MIRA INFORM REPORT

Report No. :	352506
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	CHEMO IBERICA SA
Registered Office :	Gran Via Carlos Iii, 98 7ª Planta - Barcelona - 08028 - Madrid
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	23.06.1977
Legal Form :	Public Company
Line of Business :	Wholesale of Chemical Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exist

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:	CHEMO IBERICA SA
NIF / Fiscal code:	A08460990
Status:	ACTIVE
Incorporation Date:	23/06/1977
Register Data	Register Section 8 Sheet 30063
Last Publication in BORME:	21/04/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	601.012,10
Localization:	Gran Via Carlos Iii, 98 7ª Planta - Barcelona - 08028 - Madrid
Telephone - Fax - Email - Website:	Telephone. 913 534 400 Website. www.chemogroup.com
Number of Branches	3
Activity:
NACE:	4675 - Wholesale of chemical products
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

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Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---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Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

CHEMO HOLDING SL	100 %
Shares:	1
Other Links:	4
No. of Active Corporate Bodies:

Ratios

2014

2013

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
The corporation was established many years ago, and it has experience in the sector of activities it carries out, though its invoicing has decreased with a percentage of 2,05% in 2014, in comparison to the previous year. It complies regularly with its payment obligations.
Interviewed Person:

Enquiry Details
Business address regime:	Rent

Identification
Social Denomination:	CHEMO IBERICA SA
NIF / Fiscal code:	A08460990
Corporate Status:	ACTIVE
Start of activity:	1977
Registered Office:	GRAN VIA CARLOS III, 98 7ª PLANTA
Locality:	BARCELONA
Province:	MADRID
Postal Code:	08028
Telephone:	913 534 400
Fax:	917 668 963
Website:	www.chemogroup.com
Interviewed Person:	Empleado

Branch Offices

Address	Postal Code	City	Province
GRAN VIA CALLE GRAN VIA CARLES III 98 7	08028	BARCELONA	BARCELONA
CALLE CORTS 23	08028	BARCELONA	BARCELONA
Av. Burgos, 113	28050	MADRID	MADRID

Activity
NACE:	4675
CNAE Obtaining Source:	4675
Legal Form:	PURCHASE AND SALE, IMPORTATION AND EXPORTATION OF CHEMICAL AND PHARMACEUTICAL PRODUCTS AND FOOD, INCLUDING THE HUMAN SANITARY APPLICATIONS, ANIMAL OR VEGETAL, AS WELL AS MACHINERY, EQUIPS AND TOOLS FOR ITS PRODUCTION. THE MANAGEMENT OF VALUES OF NON-PRESIDENT ENTITIES. MANUFACTURING OF CHEMICAL PRODUCTS, PHARMACEUTICAL AND FOOD.
Additional Information:	It is dedicated to the purchase and sale of raw materials for pharmaceutical industry and solutions for immediate applications in all the cycle of vital products, from its development and registry to the manufacturing and its direct or indirect handling.
Additional Address:	GRAN VIA CARLOS III, 98 7ª PLANTA 08028 BARCELONA , registered office C/ QUINTANAPALLA, 2 4ª PLANTA 28050 MADRID , registered office and offices.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1991	Accounts deposit (year 1989, 1990) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	1992	Accounts deposit (year 1991) Adaptation to Law (1) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Correction (2) Statutory Modifications (1)
	1993	Accounts deposit (year 1992 consolidated, 1992) Appointments/ Re-elections (2) Capital Reduction (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1)
	1994	Accounts deposit (year 1993) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	1995	Accounts deposit (year 1994)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Change of Social Purpose (1) Other Concepts/ Events (1) Statutory Modifications (1)
	1997	Accounts deposit (year 1996) Appointments/ Re-elections (1)
	1998	Accounts deposit (year 1997) Appointments/ Re-elections (1)
	1999	Appointments/ Re-elections (1)
	2000	Accounts deposit (year 1998) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)
	2001	Accounts deposit (year 1999, 2000) Appointments/ Re-elections (2) Change of Social Purpose (1)
	2002	Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2003	Accounts deposit (year 2001, 2002) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (5)
	2004	Accounts deposit (year 2003) Appointments/ Re-elections (2)
	2005	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)
	2006	Accounts deposit (year 2004, 2005) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (1)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4)
	2008	Accounts deposit (year 2007) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (9) Cessations/ Resignations/ Reversals (7)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (2)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (5)
	2013	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1)
	2014	Accounts deposit (year 2012) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (3) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)
	2015	Accounts deposit (year 2013, 2014) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

Main Historic Changes
Concept	Publication	Act	Date
Corporate Purpose Changes:	LA COMPRA Y VENTA, IMPORT-EXPORT., DE PRODUCTOS QUIMICOS FARMACEUTICOS Y ALIMENTICIOS, INCLUIDOS LOS DE APLICACION EN SANIDAD HUMANA, ANIMAL O VEGETAL, ASICOMO DE MAQUINARIA, EQUIPOS Y UTILLAJES PARA SU PRODUCCION. LA GESTIONDE VALORES DE ENTIDADES NO RESIDENTES	Corporate Purpose Change	01/06/2001
	LA COMPRA Y VENTA, IMPORT-EXPORT., DE PRODUCTOS QUIMICOS FARMACEUTICOS Y ALIMENTICIOS, INCLUIDOS LOS DE APLICACION EN SANIDAD HUMANA, ANIMAL O VEGETAL, ASICOMO DE MAQUINARIA, EQUIPOS Y UTILLAJES PARA SU PRODUCCION.	Corporate Purpose Change	31/05/1996

Breakdown of Owners' Equity
Registered Capital:	601.012,10
Paid up capital:	601.012,10

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
12/02/1993	Capital Reduction	-590.975	-590.975	10.037	10.037
12/02/1993	Increase of Capital	590.975	590.975	601.012	601.012

