MIRA INFORM REPORT

Report No. :	303029
Report Date :	17.01.2015

IDENTIFICATION DETAILS

Name :	BERSHKA BSK ESPAÑA SA

Registered Office :	Av. Virgen De Montserrat, S/N 08490 Tordera Barcelona,

Country :	Spain

Financials (as on) :	31.01.2013

Date of Incorporation :	24.02.1986

Legal Form :	Public Company

Line of Business :	Retail sale of clothing in specialised stores

No. of Employee :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Good

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Spain

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:

BERSHKA BSK ESPAÑA SA

NIF / Fiscal code:

A78276854

Trade Name

BERSHKA

Status:

ACTIVE

Incorporation Date:

24/02/1986

Register Data

Last Publication in BORME:

02/12/2014 [Revocations]

Last Published Account Deposit:

2014

Share Capital:

6.010.121,04

Localization:

AVD. DIPUTACIÓN - EDIFICIO INDITEX - ARTEIXO - 15142 - LA CORUÑA

Telephone - Fax - Email - Website:

Ph.:. 937 667 698 Email. funcionlopd@inditex.com. Website. www.bershka.com

Activity:

NACE:

4771 - Retail sale of clothing in specialised stores

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

0 for a total cost of 0

Subsidies:

0 for a total cost of 0

Quality Certificate:

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)

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

INDUSTRIA DE DISEÑO TEXTIL SA	100 %
Shares:	18
Other Links:	0
No. of Active Corporate Bodies:

Ratios

2013

2012

Change

Guarantees:

Properties Registered:

Company NO, Administrator NO

Financing / Guarantee Sources :

Sources YES, Guarantees YES

INVESTIGATION SUMMARY

This is a company founded several years ago, with enough experience in the sector of activity performed, which enjoys good concept in general between sources of information. Its invoice increased 2.10% in 2013, compared to the previous year.

Identification

Social Denomination:

BERSHKA BSK ESPAÑA SA

Trade Name:

BERSHKA

NIF / Fiscal code:

A78276854

Corporate Status:

ACTIVE

Start of activity:

1986

Registered Office:

AVD. DIPUTACIÓN - EDIFICIO INDITEX, Head office

SPAIN, Office

Locality:

ARTEIXO

Province:

LA CORUÑA

Postal Code:

15142

Telephone:

937 667 698

Website:

www.bershka.com

Email:

funcionlopd@inditex.com.

Activity

NACE:

4771

Additional Information:

THE COMPANY IS ENGAGED IN THE COMMERCIALIZATION, IMPORT, EXPORT AND RETAIL OR WHOLESALE OF MALE, FEMALE CLOTHING, SHOES AND FASHION COMPLEMENTS. It is integrated in the INDITEX group. It has 910 stores in 64 countries.

Import / export:

IMPORTS / EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Chronological Summary

Year

Act

1990

Accounts deposit (ejer. 1989)

1991

Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Change of Social address (1)

1992

Accounts deposit (ejer. 1991)

1993

Accounts deposit (ejer. 1992)

1994

Adaptation to Law (1) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Purpose (1) Increase of Capital (1) Other Concepts/ Events (1)

1995

Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1) Declaration of Sole Propietorship (1) Other Concepts/ Events (1)

1996

Accounts deposit (ejer. 1994, 1995, 1996) Appointments/ Re-elections (1)

1997

Accounts deposit (ejer. 1997)

1998

Appointments/ Re-elections (3) Change of Social address (1) Errata (2) Statutory Modifications (1)

1999

Accounts deposit (ejer. 1998) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (3) Change of Social Denomination (1) Errata (2) Increase of Capital (1) Other Concepts/ Events (1) Statutory Modifications (2)

2000

Accounts deposit (ejer. 1999) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (3) Change of Social address (1) Errata (2) Statutory Modifications (1)

2001

Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)

2002

Accounts deposit (ejer. 2001) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (ejer. 2002) Appointments/ Re-elections (1)

2004

Accounts deposit (ejer. 2003) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)

2005

Accounts deposit (ejer. 2004) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (6)

2006

Accounts deposit (ejer. 2005) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (3)

2007

Accounts deposit (ejer. 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)

2008

Accounts deposit (ejer. 2007) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)

2009

Accounts deposit (ejer. 2008) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3)

2010

Accounts deposit (ejer. 2009) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (4)

2011

Accounts deposit (ejer. 2010) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (3)

2012

Accounts deposit (ejer. 2011) Appointments/ Re-elections (8) Cessations/ Resignations/ Reversals (2)

2013

Accounts deposit (ejer. 2012) Appointments/ Re-elections (1)

2014

Accounts deposit (ejer. 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)

2015

Accounts deposit (ejer. 2014)

Breakdown of Owners' Equity

Registered Capital:

6.010.121,04

Paid up capital:

