MIRA INFORM REPORT

Report No. :	306794
Report Date :	07.02.2015

IDENTIFICATION DETAILS

Name :	CORTEFIEL SOCIEDAD ANONIMA
Registered Office :	Avda Del Llano Castellano 51, Madrid – 28034, Madrid
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	07.11.1956
Legal Form :	Public Limited Company
Line of Business :	· Engaged in Manufacturing and retail trade of apparel for men and women Subject operates as a Fashion Retail Stores & Franchises.
No of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management.]

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No Complaints
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Spain	A2	A1

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

SPAIN ECONOMIC OVERVIEW

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

Source : CIA

EXECUTIVE SUMMARY

Name:	CORTEFIEL SOCIEDAD ANONIMA
NIF / Fiscal code:	A08099459
Trade Name	CORTEFIEL
Status:	ACTIVE
Incorporation Date:	07/11/1956
Legal Form	Public Limited Company
Register Data	Register Section 8 Sheet 107817
Last Publication in BORME:	31/10/2014 [Reelections]
Last Published Account Deposit:	2014
Share Capital:	262.574.209,95
Localization:	AVDA DEL LLANO CASTELLANO 51 - MADRID - 28034 - MADRID
Telephone - Fax - Email - Website:	Ph.:. 913 873 400 - 902 453 545 Email. info@cortefiel.com Website. www.grupocortefiel.com
Activity:	· Engaged in Manufacturing and retail trade apparel for men and women Subject operates as a Fashion Retail Stores & Franchises.
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	0 for a total cost of 0
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :
			Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments			Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies			None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)			1	0	---
Proceedings heard by the Civil Court			Unpublished	0	---
Proceedings heard by the Labour Court			Unpublished	0	---

Partners:
ACCIONES PROPIAS DE CORTEFIEL, S.A.	2.04 %
MEP RETAIL ESPAÑA SL	92.29 %
Shares:	38
Other Links:	22
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
This is a large company dedicated to the manufacture and retail trade apparel, head of the textile group Cortefiel considered the second national group in the sector, which has been operating for several years without incident.

Identification
Social Denomination:	CORTEFIEL SOCIEDAD ANONIMA
Trade Name:	CORTEFIEL
NIF / Fiscal code:	A08099459
Corporate Status:	ACTIVE
Start of activity:	1961
Registered Office:	AVDA DEL LLANO CASTELLANO 51
Locality:	MADRID
Province:	MADRID
Postal Code:	28034
Telephone:	913 873 400 - 902 453 545
Fax:	981 275 982
Website:	www.grupocortefiel.com
Email:	info@cortefiel.com

Activity
NACE:	4771
Additional Information:	BACKGROUND It is family business started in Madrid in 1880 from 1946 subsequently develops its expansion. ACTIVITY Manufacturing and retail trade apparel for men and women. Second national textile group after Inditex. Grupo Cortefiel''''s head company. Brands in use: - CORTEFIEL - SPRINGFIELD - PEDRO DEL HIERRO - WOMEN SECRET ------------------- Additional Address: Llano Castellano 51 28034 Madrid, registered office, offices, in property. The company has 2006 stores internationally.
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Face recession
Industry situation:	Decline

Chronological Summary
	Year	Act
	1991	Accounts deposit (ejer. 1989) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	1992	Accounts deposit (ejer. 1990, 1991)
	1993	Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Change of Social address (1) Statutory Modifications (2)
	1994	Accounts deposit (ejer. 1992, 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1995	Accounts deposit (ejer. 1994)
	1996	Accounts deposit (ejer. 1995)
	1997	Accounts deposit (ejer. 1996) Appointments/ Re-elections (1)
	1998	Accounts deposit (ejer. 1998) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	1999	Accounts deposit (ejer. 1999)
	2000	Accounts deposit (ejer. 2000) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2001	Accounts deposit (ejer. 2001) Appointments/ Re-elections (2)
	2002	Appointments/ Re-elections (3)
	2003	Accounts deposit (ejer. 2002) Appointments/ Re-elections (1)
	2004	Accounts deposit (ejer. 2004) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2005	Accounts deposit (ejer. 2005) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Statutory Modifications (2)
	2006	Accounts deposit (ejer. 2006) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Change of Social Purpose (1) Declaration of Sole Propietorship (1) Errata (2) Increase of Capital (2) Loss of the sole propietorship condition (1) Merger (1) Other Concepts/ Events (4) Statutory Modifications (2) Take-over Merger (12)
	2007	Accounts deposit (ejer. 2006 consolidated) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Errata (1)
	2008	Accounts deposit (ejer. 2007 consolidated, 2008 consolidated, 2007, 2008) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Loss of the sole propietorship condition (1)
	2009	Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (4) Statutory Modifications (1)
	2010	Appointments/ Re-elections (4) Board Meeting (2) Increase of Capital (2) Other Concepts/ Events (1)
	2011	Accounts deposit (ejer. 2010 consolidated, 2010) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1)
	2012	Accounts deposit (ejer. 2011 consolidated, 2011) Appointments/ Re-elections (2) Board Meeting (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (2)
	2013	Accounts deposit (ejer. 2012) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4) Other Concepts/ Events (1) Statutory Modifications (1)
	2014	Accounts deposit (ejer. 2013 consolidated, 2013) Appointments/ Re-elections (3)
	2015	Accounts deposit (ejer. 2014)

Breakdown of Owners' Equity
Registered Capital:	262.574.209,95
Paid up capital:	262.574.209,95

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
31/07/2006	Increase of Capital	120.451.328	120.451.328	120.877.630	120.877.630
15/09/2006	Increase of Capital	10.600.344	10.600.344	131.477.974	131.477.974
04/05/2010	Increase of Capital	131.096.236	131.096.236	262.574.210	262.574.210

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	TARNA 21 SL	23/10/2014	2
VICE CHAIRMAN	ESCRIBANO GARCIA JUAN CARLOS	23/10/2014	11
MEMBER OF THE BOARD	ESCRIBANO GARCIA JUAN CARLOS	23/10/2014	11
	TARNA 21 SL	23/10/2014	2
	LOPEZ DE GUZMAN PEDRO	30/05/2013	2
	THEATRE DIRECTORSHISP SERVICES ALPHA SARL	16/11/2011	2
	MALLO ALVAREZ CARLOS	16/11/2011	6
	DE SERDIO FERNANDEZ RICARDO	16/11/2011	7
	THEATRE DIRECTORSHIP SERVICES BETA SARL	16/11/2011	3
	PARIS MICHEL MAURICE	16/11/2011	6
COMBINED PROXY	SZAFIR HOLCMAN EZEQUIEL	25/02/2013	1
PROXY	CAMPOS PEREZ RAFAEL	09/09/2013	4
	SANZ CORRAL JOSE MARIA	09/09/2013	4
	GOMEZ GARCIA MARCOS	09/09/2013	9
	PARIS MICHEL MAURICE	09/09/2013	6
	ALBERTOS ROGERO JUAN PABLO	09/09/2013	4
	GONZALEZ CORTEZON ANTONIO	09/09/2013	5
	SIERRA ARMAS IGNACIO	09/09/2013	6
	DE SERDIO FERNANDEZ RICARDO	09/09/2013	7
	SANCHEZ RODILLA SANCHEZ IGNACIO	09/09/2013	1
	MESA PALOMINO LUIS	09/09/2013	6
	TORRE DE SILVA Y LOPEZ DE LETONA JOSE ANTONIO	09/09/2013	7
	MALLO ALVAREZ CARLOS	09/09/2013	6
	HINOJOSA FERNANDEZ DE ANGULO CARMEN	09/09/2013	6
	DE JAIME GUIJARRO JAVIER	09/09/2013	6
	CHAROLA GARCIA-PARREÑO DIEGO	09/09/2013	3
	MIQUEL NAUDI JAUME	09/09/2013	3
	SAENZ OLLER FERNANDO	09/09/2013	2
	MARTINEZ-FRESNEDA ORTIZ DE SOLORZANO PABLO	09/09/2013	2
	LOPEZ DE GUZMAN PEDRO	09/09/2013	2
	JALVO MARTIN CARLOS	09/09/2013	2
	TORREGROSA BLANCHART ELENA	11/01/2010	1
	LINAGE GOMEZ DIANA	11/01/2010	2
	RUEDA PACHECO MARIA LUISA	12/03/2008	1
	GIL GOMEZ JUAN ANTONIO	12/03/2008	1
	PEREZ DE LA FUENTE NATALIA	12/03/2008	1
	VAN DEN AUWELENT ANSELM	17/11/2005	1
	HINOJOSA FERNANDEZ DE ANGULO GONZALO	17/11/2005	7
	ESCORIAL MERINO CARLOS MANUEL	16/01/1998	1
CHIEF EXECUTIVE OFFICER	ESCRIBANO GARCIA JUAN CARLOS	23/10/2014	11
NON CONSELLOR SECRETARY	HERMOSILLA GIMENO RAMON	06/06/2013	1
NON CONSELLOR ASSISTANT SECRETARY	MURILLO SANZ OSCAR	06/06/2013	1
REPRESENTATIVE	CAMPO GARCIA FRANCISCO JAVIER	23/10/2014	1
	DE JAIME GUIJARRO JAVIER	16/11/2011	6
	TORRE DE SILVA Y LOPEZ DE LETONA JOSE ANTONIO	16/11/2011	7
ACCOUNTS' AUDITOR / HOLDER	DELOITTE SL	15/10/2014	9
CONSOLIDATED ACCOUNTS' AUDITOR	DELOITTE SL	15/10/2014	9

