	11/12/2013	3
	PROXY	19/05/2015
GARCIA ROMEU QUINZA JOSE ENRIQUE	PROXY	19/05/2015	1
GARMENDIA ZARANDONA MANUEL	PROXY	11/12/2013	3
	PROXY	19/05/2015
GELDHOF WIM	PROXY	19/05/2015	2
GELDHOF WIN	PROXY	19/05/2015	2
	PROXY	06/04/2009
GIMENEZ SAINZ DE LA MAZA IÑIGO	PROXY	03/10/2008	3
	PROXY	07/11/2008
	PROXY	04/05/2012
GONZALEZ AVECILLA GERMAN	PROXY	11/12/2013	3
	PROXY	07/10/2014
	PROXY	19/05/2015
GONZALEZ RIOS NEREA	PROXY	11/12/2013	3
	PROXY	19/05/2015
GUTIERREZ GARCIA CARLOS JESUS	PROXY	19/05/2015	2
IÑARRITU IBARRECHE JUAN RAMON	PROXY	03/10/2008	6
	PROXY	07/11/2008
	PROXY	24/05/2010
	PROXY	11/12/2013
	PROXY	19/05/2015
JOURDAIN CHRISTIAN	PROXY	14/10/2011	1
LABBE TANGUY	PROXY	06/04/2009	2
	PROXY	19/05/2015
LABBE TANGUY JEAN	PROXY	19/05/2015	1
LARRAÑETA NIDO JOHN PAUL	PROXY	11/12/2013	3
	PROXY	19/05/2015
LARRETXI BURGOS JOSE IGNACIO	PROXY	11/12/2013	3
	PROXY	19/05/2015
LAS SANTAFE ENRIQUE	PROXY	19/05/2015	1
LAS SANTAFE JOSE ENRIQUE	PROXY	19/05/2015	1
LASA IMAZ MIKEL	PROXY	03/10/2008	4
	PROXY	07/11/2008
	PROXY	11/12/2013
	PROXY	19/05/2015
LAUCIRICA LARRINAGA ANTONIO EDUARDO	PROXY	11/12/2013	3
	PROXY	19/05/2015
LEZAMIZ CORTAZAR JON	PROXY	07/11/2008	1
LEZAUN GOÑI ENRIQUE	PROXY	06/04/2009	4
	PROXY	19/05/2015
	PROXY	11/12/2013
LOPEZ GARCIA PEDRO	PROXY	06/04/2009	4
	PROXY	24/05/2010
	PROXY	19/05/2015
LOPEZ GARCIA PEDRO JOSE	PROXY	19/05/2015	1
MALUMBRES GARCIA JOSE ANTONIO	PROXY	11/12/2013	2
	PROXY	19/05/2015
MARTIN NEGRETE JOSE IGNACIO	PROXY	19/05/2015	2
	PROXY	11/12/2013
NICUESA CHACON GAIZKA	PROXY	03/10/2008	4
	PROXY	07/11/2008
	PROXY	19/05/2015
OLLOQUI MALUMBRES JAVIER	PROXY	07/11/2008	1
PARDO LOPEZ LUIS MIGUEL	PROXY	24/05/2010	1
PARIS BAJOS LUCIA	PROXY	19/05/2015	2
PEDROSA GOMEZ ENRIQUE	PROXY	11/12/2013	4
	PROXY	06/04/2009
	PROXY	19/05/2015
PEREA SAENZ DE BURUAGA JAVIER	PROXY	07/11/2008	2
	PROXY	19/05/2015
PONCELA SAMPEDRO JAVIER	PROXY	03/10/2008	3
	PROXY	07/11/2008
	PROXY	19/05/2015
PRICEWATERHOUSECOOPERS SL	ACCOUNTS' AUDITOR / HOLDER	15/01/2015	1
QUILEZ SARDA CRISTINA	PROXY	06/04/2009	3
	PROXY	04/05/2012
	PROXY	19/05/2015
SAEZ DE VICUÑA ORTUETA IRUNE	PROXY	07/11/2008	1
SANCHEZ-ALCITURRI DIEZ LUIS	PROXY	19/05/2015	1
SARRASIN GOMEZ DAVID	PROXY	03/10/2008	3
	PROXY	07/11/2008
	PROXY	19/05/2015
SUAREZ GUTIERREZ HIPOLITO	PROXY	19/05/2015	2
TREVIÑO IZQUIERDO JAVIER	PROXY	11/12/2013	3
	PROXY	19/05/2015
ULACIA ARNAIZ GUILLERMO	PROXY	16/11/2009	1
URDANOZ PEREZ DE OBANOS JAVIER	PROXY	03/10/2008	3
	PROXY	07/11/2008
	PROXY	19/05/2015
VALLDEPERES LOPEZ FERNANDO	PROXY	11/12/2013	3
	PROXY	19/05/2015

Executive board

Post	NIF	Name
FINANCIAL MANAGER		IGNACIO ARTÁZCOZ
DIRECTOR/GENERAL MANAGER		XABIER ETXEBERRÍA

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	---

> 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. GAMESA EOLICA SL 's borrowing cost is appropriate according to its volume of external financing sources. The development of the structure of the debt during the last two years indicates a decrease of the debt with credit institutions and trade creditors in respect to all liabilities. The lower the level of debt, the lower the dependence on suppliers capital and the more guarantee will have its financial situation. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2013 which means that the company's financial situation has improved. It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

It has been found to have irregular payment performance at the credit bureaus, although it is not relevant enough to change the rating. GAMESA EOLICA SL it presents an excessive indebtedness that may compromise their balance sheet. GAMESA EOLICA SL 's Working Capital is negative, which means, in principle, that its capacity to pay debts maturing within a year using its resources available in the short run is insufficient. GAMESA EOLICA SL presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