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	CHEMO HOLDING SL	11/03/2014	1
PRESIDENT	ROMERO CAMACHO SILOS CARLOS	10/04/2015	4
VICE CHAIRMAN	PONCE GUTIERREZ IGNACIO	20/08/2014	6
MEMBER OF THE BOARD	ROMERO CAMACHO SILOS CARLOS	10/04/2015	4
	PONCE GUTIERREZ IGNACIO	20/08/2014	6
	MARTIN MORAN SANDRA	20/08/2014	2
SECRETARY	MARTIN MORAN SANDRA	20/08/2014	2
NON CONSELLOR ASSISTANT SECRETARY	GARCIA MARINA LAURA	20/08/2014	2
ACCOUNTS' AUDITOR / HOLDER	KPMG AUDITORES SL	18/02/2015	5

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALCALDE GIRAUDO ISABEL	NON CONSELLOR SECRETARY	29/08/1996	23
	NON CONSELLOR SECRETARY	08/09/1997
	NON CONSELLOR SECRETARY	20/10/1998
	NON CONSELLOR SECRETARY	18/09/1999
	NON CONSELLOR SECRETARY	12/09/2000
	NON CONSELLOR SECRETARY	15/09/2001
	NON CONSELLOR SECRETARY	21/10/2002
	NON CONSELLOR SECRETARY	13/08/2003
	NON CONSELLOR SECRETARY	30/08/2004
	NON CONSELLOR SECRETARY	31/08/2005
	NON CONSELLOR SECRETARY	02/08/2006
	NON CONSELLOR SECRETARY	16/08/2007
	NON CONSELLOR SECRETARY	08/08/2008
	NON CONSELLOR SECRETARY	14/08/2009
	NON CONSELLOR SECRETARY	27/08/2010
	NON CONSELLOR SECRETARY	09/08/2011
	NON CONSELLOR SECRETARY	20/08/2014
	NON CONSELLOR SECRETARY	05/10/2012
	NON CONSELLOR SECRETARY	12/08/2013
CAGNI GONZALEZ CARLOS ALBERTO	MEMBER OF THE BOARD	27/02/1996	8
	NON CONSELLOR SECRETARY	26/03/1992
	SECRETARY	27/02/1996
CANTERO CID EDUARDO	MEMBER OF THE BOARD	30/08/2004	23
	MEMBER OF THE BOARD	31/08/2005
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	16/08/2007
	MEMBER OF THE BOARD	08/08/2008
	MEMBER OF THE BOARD	14/08/2009
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	09/08/2011
	MEMBER OF THE BOARD	05/10/2012
	MEMBER OF THE BOARD	12/08/2013
	MEMBER OF THE BOARD	20/08/2014
CARSI ZEGRI SANTIAGO MIGUEL	MEMBER OF THE BOARD	13/08/2003	13
	MEMBER OF THE BOARD	15/09/2001
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	21/10/2002
	MEMBER OF THE BOARD	18/09/1999
	MEMBER OF THE BOARD	12/09/2000
	MEMBER OF THE BOARD	08/09/1997
	MEMBER OF THE BOARD	20/10/1998
CHEMO ESPAÑA SL	SINGLE PARTNER	11/03/2014	1
COOPERS AND LYBRAND SA	ACCOUNTS' AUDITOR / HOLDER	07/04/1992	3
	CONSOLIDATED ACCOUNTS' AUDITOR	28/02/1994
	CONSOLIDATED ACCOUNTS' AUDITOR	05/04/2000
DE ANDRES REBOLLO PEDRO	MEMBER OF THE BOARD	31/08/2005	26
	MEMBER OF THE BOARD	02/08/2006
	PRESIDENT	12/08/2013
	PRESIDENT	09/08/2011
	PRESIDENT	27/08/2010
	MEMBER OF THE BOARD	12/08/2013
	MEMBER OF THE BOARD	30/08/2004
	MEMBER OF THE BOARD	09/08/2011
	MEMBER OF THE BOARD	05/10/2012
	MEMBER OF THE BOARD	14/08/2009
	PRESIDENT	14/08/2009
	MEMBER OF THE BOARD	27/08/2010
	MEMBER OF THE BOARD	16/08/2007
	MEMBER OF THE BOARD	08/08/2008
	PRESIDENT	05/10/2012
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	09/02/2007	1
GERMANO ALBERTI	MEMBER OF THE BOARD	29/08/1996	7
	MEMBER OF THE BOARD	08/09/1997
	MEMBER OF THE BOARD	20/10/1998
	MEMBER OF THE BOARD	18/09/1999
	MEMBER OF THE BOARD	12/09/2000
	MEMBER OF THE BOARD	21/10/2002
	MEMBER OF THE BOARD	15/09/2001
GUSTAVO DANIEL LORENZO PELIZZARI	MEMBER OF THE BOARD	27/08/2010	22
	MEMBER OF THE BOARD	09/08/2011
	MEMBER OF THE BOARD	12/08/2013
	MEMBER OF THE BOARD	05/10/2012
	MEMBER OF THE BOARD	20/08/2014
	PRESIDENT	20/08/2014
	MEMBER OF THE BOARD	10/04/2015
	PRESIDENT	10/04/2015
KENNETH CAMERON	MEMBER OF THE BOARD	26/03/1992	2
	MEMBER OF THE BOARD	27/02/1996
KPMG AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	23/12/2010	5
	ACCOUNTS' AUDITOR / HOLDER	03/02/2011
	ACCOUNTS' AUDITOR / HOLDER	18/02/2015
	ACCOUNTS' AUDITOR / HOLDER	13/01/2014
LORENZO PELIZZARI GUSTAVO DANIEL	MEMBER OF THE BOARD	14/08/2009	1
MARIANO BAÑADO CARLOS	MEMBER OF THE BOARD	27/08/2010	5
	MEMBER OF THE BOARD	14/08/2009
	MEMBER OF THE BOARD	09/08/2011
	MEMBER OF THE BOARD	05/10/2012
MORAN IMAZ FRANCISCO JAVIER	NON CONSELLOR ASSISTANT SECRETARY	05/10/2012	8
	VICE SECRETARY	12/08/2013
	MEMBER OF THE BOARD	12/08/2013
	NON CONSELLOR ASSISTANT SECRETARY	09/08/2011
	NON CONSELLOR ASSISTANT SECRETARY	27/08/2010
	NON CONSELLOR ASSISTANT SECRETARY	14/08/2009
	MEMBER OF THE BOARD	20/08/2014
	VICE SECRETARY	20/08/2014
PAOLO OLIGERI	MEMBER OF THE BOARD	16/03/2007	10
	MEMBER OF THE BOARD	16/08/2007
	MEMBER OF THE BOARD	18/03/2008
	MEMBER OF THE BOARD	01/06/2006
PEREZ CARLOS FRANCESC	PRESIDENT	02/08/2006	16
	MEMBER OF THE BOARD	02/08/2006
	MEMBER OF THE BOARD	31/08/2005
	PRESIDENT	31/08/2005
	PRESIDENT	30/08/2004
	MEMBER OF THE BOARD	30/08/2004
	PRESIDENT	08/08/2008
	MEMBER OF THE BOARD	08/08/2008
	MEMBER OF THE BOARD	16/08/2007
	PRESIDENT	16/08/2007
	MEMBER OF THE BOARD	02/12/2008
	PRESIDENT	02/12/2008
PICORNELL DARDER CARLOS	MEMBER OF THE BOARD	27/02/1996	30
	MEMBER OF THE BOARD	29/08/1996
	MEMBER OF THE BOARD	08/09/1997
	MEMBER OF THE BOARD	20/10/1998
	MEMBER OF THE BOARD	18/09/1999
	MEMBER OF THE BOARD	12/09/2000
	MEMBER OF THE BOARD	15/09/2001
	MEMBER OF THE BOARD	21/10/2002
	MEMBER OF THE BOARD	13/08/2003
	MEMBER OF THE BOARD	22/12/2003
	PRESIDENT	27/02/1996
	PRESIDENT	29/08/1996
	PRESIDENT	08/09/1997
	PRESIDENT	20/10/1998
	PRESIDENT	18/09/1999
	PRESIDENT	12/09/2000
	PRESIDENT	15/09/2001
	PRESIDENT	21/10/2002
	PRESIDENT	13/08/2003
	PRESIDENT	22/12/2003
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	07/02/2005	4
	ACCOUNTS' AUDITOR / HOLDER	15/09/2001
	ACCOUNTS' AUDITOR / HOLDER	21/10/2002
	ACCOUNTS' AUDITOR / HOLDER	20/01/2004
PRICE WATERHOUSE COOPERS SL	ACCOUNTS' AUDITOR / HOLDER	12/09/2000	1
SANZ SANCHEZ EDUARDO CARLOS	MEMBER OF THE BOARD	23/04/2009	3
SIGMAN GOLD LEANDRO MARTIN	MEMBER OF THE BOARD	13/08/2003	2