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALBERTOS ROGERO JUAN PABLO	PROXY	24/11/2006	4
	COMBINED PROXY	21/07/2009
	PROXY	09/09/2013
ALJARO NAVARRO FRANCISCO JOSE	PROXY	16/01/1998	3
	PROXY	20/06/2000
	PROXY	24/05/2004
ALJARO NAVARRO JOSE	PROXY	24/05/2004	1
ALVAREZ MORENO MANUEL	MEMBER OF THE BOARD	20/04/1993	1
ARTHUR ANDERSEN Y CIA S COM	ACCOUNTS' AUDITOR / HOLDER	17/12/2001	2
	ACCOUNTS' AUDITOR / HOLDER	13/09/2002
CAMPOS PEREZ RAFAEL	PROXY	09/09/2013	4
	PROXY	24/11/2006
	COMBINED PROXY	21/07/2009
CENJOR MONTERO ARTURO	DEPUTY ACCOUNTS' AUDITOR	17/01/1994	1
CENJOR MONTERO ARTURO ALFONSO	DEPUTY ACCOUNTS' AUDITOR	17/01/1994	1
CHAROLA GARCIA-PARREÑO DIEGO	COMBINED PROXY	21/07/2009	3
	PROXY	09/09/2013
CUGERO ORAD JORGE	SECRETARY	20/04/1993	1
DE JAIME GUIJARRO JAVIER	PROXY	09/09/2013	6
	REPRESENTATIVE	16/11/2011
	COMBINED PROXY	21/07/2009
	PROXY	24/11/2006
DE SALVADOR Y ARANA DIEGO	PROXY	24/05/2004	2
	PROXY	19/05/2008
DE SERDIO FERNANDEZ RICARDO	PROXY	24/11/2006	7
	MEMBER OF THE BOARD	17/08/2006
	COMBINED PROXY	21/07/2009
	MEMBER OF THE BOARD	16/11/2011
	PROXY	09/09/2013
DELOITTE & TOUCHE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	11/09/2003	2
	ACCOUNTS' AUDITOR / HOLDER	22/12/2006
DELOITTE ESPAÑA SL	ACCOUNTS' AUDITOR / HOLDER	11/09/2003	1
DELOITTE S L	ACCOUNTS' AUDITOR / HOLDER	28/01/2010	1
DELOITTE SL	ACCOUNTS' AUDITOR / HOLDER	29/10/2013	9
	CONSOLIDATED ACCOUNTS' AUDITOR	29/10/2013
	CONSOLIDATED ACCOUNTS' AUDITOR	15/10/2014
	ACCOUNTS' AUDITOR / HOLDER	15/10/2014
	CONSOLIDATED ACCOUNTS' AUDITOR	19/10/2012
	ACCOUNTS' AUDITOR / HOLDER	19/10/2012
	ACCOUNTS' AUDITOR / HOLDER	28/01/2010
ECHECOPAR ALVAREZ ANDRES	MEMBER OF THE BOARD	30/05/2013	3
	MEMBER OF THE BOARD	01/12/2009
	PROXY	09/09/2013
EIGEL CHRISTIAN HOEDL	SECRETARY	06/06/2013	2
	NON CONSELLOR SECRETARY	17/08/2006
ESCRIBANO GARCIA JUAN CARLOS	VICE CHAIRMAN	01/12/2009	11
	CHIEF EXECUTIVE OFFICER	23/10/2014
	VICE CHAIRMAN	23/10/2014
	COMBINED PROXY	21/07/2009
	MEMBER OF THE BOARD	01/12/2009
	CHIEF EXECUTIVE OFFICER	01/12/2009
	MEMBER OF THE BOARD	23/10/2014
	PROXY	24/11/2006
FAUS PEREZ IGNACIO	MEMBER OF THE BOARD	23/02/2009	4
	COMBINED PROXY	21/07/2009
	MEMBER OF THE BOARD	17/08/2006
	PRESIDENT	17/08/2006
FREIXA MARTIN FERNANDEZ JORGE	MEMBER OF THE BOARD	20/04/1993	3
	CHIEF EXECUTIVE OFFICER	20/04/1993
	PRESIDENT	20/04/1993
GARCIA ARRUE IGNACIO	COMBINED PROXY	21/07/2009	2
	PROXY	09/09/2013
GARCIA QUIROS RODRIGUEZ JOAQUIN	PROXY	24/05/2004	6
	PROXY	16/01/1998
	PROXY	16/01/1998
	PROXY	20/06/2000
	PROXY	09/07/2001
	PROXY	19/05/2008
GOENECHEA DOMINGUEZ JUAN MIGUEL	NON CONSELLOR ASSISTANT SECRETARY	13/06/2011	2
	NON CONSELLOR ASSISTANT SECRETARY	17/08/2006
GOMEZ GARCIA MARCOS	PROXY	28/02/2002	9
	PROXY	20/06/2000
	PROXY	24/11/2006
	COMBINED PROXY	21/07/2009
	PROXY	24/05/2004
	PROXY	09/09/2013
	PROXY	17/11/2005
	PROXY	25/02/2013
GONZALEZ CORTEZON ANTONIO	PROXY	17/11/2005	5
	PROXY	24/11/2006
	COMBINED PROXY	21/07/2009
	PROXY	09/09/2013
GONZALEZ ROBATTO FERNANDEZ JACOBO	MEMBER OF THE BOARD	17/07/2009	2
	PRESIDENT	17/07/2009
HINOJOSA FERNANDEZ DE ANGULO CARMEN	PROXY	17/11/2005	6
	PROXY	09/09/2013
	PROXY	25/02/2013
	COMBINED PROXY	21/07/2009
	PROXY	24/11/2006
HINOJOSA FERNANDEZ DE ANGULO GONZALO	PROXY	24/05/2004	7
	PROXY	17/11/2005
	PROXY	09/07/2001
	PROXY	16/01/1998
	PROXY	16/01/1998
	PROXY	20/06/2000
HINOJOSA FERNANDEZ DE ANGULO JOSE LUIS	ADMINISTRATOR	05/06/1997	3
	JOINT MANAGER	13/09/2002
	JOINT MANAGER	20/10/2005
HINOJOSA GARCIA PUENTE DARIO	PROXY	16/01/1998	6
	PROXY	16/01/1998
	PROXY	20/06/2000
	PROXY	09/07/2001
	PROXY	24/05/2004
	PROXY	19/05/2008
HINOJOSA VACAS JUAN	JOINT MANAGER	20/10/2005	2
	ADMINISTRATOR	05/06/1997
HINOJOSA VACAS JUAN CARLOS PEDRO JOSE	JOINT MANAGER	20/10/2005	2
	JOINT MANAGER	13/09/2002
HINOJOSA Y FERNANDEZ DE ANGULO JOSE LUIS	PROXY	19/05/2008	1
JALVO MARTIN CARLOS	PROXY	09/09/2013	2
LINAGE GOMEZ DIANA	VICE SECRETARY	06/06/2013	2
LOPEZ PEREZ GABRIEL	PROXY	20/04/1993	7
	PROXY	16/01/1998
	PROXY	18/06/1998
	PROXY	09/07/2001
	PROXY	28/02/2002
	PROXY	24/05/2004
	PROXY	19/05/2008
MALLO ALVAREZ CARLOS	MEMBER OF THE BOARD	16/11/2011	6
	PROXY	24/11/2006
	PROXY	09/09/2013
	COMBINED PROXY	21/07/2009
MARTIN FERNANDEZ UBACH ALFONSO	MEMBER OF THE BOARD	15/07/1991	2
	SECRETARY	15/07/1991
MARTINEZ-FRESNEDA ORTIZ DE SOLORZANO PABLO	COMBINED PROXY	09/09/2013	2
MENDES WEISS ANDREA	MEMBER OF THE BOARD	05/09/2007	2
	PRESIDENT	05/09/2007
MEP RETAIL ESPAÑA SL	SINGLE PARTNER	25/02/2008	1
MESA PALOMINO LUIS	PROXY	24/05/2004	6
	PROXY	17/11/2005
	PROXY	09/09/2013
	COMBINED PROXY	21/07/2009
	PROXY	24/11/2006
MIQUEL NAUDI JAUME	PROXY	09/09/2013	3
	COMBINED PROXY	21/07/2009
ORTEGA HERNANDEZ JOSE LUIS	PROXY	20/04/1993	1
PARIS MICHEL MAURICE	PROXY	24/11/2006	6
	COMBINED PROXY	21/07/2009
	PROXY	09/09/2013
	MEMBER OF THE BOARD	16/11/2011
PEREZ NIEVAS MONTIEL JAVIER	PROXY	24/05/2004	2
	PROXY	20/06/2000
PEREZ VAZQUEZ JOSE FRANCISCO	COMBINED PROXY	21/07/2009	3
	PROXY	18/10/2012
	PROXY	24/11/2006
QUIRAL SA	SINGLE PARTNER	05/06/2006	1
RIESTRA MEDIAVILLA JUAN PEDRO	ACCOUNTS' AUDITOR / HOLDER	17/01/1994	1
SAENZ OLLER FERNANDO	PROXY	09/09/2013	2
SANZ CORRAL JOSE MARIA	COMBINED PROXY	12/03/2008	4
	PROXY	09/09/2013
	COMBINED PROXY	21/07/2009
SIERRA ARMAS IGNACIO	PROXY	17/11/2005	6
	PROXY	24/11/2006
	COMBINED PROXY	21/07/2009
	PROXY	11/01/2010
	PROXY	09/09/2013
SZAFIR EZEQUIEL	PROXY	09/09/2013	2
	MEMBER OF THE BOARD	06/06/2013
THEATRE DIRECTORSHIP SERVICES BETA SARL	MEMBER OF THE BOARD	16/11/2011	3
	MEMBER OF THE BOARD	17/08/2006
THEATRE DIRECTORSHISP SERVICES ALPHA SARL	MEMBER OF THE BOARD	16/11/2011	2
TORRE DE SILVA Y LOPEZ DE LETONA JOSE ANTONIO	REPRESENTATIVE	17/08/2006	7
	PROXY	24/11/2006
	COMBINED PROXY	21/07/2009
	REPRESENTATIVE	16/11/2011
	PROXY	09/09/2013
VAN DEN AUWELANT ANSELM	PRESIDENT	10/06/2013	7
	MEMBER OF THE BOARD	10/06/2013
	MEMBER OF THE BOARD	16/11/2011
	PRESIDENT	16/11/2011
	COMBINED PROXY	21/07/2009
	VICE CHAIRMAN	17/07/2009
	MEMBER OF THE BOARD	04/06/2007