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

PARTICIPATES IN:	49 Entities
SHAREHOLDERS:	1 Entities
RESULTING FROM THE TOTAL SPIN-OFF:	2 Entities
ABSORBS TO:	12 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	3 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	24 Entities
RESULT OF THE PARTIAL SPIN-OFF OF:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	GAMESA ENERGIA SA	VIZCAYA	100
PARTICIPATES IN	EOLICAS CANARIAS SOCIEDAD LIMITADA	LAS PALMAS	20
	GAMESA WIND ENGINEERING APS		100
	ESTRUCTURAS METALICAS SINGULARES SA	NAVARRA	100
	GAMESA EOLICA ITALIA, S.L.		100
	GAMESA INNOVATION AND TECHNOLOGY SL	NAVARRA	100
	GAMESA EOLICA DEUTSCHLAND, SOCIEDAD ANONIMA, (ALEMANIA)		100
	GAMESA WIND POLAND SP ZOO		100
	GAMESA BLADE TIANJIN CO, S.A.		100
	GAMESA EOLICA MEXICO, S.A.		100
	GAMESA JAPAN KK		100
	GAMESA WIND TIANJIN CO, S.A.		100
	PARQUE EOLICO DOS PICOS SOCIEDAD LIMITADA	VIZCAYA	100
	GAMESA EOLICA GREECE EPE		100
	GAMESA II EOLICA PORTUGAL SUL		100
	GAMESA WIND TURBINES PTV LDA		82
	GAMESA WIND ROMANIA, S.L.		99
	GAMESA MOROCCO SARL		99
	GAMESA WIND BULGARIA EOOD		100
	GAMESA CANADA ULC		100
	GAMESA EOLICA COSTA RICA		100
	GAMESA IRELAND, S.A.		100
	GAMESA EOLICA BRASIL, S.A.		100
	GAMESA EOLICA VE CA		99
	GAMESA LANKA PRIVATE, S.A.		100
	GAMESA WIND UK, S.A.		100
	GAMESA EOLICA FRANCIA, SOCIEDAD ANONIMA, R.L.		100
	GAMESA EOLICA SINGAPORE PRIVATE, S.A.		100
	GAMESA RUZGAR ENERJIST SERVIS, SOCIEDAD ANONIMA, SIRKETU		99
	GAMESA WIND HUNGARY KTG		100
	GAMESA AUSTRALIA. PTY, S.A.		100
	GAMESA AZERBAIJAN LLC		100
	GAMESA CHILE SPA		100
	GAMESA CYPRUS, S.A.		100
	GAMESA NEW ZELAND, S.A.		100
	GAMESA WIND SOUTH AFRICA PTY, S.A.		100
	GAMESA EOLICA HONDURAS, S.A.		100
	GAMESA EOLICA NICARAGUA		100
	GAMESA DOMINICANA SAS		100
	GAMESA PUERTO RICO CRL		100
	GAMESA KENYA, SOCIEDAD ANONIMA, S.L.		100
	SERVICIOS EOLICOS GLOBALES, SOCIEDAD LIMITADA, DE CV (MEXICO)		1
	GAMESA ESTONIA EU		100
	GAMESA FINLAND OY		100
	GAMESA TAIWAN, S.A.		100
	GAMESA URUGUAY, SOCIEDAD LIMITADA, R.		99
	GAMESA WIND SWEDEN AB LDA		100
	GAMESA MAURITANIA SARL		100
	GESA EOLICA DE HONDURAS, S.A.		100
	GAMESA ENERGETICOS ALMODAR DEL RIO, S.L.		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	ALMODOVAR DEL RIO
	DZLALDOWO SP ZOO
	ENERGIAKI PILOU METHONIS, S.A.
	EOLICA DOS ARBOLITOS, SOCIEDAD ANONIMA, P.I. DE CV
	EOLICA EL RETIRO, SOCIEDAD ANONIMA, P.I. DE CV
	GALLEON WIND POLAND 5PZOU
	GAMESA EOLICA HONDURAS, S.A.
	GAMESA EOLICA TURQUIA
	GAMESA NICARAGUA
	GAMESA WIND HUNGARY RIG
	GESA EOLICA MEXICO, SOCIEDAD ANONIMA, DE CV
	GESA EOLICA TURQUIA
	IBERENOVA PROMOCIONES SA	MADRID
	IBEREOLICA HEDROSO ACIBEROS SA	MADRID
	9REN ESPAÑA SL	MADRID
	PARQUE EOLICO EL MORAL SL	MADRID
	AGRAGUA SOCIEDAD ANONIMA	LAS PALMAS
	IBEREOLICA LUBIAN SA	MADRID
IS RELATED WITH	IBERDROLA RENOVABLES CASTILLA LA MANCHA SA	TOLEDO
	GAMESA ENERGIA SA	VIZCAYA
	ESPECIAL GEAR TRANSMISSIONS SOCIEDAD ANONIMA	VIZCAYA
	GAMESA ELECTRIC POWER SYSTEMS SL	MADRID
	OLIVENTO S.L.	MADRID
	VALENCIA POWER CONVERTERS SA	VALENCIA
ABSORBS TO	COMPONENTES EOLICOS ALBACETE SOCIEDAD ANONIMA	ALBACETE
	ESTRUCTURAS EOLICAS MIRANDA SA	BURGOS
	GAMESA EOLICA SA	NAVARRA
	COMPONENTES EOLICOS CUENCA SA	NAVARRA
	MONTAJES EOLICOS AGREDA SA	NAVARRA
	MANTENIMIENTOS EOLICOS GAMESA RIOJA SL	LA RIOJA
	MONTAJES EOLICOS TAUSTE SA	ZARAGOZA
	CASANDRA ENERGY SERVICES SA	MADRID
	GAMESA ENERGIA AZNALCOLLAR SOCIEDAD ANONIMA	SEVILLA
	MADE TECNOLOGIAS RENOVABLES SA	MADRID
	GAMESA NUEVOS DESARROLLOS SOCIEDAD ANONIMA	VIZCAYA
	COMPASS TRANSWORLD LOGISTICS SA	NAVARRA
RESULT OF THE PARTIAL SPIN-OFF OF	GAMESA INNOVATION AND TECHNOLOGY SLU	NAVARRA
	GAMESA POWER SYSTEMS SOCIEDAD ANONIMA	VIZCAYA
RESULTING FROM THE TOTAL SPIN-OFF	APOYOS Y ESTRUCTURAS METALICAS SA	NAVARRA
HAS IN ITS ADMINISTRATION BOARD TO	GAMESA ENERGIA SA	VIZCAYA
BELONGS TO THE ADMINISTRATION BOARD OF	ESTRUCTURAS METALICAS SINGULARES SA	NAVARRA
	PARQUE EOLICO DOS PICOS SOCIEDAD LIMITADA	VIZCAYA
	GAMESA INNOVATION AND TECHNOLOGY SL	NAVARRA

Turnover
Total Sales 2014	1.228.348.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	September  2015
2013	Normales	August  2014
2012	Normales	August  2013
2011	Normales	August  2012
2010	Normales	November  2011
2009	Normales	August  2010
2008	Normales	August  2009
2007	Normales	August  2008
2006	Normales	January  2008