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

		Number of Publications	Amount (_)	Start date	End date
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---	---
Request/Declaration		0	---	date
Proceedings		---	---		---
Resolution		---	---		---
Defaults on debt with Financial Institutions and Large Companies	Bank and Commercial Delinquency	None	0
Status: Friendly		---
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		1	---	02/03/2012	02/03/2012
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Probability of default

> Estimated Probability of Default for the next 12 months:  0.245 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 467 Other specialised wholesale
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 CHEMO IBERICA 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 0.245%.

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	1 Incidence for a total cost of 0,00 E
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	No se han publicado

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE MADRID - Date 02/03/2012

Last Published Stage:	EXECUTION NOTIFICATION
Record Number:	12058024834
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	BOLETIN OFICIAL DEL AYUNTAMIENTO DE MADRID Nº6638, 2012 PAGINA 41

Link List

IS RELATED WITH:	4 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CHEMO HOLDING SL	MADRID	100
PARTICIPATES IN	MAPRIMED, SOCIEDAD ANONIMA, (ARGENTINA)		50

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	CHEMO ESPAÑA SL	MADRID
	EXELTIS PATICIPAÇOES LTDA
	MERCK SHARP & DOHME DE ESPAÑA SAE	MADRID
	QUIMICA SINTETICA SA	BARCELONA

Turnover
Total Sales 2014	47.220.130

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	July  2015
2013	Normales	February  2015
2012	Normales	January  2014
2011	Normales	October  2012
2010	Normales	August  2011
2009	Normales	September  2010
2008	Normales	November  2009
2007	Normales	October  2008
2006	Normales	September  2007
2005	Normales	August  2006
2004	Normales	November  2005
2003	Normales	September  2004
2002	Normales	October  2003
2001	Normales	May  2003
2000	Normales	August  2001
1999	Normales	March  2001
1998	Normales	December  1999
1997	Normales	October  1998
1996	Normales	July  1997
1995	Normales	July  1996
1994	Normales	July  1995
1993	Normales	September  1994
1992	Consolidadas	September  1993
1992	Normales	August  1993
1991	Normales	September  1992
1990	Normales	September  1991
1989	Normales	December  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 31/12/2014