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	---	11/04/2013	11/04/2013
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

Details

Probability of default

> Estimated Probability of Default for the next 12 months:  1.981 %

> Latest Scoring Changes:

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

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

The 76.00% of the companies of the sector CORTEFIEL SOCIEDAD ANONIMA 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 1.981%.

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
	Procedimientos ante Juzgados de lo Social	No se han publicado

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE LEIOA (VIZCAYA) - Date 11/04/2013

Last Published Stage:	SEIZURE
Record Number:	60570
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. VIZCAYA Nº76, 2013 PAGINA 10207

Guarantees

Link List

PARTICIPATES IN:	38 Entities
SHAREHOLDERS:	2 Entities
ABSORBS TO:	19 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	1 Entities
RESULTING FROM THE UNION OF:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	ACCIONES PROPIAS DE CORTEFIEL, S.A.		2.04
	MEP RETAIL ESPAÑA SL	MADRID	92.29
PARTICIPATES IN	EUROFIEL CONFECCION SA	MADRID	100
	QUIRAL BELGIQUE, SOCIEDAD ANONIMA, (BELGICA)		100
	CORTEFIEL SERVICIOS SA	MADRID	98.92
	WOMEN S SECRET MAGYARORSZAG KFT		99.95
	CORTEFIEL COMMERCIAL, SOCIEDAD ANONIMA, (SUIZA)		100
	ANEKIS SA	MADRID	24.75
	CONFEMO CONFECOES E MODA DE ESPANHA, SOCIEDAD ANONIMA, (PORTUGAL)		100
	CORTEFIEL FRANCE SAS (FRANCIA)		100
	CORTEFIEL POLSKA SP ZOO (POLONIA)		100
	QUIRAL CZECH SRO (REP CHECA)		100
	SERMAN 92 SL	MADRID	99.9
	SPRINGFIELD HUNGARY TRADING LT (HUGRIA)		100
	CORTEFIEL NETHERLANDS BV		100
	FASHION AUCTION SPAIN SL	MADRID	100
	SPF GERMANY, S.A.		100
	URECOR COMUNICACION Y MEDIOS SA	MADRID	25
	CORTIX DOO BEOGRAD		100
	CRTF MODA DOO		100
	SPRINGFIELD HANDELSGESELLSCHAFT MBH (AUSTRIA)		100
	CORTIX DOO SARAJEVO (BOSNIA)		100
	ADRIATINK GRUP, SOCIEDAD ANONIMA, SKOPJE (MACEDONIA)		50
	SCARFIEL RETAIL MANAGEMENT COMPANY, S.A.		25
	CORTIX BULGARIA EOOD		100
	CORTIX DOO PODGORICA		100
	CORTIX MEXICO SAPI DE CV		100
	LLC FASHION RETAIL GROUP		100
	SPRINGFIELD FRANCE SAS		100
	QUIRAL LUXEMBOURG, SOCIEDAD ANONIMA, (LUXEMBURGO)		99.99
	BIZARRO E MILHO, SOCIEDAD ANONIMA, (PORTUGAL)		100
	TULIPAN CONFECTION, SOCIEDAD ANONIMA, (HUNGRIA)		100
	CONFESPANHA, SOCIEDAD ANONIMA, (PORTUGAL)		100
	SPF POLSKA SP ZOO (POLONIA)		100
	MULTIFIEL SA	MADRID	50
	WOMEN S SECRET FRANCE SAS		100
	CORTIX BL DOO (BOSNIA)		100
	CORTIX DOO SARAHEVO (BOSNIA)		100
	CRTF MODA DOO (CROACIA)		100
	CTF MODA DOO (SERBIA)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	MEP RETAIL ESPAÑA SL	MADRID
ABSORBS TO	NACAR SL	BALEARES
	CORALI SOCIEDAD ANONIMA	LAS PALMAS
	CELGARSA SA	MADRID
	CASUAL WEAR ESPAÑOLA SA	MADRID
	CORTEFIEL SA	MADRID
	CARIFE 94 SL	MADRID
	MILANO DIFUSION SA	MADRID
	HIJOS DE PRIMITIVO MUÑOZ SA	MADRID
	QUIRAL SA	MADRID
	MESONERO Y MUÑOZ SA	MADRID
	QUIROS SOCIEDAD ANONIMA	MADRID
	INVERSIONES LOPEZ MEDINA SOCIEDAD ANONIMA	MADRID
	FIFTY FACTORY SL	MADRID
	TEXFIEL SA	MADRID
	CONFECCIONES SUR SA	MALAGA
	CREASEL SOCIEDAD LIMITADA	VIZCAYA
	WOMEN'S SECRETS SA	MADRID
	CANTALUP SL	MADRID
	ALGAMAR SA	SANTA CRUZ DE TENERIFE
RESULTING FROM THE UNION OF	CONFECCIONES SUR SA	MALAGA
HAS IN ITS ADMINISTRATION BOARD TO	TARNA 21 SL	MADRID