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2014

>  Normal format Balance in accordance with the New Accounting Plan 2007

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	1.056.971.000,00	772.287.000,00	630.775.000,00	532.577.000,00	442.149.000,00
I. Intangible fixed assets : 11100	6.681.000,00	7.798.000,00	5.044.000,00	8.331.000,00	6.387.000,00
1. Development: 11110	44.000,00	1.723.000,00	133.000,00	3.762.000,00	5.090.000,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	6.637.000,00	6.075.000,00	4.911.000,00	4.553.000,00	1.281.000,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	16.000,00	16.000,00
II. Tangible fixed assets : 11200	72.000.000,00	72.402.000,00	38.536.000,00	44.994.000,00	46.047.000,00
1. Land and buildings: 11210	39.178.000,00	44.621.000,00	16.178.000,00	17.226.000,00	17.077.000,00
2. Technical installations and other tangible fixed assets: 11220	32.799.000,00	27.703.000,00	22.210.000,00	26.485.000,00	28.747.000,00
3. Tangible asset in progress and advances: 11230	23.000,00	78.000,00	148.000,00	1.283.000,00	223.000,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	1.260.000,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	1.260.000,00
IV. Long-term investments in Group companies and associates : 11400	786.009.000,00	506.275.000,00	475.799.000,00	431.617.000,00	360.572.000,00
1. Equity instruments: 11410	786.009.000,00	506.275.000,00	475.799.000,00	431.617.000,00	360.572.000,00
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	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	780.000,00	636.000,00	577.000,00	473.000,00	475.000,00
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	780.000,00	636.000,00	577.000,00	473.000,00	475.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	191.501.000,00	185.176.000,00	110.819.000,00	47.162.000,00	27.408.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	1.119.887.000,00	1.868.563.000,00	2.044.477.000,00	1.898.172.000,00	2.062.822.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	136.011.000,00	254.770.000,00	218.226.000,00	223.483.000,00	199.909.000,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	85.768.000,00	124.056.000,00	110.017.000,00	152.870.000,00	145.834.000,00
3. Work in progress: 12230	14.531.000,00	23.704.000,00	1.759.000,00	3.487.000,00	634.000,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	14.531.000,00	23.704.000,00	1.759.000,00	3.487.000,00	634.000,00
4. Finished goods: 12240	11.988.000,00	84.562.000,00	77.314.000,00	55.943.000,00	46.546.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	11.988.000,00	84.562.000,00	77.314.000,00	55.943.000,00	46.546.000,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	23.724.000,00	22.448.000,00	29.136.000,00	11.183.000,00	6.895.000,00
III. Trade debtors and others receivable accounts: 12300	524.943.000,00	740.794.000,00	920.075.000,00	1.040.044.000,00	972.250.000,00
1. Trade debtors / accounts receivable: 12310	275.789.000,00	252.984.000,00	477.342.000,00	476.884.000,00	596.843.000,00
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	275.789.000,00	252.984.000,00	477.342.000,00	476.884.000,00	596.843.000,00
2. Customers, Group companies and associates : 12320	220.418.000,00	407.210.000,00	365.819.000,00	495.666.000,00	319.810.000,00
3. Other accounts receivable: 12330	0,00	-312.000,00	5.134.000,00	28.386.000,00	11.074.000,00
4. Personnel: 12340	1.592.000,00	625.000,00	242.000,00	284.000,00	230.000,00
5. Assets for deferred tax: 12350	2.651.000,00	2.018.000,00	4.274.000,00	1.000,00	0,00
6. Other debtors, including tax and social security: 12360	24.493.000,00	78.269.000,00	67.264.000,00	38.823.000,00	44.293.000,00
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	280.908.000,00	575.664.000,00	502.942.000,00	268.925.000,00	472.463.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	254.111.000,00	575.664.000,00	502.942.000,00	268.925.000,00	472.463.000,00
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	26.797.000,00	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	6.618.000,00	11.911.000,00	7.038.000,00	64.561.000,00	737.000,00
1. Equity instruments: 12510	2.000,00	2.000,00	2.000,00	2.000,00	2.000,00
2. Credits to businesses: 12520	4.000,00	38.000,00	5.000,00	58.000.000,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	10.807.000,00	2.821.000,00	2.494.000,00	730.000,00
5. Other financial assets : 12550	6.612.000,00	1.064.000,00	4.210.000,00	4.065.000,00	5.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	22.654.000,00	66.282.000,00	35.208.000,00	41.546.000,00	53.846.000,00
VII. Cash and other equivalent liquid assets : 12700	148.753.000,00	219.142.000,00	360.988.000,00	259.613.000,00	363.617.000,00
1. Treasury: 12710	132.798.000,00	219.142.000,00	360.988.000,00	259.613.000,00	363.617.000,00
2. Other equivalent liquid assets: 12720	15.955.000,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	2.176.858.000,00	2.640.850.000,00	2.675.252.000,00	2.430.749.000,00	2.504.971.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	310.413.000,00	135.185.000,00	212.999.000,00	346.107.000,00	375.908.000,00
A-1) Shareholders' equity: 21000	307.640.000,00	124.704.000,00	214.241.000,00	343.378.000,00	377.078.000,00
I. Capital: 21100	201.000,00	201.000,00	201.000,00	3.000,00	3.000,00
1. Registered capital : 21110	201.000,00	201.000,00	201.000,00	3.000,00	3.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	255.325.000,00	219.956.000,00	341.401.000,00	376.760.000,00	344.241.000,00
1. Legal and statutory: 21310	40.000,00	1.000,00	1.000,00	1.000,00	1.000,00
2. Other reserves: 21320	255.285.000,00	219.955.000,00	341.400.000,00	376.759.000,00	344.240.000,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	-3.814.000,00	-130.599.000,00	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	-3.814.000,00	-130.599.000,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	5.505.000,00	4.536.000,00	3.238.000,00	2.286.000,00	1.234.000,00
VII. Result of the period: 21700	50.423.000,00	182.536.000,00	-130.599.000,00	-35.671.000,00	31.600.000,00
VIII. (Interim dividend): 21800	0,00	-151.926.000,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	-255.000,00	4.307.000,00	-2.590.000,00	1.357.000,00	-2.783.000,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-255.000,00	4.307.000,00	-2.590.000,00	1.357.000,00	-2.783.000,00
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	3.028.000,00	6.174.000,00	1.348.000,00	1.372.000,00	1.613.000,00
B) NON-CURRENT LIABILITIES: 31000	571.552.000,00	586.035.000,00	678.977.000,00	654.638.000,00	520.300.000,00
I. Long-term provisions: 31100	39.401.000,00	59.818.000,00	91.932.000,00	64.138.000,00	82.079.000,00
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	39.401.000,00	59.818.000,00	91.932.000,00	64.138.000,00	82.079.000,00
II Long-term creditors: 31200	508.971.000,00	507.237.000,00	582.836.000,00	586.639.000,00	435.945.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	501.405.000,00	500.934.000,00	578.715.000,00	582.020.000,00	429.354.000,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	78.000,00	489.000,00	973.000,00	1.861.000,00	4.923.000,00