>  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. Where the provisions of the Act did not establish relevant equivalence criteria, such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	35.749.616,00	43.133.492,00	63.704.323,00	33.826.131,00	51.678.137,00
I. Intangible fixed assets : 11100	17.401,00	20.967,00	23.957,00	13.487,00	580,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	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	17.401,00	20.967,00	23.957,00	13.487,00	580,00
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	0,00	0,00
II. Tangible fixed assets : 11200	373.867,00	353.996,00	341.922,00	347.624,00	213.580,00
1. Land and buildings: 11210	0,00	0,00	2.720,00	10.021,00	16.692,00
2. Technical installations and other tangible fixed assets: 11220	373.867,00	353.996,00	339.202,00	337.603,00	196.888,00
3. Tangible asset in progress and advances: 11230	0,00	0,00	0,00	0,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	35.352.700,00	42.758.529,00	63.338.444,00	33.465.020,00	51.463.977,00
1. Equity instruments: 11410	0,00	5.505.829,00	2.940.744,00	2.940.744,00	2.940.744,00
2. Credits to businesses: 11420	35.350.000,00	37.250.000,00	60.395.000,00	30.500.000,00	48.500.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	2.700,00	2.700,00	2.700,00	24.276,00	23.233,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	5.648,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	13.715.751,00	15.538.333,00	11.611.465,00	35.001.984,00	10.443.542,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	238.225,00	1.043.829,00	263.166,00	382.366,00	561.908,00
1. Commercial: 12210	216.666,00	1.020.844,00	228.740,00	278.502,00	415.085,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	21.559,00	22.985,00	34.426,00	103.864,00	146.823,00
III. Trade debtors and others receivable accounts: 12300	12.114.407,00	14.063.665,00	10.252.229,00	15.767.584,00	8.963.470,00
1. Trade debtors / accounts receivable: 12310	11.935.056,00	11.332.991,00	9.680.359,00	12.922.289,00	7.697.687,00
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	11.935.056,00	11.332.991,00	9.680.359,00	12.922.289,00	7.697.687,00
2. Customers, Group companies and associates : 12320	128.716,00	2.594.376,00	493.323,00	2.748.815,00	1.165.449,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	50.635,00	23.642,00	78.547,00	93.992,00	55.174,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	112.656,00	0,00	2.488,00	45.160,00
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	1.012.017,00	68.965,00	703.715,00	18.000.000,00	297.953,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	1.012.017,00	68.965,00	703.715,00	18.000.000,00	297.953,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	200.000,00	200.000,00	200.000,00	200.000,00	200.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	200.000,00	200.000,00	200.000,00	200.000,00	200.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	20.595,00	34.949,00	16.364,00	16.085,00	44.328,00
VII. Cash and other equivalent liquid assets : 12700	130.507,00	126.925,00	175.991,00	635.949,00	375.883,00
1. Treasury: 12710	30.507,00	126.925,00	175.991,00	139.740,00	75.883,00
2. Other equivalent liquid assets: 12720	100.000,00	0,00	0,00	496.209,00	300.000,00
TOTAL ASSETS (A + B) : 10000	49.465.367,00	58.671.825,00	75.315.788,00	68.828.115,00	62.121.679,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	35.373.339,00	28.247.185,00	41.254.236,00	44.329.732,00	50.152.039,00
A-1) Shareholders' equity: 21000	35.373.339,00	28.247.185,00	41.254.236,00	44.329.732,00	50.152.039,00
I. Capital: 21100	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
1. Registered capital : 21110	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	147.744,00	147.744,00	147.744,00	147.744,00	147.744,00
III. Reserves: 21300	27.498.441,00	25.505.492,00	28.580.988,00	31.403.294,00	37.877.424,00
1. Legal and statutory: 21310	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
2. Other reserves: 21320	27.378.239,00	25.385.290,00	28.460.786,00	31.283.092,00	37.757.222,00
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	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	7.126.154,00	1.992.949,00	11.924.504,00	12.177.694,00	11.525.871,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
III. Linked non-current assets and liabilities held for sale : 22300	0,00	0,00	0,00	0,00	0,00
IV. Exchange rate difference: 22400	0,00	0,00	0,00	0,00	0,00
V. Other: 22500	0,00	0,00	0,00	0,00	0,00
A-3) Received subsidies, donations and legacies: 23000	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	443.215,00	7.499.266,00	19.585.652,00	740.761,00	921.635,00
I. Long-term provisions: 31100	0,00	0,00	123.692,00	740.761,00	739.177,00
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	0,00	0,00	123.692,00	740.761,00	739.177,00
II Long-term creditors: 31200	128.233,00	7.116.832,00	19.311.962,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	7.000.000,00	19.311.962,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	128.233,00	116.832,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
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	314.982,00	382.434,00	149.998,00	0,00	182.458,00
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	13.648.813,00	22.925.374,00	14.475.900,00	23.757.622,00	11.048.005,00
I. Liabilities linked to non-current assets held for sale: 32100	0,00	0,00	0,00	0,00	0,00
II. Short-term provisions: 32200	0,00	10.373.283,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	10.373.283,00	0,00	0,00	0,00
III. Short-term creditors : 32300	0,00	2.909.271,00	702.847,00	622.536,00	45.542,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	2.909.271,00	702.847,00	622.536,00	45.542,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	16,00	0,00	6.076.824,00	0,00
V. Trade creditors and other accounts payable: 32500	13.648.813,00	9.642.804,00	13.773.053,00	17.058.262,00	11.002.463,00
1. Suppliers: 32510	2.809.086,00	837.285,00	549.467,00	808.163,00	981.898,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	2.809.086,00	837.285,00	549.467,00	808.163,00	981.898,00
2. Suppliers, Group companies and associates: 32520	9.867.625,00	7.877.999,00	12.260.318,00	15.580.838,00	8.449.272,00
3. Other creditors: 32530	533.218,00	600.163,00	548.242,00	359.022,00	322.615,00
4. Personnel (remuneration due): 32540	205.636,00	208.620,00	221.955,00	212.920,00	344.952,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	122.296,00	86.630,00	193.071,00	97.319,00	43.014,00
7. Advances from clients: 32570	110.952,00	32.107,00	0,00	0,00	860.712,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	49.465.367,00	58.671.825,00	75.315.788,00	68.828.115,00	62.121.679,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	47.220.130,00	48.207.298,00	56.071.779,00	64.453.012,00	52.714.431,00
a) Sales: 40110	47.220.130,00	48.207.298,00	56.071.779,00	64.453.012,00	52.714.431,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
c) Income of financial nature of holding companies: 40130	0,00	0,00	0,00	0,00	0,00
2. Changes in stocks of finished goods and work in progress: 40200	0,00	0,00	0,00	0,00	0,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-37.804.660,00	-37.267.599,00	-42.480.180,00	-51.089.151,00	-42.700.307,00
a) Stock consumption: 40410	-36.890.354,00	-37.259.355,00	-42.480.180,00	-51.089.151,00	-42.733.540,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	0,00	0,00	0,00	0,00	0,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	-914.306,00	-8.244,00	0,00	0,00	33.233,00
5. Other operating income: 40500	12.156.166,00	13.542.415,00	14.487.577,00	12.773.725,00	11.920.839,00
a) Auxiliary income and other from current management: 40510	12.151.486,00	13.538.741,00	14.484.914,00	12.773.725,00	11.898.217,00
b) Operation subsidies included in the Period's result: 40520	4.680,00	3.674,00	2.663,00	0,00	22.622,00
6. Personnel costs: 40600	-2.098.819,00	-2.187.646,00	-2.048.757,00	-1.893.269,00	-2.046.668,00
a) Wages, salaries et al.: 40610	-1.756.937,00	-1.833.290,00	-1.747.451,00	-1.599.309,00	-1.769.946,00
b) Social security costs: 40620	-341.882,00	-354.356,00	-301.306,00	-293.960,00	-276.722,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-7.895.530,00	-8.734.534,00	-8.822.088,00	-7.607.057,00	-7.465.710,00
a) External services: 40710	-7.589.405,00	-8.701.386,00	-8.220.663,00	-7.592.722,00	-7.286.778,00
b) Taxes: 40720	-274.871,00	0,00	-47.455,00	-42.401,00	-50.864,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-31.254,00	-33.148,00	-553.970,00	28.066,00	-128.068,00
d) Other current management expenditure : 40740	0,00	0,00	0,00	0,00	0,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	0,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-94.426,00	-81.226,00	-84.978,00	-65.870,00	-63.513,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	3.637,00	0,00	2.733,00	-241,00	-35.876,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	3.637,00	0,00	2.733,00	-241,00	-35.876,00
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	9.496.887,00	-10.249.591,00	617.069,00	20.532,00	2.395.794,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	20.983.385,00	3.229.117,00	17.743.155,00	16.591.681,00	14.718.990,00
14. Financial income : 41400	1.369.497,00	1.150.390,00	1.549.927,00	1.520.408,00	527.695,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	1.369.497,00	1.150.390,00	1.549.927,00	1.520.408,00	527.695,00
b 1) From Group companies and associates : 41421	638.845,00	1.150.390,00	1.483.120,00	1.520.140,00	527.077,00
b 2) From third parties : 41422	730.652,00	0,00	66.807,00	268,00	618,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-502.384,00	-1.163.684,00	-599.259,00	-52.622,00	-37.364,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	0,00	0,00
b) For debts with third parties : 41520	-502.384,00	-1.163.684,00	-599.259,00	-30.506,00	-17.117,00
c) Stock renewal : 41530	0,00	0,00	0,00	-22.116,00	-20.247,00
16. Changes in fair value of financial instruments : 41600	-11.401,00	-116.832,00	0,00	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	-116.832,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	598.007,00	-284.943,00	-368.532,00	-662.016,00	1.222.855,00
18. Impairment and result for transfers of financial instruments: 41800	-8.717.465,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	-8.717.465,00	0,00	0,00	0,00	0,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	-7.263.746,00	-415.069,00	582.136,00	805.770,00	1.713.186,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	13.719.639,00	2.814.048,00	18.325.291,00	17.397.451,00	16.432.176,00
20. Income taxes: 41900	-6.593.485,00	-821.099,00	-6.400.787,00	-5.219.757,00	-4.906.305,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	7.126.154,00	1.992.949,00	11.924.504,00	12.177.694,00	11.525.871,00
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	7.126.154,00	1.992.949,00	11.924.504,00	12.177.694,00	11.525.871,00