Turnover
Total Sales	715.471

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Normales	January  2015
2013	Consolidadas	December  2014
2013	Normales	April  2014
2012	Consolidadas	No publicado en BORME
2012	Normales	January  2013
2011	Consolidadas	June  2012
2011	Normales	March  2012
2010	Consolidadas	March  2011
2010	Normales	March  2011
2009	Consolidadas	November  2009
2009	Normales	November  2009
2008	Consolidadas	November  2008
2008	Normales	October  2008
2007	Consolidadas	July  2008
2007	Normales	January  2008
2006	Consolidadas	December  2006
2006	Normales	November  2006
2005	Normales	October  2005
2005	Normales	April  2006
2004	Normales	August  2004
2003	Normales	No publicado en BORME
2002	Normales	November  2003
2001	Normales	July  2001
2001	Normales	October  2002
2000	Normales	August  2000
1999	Normales	July  1999
1998	Normales	August  1998
1997	Normales	No publicado en BORME
1996	Normales	November  1997
1995	Normales	August  1996
1994	Normales	November  1995
1993	Normales	July  1994
1992	Normales	December  1993
1991	Normales	July  1992
1990	Normales	December  1991
1989	Normales	October  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 28/02/2014

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	857.703,00	875.970.000,00	903.042.000,00	897.842.000,00	944.546.000,00
I. Intangible fixed assets : 11100	478.266,00	503.397.000,00	525.918.000,00	549.440.000,00	577.366.000,00
1. Development: 11110	0,00	0,00	0,00	0,00	0,00
2. Concessions: 11120	0,00	0,00	0,00	0,00	0,00
3. Patents, licencing, trade marks and similar: 11130	192.368,00	243.240.000,00	233.518.000,00	266.921.000,00	272.800.000,00
4. Goodwill: 11140	260.157,00	260.157.000,00	260.157.000,00	260.157.000,00	0,00
5. IT applications: 11150	7.746,00	0,00	3.343.000,00	2.156.000,00	1.868.000,00
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	17.995,00	0,00	28.900.000,00	20.206.000,00	302.698.000,00
II. Tangible fixed assets : 11200	104.088,00	119.867.000,00	121.169.000,00	132.253.000,00	137.544.000,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	99.288,00	113.309.000,00	113.491.000,00	132.253.000,00	130.350.000,00
3. Tangible asset in progress and advances: 11230	4.800,00	6.558.000,00	7.678.000,00	0,00	7.194.000,00
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	206.792,00	189.380.000,00	201.093.000,00	196.948.000,00	210.919.000,00
1. Equity instruments: 11410	199.723,00	185.173.000,00	192.014.000,00	192.491.000,00	207.328.000,00
2. Credits to businesses: 11420	7.069,00	4.207.000,00	9.079.000,00	4.457.000,00	3.591.000,00
3. Debt securities: 11430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 11460	0,00	0,00	0,00	0,00	0,00
V. Long-term financial investments: 11500	16.687,00	17.094.000,00	15.057.000,00	15.211.000,00	13.422.000,00
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	928.000,00	0,00
5. Other financial assets : 11550	16.687,00	17.094.000,00	15.057.000,00	14.283.000,00	13.422.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	50.781,00	45.051.000,00	38.584.000,00	1.636.000,00	3.361.000,00
VII. Non-current trade debts : 11700	1.089,00	1.181.000,00	1.221.000,00	2.354.000,00	1.934.000,00
B) CURRENT ASSETS: 12000	202.293,00	196.776.000,00	194.582.000,00	201.838.000,00	203.705.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	59.726,00	70.579.000,00	75.286.000,00	69.793.000,00	66.150.000,00
1. Commercial: 12210	59.726,00	70.579.000,00	75.286.000,00	69.793.000,00	0,00
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	66.150.000,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	44.133,00	55.247.000,00	46.072.000,00	51.670.000,00	64.761.000,00
1. Trade debtors / accounts receivable: 12310	3.233,00	3.300.000,00	3.173.000,00	3.289.000,00	6.076.000,00
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	0,00	0,00	0,00	0,00	0,00
2. Customers, Group companies and associates : 12320	39.534,00	49.963.000,00	40.719.000,00	45.742.000,00	56.212.000,00
3. Other accounts receivable: 12330	0,00	76.000,00	846.000,00	765.000,00	1.183.000,00
4. Personnel: 12340	152,00	609.000,00	0,00	407.000,00	169.000,00
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	1.214,00	1.299.000,00	1.334.000,00	1.467.000,00	1.121.000,00
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	6.292,00	267.000,00	246.000,00	180.000,00	8.499.000,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	0,00	8.499.000,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	110.000,00	7.000,00	0,00	0,00
5. Other financial assets : 12450	6.292,00	157.000,00	239.000,00	180.000,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	0,00	0,00	0,00	0,00	0,00
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	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	127,00	460.000,00	252.000,00	323.000,00	100.000,00
VII. Cash and other equivalent liquid assets : 12700	92.015,00	70.223.000,00	72.726.000,00	79.872.000,00	64.195.000,00
1. Treasury: 12710	6.430,00	20.440.000,00	36.183.000,00	39.820.000,00	64.195.000,00
2. Other equivalent liquid assets: 12720	85.585,00	49.783.000,00	36.543.000,00	40.052.000,00	0,00
TOTAL ASSETS (A + B) : 10000	1.059.996,00	1.072.746.000,00	1.097.624.000,00	1.099.680.000,00	1.148.251.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	336.232,00	364.822.000,00	345.077.000,00	323.287.000,00	302.742.000,00
A-1) Shareholders' equity: 21000	337.689,00	366.491.000,00	346.339.000,00	322.790.000,00	303.288.000,00
I. Capital: 21100	262.574,00	262.574.000,00	262.574.000,00	262.574.000,00	252.638.000,00
1. Registered capital : 21110	0,00	0,00	262.574.000,00	262.574.000,00	252.638.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	6.456,00	6.456.000,00	6.456.000,00	6.456.000,00	6.456.000,00
III. Reserves: 21300	98.990,00	105.251.000,00	89.889.000,00	75.280.000,00	76.334.000,00
1. Legal y estatutarias: 21310	0,00	0,00	0,00	0,00	76.334.000,00
2. Other reserves: 21320	0,00	0,00	0,00	0,00	0,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-5.389,00	-5.389.000,00	-5.389.000,00	-5.389.000,00	0,00
V. Results from previous periods: 21500	-22.553,00	-22.553.000,00	-30.740.000,00	-32.140.000,00	-1.285.000,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	-22.553,00	-22.553.000,00	-30.740.000,00	-32.140.000,00	-1.285.000,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	-2.389,00	20.152.000,00	23.549.000,00	16.009.000,00	-30.855.000,00
VIII. (Interim dividend): 21800	0,00	0,00	0,00	0,00	0,00
IX. Other net worth instruments: 21900	0,00	0,00	0,00	0,00	0,00
A-2) Adjustments due to changes in value: 22000	-1.457,00	-1.669.000,00	-1.262.000,00	497.000,00	-546.000,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-1.457,00	-1.669.000,00	-1.262.000,00	497.000,00	-546.000,00
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	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	482.630,00	458.644.000,00	532.977.000,00	564.912.000,00	658.236.000,00