5. Other financial liabilities : 31250	7.488.000,00	5.814.000,00	3.148.000,00	2.758.000,00	1.668.000,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	23.180.000,00	18.980.000,00	4.209.000,00	3.861.000,00	2.276.000,00
V. Long-term accruals: 31500	0,00	0,00	0,00	0,00	0,00
VI. Non-current trade creditors : 31600	0,00	0,00	0,00	0,00	0,00
VII. Special long-term debts : 31700	0,00	0,00	0,00	0,00	0,00
C) CURRENT LIABILITIES : 32000	1.294.893.000,00	1.919.630.000,00	1.783.276.000,00	1.430.004.000,00	1.608.763.000,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	6.576.000,00	8.837.000,00	22.708.000,00	22.266.000,00	1.901.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	6.576.000,00	8.837.000,00	0,00	0,00	0,00
III. Short-term creditors : 32300	43.957.000,00	350.142.000,00	50.082.000,00	92.249.000,00	77.086.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	36.420.000,00	345.673.000,00	41.185.000,00	80.379.000,00	60.034.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	4.162.000,00	734.000,00	4.439.000,00	5.982.000,00	11.503.000,00
5. Other financial liabilities : 32350	3.375.000,00	3.735.000,00	4.458.000,00	5.888.000,00	5.549.000,00
IV. Short-term debts with Group companies and associates: 32400	436.528.000,00	460.073.000,00	708.402.000,00	251.215.000,00	287.700.000,00
V. Trade creditors and other accounts payable: 32500	805.038.000,00	1.097.527.000,00	996.116.000,00	1.059.623.000,00	1.209.057.000,00
1. Suppliers: 32510	391.064.000,00	289.801.000,00	256.131.000,00	324.280.000,00	433.018.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	391.064.000,00	289.801.000,00	256.131.000,00	324.280.000,00	433.018.000,00
2. Suppliers, Group companies and associates: 32520	156.406.000,00	468.426.000,00	251.681.000,00	212.689.000,00	209.478.000,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	8.891.000,00	9.377.000,00	2.963.000,00	3.813.000,00	3.360.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	-626.000,00	-595.000,00
6. Other accounts payable to Public Administrations.: 32560	9.771.000,00	12.360.000,00	8.204.000,00	11.787.000,00	12.767.000,00
7. Advances from clients: 32570	238.906.000,00	317.563.000,00	477.137.000,00	507.680.000,00	551.029.000,00
VI. Short-term accruals: 32600	2.794.000,00	3.051.000,00	5.968.000,00	4.651.000,00	33.019.000,00
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	2.176.858.000,00	2.640.850.000,00	2.675.252.000,00	2.430.749.000,00	2.504.971.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	1.228.348.000,00	946.848.000,00	1.152.629.000,00	1.274.278.000,00	1.606.418.000,00
a) Sales: 40110	922.252.000,00	718.389.000,00	902.092.000,00	1.024.683.000,00	1.221.272.000,00
b) Rendering of services: 40120	276.080.000,00	215.452.000,00	250.537.000,00	249.595.000,00	385.146.000,00
c) Income of financial nature of holding companies: 40130	30.016.000,00	13.007.000,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	-72.374.000,00	-17.610.000,00	25.629.000,00	12.250.000,00	39.797.000,00
3. Works carried out by the company for its assets: 40300	154.000,00	4.267.000,00	65.000,00	146.000,00	2.390.000,00
4. Supplies : 40400	-788.891.000,00	-626.414.000,00	-922.989.000,00	-907.115.000,00	-1.199.867.000,00
a) Stock consumption: 40410	-14.061.000,00	-12.695.000,00	-21.586.000,00	-39.919.000,00	-20.003.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-611.271.000,00	-483.804.000,00	-704.167.000,00	-686.374.000,00	-897.941.000,00
c) Works carried out by other companies: 40430	-169.428.000,00	-118.954.000,00	-175.971.000,00	-181.249.000,00	-274.070.000,00
d) Impairment of stock, primary material and other supplies: 40440	5.869.000,00	-10.961.000,00	-21.265.000,00	427.000,00	-7.853.000,00
5. Other operating income: 40500	20.657.000,00	5.058.000,00	4.901.000,00	4.094.000,00	21.682.000,00
a) Auxiliary income and other from current management: 40510	20.657.000,00	4.997.000,00	4.901.000,00	4.094.000,00	21.681.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	61.000,00	0,00	0,00	1.000,00
6. Personnel costs: 40600	-85.077.000,00	-106.823.000,00	-83.549.000,00	-87.280.000,00	-74.756.000,00
a) Wages, salaries et al.: 40610	-65.602.000,00	-85.126.000,00	-65.093.000,00	-69.701.000,00	-58.893.000,00
b) Social security costs: 40620	-19.475.000,00	-21.697.000,00	-18.456.000,00	-17.579.000,00	-15.863.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-166.122.000,00	-197.984.000,00	-284.546.000,00	-284.115.000,00	-328.568.000,00
a) External services: 40710	-147.072.000,00	-173.722.000,00	-212.652.000,00	-268.084.000,00	-308.369.000,00
b) Taxes: 40720	-4.177.000,00	-909.000,00	614.000,00	-711.000,00	-475.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-14.873.000,00	-23.340.000,00	-72.508.000,00	-15.320.000,00	-19.706.000,00
d) Other current management expenditure : 40740	0,00	-13.000,00	0,00	0,00	-18.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-17.667.000,00	-17.203.000,00	-13.878.000,00	-16.435.000,00	-16.011.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	418.000,00	599.000,00	377.000,00	415.000,00	569.000,00
10. Excess provisions : 41000	439.000,00	8.592.000,00	2.036.000,00	0,00	16.709.000,00
11. Impairment and result of transfers of fixed assets: 41100	1.156.000,00	-2.441.000,00	-10.978.000,00	-278.000,00	-1.327.000,00
a) Impairment and losses : 41110	-1.729.000,00	-1.587.000,00	-10.978.000,00	-278.000,00	-1.091.000,00
b) Results for transfers and other : 41120	2.885.000,00	-854.000,00	0,00	0,00	-236.000,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	121.041.000,00	-3.111.000,00	-130.303.000,00	-4.040.000,00	67.036.000,00
14. Financial income : 41400	3.087.000,00	223.259.000,00	3.051.000,00	1.249.000,00	1.224.000,00
a) Of shares in equity instruments : 41410	10.000,00	221.926.000,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	10.000,00	221.926.000,00	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	3.077.000,00	1.333.000,00	3.051.000,00	1.249.000,00	1.224.000,00
b 1) From Group companies and associates : 41421	0,00	0,00	0,00	0,00	0,00
b 2) From third parties : 41422	3.077.000,00	1.333.000,00	3.051.000,00	1.249.000,00	1.224.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-39.902.000,00	-40.204.000,00	-36.371.000,00	-41.585.000,00	-41.925.000,00
a) Amounts owed to Group companies and associates : 41510	-12.939.000,00	-17.177.000,00	-10.545.000,00	-8.848.000,00	-9.527.000,00
b) For debts with third parties : 41520	-26.963.000,00	-23.027.000,00	-25.826.000,00	-32.737.000,00	-32.398.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	-6.136.000,00	0,00	0,00	0,00	0,00
a) Trading book and other : 41610	-6.136.000,00	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	3.790.000,00	-5.134.000,00	-6.043.000,00	13.224.000,00	-2.884.000,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	-626.000,00	-9.166.000,00	-6.972.000,00	-11.831.000,00
a) Impairment and losses : 41810	0,00	-6.016.000,00	-9.166.000,00	-6.972.000,00	-11.831.000,00
b) Results for transfers and other : 41820	0,00	5.390.000,00	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	-39.161.000,00	177.295.000,00	-48.529.000,00	-34.084.000,00	-55.416.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	81.880.000,00	174.184.000,00	-178.832.000,00	-38.124.000,00	11.620.000,00