6.010.121,04

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

10/06/1994

Increase of Capital

402.678

601.012

26/10/1999

Increase of Capital

1.202.024

1.803.036

09/03/2001

Increase of Capital

4.207.085

6.010.121

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

SINGLE PARTNER

INDUSTRIA DE DISEÑO TEXTIL SA

04/02/1999

PRESIDENT

AGNOLIN MARCO

11/05/2012

MEMBER OF THE BOARD

AGNOLIN MARCO

11/05/2012

REÑON TUÑEZ RAMON

30/06/2011

RAHOLA SALA JORGE

24/08/2010

SECRETARY

ABRIL ABADIN ANTONIO

06/10/2000

ACCOUNTS' AUDITOR / HOLDER

DELOITTE SL

31/10/2012

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ABRIL ABADIN ANTONIO

MEMBER OF THE BOARD

06/10/1995

SECRETARY

06/10/1995

SECRETARY

06/10/2000

MEMBER OF THE BOARD

06/10/2000

ARTHUR ANDERSEN Y CIA S COM

ACCOUNTS' AUDITOR / HOLDER

15/11/2002

BELMAR JUSTO DIEGO

MEMBER OF THE BOARD

04/11/2005

MEMBER OF THE BOARD

17/08/2005

DEL BADO RIVAS JOSE PABLO

MEMBER OF THE BOARD

05/11/1999

PRESIDENT

05/11/1999

GONZALEZ JIMENEZ LUIS

MEMBER OF THE BOARD

09/04/1991

HERNANDEZ DURAN CONSTANTINO

MEMBER OF THE BOARD

14/10/1991

ISLA ALVAREZ DE TEJERA PABLO

MEMBER OF THE BOARD

24/08/2010

MEMBER OF THE BOARD

30/06/2011

KPMG AUDITORES SL

ACCOUNTS' AUDITOR / HOLDER

23/10/2006

ACCOUNTS' AUDITOR / HOLDER

30/10/2007

ACCOUNTS' AUDITOR / HOLDER

29/10/2008

ACCOUNTS' AUDITOR / HOLDER

20/10/2005

ACCOUNTS' AUDITOR / HOLDER

29/01/2010

ACCOUNTS' AUDITOR / HOLDER

13/01/2011

ACCOUNTS' AUDITOR / HOLDER

12/01/2012

ACCOUNTS' AUDITOR / HOLDER

31/10/2012

LASTRA GONZALEZ JOSE

NON CONSELLOR SECRETARY

14/10/1991

LOPEZ GARCIA CARLOS

MEMBER OF THE BOARD

14/10/1991

MARTINEZ LOPEZ FERNANDO

MEMBER OF THE BOARD

27/09/1994

MEMBER OF THE BOARD

12/08/1999

MEMBER OF THE BOARD

06/10/2000

MATO LOPEZ CARLOS

PRESIDENT

19/11/2004

MEMBER OF THE BOARD

19/11/2004

MEMBER OF THE BOARD

07/11/2001

PRESIDENT

07/11/2001

MONTERO DIAZ ENRIQUE

MEMBER OF THE BOARD

14/10/1991

PRESIDENT

14/10/1991

MUSSMANN WILLI

MEMBER OF THE BOARD

14/10/1991

VICE CHAIRMAN

14/10/1991

NEW WEAR SOCIEDAD ANONIMA

SINGLE PARTNER

04/02/1999

ORTEGA GAONA JOSEFA

MEMBER OF THE BOARD

06/11/1995

PRESIDENT

06/11/1995

PEREZ MARCOTE OSCAR

MEMBER OF THE BOARD

08/09/2009

PRESIDENT

08/09/2009

PRESIDENT

11/05/2012

MEMBER OF THE BOARD

11/05/2012

POUILLO PIERRE

VICE CHAIRMAN

14/10/1991

POUILLOT PIERRE

MEMBER OF THE BOARD

14/10/1991

RAHOLA SALA JORGE

MEMBER OF THE BOARD

24/08/2010

MEMBER OF THE BOARD

17/08/2005

RODRIGUEZ CEBRIAN JUAN CARLOS

MEMBER OF THE BOARD

13/04/2005

RODRIGUEZ PEÑA ANTONIO JOSE

MEMBER OF THE BOARD

14/10/1991

CHIEF EXECUTIVE OFFICER

14/10/1991

VELA DELGADO ANTONIO ESTEBAN

MEMBER OF THE BOARD

09/04/1991

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

Number of Publications

Amount (_)

Start date

End date

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Request/Declaration

---

date

Proceedings

---

Resolution

---

Defaults on debt with Financial Institutions and Large Companies

Bank and Commercial Delinquency

None

Status: Friendly

---

Status: Pre-Litigation

---

Status: Litigation

---

Status: Non-performing

---

Status: insolvency proceedings, bankruptcy and suspension of payments

---

Other status

---

Legal and Administrative Proceedings

---

20/11/2014

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Details

Positive Factors

Adverse Factors

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

It is one of the major domestic companies in terms of sales volume.

Significant level of financial autonomy. The asset is financed mostly with equity and financing with maturity exceeding one year, providing a solid financial structure.

BERSHKA BSK ESPAÑA SA 's borrowing cost is appropriate according to its volume of external financing sources.

High operating income. It has the necessary high operating income for its main activity in comparison with its assets. This return is higher than that of the financial year [@BDR_ULTIMO_BAL_DISPONIBLE] , which means that the company's financial situation has improved.

Probability of default

> Estimated Probability of Default for the next 12 months: 0.155 %

> 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 99.00% of the companies of the sector BERSHKA BSK ESPAÑA SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.155%.

In the event they fail to comply with the payment, the seriousness of the loss will depend on factors such as the promptness of the commencement of the charging management, the existence of executive documents which match the credit or the existence of guarantees and free debt assets under the name of the debtor. Therefore, the probability of non-compliance should not be solely interpreted as the total loss of the owed amount.

Recommended commercial credit

Favourable until 31.480.000 € (Guideline value of outstanding commercial balance that axesor recommends be awarded to or maintained with the company queried)

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 SANTA CRUZ DE TENERIFE - Date 20/11/2014

Last Published Stage:

EXECUTION NOTIFICATION

Amount of the incidence:

0,00 E

Requested by:

ADMINISTRACION LOCAL

Published domicile:

(DESCONOCIDA)

Link List

PARTICIPATES IN:

18 Entities

SHAREHOLDERS:

1 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

INDUSTRIA DE DISEÑO TEXTIL SA

LA CORUÑA

100

PARTICIPATES IN

BERSHKA IRELAND, S.A.

100

BERSHKA ITALIA, S.L.

100

BERSHKA U.K., S.A.

100

BERSHKA MEXICO, SOCIEDAD ANONIMA, DE CV

BERSHKA CARPATI, SOCIEDAD LIMITADA, (RUMANIA)

100

BERSHKA OSTERREICH CLOTHING, SOCIEDAD ANONIMA, (AUSTRIA)

100

BERSHKA UKRAINE LLC (UCRANIA)

100

BERSHKA BULGARIA, SOCIEDAD ANONIMA, (BULGARIA)

100

BERSHKA BELGIQUE, S.A.

100

BERSHKA SUISSE SARL

100

BERSHKA BH DOO

100

BERSHKA CESKA REPUELICA SRO

100

BERSHKA DEUTSCHLAND BV & CO KG

100

BERSHKA GIYIM ITHALAT IHRACAL VE TIE, S.A.