I. Long-term provisions: 31100	1.146,00	399.000,00	2.881.000,00	3.235.000,00	1.076.000,00
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	0,00	0,00	0,00	0,00	0,00
II Long-term creditors: 31200	260.839,00	233.133.000,00	244.320.000,00	277.131.000,00	338.025.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	258.856,00	232.014.000,00	243.471.000,00	275.673.000,00	335.285.000,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	1.959,00	1.095.000,00	825.000,00	0,00	1.282.000,00
5. Other financial liabilities : 31250	24,00	24.000,00	24.000,00	1.458.000,00	1.458.000,00
III. Long-term debts with Group companies and associates: 31300	186.290,00	187.800.000,00	245.845.000,00	242.477.000,00	276.121.000,00
IV. Liabilities for deferred tax: 31400	34.355,00	37.312.000,00	39.931.000,00	42.069.000,00	43.014.000,00
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	241.134,00	249.280.000,00	219.570.000,00	211.481.000,00	187.273.000,00
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	191,00	1.687.000,00	2.206.000,00	2.206.000,00	2.227.000,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	7.264,00	4.289.000,00	13.332.000,00	20.613.000,00	8.501.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	3.274,00	2.875.000,00	12.354.000,00	19.133.000,00	6.079.000,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	116,00	1.414.000,00	978.000,00	1.480.000,00	2.422.000,00
5. Other financial liabilities : 32350	3.874,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	172.363,00	174.654.000,00	141.351.000,00	113.549.000,00	113.482.000,00
V. Trade creditors and other accounts payable: 32500	59.295,00	66.444.000,00	58.328.000,00	70.504.000,00	58.470.000,00
1. Suppliers: 32510	41.968,00	49.851.000,00	38.829.000,00	36.682.000,00	30.979.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	0,00	0,00	0,00	0,00	0,00
2. Suppliers, Group companies and associates: 32520	0,00	0,00	0,00	0,00	0,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	9.733,00	11.579.000,00	10.532.000,00	12.869.000,00	15.540.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	7.594,00	5.014.000,00	8.967.000,00	20.953.000,00	11.951.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	2.021,00	2.206.000,00	4.353.000,00	4.609.000,00	4.593.000,00
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	1.059.996,00	1.072.746.000,00	1.097.624.000,00	1.099.680.000,00	1.148.251.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	715.471,00	730.576.000,00	758.495.000,00	745.319.000,00	761.263.000,00
a) Sales: 40110	713.640,00	728.176.000,00	755.476.000,00	743.670.000,00	758.062.000,00
b) Rendering of services: 40120	1.831,00	2.400.000,00	3.019.000,00	1.649.000,00	3.201.000,00
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	-369.388,00	-385.530.000,00	-400.171.000,00	-370.041.000,00	-392.486.000,00
a) Stock consumption: 40410	-369.388,00	-385.530.000,00	-402.228.000,00	-401.049.000,00	-392.486.000,00
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	0,00	0,00	2.057.000,00	31.008.000,00	0,00
5. Other operating income: 40500	24.092,00	26.158.000,00	22.703.000,00	21.828.000,00	20.114.000,00
a) Auxiliary income and other from current management: 40510	24.092,00	26.158.000,00	22.703.000,00	0,00	20.114.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-137.302,00	-131.701.000,00	-123.527.000,00	-117.630.000,00	-149.758.000,00
a) Wages, salaries et al.: 40610	-97.620,00	-93.690.000,00	-91.166.000,00	-83.698.000,00	-84.358.000,00
b) Social security costs: 40620	-38.335,00	-35.628.000,00	-32.361.000,00	-33.932.000,00	-65.400.000,00
c) Provisions : 40630	-1.347,00	-2.383.000,00	0,00	0,00	0,00
7. Other operating costs: 40700	-209.736,00	-206.852.000,00	-201.003.000,00	-197.513.000,00	-196.973.000,00
a) External services: 40710	-208.236,00	-205.449.000,00	-199.443.000,00	-196.025.000,00	-191.873.000,00
b) Taxes: 40720	-1.500,00	-1.403.000,00	-1.560.000,00	-1.488.000,00	-5.100.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
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	-60.205,00	-59.663.000,00	-59.597.000,00	-60.031.000,00	-61.971.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	403,00	1.826.000,00	2.339.000,00	-1.251.000,00	823.000,00
a) Impairment and losses : 41110	0,00	-247.000,00	0,00	-1.251.000,00	0,00
b) Results for transfers and other : 41120	0,00	2.073.000,00	2.339.000,00	0,00	0,00
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	-36.665,00	-25.186.000,00	-761.000,00	20.681.000,00	-18.988.000,00
14. Financial income : 41400	63.965,00	64.329.000,00	62.863.000,00	37.045.000,00	29.243.000,00
a) Of shares in equity instruments : 41410	63.012,00	62.752.000,00	62.217.000,00	36.199.000,00	28.514.000,00
a 1) In Group companies and associates: 41411	63.012,00	62.752.000,00	62.217.000,00	36.199.000,00	28.514.000,00
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	953,00	1.577.000,00	646.000,00	846.000,00	729.000,00
b 1) From Group companies and associates : 41421	800,00	473.000,00	373.000,00	323.000,00	332.000,00
b 2) From third parties : 41422	153,00	1.104.000,00	273.000,00	523.000,00	397.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-32.264,00	-27.948.000,00	-29.500.000,00	-37.832.000,00	-39.538.000,00
a) Amounts owed to Group companies and associates : 41510	-8.741,00	-7.667.000,00	-9.953.000,00	-8.081.000,00	-11.378.000,00
b) For debts with third parties : 41520	-23.523,00	-20.281.000,00	-19.547.000,00	-29.751.000,00	-28.160.000,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	20,00	-80.000,00	-14.157.000,00	-14.346.000,00	-10.147.000,00
a) Trading book and other : 41610	20,00	-80.000,00	-13.926.000,00	-13.834.000,00	0,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	-231.000,00	-512.000,00	-10.147.000,00
17. Exchange rate differences : 41700	-328,00	-8.000,00	-331.000,00	1.716.000,00	-657.000,00
18. Impairment and result for transfers of financial instruments: 41800	-18.613,00	-11.114.000,00	0,00	0,00	-6.124.000,00
a) Impairment and losses : 41810	-17.866,00	-12.050.000,00	0,00	0,00	-6.124.000,00
b) Results for transfers and other : 41820	-747,00	936.000,00	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	12.780,00	25.179.000,00	18.875.000,00	-13.417.000,00	-27.223.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	-23.885,00	-7.000,00	18.114.000,00	7.264.000,00	-46.211.000,00
20. Income taxes: 41900	21.496,00	20.159.000,00	5.435.000,00	8.888.000,00	18.594.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	-2.389,00	20.152.000,00	23.549.000,00	16.152.000,00	-27.617.000,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	-143.000,00	-3.238.000,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	-2.389,00	20.152.000,00	23.549.000,00	16.009.000,00	-30.855.000,00