20. Income taxes: 41900	-31.457.000,00	8.352.000,00	48.233.000,00	2.453.000,00	19.980.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	50.423.000,00	182.536.000,00	-130.599.000,00	-35.671.000,00	31.600.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	50.423.000,00	182.536.000,00	-130.599.000,00	-35.671.000,00	31.600.000,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. To view details on the methodology 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2014	2013	2012	2011	2010
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	865.470.000,00	587.111.000,00	519.956.000,00	485.415.000,00	414.741.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	6.681.000,00	7.798.000,00	5.044.000,00	8.331.000,00	6.387.000,00
1. Research and development costs:	44.000,00	1.723.000,00	133.000,00	3.762.000,00	5.090.000,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	6.637.000,00	6.075.000,00	4.911.000,00	4.553.000,00	1.281.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	16.000,00	16.000,00
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:	72.000.000,00	72.402.000,00	38.536.000,00	44.994.000,00	47.307.000,00
1. Land and construction:	39.178.000,00	44.621.000,00	16.178.000,00	17.226.000,00	18.337.000,00
2. Technical installations and machinery:	10.186.383,00	8.603.718,00	6.897.758,00	8.225.444,00	8.927.953,00
3. Other installations, tools and furniture:	21.866.431,00	18.469.031,00	14.806.959,00	17.657.015,00	19.165.045,00
4. Payments on account and tangible fixed assets under construction:	23.000,00	78.000,00	148.000,00	1.283.000,00	223.000,00
5. Other tangible assets:	746.186,00	630.251,00	505.284,00	602.541,00	654.002,00
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:	786.789.000,00	506.911.000,00	476.376.000,00	432.090.000,00	361.047.000,00
1. Equity investments in group companies:	786.009.000,00	506.275.000,00	475.799.000,00	431.617.000,00	360.572.000,00
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:	780.000,00	636.000,00	577.000,00	473.000,00	475.000,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	1.311.388.000,00	2.042.932.000,00	2.152.475.000,00	1.942.840.000,00	2.089.500.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	136.011.000,00	254.770.000,00	218.226.000,00	223.483.000,00	199.909.000,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	85.768.000,00	124.056.000,00	110.017.000,00	152.870.000,00	145.834.000,00
3. Goods in process and semifinished ones:	14.531.000,00	23.704.000,00	1.759.000,00	3.487.000,00	634.000,00
4. Finished products:	11.988.000,00	84.562.000,00	77.314.000,00	55.943.000,00	46.546.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	23.724.000,00	22.448.000,00	29.136.000,00	11.183.000,00	6.895.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	716.444.000,00	925.970.000,00	1.030.894.000,00	1.087.206.000,00	999.658.000,00
1. Trade debtors / accounts receivable:	275.789.000,00	252.984.000,00	477.342.000,00	476.884.000,00	596.843.000,00
2. Accounts receivable, Group companies:	220.418.000,00	407.210.000,00	365.819.000,00	495.666.000,00	319.810.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	-312.000,00	5.134.000,00	28.386.000,00	11.074.000,00
5. Staff:	1.592.000,00	625.000,00	242.000,00	284.000,00	230.000,00
6. Public bodies:	218.645.000,00	265.463.000,00	182.357.000,00	85.986.000,00	71.701.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	303.481.000,00	576.768.000,00	507.159.000,00	330.992.000,00	472.470.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	254.111.000,00	575.664.000,00	502.942.000,00	268.925.000,00	472.463.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Short term securities portfolio:	15.957.000,00	2.000,00	2.000,00	2.000,00	2.000,00
6. Other receivables:	26.801.000,00	38.000,00	5.000,00	58.000.000,00	0,00
7. Shor term guarantees and deposits:	6.612.000,00	1.064.000,00	4.210.000,00	4.065.000,00	5.000,00
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:	132.798.000,00	219.142.000,00	360.988.000,00	259.613.000,00	363.617.000,00
VII. Prepayments and accrued income:	22.654.000,00	66.282.000,00	35.208.000,00	41.546.000,00	53.846.000,00
GENERAL TOTAL (A + B + C + D):	2.176.858.000,00	2.630.043.000,00	2.672.431.000,00	2.428.255.000,00	2.504.241.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	312.533.400,00	121.279.200,00	214.646.400,00	350.495.600,00	390.474.900,00
I. Subscribed capital:	201.000,00	201.000,00	201.000,00	3.000,00	3.000,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	260.218.400,00	216.531.200,00	341.806.400,00	383.877.600,00	357.637.900,00
1. Legal reserve:	40.000,00	1.000,00	1.000,00	1.000,00	1.000,00
2. Reserves for own shares:	0,00	0,00	0,00	0,00	0,00
3. Reserves for shares of the controlling company:	0,00	0,00	0,00	0,00	0,00
4. Statutory reserves:	0,00	0,00	0,00	0,00	0,00
5. Miscellaneous reserves:	260.178.400,00	216.530.200,00	341.805.400,00	383.876.600,00	357.636.900,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	1.691.000,00	-126.063.000,00	3.238.000,00	2.286.000,00	1.234.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-3.814.000,00	-130.599.000,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	5.505.000,00	4.536.000,00	3.238.000,00	2.286.000,00	1.234.000,00
VI. Profit or loss for the financial year:	50.423.000,00	182.536.000,00	-130.599.000,00	-35.671.000,00	31.600.000,00
VII. Interim dividend paid:	0,00	-151.926.000,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	2.119.600,00	4.321.800,00	943.600,00	960.400,00	1.129.100,00
1. Capital grants:	2.119.600,00	4.321.800,00	943.600,00	960.400,00	1.129.100,00
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:	39.401.000,00	59.818.000,00	91.932.000,00	64.138.000,00	82.079.000,00
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:	39.401.000,00	59.818.000,00	91.932.000,00	64.138.000,00	82.079.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	532.073.000,00	525.728.000,00	586.072.000,00	588.639.000,00	433.298.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	501.405.000,00	500.934.000,00	578.715.000,00	582.020.000,00	429.354.000,00
1. Loans and other liabilities:	501.405.000,00	500.934.000,00	578.715.000,00	582.020.000,00	429.354.000,00
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:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	30.668.000,00	24.794.000,00	7.357.000,00	6.619.000,00	3.944.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	7.488.000,00	5.814.000,00	3.148.000,00	2.758.000,00	1.668.000,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	23.180.000,00	18.980.000,00	4.209.000,00	3.861.000,00	2.276.000,00
V. Unpaid portion of equity investment:	0,00	0,00	0,00	0,00	0,00
1. Group companies:	0,00	0,00	0,00	0,00	0,00
2. Associated companies:	0,00	0,00	0,00	0,00	0,00
3. Third parties:	0,00	0,00	0,00	0,00	0,00
VI. Long term trade creditors:	0,00	0,00	0,00	0,00	0,00
E) SHORT TERM CREDITORS:	1.284.155.000,00	1.910.059.000,00	1.756.129.000,00	1.401.756.000,00	1.595.359.000,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