100

BERSHKA MAGYAROSZAG KFT (HUNGRIA)

100

BERSHKA PORTUGAL CONF SOC UNIP LDA

100

BERSHKA SERBIA DOO BELGRADE

100

BERSHKA SLOVAKIA SRO (ESLOVAQUIA)

100

Turnover

Total Sales 2014

995.000.000

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2014

Normales

January 2015

2013

Normales

October 2014

2012

Normales

January 2013

2011

Normales

March 2012

2010

Normales

November 2011

2009

Normales

October 2010

2008

Normales

October 2009

2007

Normales

October 2008

2006

Normales

September 2007

2005

Normales

September 2006

2004

Normales

September 2005

2003

Normales

September 2004

2002

Normales

August 2003

2001

Normales

September 2002

2000

Normales

September 2001

1999

Normales

August 2000

1998

Normales

August 1999

1997

Normales

November 1997

1997

Normales

August 1998

1996

Normales

October 1996

1995

Normales

January 1996

1994

Normales

January 1996

1992

Normales

May 1993

1992

Normales

March 1994

1991

Normales

September 1992

1989

Normales

August 1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/01/2013

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

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

Assets

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

338.888.617,00

316.768.183,00

330.527.662,00

314.858.724,00

257.993.419,00

I. Intangible fixed assets : 11100

8.168.910,00

6.700.943,00

8.484.318,00

8.978.235,00

9.599.909,00

1. Development: 11110

0,00

2. Concessions: 11120

0,00

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

798.967,00

609.262,00

585.644,00

469.947,00

435.004,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

152.589,00

98.761,00

736,00

8.917,00

28.907,00

6. Investigation: 11160

0,00

7. Intellectual property: 11180

0,00

8. Greenhouse gas emission allowance: 11190

0,00

9. Other intangible fixed assets. : 11170

7.217.354,00

5.992.920,00

7.897.938,00

8.499.371,00

9.135.998,00

II. Tangible fixed assets : 11200

81.016.973,00

78.461.726,00

79.823.593,00

86.493.333,00

96.742.759,00

1. Land and buildings: 11210

25.326.683,00

23.217.727,00

20.552.651,00

19.048.533,00

17.827.535,00

2. Technical installations and other tangible fixed assets: 11220

55.457.092,00

54.592.043,00

58.229.108,00

67.075.168,00

76.729.491,00

3. Tangible asset in progress and advances: 11230

233.198,00

651.956,00

1.041.834,00

369.632,00

2.185.733,00

III. Real estate investment: 11300

978.378,00

0,00

1. Land: 11310

687.705,00

0,00

2. Buildings: 11320

290.673,00

0,00

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

234.411.565,00

221.275.356,00

232.737.258,00

210.739.874,00

145.316.808,00

1. Equity instruments: 11410

234.164.102,00

221.275.356,00

232.737.258,00

210.739.874,00

145.316.808,00

2. Credits to businesses: 11420

0,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

247.463,00

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

6.115.111,00

5.892.474,00

5.713.516,00

5.549.078,00

5.398.218,00

1. Equity instruments: 11510

0,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

4. Derivatives : 11540

0,00

5. Other financial assets : 11550

6.115.111,00

5.892.474,00

5.713.516,00

5.549.078,00

5.398.218,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

6.335.426,00

4.180.971,00

3.577.994,00

2.921.792,00

803.851,00

VII. Non-current trade debts : 11700

1.862.254,00

256.713,00

190.983,00

176.412,00

131.874,00

B) CURRENT ASSETS: 12000

183.617.411,00

172.864.745,00

212.426.618,00

193.881.179,00

252.913.177,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

87.630.979,00

64.483.537,00

61.638.082,00

45.399.410,00

71.234.172,00

1. Commercial: 12210

85.364.799,00

63.344.431,00

61.417.165,00

45.399.270,00

71.185.035,00

2. Primary material and other supplies: 12220

2.266.180,00

1.139.106,00

220.917,00

140,00

49.137,00

3. Work in progress: 12230

0,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

0,00

4. Finished goods: 12240

0,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

0,00

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

0,00

6. Advances to suppliers: 12260

0,00

III. Trade debtors and others receivable accounts: 12300

82.091.159,00

98.426.453,00

72.578.255,00

58.941.633,00

52.155.347,00

1. Trade debtors / accounts receivable: 12310

15.711.759,00

11.149.019,00

11.485.177,00

13.039.769,00

10.041.793,00

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

0,00

b) Customers for sales and provisions of services : 12312

15.711.759,00

11.149.019,00

11.485.177,00

13.039.769,00

10.041.793,00

2. Customers, Group companies and associates : 12320

37.385.149,00

36.259.238,00

23.908.484,00

26.262.341,00

22.521.451,00

3. Other accounts receivable: 12330

301.550,00

1.784.611,00

1.549.344,00

1.616.895,00

3.568.278,00

4. Personnel: 12340

13.805,00

8.102,00

19.455,00

20.961,00

16.270,00

5. Assets for deferred tax: 12350

0,00

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

28.678.896,00

49.225.483,00

35.615.795,00

18.001.667,00

16.007.555,00

7. Called up share capital: 12370

0,00

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

10.059.265,00

683.199,00

73.696.494,00

83.564.886,00

113.714.433,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

10.059.265,00

683.199,00

73.696.494,00

83.564.886,00

113.714.433,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

0,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

8.060,00

6.361.021,00

8.060,00

48.800,00

10.523.680,00

1. Equity instruments: 12510