> 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. Where the provisions of the Act did not establish relevant equivalence criteria, such criteria using its own methodology. 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:	35.743.968,00	43.133.492,00	63.704.323,00	33.826.131,00	51.678.137,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	17.401,00	20.967,00	23.957,00	13.487,00	580,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
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:	17.401,00	20.967,00	23.957,00	13.487,00	580,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	373.867,00	353.996,00	341.922,00	347.624,00	213.580,00
1. Land and construction:	0,00	0,00	2.720,00	10.021,00	16.692,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	172.015,00	162.872,00	156.066,00	155.330,00	90.587,00
4. Payments on account and tangible fixed assets under construction:	0,00	0,00	0,00	0,00	0,00
5. Other tangible assets:	201.852,00	191.124,00	183.136,00	182.273,00	106.301,00
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:	35.352.700,00	42.758.529,00	63.338.444,00	33.465.020,00	51.463.977,00
1. Equity investments in group companies:	0,00	5.505.829,00	2.940.744,00	2.940.744,00	2.940.744,00
2. Receivables from group companies:	35.350.000,00	37.250.000,00	60.395.000,00	30.500.000,00	48.500.000,00
3. Equity investment in associated companies:	0,00	0,00	0,00	0,00	0,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	2.700,00	2.700,00	2.700,00	24.276,00	23.233,00
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:	13.721.399,00	15.538.333,00	11.611.465,00	35.001.984,00	10.443.542,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	238.225,00	1.043.829,00	263.166,00	382.366,00	561.908,00
1. Goods for resale:	216.666,00	1.020.844,00	228.740,00	278.502,00	415.085,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	21.559,00	22.985,00	34.426,00	103.864,00	146.823,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	12.120.055,00	14.063.665,00	10.252.229,00	15.767.584,00	8.963.470,00
1. Trade debtors / accounts receivable:	11.935.056,00	11.332.991,00	9.680.359,00	12.922.289,00	7.697.687,00
2. Accounts receivable, Group companies:	128.716,00	2.594.376,00	493.323,00	2.748.815,00	1.165.449,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	50.635,00	23.642,00	78.547,00	93.992,00	55.174,00
6. Public bodies:	5.648,00	112.656,00	0,00	2.488,00	45.160,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	1.312.017,00	268.965,00	903.715,00	18.696.209,00	797.953,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	1.012.017,00	68.965,00	703.715,00	18.000.000,00	297.953,00
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:	100.000,00	0,00	0,00	496.209,00	300.000,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Shor term guarantees and deposits:	200.000,00	200.000,00	200.000,00	200.000,00	200.000,00
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:	30.507,00	126.925,00	175.991,00	139.740,00	75.883,00
VII. Prepayments and accrued income:	20.595,00	34.949,00	16.364,00	16.085,00	44.328,00
GENERAL TOTAL (A + B + C + D):	49.465.367,00	58.671.825,00	75.315.788,00	68.828.115,00	62.121.679,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	35.501.572,00	28.364.017,00	41.254.236,00	44.329.732,00	50.152.039,00
I. Subscribed capital:	601.000,00	601.000,00	601.000,00	601.000,00	601.000,00
II. Share premium:	147.744,00	147.744,00	147.744,00	147.744,00	147.744,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	27.626.674,00	25.622.324,00	28.580.988,00	31.403.294,00	37.877.424,00
1. Legal reserve:	120.202,00	120.202,00	120.202,00	120.202,00	120.202,00
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:	27.506.472,00	25.502.122,00	28.460.786,00	31.283.092,00	37.757.222,00
6. Differences due to capital adjustment to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	7.126.154,00	1.992.949,00	11.924.504,00	12.177.694,00	11.525.871,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	123.692,00	740.761,00	739.177,00
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:	0,00	0,00	123.692,00	740.761,00	739.177,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	314.982,00	7.382.434,00	19.461.960,00	0,00	182.458,00
I. Issued debentures and other marketable securities:	0,00	0,00	0,00	0,00	0,00
1. Non-convertible debentures:	0,00	0,00	0,00	0,00	0,00
2. Convertible debentures:	0,00	0,00	0,00	0,00	0,00
3. Other debt securities:	0,00	0,00	0,00	0,00	0,00
II. Amounts owed to credit institutions:	0,00	7.000.000,00	19.311.962,00	0,00	0,00
1. Loans and other liabilities:	0,00	7.000.000,00	19.311.962,00	0,00	0,00
2. Long-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Debts with companies of the group and affiliated ones:	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:	314.982,00	382.434,00	149.998,00	0,00	182.458,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	0,00
4. Long term payables to public bodies:	314.982,00	382.434,00	149.998,00	0,00	182.458,00
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:	13.648.813,00	12.552.091,00	14.475.900,00	23.757.622,00	11.048.005,00
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:	0,00	2.909.271,00	702.847,00	622.536,00	45.542,00
1. Loans and other liabilities:	0,00	2.909.271,00	702.847,00	622.536,00	45.542,00
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:	9.867.625,00	7.878.015,00	12.260.318,00	21.657.662,00	8.449.272,00
1. Amounts owed to group companies:	9.867.625,00	7.878.015,00	12.260.318,00	21.657.662,00	8.449.272,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	3.453.256,00	1.469.555,00	1.097.709,00	1.167.185,00	2.165.225,00
1. Advanced payments from customers:	110.952,00	32.107,00	0,00	0,00	860.712,00
2. Amounts owed for purchases of goods or services:	3.342.304,00	1.437.448,00	1.097.709,00	1.167.185,00	1.304.513,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	327.932,00	295.250,00	415.026,00	310.239,00	387.966,00
1. Public bodies:	122.296,00	86.630,00	193.071,00	97.319,00	43.014,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	205.636,00	208.620,00	221.955,00	212.920,00	344.952,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	10.373.283,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	49.465.367,00	58.671.825,00	75.315.788,00	68.828.115,00	62.121.679,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	63.718.170,00	60.907.154,00	60.804.581,00	66.589.983,00	57.255.743,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	36.890.354,00	37.259.355,00	42.480.180,00	51.089.151,00	42.733.540,00
a) Stock consumption:	36.890.354,00	37.259.355,00	42.480.180,00	51.089.151,00	42.733.540,00
b) Consumption of raw materials and miscellaneous consumable ones:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	2.098.819,00	2.187.646,00	2.048.757,00	1.893.269,00	2.046.668,00
a) Wages, salaries et al.:	1.756.937,00	1.833.290,00	1.747.451,00	1.599.309,00	1.769.946,00
b) Social security costs:	341.882,00	354.356,00	301.306,00	293.960,00	276.722,00
A.4. Depreciation expense:	94.426,00	81.226,00	84.978,00	65.870,00	63.513,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	945.560,00	41.392,00	553.970,00	-28.066,00	94.835,00
a) Stock provision variation:	914.306,00	8.244,00	0,00	0,00	-33.233,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	31.254,00	33.148,00	553.970,00	-28.066,00	128.068,00
A.6. Other operating charges:	7.864.276,00	8.701.386,00	8.268.118,00	7.635.123,00	7.337.642,00