4. Accrued interest on debentures and other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	36.420.000,00	345.673.000,00	41.185.000,00	80.379.000,00	60.034.000,00
1. Loans and other liabilities:	36.420.000,00	345.673.000,00	41.185.000,00	80.379.000,00	60.034.000,00
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:	592.934.000,00	928.499.000,00	960.083.000,00	463.904.000,00	497.178.000,00
1. Amounts owed to group companies:	472.609.821,00	740.078.568,00	765.253.223,00	369.763.896,00	396.285.599,00
2. Amounts owed to associated companies:	120.324.179,00	188.420.432,00	194.829.777,00	94.140.104,00	100.892.401,00
IV. Trade creditors:	629.970.000,00	607.364.000,00	733.268.000,00	831.960.000,00	984.047.000,00
1. Advanced payments from customers:	238.906.000,00	317.563.000,00	477.137.000,00	507.680.000,00	551.029.000,00
2. Amounts owed for purchases of goods or services:	391.064.000,00	289.801.000,00	256.131.000,00	324.280.000,00	433.018.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	22.037.000,00	25.472.000,00	15.625.000,00	20.862.000,00	21.081.000,00
1. Public bodies:	9.771.000,00	12.360.000,00	8.204.000,00	11.161.000,00	12.172.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	3.375.000,00	3.735.000,00	4.458.000,00	5.888.000,00	5.549.000,00
4. Wages and salaries payable:	8.891.000,00	9.377.000,00	2.963.000,00	3.813.000,00	3.360.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	2.794.000,00	3.051.000,00	5.968.000,00	4.651.000,00	33.019.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	6.576.000,00	8.837.000,00	22.708.000,00	22.266.000,00	1.901.000,00
GENERAL TOTAL (A + B + C + D + E + F):	2.176.858.000,00	2.630.043.000,00	2.672.431.000,00	2.428.255.000,00	2.504.241.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	1.209.355.000,00	1.011.477.000,00	1.319.287.000,00	1.341.327.000,00	1.657.189.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	72.374.000,00	17.610.000,00	0,00	0,00	0,00
A.2. Supplies:	794.760.000,00	615.453.000,00	901.724.000,00	907.542.000,00	1.192.014.000,00
a) Stock consumption:	14.061.000,00	12.695.000,00	21.586.000,00	39.919.000,00	20.003.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	611.271.000,00	483.804.000,00	704.167.000,00	686.374.000,00	897.941.000,00
c) Miscellaneous external expenditure:	169.428.000,00	118.954.000,00	175.971.000,00	181.249.000,00	274.070.000,00
A.3. Staff costs:	85.077.000,00	106.823.000,00	83.549.000,00	87.280.000,00	74.756.000,00
a) Wages, salaries et al.:	65.602.000,00	85.126.000,00	65.093.000,00	69.701.000,00	58.893.000,00
b) Social security costs:	19.475.000,00	21.697.000,00	18.456.000,00	17.579.000,00	15.863.000,00
A.4. Depreciation expense:	17.667.000,00	17.203.000,00	13.878.000,00	16.435.000,00	16.011.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	9.004.000,00	34.301.000,00	93.773.000,00	14.893.000,00	27.559.000,00
a) Stock provision variation:	-5.869.000,00	10.961.000,00	21.265.000,00	-427.000,00	7.853.000,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	14.873.000,00	23.340.000,00	72.508.000,00	15.320.000,00	19.706.000,00
A.6. Other operating charges:	151.249.000,00	174.644.000,00	212.038.000,00	268.795.000,00	308.862.000,00
a) External services:	147.072.000,00	173.722.000,00	212.652.000,00	268.084.000,00	308.369.000,00
b) Taxes:	4.177.000,00	909.000,00	-614.000,00	711.000,00	475.000,00
c) Other operating expenses:	0,00	13.000,00	0,00	0,00	18.000,00
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):	89.451.000,00	0,00	0,00	0,00	67.794.000,00
A.7. Financial and similar charges:	39.902.000,00	40.204.000,00	36.371.000,00	41.585.000,00	41.925.000,00
a) Due to liabilities with companies of the group:	12.939.000,00	17.177.000,00	10.545.000,00	8.848.000,00	9.527.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	26.963.000,00	23.027.000,00	25.826.000,00	32.737.000,00	32.398.000,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	6.136.000,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	5.134.000,00	6.043.000,00	0,00	2.884.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	183.311.000,00	0,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	50.290.000,00	169.035.000,00	0,00	0,00	24.209.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	1.729.000,00	7.603.000,00	20.144.000,00	7.250.000,00	12.922.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	854.000,00	0,00	0,00	236.000,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	1.574.000,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	51.864.000,00	161.177.000,00	0,00	0,00	11.620.000,00
A.15. Corporation tax:	31.457.000,00	-8.352.000,00	-48.233.000,00	-2.453.000,00	-19.980.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	20.407.000,00	169.529.000,00	0,00	0,00	31.600.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	1.229.762.000,00	1.181.006.000,00	1.188.688.000,00	1.305.656.000,00	1.688.789.000,00
B.1. Net total sales:	1.198.332.000,00	933.841.000,00	1.152.629.000,00	1.274.278.000,00	1.606.418.000,00
a) Sales:	922.252.000,00	718.389.000,00	902.092.000,00	1.024.683.000,00	1.221.272.000,00
b) Rendering of services:	276.080.000,00	215.452.000,00	250.537.000,00	249.595.000,00	385.146.000,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	25.629.000,00	12.250.000,00	39.797.000,00
B.3. Works performed by the company for fixed assets:	154.000,00	4.267.000,00	65.000,00	146.000,00	2.390.000,00
B.4. Miscellaneous operating income:	21.096.000,00	13.650.000,00	6.937.000,00	4.094.000,00	38.391.000,00
a) Auxiliary income and other from current management:	20.657.000,00	4.997.000,00	4.901.000,00	4.094.000,00	21.681.000,00
b) Grants:	0,00	61.000,00	0,00	0,00	1.000,00
c) Liabilities and charges provisions surplus:	439.000,00	8.592.000,00	2.036.000,00	0,00	16.709.000,00
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	14.276.000,00	119.702.000,00	4.177.000,00	0,00
B.5. Income from equity investment:	10.000,00	221.926.000,00	0,00	0,00	0,00
a) In companies of the group:	10.000,00	221.926.000,00	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:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	3.077.000,00	6.723.000,00	3.051.000,00	1.249.000,00	1.224.000,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	3.077.000,00	1.333.000,00	3.051.000,00	1.249.000,00	1.224.000,00
d) Profit on financial investment:	0,00	5.390.000,00	0,00	0,00	0,00
B.8. Exchange positive differences:	3.790.000,00	0,00	0,00	13.224.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	39.161.000,00	0,00	39.363.000,00	27.112.000,00	43.585.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	159.065.000,00	31.289.000,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	2.885.000,00	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:	418.000,00	599.000,00	377.000,00	415.000,00	569.000,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	7.858.000,00	19.767.000,00	6.835.000,00	12.589.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	178.832.000,00	38.124.000,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	130.599.000,00	35.671.000,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