0,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

0,00

6.352.961,00

0,00

5. Other financial assets : 12550

8.060,00

48.800,00

10.523.680,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

0,00

196.558,00

5.671,00

88.753,00

VII. Cash and other equivalent liquid assets : 12700

3.827.948,00

2.910.535,00

4.309.169,00

5.920.779,00

5.196.792,00

1. Treasury: 12710

3.827.948,00

2.910.535,00

4.309.169,00

5.920.779,00

5.196.792,00

2. Other equivalent liquid assets: 12720

0,00

TOTAL ASSETS (A + B) : 10000

522.506.028,00

489.632.928,00

542.954.280,00

508.739.903,00

510.906.596,00

Liabilities and Net Worth

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

219.728.884,00

230.652.522,00

283.390.440,00

269.826.372,00

251.389.897,00

A-1) Shareholders' equity: 21000

223.510.815,00

228.331.578,00

286.410.843,00

267.356.395,00

245.481.179,00

I. Capital: 21100

6.010.121,00

1. Registered capital : 21110

6.010.121,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

0,00

III. Reserves: 21300

120.864.612,00

151.943.877,00

152.996.738,00

241.329.213,00

221.918.447,00

1. Legal y estatutarias: 21310

1.202.024,00

2. Other reserves: 21320

119.662.588,00

150.741.853,00

151.794.714,00

240.127.189,00

220.716.423,00

3. Revaluation reserves: 21330

0,00

IV. (Common stock equity): 21400

0,00

V. Results from previous periods: 21500

0,00

1. Brought forward: 21510

0,00

2. (Negative results from previous periods): 21520

0,00

VI. Other shareholders' contributions: 21600

1.456.845,00

VII. Result of the period: 21700

95.179.237,00

68.920.735,00

125.947.139,00

128.560.216,00

106.095.766,00

VIII. (Interim dividend): 21800

0,00

-110.000.000,00

-90.000.000,00

IX. Other net worth instruments: 21900

0,00

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

-3.781.931,00

2.320.944,00

-3.020.403,00

2.469.977,00

5.908.718,00

I. Financial assets held for sale: 22100

0,00

II. Hedge operations: 22200

-3.781.931,00

2.320.944,00

-3.020.403,00

2.469.977,00

5.908.718,00

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

0,00

IV. Exchange rate difference: 22400

0,00

V. Other: 22500

0,00

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

0,00

B) NON-CURRENT LIABILITIES: 31000

49.963.407,00

50.841.579,00

54.046.989,00

51.244.078,00

52.447.296,00

I. Long-term provisions: 31100

568.481,00

1.102.002,00

1.201.622,00

264.307,00

324.307,00

1. Long-term employee benefits liability: 31110

0,00

2. Environmental actions: 31120

0,00

3. Restructuring provisions: 31130

0,00

4. Other provisions: 31140

568.481,00

1.102.002,00

1.201.622,00

264.307,00

324.307,00

II Long-term creditors: 31200

14.000,00

12.681,00

388.794,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

0,00

3. Creditors from financial leasing: 31230

0,00

4. Derivatives : 31240

0,00

5. Other financial liabilities : 31250

14.000,00

12.681,00

388.794,00

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

173,00

0,00

IV. Liabilities for deferred tax: 31400

16.569.211,00

11.589.340,00

11.138.542,00

7.248.133,00

5.764.441,00

V. Long-term accruals: 31500

32.811.542,00

38.137.556,00

41.694.144,00

43.718.957,00

45.969.754,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

252.813.737,00

208.138.827,00

205.516.851,00

187.669.453,00

207.069.403,00

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

0,00

II. Short-term provisions: 32200

0,00

1. Provisions from greenhouse gas emission allowance: 32210

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

10.251.639,00

1.720.074,00

1.374.302,00

1.355.835,00

4.482.695,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

9.896,00

6.023,00

9.084,00

6.006,00

159.728,00

3. Creditors from financial leasing: 32330

0,00

4. Derivatives : 32340

7.406.681,00

0,00

5. Other financial liabilities : 32350

2.835.062,00

1.714.051,00

1.365.218,00

1.349.829,00

4.322.967,00

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

25.680.913,00

44.959.775,00

33.798.974,00

39.917.728,00

30.951.761,00

V. Trade creditors and other accounts payable: 32500

215.203.058,00

161.458.978,00

170.343.575,00

146.395.890,00

171.634.947,00

1. Suppliers: 32510

82.509.043,00

71.119.600,00

75.551.412,00

60.242.050,00

84.554.101,00

a) Long-term debts : 32511

0,00

60.242.050,00

84.554.101,00

b) Short-term debts : 32512

82.509.043,00

71.119.600,00

75.551.412,00

0,00

2. Suppliers, Group companies and associates: 32520

101.538.390,00

62.260.706,00

61.728.014,00

58.827.312,00

62.305.761,00

3. Other creditors: 32530

11.246.003,00

13.437.124,00

16.753.478,00

12.318.181,00

8.958.859,00

4. Personnel (remuneration due): 32540

7.965.250,00

6.768.602,00

7.100.550,00

7.034.153,00

5.899.939,00

5. Liabilities for current tax: 32550

0,00

6. Other accounts payable to Public Administrations.: 32560

11.863.709,00

7.872.946,00

9.210.121,00

7.974.194,00

9.916.287,00

7. Advances from clients: 32570

80.663,00

0,00

VI. Short-term accruals: 32600

1.678.127,00

0,00

VII. Special short-term debts : 32700

0,00

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

522.506.028,00

489.632.928,00

542.954.280,00

508.739.903,00

510.906.596,00

Profit and Loss

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

972.224.141,00

952.208.667,00

907.526.920,00

878.448.025,00

791.414.585,00

a) Sales: 40110

972.224.141,00

919.271.109,00

872.533.917,00

860.942.512,00

777.390.627,00

b) Rendering of services: 40120

0,00

32.937.558,00

34.993.003,00

17.505.513,00

14.023.958,00