a) External services:	7.589.405,00	8.701.386,00	8.220.663,00	7.592.722,00	7.286.778,00
b) Taxes:	274.871,00	0,00	47.455,00	42.401,00	50.864,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	11.482.861,00	13.478.708,00	17.123.353,00	16.571.390,00	12.359.072,00
A.7. Financial and similar charges:	502.384,00	1.163.684,00	599.259,00	52.622,00	37.364,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	0,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	502.384,00	1.163.684,00	599.259,00	52.622,00	37.364,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	8.728.866,00	116.832,00	0,00	0,00	0,00
A.9. Exchange losses:	0,00	284.943,00	368.532,00	662.016,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	582.136,00	805.770,00	1.713.186,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	4.219.115,00	13.063.639,00	17.705.489,00	17.377.160,00	14.072.258,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	241,00	35.876,00
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	10.249.591,00	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):	9.500.524,00	0,00	619.802,00	20.291,00	2.359.918,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	13.719.639,00	2.814.048,00	18.325.291,00	17.397.451,00	16.432.176,00
A.15. Corporation tax:	6.593.485,00	821.099,00	6.400.787,00	5.219.757,00	4.906.305,00
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):	7.126.154,00	1.992.949,00	11.924.504,00	12.177.694,00	11.525.871,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	70.844.324,00	62.900.103,00	72.729.085,00	78.767.677,00	68.781.614,00
B.1. Net total sales:	47.220.130,00	48.207.298,00	56.071.779,00	64.453.012,00	52.714.431,00
a) Sales:	47.220.130,00	48.207.298,00	56.071.779,00	64.453.012,00	52.714.431,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
Returns and Rappel on sales:	0,00	0,00	0,00	0,00	0,00
B.2. Stock increase of manufactured goods and products in process:	0,00	0,00	0,00	0,00	0,00
B.3. Works performed by the company for fixed assets:	0,00	0,00	0,00	0,00	0,00
B.4. Miscellaneous operating income:	12.156.166,00	13.542.415,00	14.487.577,00	12.773.725,00	11.920.839,00
a) Auxiliary income and other from current management:	12.151.486,00	13.538.741,00	14.484.914,00	12.773.725,00	11.898.217,00
b) Grants:	4.680,00	3.674,00	2.663,00	0,00	22.622,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	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:	1.369.497,00	1.150.390,00	1.549.927,00	1.520.408,00	527.695,00
a) From companies of the group:	638.845,00	1.150.390,00	1.483.120,00	1.520.140,00	527.077,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	730.652,00	0,00	66.807,00	268,00	618,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	598.007,00	0,00	0,00	0,00	1.222.855,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	7.263.746,00	415.069,00	0,00	0,00	0,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	3.637,00	0,00	2.733,00	0,00	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	9.496.887,00	0,00	617.069,00	20.532,00	2.395.794,00
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	10.249.591,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	13.719.639,00	2.814.048,00	18.325.291,00	17.397.451,00	16.432.176,00
2. Results adjustments.: 61200	-1.196.819,00	10.689.551,00	-563.466,00	-833.244,00	-3.920.786,00
a) Fixed Assets Amortization (+).: 61201	94.426,00	81.226,00	84.978,00	65.870,00	63.513,00
b) Obsolescence Allowances (+/-). : 61202	945.560,00	-56.335,00	553.494,00	-28.821,00	129.299,00
c) Variation in Provision (+/-). : 61203	-9.496.887,00	10.249.591,00	-617.069,00	-42.648,00	-2.416.041,00
e) Results on disposal of fixed assets (+/-). : 61205	-3.637,00	0,00	-2.733,00	241,00	35.876,00
g) Financial income (-).: 61207	-1.369.524,00	-1.150.390,00	-1.549.927,00	-1.520.408,00	-527.695,00
h) Financial Expenses (+). : 61208	502.384,00	1.163.684,00	599.259,00	30.506,00	17.117,00
i) Exchange differences (+/-). : 61209	-598.007,00	284.943,00	368.532,00	662.016,00	-1.222.855,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	11.401,00	116.832,00	0,00	0,00	0,00
k) Other income and expense (-/+). : 61211	8.717.465,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-696.842,00	-3.037.701,00	503.489,00	26.572.838,00	-825.339,00
a) Stock (+/-).: 61301	-108.702,00	-788.907,00	119.676,00	180.297,00	-360.710,00
d) Debtors and other accounts receivable (+/-). : 61302	2.286.416,00	-3.475.882,00	4.545.544,00	10.281.696,00	5.346.479,00
c) Other current assets (+/-). : 61303	14.354,00	-18.585,00	-279,00	28.243,00	-11.654,00
d) Creditors and other accounts payable (+/-). : 61304	-2.012.514,00	1.245.673,00	-4.333.026,00	16.221.871,00	-5.829.042,00
f) Other non-current assets and liabilities (+/-).: 61306	-876.396,00	0,00	171.574,00	-139.269,00	29.588,00
4. Other cash flows for operating activities.: 61400	41.581,00	-6.177.097,00	-4.269.089,00	-1.820.253,00	-1.363.552,00
a) Interest payments (-). : 61401	-502.384,00	-1.078.997,00	-599.259,00	-30.506,00	-17.117,00
c) Interest collection (+). : 61403	1.369.524,00	1.150.390,00	1.549.927,00	1.520.408,00	527.695,00
d) Income tax payment collection (payments) (+/-).: 61404	0,00	0,00	0,00	-3.310.155,00	-1.874.130,00
e) Other payments (payment collection) (-/+) : 61405	-825.559,00	-6.248.490,00	-5.219.757,00	0,00	0,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	11.867.559,00	4.288.801,00	13.996.225,00	41.316.792,00	10.322.499,00
6. Payments for investment (-).: 62100	-1.422.367,00	-2.655.395,00	-12.705.772,00	-40.813.101,00	-13.613.240,00
a) Companies of the group and affiliates. : 62101	-1.311.636,00	-2.565.085,00	-12.598.715,00	-40.600.039,00	-14.274.738,00
b) Intangible fixed assets. : 62102	-2.650,00	-2.650,00	-13.771,00	-13.499,00	-711,00
c) Fixed assets. : 62103	-108.081,00	-87.660,00	-93.286,00	-199.563,00	662.209,00
7. Divestment payment collection (+). : 62200	-939.415,00	23.779.750,00	20.044,00	0,00	0,00
a) Companies of the group and affiliates. : 62201	-943.052,00	23.779.750,00	0,00	0,00	0,00
c) Fixed assets. : 62203	3.637,00	0,00	20.044,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-2.361.782,00	21.124.355,00	-12.685.728,00	-40.813.101,00	-13.613.240,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-9.909.287,00	-10.190.209,00	13.315.449,00	576.994,00	-1.457.919,00
a) Issuance : 63201	0,00	9.809.791,00	19.392.273,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	0,00	9.809.775,00	19.392.273,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	16,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-9.909.287,00	-20.000.000,00	-6.076.824,00	576.994,00	-1.457.919,00
2. Debts incurred with credit institutions (-).: 63209	-9.909.271,00	-20.000.000,00	-6.076.824,00	576.994,00	-1.457.919,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-16,00	0,00	0,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	-15.000.000,00	-15.000.000,00	0,00	0,00
a) Dividends (-).: 63301	0,00	-15.000.000,00	-15.000.000,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-9.909.287,00	-25.190.209,00	-1.684.551,00	576.994,00	-1.457.919,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	407.092,00	-272.013,00	-85.904,00	-820.619,00	1.449.226,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	3.582,00	-49.066,00	-459.958,00	260.066,00	-3.299.434,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	126.925,00	175.991,00	635.949,00	375.883,00	3.675.317,00
Cash or equivalent assets as of end of the fiscal year.: 65200	130.507,00	126.925,00	175.991,00	635.949,00	375.883,00