> Source of information: Data contained in this section is taken from the information declared in the Annual Accounts submitted to the Trade Register.

1. Fiscal year result before taxes.: 61100	81.880.000,00	174.184.000,00	-178.832.000,00	-38.124.000,00	11.620.000,00
2. Results adjustments.: 61200	59.575.000,00	-128.544.000,00	134.773.000,00	79.933.000,00	63.147.000,00
a) Fixed Assets Amortization (+).: 61201	17.667.000,00	17.203.000,00	13.878.000,00	16.435.000,00	16.011.000,00
b) Obsolescence Allowances (+/-). : 61202	1.729.000,00	20.552.000,00	-1.509.000,00	-8.787.000,00	16.533.000,00
c) Variation in Provision (+/-). : 61203	530.000,00	19.765.000,00	81.085.000,00	33.265.000,00	8.283.000,00
d) Allocation of grants (-).: 61204	-418.000,00	-599.000,00	-378.000,00	-415.000,00	-569.000,00
e) Results on disposal of fixed assets (+/-). : 61205	-2.885.000,00	2.441.000,00	10.979.000,00	278.000,00	244.000,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	6.973.000,00	0,00
g) Financial income (-).: 61207	-3.087.000,00	-223.259.000,00	-15.332.000,00	-1.249.000,00	-1.224.000,00
h) Financial Expenses (+). : 61208	39.903.000,00	40.204.000,00	36.371.000,00	41.585.000,00	41.925.000,00
i) Exchange differences (+/-). : 61209	0,00	0,00	0,00	0,00	-5.154.000,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	-5.390.000,00	9.296.000,00	0,00	0,00
k) Other income and expense (-/+). : 61211	6.136.000,00	539.000,00	383.000,00	-8.152.000,00	-12.902.000,00
3. Changes in current capital equity.: 61300	255.191.000,00	134.528.000,00	16.212.000,00	-261.661.000,00	72.995.000,00
a) Stock (+/-).: 61301	118.759.000,00	-8.821.000,00	-16.008.000,00	-14.802.000,00	-34.206.000,00
d) Debtors and other accounts receivable (+/-). : 61302	215.851.000,00	180.238.000,00	111.364.000,00	-41.268.000,00	461.456.000,00
c) Other current assets (+/-). : 61303	339.115.000,00	-27.955.000,00	7.521.000,00	7.685.000,00	-12.684.000,00
d) Creditors and other accounts payable (+/-). : 61304	-398.299.000,00	61.866.000,00	-63.508.000,00	-149.910.000,00	-299.849.000,00
e) Other current liabilities (+/-).: 61305	-257.000,00	0,00	0,00	0,00	728.000,00
f) Other non-current assets and liabilities (+/-).: 61306	-19.978.000,00	-70.800.000,00	-23.157.000,00	-63.366.000,00	-42.450.000,00
4. Other cash flows for operating activities.: 61400	-36.816.000,00	185.509.000,00	-24.767.000,00	7.015.000,00	-25.723.000,00
a) Interest payments (-). : 61401	-39.903.000,00	-40.202.000,00	-30.083.000,00	-2.749.000,00	-29.569.000,00
c) Interest collection (+). : 61403	0,00	223.259.000,00	5.316.000,00	10.052.000,00	14.230.000,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	0,00	-10.384.000,00
e) Other payments (payment collection) (-/+) : 61405	3.087.000,00	2.452.000,00	0,00	-288.000,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	359.830.000,00	365.677.000,00	-52.614.000,00	-212.837.000,00	122.039.000,00
6. Payments for investment (-).: 62100	-303.674.000,00	-188.886.000,00	-234.302.000,00	-96.536.000,00	-275.121.000,00
a) Companies of the group and affiliates. : 62101	-285.117.000,00	-164.515.000,00	-218.905.000,00	-78.342.000,00	-265.871.000,00
b) Intangible fixed assets. : 62102	-2.745.000,00	-4.272.000,00	-1.551.000,00	-3.991.000,00	-956.000,00
c) Fixed assets. : 62103	-16.612.000,00	-20.040.000,00	-13.742.000,00	-14.203.000,00	-8.280.000,00
e) Other financial assets. : 62105	-144.000,00	-59.000,00	-104.000,00	0,00	-14.000,00
g) Business Unit : 62107	944.000,00	0,00	0,00	0,00	0,00
7. Divestment payment collection (+). : 62200	4.365.000,00	3.424.000,00	310.000,00	148.526.000,00	89.701.000,00
a) Companies of the group and affiliates. : 62201	0,00	3.205.000,00	130.000,00	146.676.000,00	87.775.000,00
c) Fixed assets. : 62203	4.365.000,00	219.000,00	180.000,00	1.850.000,00	1.926.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-299.309.000,00	-185.462.000,00	-233.992.000,00	51.990.000,00	-185.420.000,00
9. Payment collection and payments for equity instruments. : 63100	127.872.000,00	123.000,00	-110.000,00	70.000,00	0,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	-110.000,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	127.872.000,00	123.000,00	0,00	70.000,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-258.782.000,00	-20.258.000,00	388.091.000,00	56.773.000,00	-124.083.000,00
a) Issuance : 63201	50.471.000,00	425.250.000,00	461.380.000,00	115.041.000,00	234.898.000,00
2. Debts incurred with credit institutions (+). : 63203	50.471.000,00	425.250.000,00	25.000.000,00	115.041.000,00	145.160.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	436.380.000,00	0,00	89.738.000,00
b) Repayment and amortization of : 63207	-309.253.000,00	-445.508.000,00	-73.289.000,00	-58.268.000,00	-358.981.000,00
2. Debts incurred with credit institutions (-).: 63209	-309.253.000,00	-197.179.000,00	0,00	0,00	-209.841.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	-248.329.000,00	-73.289.000,00	-58.268.000,00	-149.140.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-301.926.000,00	0,00	0,00	0,00
a) Dividends (-).: 63301	0,00	-301.926.000,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-130.910.000,00	-322.061.000,00	387.981.000,00	56.843.000,00	-124.083.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 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	-70.389.000,00	-141.846.000,00	101.375.000,00	-104.004.000,00	-187.464.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	219.142.000,00	360.988.000,00	259.613.000,00	363.617.000,00	551.081.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	148.753.000,00	219.142.000,00	360.988.000,00	259.613.000,00	363.617.000,00