> 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. Where the provisions of the Act did not establish relevant equivalence criteria

	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:	812.311,00	836.308.000,00	869.847.000,00	900.667.000,00	941.185.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	478.266,00	503.397.000,00	525.918.000,00	549.440.000,00	577.366.000,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	192.368,00	243.240.000,00	233.518.000,00	266.921.000,00	272.800.000,00
3. Goodwill:	260.157,00	260.157.000,00	260.157.000,00	260.157.000,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	7.746,00	0,00	3.343.000,00	2.156.000,00	1.868.000,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	17.995,00	0,00	28.900.000,00	20.206.000,00	302.698.000,00
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:	104.088,00	119.867.000,00	121.169.000,00	132.253.000,00	137.544.000,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	0,00	0,00	0,00	0,00	0,00
3. Other installations, tools and furniture:	0,00	0,00	0,00	0,00	0,00
4. Payments on account and tangible fixed assets under construction:	4.800,00	6.558.000,00	7.678.000,00	0,00	7.194.000,00
5. Other tangible assets:	99.288,00	113.309.000,00	113.491.000,00	132.253.000,00	130.350.000,00
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:	223.479,00	206.474.000,00	216.150.000,00	211.231.000,00	224.341.000,00
1. Equity investments in group companies:	198.920,00	184.428.240,00	191.241.726,00	191.716.808,00	206.494.134,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
3. Equity investment in associated companies:	803,00	744.760,00	772.274,00	774.192,00	833.866,00
4. Credits to associated companies:	7.069,00	4.207.000,00	9.079.000,00	4.457.000,00	3.591.000,00
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:	16.687,00	17.094.000,00	15.057.000,00	14.283.000,00	13.422.000,00
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:	5.389,00	5.389.000,00	5.389.000,00	5.389.000,00	0,00
VI. Long-term trade receivables:	1.089,00	1.181.000,00	1.221.000,00	2.354.000,00	1.934.000,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	253.074,00	241.717.000,00	233.159.000,00	203.474.000,00	207.066.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	59.726,00	70.579.000,00	75.286.000,00	69.793.000,00	66.150.000,00
1. Goods for resale:	59.726,00	70.579.000,00	75.286.000,00	69.793.000,00	0,00
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	66.150.000,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	94.914,00	100.298.000,00	84.656.000,00	53.306.000,00	68.122.000,00
1. Trade debtors / accounts receivable:	3.233,00	3.300.000,00	3.173.000,00	3.289.000,00	6.076.000,00
2. Accounts receivable, Group companies:	39.534,00	49.963.000,00	40.719.000,00	45.742.000,00	56.212.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	76.000,00	846.000,00	765.000,00	1.183.000,00
5. Staff:	152,00	609.000,00	0,00	407.000,00	169.000,00
6. Public bodies:	51.995,00	46.350.000,00	39.918.000,00	3.103.000,00	4.482.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	91.877,00	49.940.000,00	36.782.000,00	40.232.000,00	8.499.000,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	8.499.000,00
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:	85.585,00	49.783.000,00	36.543.000,00	40.052.000,00	0,00
6. Other receivables:	6.292,00	157.000,00	239.000,00	180.000,00	0,00
7. Shor term guarantees and deposits:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
V. Short-term treasury shares:	0,00	0,00	0,00	0,00	0,00
VI. Cash at bank and in hand:	6.430,00	20.440.000,00	36.183.000,00	39.820.000,00	64.195.000,00
VII. Prepayments and accrued income:	127,00	460.000,00	252.000,00	323.000,00	100.000,00
GENERAL TOTAL (A + B + C + D):	1.065.385,00	1.078.025.000,00	1.103.006.000,00	1.104.141.000,00	1.148.251.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	343.696,00	372.610.000,00	352.262.000,00	329.228.000,00	306.446.000,00
I. Subscribed capital:	262.574,00	262.574.000,00	262.574.000,00	262.574.000,00	252.638.000,00
II. Share premium:	6.456,00	6.456.000,00	6.456.000,00	6.456.000,00	6.456.000,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	99.608,00	105.981.000,00	90.423.000,00	76.329.000,00	79.492.000,00
1. Legal reserve:	98.990,00	105.251.000,00	89.889.000,00	75.280.000,00	76.334.000,00
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:	618,00	730.000,00	534.000,00	1.049.000,00	3.158.000,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	-22.553,00	-22.553.000,00	-30.740.000,00	-32.140.000,00	-1.285.000,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	-22.553,00	-22.553.000,00	-30.740.000,00	-32.140.000,00	-1.285.000,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	-2.389,00	20.152.000,00	23.549.000,00	16.009.000,00	-30.855.000,00
VII. Interim dividend paid:	0,00	0,00	0,00	0,00	0,00
VIII. Own shares for capital reduction:	0,00	0,00	0,00	0,00	0,00
B) Deferred income:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	1.146,00	399.000,00	2.881.000,00	3.235.000,00	1.076.000,00
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:	1.146,00	399.000,00	2.881.000,00	3.235.000,00	1.076.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	479.525,00	457.150.000,00	529.271.000,00	561.677.000,00	655.878.000,00
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:	258.856,00	232.014.000,00	243.471.000,00	275.673.000,00	335.285.000,00
1. Loans and other liabilities:	258.856,00	232.014.000,00	243.471.000,00	275.673.000,00	335.285.000,00
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:	186.290,00	187.800.000,00	245.845.000,00	242.477.000,00	276.121.000,00
1. Amounts owed to group companies:	186.290,00	187.800.000,00	245.845.000,00	242.477.000,00	276.121.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	34.379,00	37.336.000,00	39.955.000,00	43.527.000,00	44.472.000,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	24,00	23.524,00	23.524,00	1.429.099,00	1.429.099,00
3. Long term guarantees and deposits received:	0,00	476,00	476,00	28.901,00	28.901,00
4. Long term payables to public bodies:	34.355,00	37.312.000,00	39.931.000,00	42.069.000,00	43.014.000,00
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:	241.018,00	247.866.000,00	218.592.000,00	210.001.000,00	184.851.000,00
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:	3.274,00	2.875.000,00	12.354.000,00	19.133.000,00	6.079.000,00
1. Loans and other liabilities:	3.274,00	2.875.000,00	12.354.000,00	19.133.000,00	6.079.000,00
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:	172.363,00	174.654.000,00	141.351.000,00	113.549.000,00	113.482.000,00
1. Amounts owed to group companies:	172.363,00	174.654.000,00	141.351.000,00	113.549.000,00	113.482.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	41.968,00	49.851.000,00	38.829.000,00	36.682.000,00	30.979.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	41.968,00	49.851.000,00	38.829.000,00	36.682.000,00	30.979.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	21.201,00	16.593.000,00	19.499.000,00	33.822.000,00	27.491.000,00
1. Public bodies:	7.594,00	5.014.000,00	8.967.000,00	20.953.000,00	11.951.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	3.874,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	9.733,00	11.579.000,00	10.532.000,00	12.869.000,00	15.540.000,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	191,00	1.687.000,00	2.206.000,00	2.206.000,00	2.227.000,00
VII. Prepayments and accrued income:	2.021,00	2.206.000,00	4.353.000,00	4.609.000,00	4.593.000,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	1.065.385,00	1.078.025.000,00	1.103.006.000,00	1.104.141.000,00	1.148.251.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	806.340,00	803.920.000,00	822.851.000,00	789.899.000,00	842.298.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	0,00	0,00	0,00
A.2. Supplies:	369.388,00	385.530.000,00	402.228.000,00	401.049.000,00	392.486.000,00
a) Stock consumption:	369.388,00	385.530.000,00	402.228.000,00	401.049.000,00	392.486.000,00
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:	137.302,00	131.701.000,00	123.527.000,00	117.630.000,00	149.758.000,00
a) Wages, salaries et al.:	98.967,00	96.073.000,00	91.166.000,00	83.698.000,00	84.358.000,00
b) Social security costs:	38.335,00	35.628.000,00	32.361.000,00	33.932.000,00	65.400.000,00
A.4. Depreciation expense:	60.205,00	59.663.000,00	59.597.000,00	60.031.000,00	61.971.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	-2.057.000,00	-31.008.000,00	0,00
a) Stock provision variation:	0,00	0,00	-2.057.000,00	-31.008.000,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	209.736,00	206.852.000,00	201.003.000,00	197.513.000,00	196.973.000,00
a) External services:	208.236,00	205.449.000,00	199.443.000,00	196.025.000,00	191.873.000,00
b) Taxes:	1.500,00	1.403.000,00	1.560.000,00	1.488.000,00	5.100.000,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	0,00	0,00	0,00	21.932.000,00	0,00