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:	0,00 %	0,01 %	0,00 %	0,01 %		-49,25 %
EBITDA over Sales:	24,52 %	11,83 %	28,13 %	11,53 %	-12,84 %	2,65 %
Cash Flow Yield:	0,00 %	0,00 %	0,00 %	0,01 %		-42,36 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	89,04 %	8,61 %	86,16 %	7,03 %	3,34 %	22,40 %
Total economic profitability:	28,75 %	5,09 %	6,78 %	3,70 %	324,09 %	37,48 %
Financial profitability:	20,15 %	7,81 %	7,06 %	4,06 %	185,53 %	92,47 %
Margin:	19,35 %	7,37 %	21,83 %	6,87 %	-11,37 %	7,20 %
Mark-up:	7,11 %	6,87 %	21,16 %	4,51 %	-66,38 %	52,21 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,14	0,01	0,13	-5,44	7,15
Acid Test:	0,99	0,89	1,15	0,87	-14,41	2,74
Working Capital / Investment:	0,00	0,03	-0,13	0,05	101,07	-35,51
Solvency:	1,01	1,22	1,24	1,18	-18,79	3,80

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,40	1,31	0,71	1,38	-43,88	-5,44
Borrowing Composition:	0,03	1,11	0,60	1,00	-94,56	10,41
Repayment Ability:	3.934,12	168,21	-408,66	99,21	1.062,69	69,55
Warranty:	3,51	1,77	2,93	1,73	19,96	2,33
Generated resources / Total creditors:	1,20	0,09	0,10	0,08	1.051,50	7,94