FINANCIAL DIAGNOSIS

 > Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	-0,06 %	0,04 %	-0,15 %	0,01 %	61,75 %	229,44 %
EBITDA over Sales:	11,13 %	11,91 %	0,78 %	11,52 %	1.335,15 %	3,39 %
Cash Flow Yield:	-0,03 %	0,02 %	-0,05 %	0,01 %	39,80 %	272,76 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	10,98 %	8,67 %	-0,20 %	7,04 %	5.556,92 %	23,25 %
Total economic profitability:	5,59 %	5,12 %	8,12 %	3,70 %	-31,09 %	38,27 %
Financial profitability:	16,39 %	7,88 %	146,38 %	4,06 %	-88,80 %	94,20 %
Margin:	9,69 %	7,43 %	-0,33 %	6,87 %	3.078,18 %	8,15 %
Mark-up:	6,55 %	6,95 %	18,22 %	4,51 %	-64,02 %	54,06 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,12	0,14	0,11	0,13	0,68	7,67
Acid Test:	0,75	0,89	0,81	0,87	-7,87	2,84
Working Capital / Investment:	-0,08	0,03	-0,02	0,05	-315,75	-35,47
Solvency:	1,02	1,22	1,07	1,18	-5,29	3,91

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	5,20	1,31	12,78	1,38	-59,31	-5,58
Borrowing Composition:	0,41	1,12	0,28	1,00	49,99	11,28
Repayment Ability:	-25,86	25,94	-17,18	99,00	-50,54	-73,80
Warranty:	1,20	1,77	1,08	1,73	10,35	2,40
Generated resources / Total creditors:	0,03	0,09	0,09	0,08	-60,58	8,30

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,61	1,99	1,07	1,86	143,91	6,74
Turnover of Collection Rights :	2,38	5,40	1,29	4,99	84,36	8,17
Turnover of Payment Entitlements:	1,10	3,82	0,74	3,62	49,15	5,48
Stock rotation:	8,31	8,40	3,79	7,32	119,13	14,76
Assets turnover:	1,13	1,17	0,62	1,02	83,23	13,97
Borrowing Cost:	2,19	2,89	1,65	2,88	32,86	0,19

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow	2014	2013	2012	2011	2010
Cash Flow over Sales:	-0,06 %	-0,15 %	0,09 %	-0,08 %	-0,12 %
EBITDA over Sales:	11,13 %	0,78 %	-9,36 %	0,96 %	4,18 %
Cash Flow Yield:	-0,03 %	-0,05 %	0,04 %	-0,04 %	-0,07 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	10,98 %	-0,20 %	-7,72 %	-0,24 %	4,01 %
Total economic profitability:	5,59 %	8,12 %	-5,33 %	0,14 %	2,14 %
Financial profitability:	16,39 %	146,38 %	-60,96 %	-10,39 %	8,38 %
Margin:	9,69 %	-0,33 %	-11,26 %	-0,32 %	4,11 %
Mark-up:	6,55 %	18,22 %	-15,45 %	-2,98 %	0,71 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,12	0,11	0,21	0,18	0,23
Acid Test:	0,75	0,81	1,02	1,16	1,13
Working Capital / Investment:	-0,08	-0,02	0,10	0,19	0,18
Solvency:	1,02	1,07	1,22	1,38	1,30

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	5,20	12,78	7,63	4,89	4,44
Borrowing Composition:	0,41	0,28	0,33	0,42	0,27
Repayment Ability:	-25,86	-17,18	23,16	-19,21	-10,95
Warranty:	1,20	1,08	1,14	1,22	1,22
Generated resources / Total creditors:	0,03	0,09	-0,04	-0,01	0,03

Efficiency	2014	2013	2012	2011	2010
Productivity:	2,61	1,07	-0,29	1,14	1,90
Turnover of Collection Rights :	2,38	1,29	1,26	1,23	1,68
Turnover of Payment Entitlements:	1,10	0,74	1,24	1,14	1,30
Stock rotation:	8,31	3,79	5,86	5,74	7,90
Assets turnover:	1,13	0,62	0,69	0,77	0,98
Borrowing Cost:	2,19	1,65	1,55	2,08	2,05

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

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Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvenciones de capital
Status	CONCEDIDA
Amount Granted	418.000,00

Entity	GOBIERNO DE NAVARRA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	4.164.000,00
Notes	Concesión 2011.

Entity	MINISTERIO DE INDUSTRIA, CIENCIA Y TECNOLOGIA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	3.530.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.007.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	3.450.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.007.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	2.096.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.007.

Entity	AGENCIA DE DESARROLLO ECONOMICO DE CASTILLA Y LEON
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	1.719.000,00
Notes	Para la adquisición de elementos de inmovilizado.El importe es el concedido en 2.007.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	693.000,00
Notes	Para la adquisición de elementos de inmovilizado. Concedida en 2.002.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	658.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.006.

Entity	UNION EUROPEA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	267.000,00
Notes	El importe es el concedido en 2.010.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	266.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.009.

Entity	GOBIERNO DE NAVARRA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	223.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.007.

Entity	GOBIERNO DE NAVARRA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	222.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.008.

Entity	XUNTA DE GALICIA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	221.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.007.

Entity	GOBIERNO DE NAVARRA.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	145.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.009.

Entity	INSTITUTO GALLEGO DE PROMOCION EMPRESARIAL.
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	88.000,00
Notes	Concesión 2012.

Entity	DEPARTAMENTO DE INDUSTRIA, INNOVACION, COMERCIO Y TURISMO DE GOBIERNO VASCO
Subsidy Concept	Subvención de capital .
Status	CONCEDIDA
Amount Granted	70.000,00
Notes	Concesión 2011.

Entity	DEPARTAMENTO DE INDUSTRIA INNOVACION COMERCIO Y TURISMO DEL GOBIERNO VASCO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	19.000,00
Notes	Concesión 2010.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	2.116.000,00
Notes	Para la adquisición de elementos de inmovilizado. Concedida en 2.007.

Entity	MINISTERIO DE ECONOMIA Y HACIENDA
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	266.000,00
Notes	Para la adquisición de elementos de inmovilizado. El importe es el concedido en 2.009.

Entity	DEPARTAMENTO DE INDUSTRIA INNOVACION COMERCIO Y TURISMO DEL GOBIERNO VASCO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	70.000,00
Notes	Concesión 2011.

Entity	DEPARTAMENTO DE INDUSTRIA, INNOVACION, COMERCIO Y TURISMO DE GOBIERNO VASCO
Subsidy Concept	Subvención de capital .
Status	CONCEDIDA
Amount Granted	19.000,00
Notes	El importe es el concedido en 2.010.

Entity	UNION EUROPEA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Project	Soporte técnico y desarrollo de pruebas a realizar en los parques eólicos
Amount Granted	267.000,00
Notes	El importe es el concedido en 2.010

Entity	DEPARTAMENTO DE INDUSTRIA, INNOVACION, COMERCIO Y TURISMO DE GOBIERNO VASCO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Project	Proyecto de desarrollo tecnológico e innovación
Amount Granted	19.000,00
Notes	El importe es el concedido en 2.010

Entity	AGENCIA DE DESARROLLO ECONOMICO DE CASTILLA Y LEON
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	1.719.000,00

Research Summary

This company was incorporated in 2006 and it's engaged in the design, manufacture and sale of wind turbines and their components. It develops its activity at a national and international level. It's part of the group GAMESA, one of the main wind turbine producers worldwide. It's part of the exclusive group forming IBEX 35. There is nothing against registered among the sources consulted. For all these reasons, we consider the company to keep being related in terms of risk operations in keeping with its size.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.81
UK Pound	1	Rs.100.37
Euro	1	Rs.70.68
EUR	1	Rs.70.41

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	ANK

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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