A.7. Financial and similar charges:	33.011,00	27.948.000,00	29.500.000,00	37.832.000,00	39.538.000,00
a) Due to liabilities with companies of the group:	8.741,00	7.667.000,00	9.953.000,00	8.081.000,00	11.378.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	23.523,00	20.281.000,00	19.547.000,00	29.751.000,00	28.160.000,00
d) Losses from financial investments:	747,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	17.509,00	12.130.000,00	14.157.000,00	14.346.000,00	16.271.000,00
A.9. Exchange losses:	328,00	8.000,00	331.000,00	0,00	657.000,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	13.137,00	25.179.000,00	18.875.000,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	0,00	0,00	15.775.000,00	8.515.000,00	0,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	357,00	247.000,00	0,00	1.251.000,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	143.000,00	3.238.000,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	46,00	1.826.000,00	2.339.000,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	0,00	0,00	18.114.000,00	7.121.000,00	0,00
A.15. Corporation tax:	-21.496,00	-20.159.000,00	-5.435.000,00	-8.888.000,00	-18.594.000,00
A.16. Miscellaneous taxes:	0,00	0,00	0,00	0,00	0,00
A.VI. FINANCIAL YEAR RESULTS (PROFIT) (A.V-A.15-A.16):	0,00	20.152.000,00	23.549.000,00	16.009.000,00	0,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	803.951,00	824.072.000,00	846.400.000,00	805.908.000,00	811.443.000,00
B.1. Net total sales:	715.471,00	730.576.000,00	758.495.000,00	745.319.000,00	761.263.000,00
a) Sales:	713.640,00	728.176.000,00	755.476.000,00	743.670.000,00	758.062.000,00
b) Rendering of services:	1.831,00	2.400.000,00	3.019.000,00	1.649.000,00	3.201.000,00
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	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:	24.092,00	26.158.000,00	22.703.000,00	21.828.000,00	20.114.000,00
a) Auxiliary income and other from current management:	24.092,00	26.158.000,00	22.703.000,00	21.828.000,00	20.114.000,00
b) Grants:	0,00	0,00	0,00	0,00	0,00
c) Liabilities and charges provisions surplus:	0,00	0,00	0,00	0,00	0,00
B.I. PÉRDIDAS DE EXPLOTACIÓN (A.1+A.2+A.3+A.4+A.5-A.6-B.1-B.2-B.3-B.4):	37.068,00	27.012.000,00	3.100.000,00	0,00	19.811.000,00
B.5. Income from equity investment:	63.012,00	62.752.000,00	62.217.000,00	36.199.000,00	28.514.000,00
a) In companies of the group:	63.012,00	62.752.000,00	62.217.000,00	36.199.000,00	28.514.000,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	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:	973,00	2.513.000,00	646.000,00	846.000,00	729.000,00
a) From companies of the group:	800,00	473.000,00	373.000,00	323.000,00	332.000,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	153,00	1.104.000,00	273.000,00	523.000,00	397.000,00
d) Profit on financial investment:	20,00	936.000,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	1.716.000,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	13.417.000,00	27.223.000,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	23.931,00	1.833.000,00	0,00	0,00	47.034.000,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	403,00	2.073.000,00	2.339.000,00	0,00	823.000,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	0,00	0,00	0,00	0,00	0,00
B.12. Extraordinary income:	0,00	0,00	0,00	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	0,00	0,00	1.394.000,00	2.415.000,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	23.885,00	7.000,00	0,00	0,00	49.449.000,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	2.389,00	0,00	0,00	0,00	30.855.000,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	-23.885,00	-7.000,00	18.114.000,00	7.121.000,00	-49.449.000,00
2. Results adjustments.: 61200	47.022,00	29.815.000,00	36.595.000,00	76.730.000,00	92.274.000,00
a) Fixed Assets Amortization (+).: 61201	60.205,00	59.663.000,00	59.597.000,00	60.031.000,00	62.200.000,00
b) Obsolescence Allowances (+/-). : 61202	-1.167,00	-3.283.000,00	-4.157.000,00	-953.000,00	-2.522.000,00
c) Variation in Provision (+/-). : 61203	747,00	-2.482.000,00	-1.788.000,00	2.415.000,00	2.091.000,00
e) Results on disposal of fixed assets (+/-). : 61205	764,00	160.000,00	1.818.000,00	2.204.000,00	3.282.000,00
f) Results on disposal of financial instruments (+/-).: 61206	0,00	0,00	0,00	0,00	6.124.000,00
g) Financial income (-).: 61207	-63.965,00	-64.329.000,00	-62.863.000,00	-37.045.000,00	-29.243.000,00
h) Financial Expenses (+). : 61208	32.264,00	27.948.000,00	29.500.000,00	37.832.000,00	39.538.000,00
i) Exchange differences (+/-). : 61209	328,00	8.000,00	331.000,00	-1.716.000,00	657.000,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	17.846,00	12.130.000,00	14.157.000,00	13.962.000,00	10.147.000,00
3. Changes in current capital equity.: 61300	23.896,00	45.325.000,00	-16.634.000,00	30.276.000,00	98.762.000,00
a) Stock (+/-).: 61301	10.853,00	4.707.000,00	-5.493.000,00	-3.643.000,00	18.996.000,00
d) Debtors and other accounts receivable (+/-). : 61302	24.248,00	2.594.000,00	-7.875.000,00	22.474.000,00	30.081.000,00
c) Other current assets (+/-). : 61303	333,00	-208.000,00	71.000,00	-223.000,00	360.000,00
d) Creditors and other accounts payable (+/-). : 61304	-13.701,00	42.706.000,00	5.930.000,00	3.094.000,00	49.099.000,00
e) Other current liabilities (+/-).: 61305	0,00	0,00	-9.267.000,00	8.574.000,00	226.000,00
f) Other non-current assets and liabilities (+/-).: 61306	2.163,00	-4.474.000,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	36.197,00	40.652.000,00	36.578.000,00	5.182.000,00	-7.271.000,00
a) Interest payments (-). : 61401	-27.768,00	0,00	-26.285.000,00	-31.863.000,00	0,00
b) Dividend payment collection (+). : 61402	63.012,00	62.752.000,00	62.217.000,00	36.199.000,00	28.514.000,00
c) Interest collection (+). : 61403	953,00	1.577.000,00	646.000,00	846.000,00	729.000,00
e) Other payments (payment collection) (-/+) : 61405	0,00	-23.677.000,00	0,00	0,00	-36.514.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	83.230,00	115.785.000,00	74.653.000,00	119.309.000,00	134.316.000,00
6. Payments for investment (-).: 62100	-95.868,00	-82.537.000,00	-88.590.000,00	-72.102.000,00	-125.566.000,00
a) Companies of the group and affiliates. : 62101	-75.968,00	-46.258.000,00	-64.915.000,00	-37.325.000,00	-103.319.000,00
b) Intangible fixed assets. : 62102	-4.153,00	-4.062.000,00	-2.453.000,00	-1.047.000,00	-1.485.000,00
c) Fixed assets. : 62103	-14.897,00	-29.738.000,00	-20.195.000,00	-27.069.000,00	-20.217.000,00
d) Real estate investment. : 62104	0,00	0,00	0,00	-4.687.000,00	0,00
e) Other financial assets. : 62105	-850,00	-2.479.000,00	-1.027.000,00	-1.974.000,00	-545.000,00
7. Divestment payment collection (+). : 62200	36.062,00	47.508.000,00	47.449.000,00	51.211.000,00	31.299.000,00
a) Companies of the group and affiliates. : 62201	34.555,00	45.003.000,00	46.785.000,00	50.468.000,00	29.099.000,00
b) Intangible fixed assets. : 62202	158,00	0,00	0,00	0,00	0,00
c) Fixed assets. : 62203	0,00	2.083.000,00	-4.000,00	51.000,00	914.000,00
e) Other financial assets. : 62205	1.349,00	422.000,00	668.000,00	692.000,00	1.286.000,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-59.806,00	-35.029.000,00	-41.141.000,00	-20.891.000,00	-94.267.000,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	3.493.000,00	0,00
a) Issuance of equity instruments (+). : 63101	0,00	0,00	0,00	8.882.000,00	0,00
c) Acquisition of own equity instruments (-). : 63103	0,00	0,00	0,00	-5.389.000,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	20.907,00	-83.259.000,00	-40.658.000,00	-84.455.000,00	-123.072.000,00
a) Issuance : 63201	22.417,00	-83.259.000,00	3.368.000,00	0,00	0,00
2. Debts incurred with credit institutions (+). : 63203	22.417,00	-25.215.000,00	0,00	0,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	-58.045.000,00	3.368.000,00	0,00	0,00
5. Other debts (+). : 63206	0,00	1.000,00	0,00	0,00	0,00
b) Repayment and amortization of : 63207	-1.510,00	0,00	-44.026.000,00	-84.455.000,00	-123.072.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	0,00	-42.527.000,00	-50.811.000,00	-107.489.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-1.510,00	0,00	0,00	-33.644.000,00	-15.502.000,00
5. Other debts (-). : 63212	0,00	0,00	-1.499.000,00	0,00	-81.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-22.539,00	0,00	0,00	-1.779.000,00	-4.855.000,00
a) Dividends (-).: 63301	-22.539,00	0,00	0,00	-1.779.000,00	-4.855.000,00
12. Cash flows for financing activities (9+10+11).: 63400	-1.632,00	-83.259.000,00	-40.658.000,00	-82.741.000,00	-127.927.000,00
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	21.792,00	-2.503.000,00	-7.146.000,00	15.677.000,00	-87.878.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	70.223,00	72.726.000,00	79.872.000,00	64.195.000,00	152.073.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	92.015,00	70.223.000,00	72.726.000,00	79.872.000,00	64.195.000,00