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	6,52	1,98	7,20	1,86	-9,48	6,20
Turnover of Collection Rights :	4,90	5,38	4,39	4,99	11,63	7,91
Turnover of Payment Entitlements:	3,35	3,82	4,77	3,62	-29,81	5,48
Stock rotation:	201,04	8,39	46,24	7,32	334,74	14,68
Assets turnover:	4,60	1,17	3,95	1,02	16,61	14,18
Borrowing Cost:	3,57	2,88	5,80	2,88	-38,57	0,12

> 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:	0,00 %	0,00 %	-0,01 %	0,00 %	-0,06 %
EBITDA over Sales:	24,52 %	28,13 %	30,69 %	25,81 %	23,57 %
Cash Flow Yield:	0,00 %	0,00 %	-0,01 %	0,00 %	-0,05 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	89,04 %	86,16 %	154,66 %	96,55 %	121,29 %
Total economic profitability:	28,75 %	6,78 %	25,13 %	25,35 %	26,51 %
Financial profitability:	20,15 %	7,06 %	28,90 %	27,47 %	22,98 %
Margin:	19,35 %	21,83 %	24,27 %	21,46 %	19,07 %
Mark-up:	7,11 %	21,16 %	25,10 %	22,50 %	21,72 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,01	0,01	0,01	0,03	0,03
Acid Test:	0,99	1,15	0,78	1,46	0,89
Working Capital / Investment:	0,00	-0,13	-0,04	0,16	-0,01
Solvency:	1,01	1,24	0,80	1,47	0,95

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	0,40	0,71	0,82	0,53	0,22
Borrowing Composition:	0,03	0,60	1,34	0,00	0,02
Repayment Ability:	3.934,12	-408,66	-73,78	91,35	-3,40
Warranty:	3,51	2,93	2,22	2,90	5,53
Generated resources / Total creditors:	1,20	0,10	0,35	0,52	1,03

Efficiency	2014	2013	2012	2011	2010
Productivity:	6,52	7,20	9,40	9,79	7,07
Turnover of Collection Rights :	4,90	4,39	6,88	4,90	7,21
Turnover of Payment Entitlements:	3,35	4,77	3,72	3,44	4,56
Stock rotation:	201,04	46,24	203,05	158,63	93,03
Assets turnover:	4,60	3,95	6,37	4,50	6,36
Borrowing Cost:	3,57	5,80	1,77	0,22	0,33

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

elEconomista.es	24/05/2014
Grupo Chemo compra la biotecnológica leonesa Genhelix
Companies related
GH GENHELIX SOCIEDAD ANONIMA

Public Tenders and Works Won

 No Public Tenders assigned to the name of the company.

Research Summary

The corporation was established many years ago, and it has experience in the sector of activities it carries out, though its invoicing has decreased with a percentage of 2,05% in 2014, in comparison to the previous year. It complies regularly with its payment obligations.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.63
UK Pound	1	Rs.100.65
Euro	1	Rs.72.40
EUR	1	Rs.72.43

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

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	TPT

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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