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:	-98,02 %	0,04 %	0,00 %	0,02 %		123,15 %
EBITDA over Sales:	3,23 %	10,36 %	4,47 %	11,53 %	-27,64 %	-10,19 %
Cash Flow Yield:	-66,16 %	0,04 %	0,00 %	0,01 %		373,63 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	-4,42 %	8,88 %	-2,91 %	7,23 %	-51,84 %	22,82 %
Total economic profitability:	0,79 %	7,64 %	2,60 %	3,95 %	-69,65 %	93,59 %
Financial profitability:	-0,71 %	14,01 %	5,50 %	4,69 %	-112,87 %	198,72 %
Margin:	-4,96 %	6,05 %	-3,33 %	6,95 %	-48,96 %	-13,01 %
Mark-up:	-3,23 %	5,97 %	0,00 %	4,84 %		23,26 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,38	0,15	0,28	0,14	34,65	7,06
Acid Test:	0,59	0,78	0,51	0,87	16,41	-9,48
Working Capital / Investment:	-0,04	0,05	-0,05	0,05	25,13	-15,86
Solvency:	1,05	1,16	0,98	1,19	7,54	-2,23

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	2,13	1,33	1,92	1,35	10,82	-1,07
Borrowing Composition:	2,00	0,57	1,85	0,99	7,97	-42,64
Repayment Ability:	-0,01	15,32	-282,00	72,88	100,00	-78,98
Warranty:	1,47	1,76	1,52	1,75	-3,46	0,43
Generated resources / Total creditors:	0,11	0,18	0,13	0,09	-17,88	102,03

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,17	1,79	1,25	1,88	-6,36	-4,86
Turnover of Collection Rights :	16,76	6,30	13,70	5,13	22,34	23,00
Turnover of Payment Entitlements:	9,77	3,71	8,92	3,70	9,55	0,28
Stock rotation:	13,00	9,67	11,10	7,44	17,10	29,95
Assets turnover:	0,89	1,47	0,88	1,04	1,94	41,18
Borrowing Cost:	4,47	2,50	3,96	2,83	12,79	-11,77

> 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:	-98,02 %	0,00 %	-0,01 %	0,02 %	-0,12 %
EBITDA over Sales:	3,23 %	4,47 %	7,45 %	11,00 %	5,54 %
Cash Flow Yield:	-66,16 %	0,00 %	-0,01 %	0,01 %	-0,08 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	-4,42 %	-2,91 %	-0,09 %	2,34 %	-2,08 %
Total economic profitability:	0,79 %	2,60 %	4,34 %	4,10 %	-0,58 %
Financial profitability:	-0,71 %	5,50 %	6,80 %	4,96 %	-10,17 %
Margin:	-4,96 %	-3,33 %	-0,10 %	2,70 %	-2,43 %
Mark-up:	-3,23 %	0,00 %	2,32 %	0,95 %	-5,91 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,38	0,28	0,33	0,38	0,35
Acid Test:	0,59	0,51	0,55	0,63	0,74
Working Capital / Investment:	-0,04	-0,05	-0,02	-0,01	0,01
Solvency:	1,05	0,98	1,07	0,97	1,12

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	2,13	1,92	2,14	2,36	2,77
Borrowing Composition:	2,00	1,85	2,44	2,68	3,55
Repayment Ability:	-0,01	-282,00	-104,60	49,18	-9,58
Warranty:	1,47	1,52	1,47	1,43	1,36
Generated resources / Total creditors:	0,11	0,13	0,11	0,06	0,04

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,17	1,25	1,46	1,70	1,28
Turnover of Collection Rights :	16,76	13,70	16,96	14,85	12,07
Turnover of Payment Entitlements:	9,77	8,92	10,31	8,05	10,08
Stock rotation:	13,00	11,10	10,42	10,68	12,11
Assets turnover:	0,89	0,88	0,89	0,87	0,86
Borrowing Cost:	4,47	3,96	3,95	4,91	4,69

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	12/01/2015
Cortefiel entra en números rojos
Companies related
LAS PROVINCIAS	11/12/2014
Women'Secret renueva su imagen y abre nueva tienda en Barcelona
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

This is a large company dedicated to the manufacture and retail trade apparel, head of the textile group Cortefiel considered the second national group in the sector, which has been operating for several years without incident.

Sources

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.74
UK Pound	1	Rs.94.65
Euro	1	Rs.70.79

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	MNL

RATING EXPLANATIONS

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

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

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

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

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