c) Income of financial nature of holding companies: 40130

0,00

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

0,00

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

0,00

4. Supplies : 40400

-624.658.748,00

-578.733.620,00

-517.423.512,00

-498.598.813,00

-454.501.047,00

a) Stock consumption: 40410

-608.287.219,00

-552.904.450,00

-491.900.899,00

-476.694.586,00

-432.584.955,00

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

-15.437.327,00

-22.225.619,00

-22.619.646,00

-20.330.434,00

-20.513.944,00

c) Works carried out by other companies: 40430

-934.202,00

-3.603.551,00

-2.902.967,00

-1.573.793,00

-1.402.148,00

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

0,00

5. Other operating income: 40500

8.176.645,00

8.074.441,00

7.394.267,00

9.784.904,00

9.180.902,00

a) Auxiliary income and other from current management: 40510

7.962.004,00

7.861.724,00

7.226.344,00

9.616.071,00

9.003.008,00

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

214.641,00

212.717,00

167.923,00

168.833,00

177.894,00

6. Personnel costs: 40600

-79.830.088,00

-84.999.323,00

-84.198.304,00

-82.742.854,00

-78.642.175,00

a) Wages, salaries et al.: 40610

-61.186.427,00

-65.475.654,00

-65.250.858,00

-63.806.038,00

-60.762.587,00

b) Social security costs: 40620

-18.643.661,00

-19.523.669,00

-18.947.446,00

-18.936.816,00

-17.879.588,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-166.202.560,00

-152.640.046,00

-147.020.652,00

-123.660.116,00

-107.963.999,00

a) External services: 40710

-164.282.447,00

-150.388.791,00

-145.136.149,00

-121.628.082,00

-106.489.110,00

b) Taxes: 40720

-1.562.669,00

-1.494.058,00

-1.222.853,00

-1.184.436,00

-1.199.552,00

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

0,00

83.802,00

-43.823,00

0,00

d) Other current management expenditure : 40740

-357.444,00

-757.197,00

-745.452,00

-803.775,00

-275.337,00

e) Expenses due to greenhouse gas emissions: 40750

0,00

8. Amortisation of fixed assets: 40800

-18.442.819,00

-18.484.464,00

-18.567.324,00

-19.356.636,00

-17.740.021,00

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

0,00

10. Excess provisions : 41000

4.500,00

595.500,00

254.417,00

71.003,00

169.393,00

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

-7.798.335,00

-7.271.581,00

-2.909.514,00

-983.175,00

224.766,00

a) Impairment and losses : 41110

-3.902.903,00

-4.902.121,00

-2.021.581,00

0,00

425.790,00

b) Results for transfers and other : 41120

-3.895.432,00

-2.369.460,00

-887.933,00

-983.175,00

-201.024,00

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

0,00

12. Negative difference in combined businesses: 41200

0,00

13. Other results : 41300

-424.747,00

-441.438,00

-217.677,00

1.486,00

-16.738,00

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

83.047.989,00

118.308.136,00

144.838.621,00

162.963.824,00

142.125.666,00

14. Financial income : 41400

27.458.749,00

681.049,00

258.465,00

781.153,00

6.237.181,00

a) Of shares in equity instruments : 41410

27.273.271,00

0,00

a 1) In Group companies and associates: 41411

27.273.271,00

0,00

a 2) In third parties: 41412

0,00

b) From negotiable securities and other financial instruments : 41420

185.478,00

681.049,00

258.465,00

781.153,00

6.237.181,00

b 1) From Group companies and associates : 41421

176.182,00

666.165,00

249.198,00

768.356,00

6.143.177,00

b 2) From third parties : 41422

9.296,00

14.884,00

9.267,00

12.797,00

94.004,00

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

0,00

15. Financial expenditure: 41500

-37.809,00

-1.447.325,00

-14.825,00

-23.482,00

-51.523,00

a) Amounts owed to Group companies and associates : 41510

-33.105,00

0,00

-778,00

0,00

b) For debts with third parties : 41520

-4.704,00

-1.447.325,00

-14.825,00

-22.704,00

-51.523,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

a) Trading book and other : 41610

0,00

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

0,00

17. Exchange rate differences : 41700

1.592.302,00

973.854,00

2.009.992,00

3.145.179,00

138.271,00

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

13.386.502,00

-15.938.046,00

17.997.285,00

3.562.901,00

-7.591.806,00

a) Impairment and losses : 41810

13.386.502,00

-15.938.046,00

17.997.285,00

3.562.901,00

-7.591.806,00

b) Results for transfers and other : 41820

0,00

19. Other financial income and expenditure: 42100

0,00

a) Incorporation of financial expenditure to assets: 42110

0,00

b) Financial income from arrangement with creditors: 42120

0,00

c) Other income and expenditure: 42130

0,00

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

42.399.744,00

-15.730.468,00

20.250.917,00

7.465.751,00

-1.267.877,00

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

125.447.733,00

102.577.668,00

165.089.538,00

170.429.575,00

140.857.789,00

20. Income taxes: 41900

-30.268.496,00

-33.656.933,00

-39.142.399,00

-41.869.359,00

-34.762.023,00

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

95.179.237,00

68.920.735,00

125.947.139,00

128.560.216,00

106.095.766,00

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

0,00

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

95.179.237,00

68.920.735,00

125.947.139,00

128.560.216,00

106.095.766,00

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

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

EQUIVALENCIA

ASSETS

2013

2012

2011

2010

2009

A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:

0,00

B) FIXED ASSETS:

332.553.191,00

312.587.212,00

326.949.668,00

311.936.932,00

257.189.568,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

8.168.910,00

6.700.943,00

8.484.318,00

8.978.235,00

9.599.909,00

1. Research and development costs:

0,00

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

798.967,00

609.262,00

585.644,00

469.947,00

435.004,00

3. Goodwill:

0,00

4. Key money paid for premises:

7.207.436,00

5.984.685,00

7.887.085,00

8.487.692,00

9.123.444,00

5. Software:

152.589,00

98.761,00

736,00

8.917,00

28.907,00

6. Assets under capital leases:

0,00

7. Payments on account:

9.918,00

8.235,00

10.853,00

11.679,00

12.554,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

81.995.351,00

78.461.726,00

79.823.593,00

86.493.333,00

96.742.759,00

1. Land and construction:

26.305.061,00

23.217.727,00

20.552.651,00

19.048.533,00

17.827.535,00

2. Technical installations and machinery:

43.837.816,00

43.154.011,00

46.029.044,00

53.021.692,00

60.653.258,00

3. Other installations, tools and furniture:

9.658.533,00

9.507.874,00

10.141.313,00

11.681.963,00

13.363.382,00

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

233.198,00

651.956,00

1.041.834,00

369.632,00

2.185.733,00

5. Other tangible assets:

1.960.743,00

1.930.158,00

2.058.751,00

2.371.512,00

2.712.851,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

240.526.676,00

227.167.830,00

238.450.774,00

216.288.952,00

150.715.026,00

1. Equity investments in group companies:

234.164.102,00

221.275.356,00

232.737.258,00

210.739.874,00

145.316.808,00

2. Receivables from group companies:

0,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

0,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

6.362.574,00

5.892.474,00

5.713.516,00

5.549.078,00

5.398.218,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

1.862.254,00

256.713,00

190.983,00

176.412,00

131.874,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

189.952.837,00

170.692.755,00

216.004.612,00

196.802.971,00

253.717.028,00

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

0,00

II. Stocks:

87.630.979,00

64.483.537,00

61.638.082,00

45.399.410,00

71.234.172,00

1. Goods for resale:

85.364.799,00

63.344.431,00

61.417.165,00

45.399.270,00

71.185.035,00

2. Raw materials and other consumables:

2.266.180,00

1.139.106,00

220.917,00

140,00

49.137,00

3. Goods in process and semifinished ones:

0,00

4. Finished products:

0,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

88.426.585,00

102.607.424,00

76.156.249,00

61.863.425,00

52.959.198,00

1. Trade debtors / accounts receivable:

15.711.759,00

11.149.019,00

11.485.177,00

13.039.769,00

10.041.793,00

2. Accounts receivable, Group companies:

37.385.149,00

36.259.238,00

23.908.484,00

26.262.341,00

22.521.451,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

301.550,00

1.784.611,00

1.549.344,00

1.616.895,00

3.568.278,00

5. Staff:

13.805,00

8.102,00

19.455,00

20.961,00

16.270,00

6. Public bodies:

35.014.322,00

53.406.454,00

39.193.789,00

20.923.459,00

16.811.406,00

7. Provisions:

0,00

IV. Short-term investments:

10.067.325,00

691.259,00

73.704.554,00

83.613.686,00

124.238.113,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

10.059.265,00

683.199,00

73.696.494,00

83.564.886,00

113.714.433,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

0,00

6. Other receivables:

0,00

7. Shor term guarantees and deposits:

8.060,00

48.800,00

10.523.680,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

3.827.948,00

2.910.535,00

4.309.169,00

5.920.779,00

5.196.792,00

VII. Prepayments and accrued income:

0,00

196.558,00

5.671,00

88.753,00

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

522.506.028,00

483.279.967,00

542.954.280,00

508.739.903,00

510.906.596,00

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

227.135.565,00

224.299.561,00

283.390.440,00

269.826.372,00

251.389.897,00

I. Subscribed capital:

6.010.121,00

II. Share premium:

0,00

III. Revaluation reserves:

0,00

IV. Reserves:

124.489.362,00

147.911.860,00

149.976.335,00

243.799.190,00

227.827.165,00

1. Legal reserve:

1.202.024,00

2. Reserves for own shares:

0,00

3. Reserves for shares of the controlling company:

0,00

4. Statutory reserves:

0,00

5. Miscellaneous reserves:

123.287.338,00

146.709.836,00

148.774.311,00

242.597.166,00

226.625.141,00

Differences due to capital adjustement to euros:

0,00

V. Profit or loss brought forward:

1.456.845,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

1.456.845,00

VI. Profit or loss for the financial year:

95.179.237,00

68.920.735,00

125.947.139,00

128.560.216,00

106.095.766,00

VII. Interim dividend paid:

0,00

-110.000.000,00

-90.000.000,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

0,00

1. Capital grants:

0,00

2. Unrealised exchange gains:

0,00

3. Other deferred income:

0,00

4. Public revenues to distribute in several financial years:

0,00

C) PROVISIONS FOR LIABILITIES AND CHARGES:

568.481,00

1.102.002,00

1.201.622,00

264.307,00

324.307,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

568.481,00

1.102.002,00

1.201.622,00

264.307,00

324.307,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

16.583.384,00

11.602.021,00

11.151.223,00

7.260.814,00

6.153.235,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

II. Amounts owed to credit institutions:

0,00

1. Loans and other liabilities:

0,00

2. Long-term liabilities from capital leases:

0,00

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

173,00

0,00

1. Amounts owed to group companies:

173,00

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

16.583.211,00

11.602.021,00

11.151.223,00

7.260.814,00

6.153.235,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

0,00

3. Long term guarantees and deposits received:

14.000,00

12.681,00

388.794,00

4. Long term payables to public bodies:

16.569.211,00

11.589.340,00

11.138.542,00

7.248.133,00

5.764.441,00

V. Unpaid portion of equity investment:

0,00

1. Group companies:

0,00

2. Associated companies:

0,00

3. Third parties:

0,00

VI. Long term trade creditors:

0,00

E) SHORT TERM CREDITORS:

278.218.598,00

246.276.383,00

247.210.995,00

231.388.410,00

253.039.157,00

I. Issued debentures and other marketable securities:

0,00

1. Non-convertible debentures:

0,00

2. Convertible debentures:

0,00

3. Other debt securities:

0,00

4. Accrued interest on debentures and other debt securities:

0,00

II. Amounts owed to credit institutions:

9.896,00

6.023,00

9.084,00

6.006,00

159.728,00

1. Loans and other liabilities:

9.896,00

6.023,00

9.084,00

6.006,00

159.728,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

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

127.219.303,00

107.220.481,00

95.526.988,00

98.745.040,00

93.257.522,00

1. Amounts owed to group companies:

127.219.303,00

107.220.481,00

95.526.988,00

98.745.040,00

93.257.522,00

2. Amounts owed to associated companies:

0,00

IV. Trade creditors:

93.835.709,00

84.556.724,00

92.304.890,00

72.560.231,00

93.512.960,00

1. Advanced payments from customers:

80.663,00

0,00

2. Amounts owed for purchases of goods or services:

93.755.046,00

84.556.724,00

92.304.890,00

72.560.231,00

93.512.960,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

22.664.021,00

16.355.599,00

17.675.889,00

16.358.176,00

20.139.193,00

1. Public bodies:

11.863.709,00

7.872.946,00

9.210.121,00

7.974.194,00

9.916.287,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

2.835.062,00

1.714.051,00

1.365.218,00

1.349.829,00

4.322.967,00

4. Wages and salaries payable:

7.965.250,00

6.768.602,00

7.100.550,00

7.034.153,00

5.899.939,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

34.489.669,00

38.137.556,00

41.694.144,00

43.718.957,00

45.969.754,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

0,00

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

522.506.028,00

483.279.967,00

542.954.280,00

508.739.903,00

510.906.596,00

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

914.277.100,00

893.612.776,00

791.496.922,00

763.671.534,00

701.044.566,00

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

0,00

A.2. Supplies:

624.658.748,00

578.733.620,00

517.423.512,00

498.598.813,00

454.501.047,00

a) Stock consumption:

608.287.219,00

552.904.450,00

491.900.899,00

476.694.586,00

432.584.955,00

b) Consumption of raw materials and miscellaneous consumable ones:

15.437.327,00

22.225.619,00

22.619.646,00

20.330.434,00

20.513.944,00

c) Miscellaneous external expenditure:

934.202,00

3.603.551,00

2.902.967,00

1.573.793,00

1.402.148,00

A.3. Staff costs:

79.830.088,00

84.999.323,00

84.198.304,00

82.742.854,00

78.642.175,00

a) Wages, salaries et al.:

61.186.427,00

65.475.654,00

65.250.858,00

63.806.038,00

60.762.587,00

b) Social security costs:

18.643.661,00

19.523.669,00

18.947.446,00

18.936.816,00

17.879.588,00

A.4. Depreciation expense:

18.442.819,00

18.484.464,00

18.567.324,00

19.356.636,00

17.740.021,00

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

0,00

-83.802,00

43.823,00

0,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

0,00

c) Variation of other trade provisions:

0,00

-83.802,00

43.823,00

0,00

A.6. Other operating charges:

166.202.560,00

152.640.046,00

147.104.454,00

123.616.293,00

107.963.999,00

a) External services:

164.282.447,00

150.388.791,00

145.136.149,00

121.628.082,00

106.489.110,00

b) Taxes:

1.562.669,00

1.494.058,00

1.222.853,00

1.184.436,00

1.199.552,00

c) Other operating expenses:

357.444,00

757.197,00

745.452,00

803.775,00

275.337,00

d) Allocation to revision fund:

0,00

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

91.271.071,00

126.021.155,00

147.965.812,00

163.945.513,00

141.917.638,00

A.7. Financial and similar charges:

37.809,00

1.447.325,00

14.825,00

23.482,00

51.523,00

a) Due to liabilities with companies of the group:

33.105,00

0,00

778,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

4.704,00

1.447.325,00

14.825,00

22.704,00

51.523,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

0,00

A.9. Exchange losses:

0,00

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

29.013.242,00

207.578,00

2.253.632,00

3.902.850,00

6.323.929,00

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

120.284.313,00

126.228.733,00

150.219.444,00

167.848.363,00

148.241.567,00

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

-9.483.599,00

20.840.167,00

-15.975.704,00

-3.562.901,00

7.166.016,00

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

3.895.432,00

2.369.460,00

887.933,00

983.175,00

201.024,00

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

0,00

A.13. Extraordinary expenses:

424.747,00

441.438,00

217.677,00

0,00

16.738,00

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

0,00

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

5.163.420,00

0,00

14.870.094,00

2.581.212,00

0,00

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

125.447.733,00

102.577.668,00

165.089.538,00

170.429.575,00

140.857.789,00

A.15. Corporation tax:

30.268.496,00

33.656.933,00

39.142.399,00

41.869.359,00

34.762.023,00

A.16. Miscellaneous taxes:

0,00

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

95.179.237,00

68.920.735,00

125.947.139,00

128.560.216,00

106.095.766,00

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

1.009.456.337,00

962.533.511,00

917.444.061,00

892.231.750,00

807.140.332,00

B.1. Net total sales:

972.224.141,00

952.208.667,00

907.526.920,00

878.448.025,00

791.414.585,00

a) Sales:

986.855.659,00

933.105.709,00

885.665.144,00

873.899.294,00

789.089.992,00

b) Rendering of services:

0,00

32.937.558,00

34.993.003,00

17.505.513,00

14.023.958,00

Returns and Rappel on sales:

-14.631.518,00

-13.834.600,00

-13.131.227,00

-12.956.782,00

-11.699.365,00

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

0,00

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

0,00

B.4. Miscellaneous operating income:

8.181.145,00

8.669.941,00

7.648.684,00

9.855.907,00

9.350.295,00

a) Auxiliary income and other from current management:

7.962.004,00

7.861.724,00

7.226.344,00

9.616.071,00

9.003.008,00

b) Grants:

214.641,00

212.717,00

167.923,00

168.833,00

177.894,00

c) Liabilities and charges provisions surplus:

4.500,00

595.500,00

254.417,00

71.003,00

169.393,00

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

0,00

B.5. Income from equity investment:

27.273.271,00

0,00

a) In companies of the group:

27.273.271,00

0,00

b) In associated companies:

0,00

c) Third parties:

0,00

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

5.877,00

9.410,00

5.859,00

8.090,00

59.430,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

5.877,00

9.410,00

5.859,00

8.090,00

59.430,00

B.7. Miscellaneous interests or similar income:

179.601,00

671.639,00

252.606,00

773.063,00

6.177.751,00

a) From companies of the group:

176.182,00

666.165,00

249.198,00

768.356,00

6.143.177,00

b) From associated companies:

0,00

c) Miscellaneous interests:

3.419,00

5.474,00

3.408,00

4.707,00

34.574,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

1.592.302,00

973.854,00

2.009.992,00

3.145.179,00

138.271,00

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

0,00

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

0,00

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

0,00

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

0,00

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

0,00

B.12. Extraordinary income:

0,00

1.486,00

0,00

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

0,00

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

0,00

23.651.065,00

0,00

7.383.778,00

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

0,00

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

0,00

CASHFLOW STATEMENT

Model: Normal

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

2013

2012

2011

2010

2009

1. Fiscal year result before taxes.: 61100

125.447.733,00

102.577.668,00

165.089.538,00

170.429.575,00

140.857.789,00

2. Results adjustments.: 61200

-21.092.166,00

40.247.665,00

-2.836.721,00

15.672.386,00

14.788.323,00

a) Fixed Assets Amortization (+).: 61201

18.442.819,00

18.484.464,00

18.567.324,00

19.356.636,00

17.740.021,00

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

-9.483.599,00

20.834.786,00

2.021.581,00

-3.562.901,00

7.166.016,00

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

428.087,00

-118.055,00

-17.068.527,00

43.823,00

68.307,00

e) Results on disposal of fixed assets (+/-). : 61205

3.895.432,00

2.369.456,00

887.932,00

983.175,00

201.024,00

g) Financial income (-).: 61207

-185.478,00

-681.049,00

-258.465,00

-781.153,00

-6.237.181,00

h) Financial Expenses (+). : 61208

4.704,00

1.447.325,00

14.825,00

23.482,00

51.523,00

i) Exchange differences (+/-). : 61209

-479.117,00

1.590.765,00

-3.336.121,00

-1.098.290,00

-724.884,00

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

0,00

4.034.160,00

0,00

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

-33.715.014,00

-3.680.027,00

-3.665.270,00

-3.326.546,00

-3.476.503,00

3. Changes in current capital equity.: 61300

52.619.672,00

-35.839.382,00

-9.045.245,00

-878.473,00

10.649.144,00

a) Stock (+/-).: 61301

-23.147.442,00

-2.845.455,00

-16.238.672,00

25.834.762,00

-15.270.861,00

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

15.877.906,00

-25.459.948,00

-13.947.595,00

-2.909.035,00

-4.493.081,00

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

3.037.327,00

0,00

40.740,00

75.022,00

-49.088,00

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

54.733.884,00

-7.887.972,00

19.681.201,00

-24.170.051,00

24.664.506,00

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

2.607.809,00

284.064,00

148.520,00

0,00

30.043,00

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

-489.812,00

69.929,00

1.270.561,00

290.829,00

5.767.625,00

4. Other cash flows for operating activities.: 61400

3.158.118,00

-46.360.029,00

-39.702.304,00

-24.818.491,00

-29.968.693,00

a) Interest payments (-). : 61401

-4.704,00

-1.423.510,00

-6.270,00

-22.704,00

-51.523,00

b) Dividend payment collection (+). : 61402

27.273.271,00

0,00

6.155.974,00

3.504.253,00

c) Interest collection (+). : 61403

9.296,00

14.884,00

9.267,00

0,00

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

-24.119.745,00

-44.951.403,00

-39.705.301,00

-30.951.761,00

-33.421.423,00

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

160.133.357,00

60.625.922,00

113.505.268,00

160.404.997,00

136.326.563,00

6. Payments for investment (-).: 62100

-39.805.217,00

-28.469.733,00

-18.236.768,00

-74.363.298,00

-70.876.817,00

a) Companies of the group and affiliates. : 62101

-9.216.703,00

-4.222.732,00

-4.000.098,00

-61.860.165,00

-43.172.787,00

b) Intangible fixed assets. : 62102

-2.945.789,00

-603.504,00

-304.690,00

-383.295,00

-1.838.599,00

c) Fixed assets. : 62103

-27.181.510,00

-23.643.497,00

-13.931.980,00

-12.119.838,00

-25.865.431,00

d) Real estate investment. : 62104

-7.934,00

0,00

e) Other financial assets. : 62105

-453.281,00

0,00

7. Divestment payment collection (+). : 62200

562.756,00

73.679.460,00

10.116.812,00

24.836.010,00

12.053.513,00

a) Companies of the group and affiliates. : 62201

497.756,00

73.679.460,00

10.116.812,00

24.774.726,00

10.894.835,00

b) Intangible fixed assets. : 62202

65.000,00

0,00

248.439,00

c) Fixed assets. : 62203

0,00

61.284,00

910.239,00

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

-39.242.461,00

45.209.727,00

-8.119.956,00

-49.527.288,00

-58.823.304,00

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

0,00

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

-19.973.482,00

19.765.716,00

3.078,00

-153.722,00

-368.306,00

a) Issuance : 63201

17.873,00

19.768.777,00

3.078,00

0,00

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

3.873,00

0,00

3.078,00

0,00

3. Debts incurred with companies of the group and affiliates (+).: 63204

0,00

19.768.777,00

0,00

5. Other debts (+). : 63206

14.000,00

0,00

b) Repayment and amortization of : 63207

-19.991.355,00

-3.061,00

0,00

-153.722,00

-368.306,00

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

0,00

-3.061,00

0,00

-153.722,00

-368.306,00

3. Debts incurred with companies of the group and affiliates (-). : 63210

-19.991.355,00

0,00

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

-100.000.000,00

-127.000.000,00

-107.000.000,00

-110.000.000,00

-90.000.000,00

a) Dividends (-).: 63301

-100.000.000,00

-127.000.000,00

-107.000.000,00

-110.000.000,00

-90.000.000,00

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

-119.973.482,00

-107.234.284,00

-106.996.922,00

-110.153.722,00

-90.368.306,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

0,00

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

917.414,00

-1.398.635,00

-1.611.610,00

723.987,00

-12.865.047,00

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

2.910.534,00

4.309.169,00

5.920.779,00

5.196.792,00

18.061.839,00

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

3.827.948,00

2.910.534,00

4.309.169,00

5.920.779,00

5.196.792,00

FINANCIAL DIAGNOSIS

> Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Cash Flow over Sales:

0,00 %

0,02 %

0,00 %

0,01 %

156,17 %

EBITDA over Sales:

11,28 %

10,04 %

15,11 %

9,23 %

-25,33 %

8,80 %

Cash Flow Yield:

0,00 %

0,01 %

0,00 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

30,91 %

6,28 %

46,54 %

5,22 %

-33,58 %

20,18 %

Total economic profitability:

24,02 %

3,48 %

21,25 %

2,49 %

13,04 %

39,67 %

Financial profitability:

42,58 %

3,99 %

30,18 %

1,32 %

41,08 %

202,43 %

Margin:

8,51 %

5,79 %

12,37 %

4,85 %

-31,15 %

19,44 %

Mark-up:

12,84 %

3,74 %

10,73 %

1,59 %

19,68 %

135,82 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,01

0,14

0,01

0,12

13,40

18,77

Acid Test:

0,34

0,85

0,44

0,85

-23,64

-0,19

Working Capital / Investment:

-0,13

0,02

-0,07

0,03

-83,83

-13,54

Solvency:

0,67

1,17

0,72

1,17

-7,49

-0,21

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

1,35

1,45

1,12

1,63

19,99

-11,34

Borrowing Composition:

0,06

1,00

0,05

1,02

23,24

-1,98

Repayment Ability:

329,41

66,29

-184,38

184,45

278,66

-64,06

Warranty:

1,73

1,70

1,90

1,62

-8,94

5,03

Generated resources / Total creditors:

0,33

0,08

0,40

0,07

-17,23

19,65

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

2,37

1,80

2,69

1,73

-11,84

4,53

Turnover of Collection Rights :

11,94

5,06

9,76

4,79

22,41

5,53

Turnover of Payment Entitlements:

3,67

3,68

4,53

3,52

-18,87

4,63

Stock rotation:

10,15

7,42

12,95

6,52

-21,63

13,80

Assets turnover:

3,63

1,08

3,76

1,08

-3,53

0,62

Borrowing Cost:

0,01

2,85

0,56

2,95

-97,77

-3,43

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

Cash Flow

2013

2012

2011

2010

2009

Cash Flow over Sales:

0,00 %

EBITDA over Sales:

11,28 %

15,11 %

18,32 %

20,86 %

20,15 %

Cash Flow Yield:

0,00 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

30,91 %

46,54 %

62,90 %

78,10 %

60,28 %

Total economic profitability:

24,02 %

21,25 %

30,41 %

33,50 %

27,58 %

Financial profitability:

42,58 %

30,18 %

43,97 %

48,09 %

43,22 %

Margin:

8,51 %

12,37 %

15,85 %

18,35 %

17,75 %

Mark-up:

12,84 %

10,73 %

18,07 %

19,19 %

17,60 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,01

0,02

0,03

0,02

Acid Test:

0,34

0,44

0,61

0,64

0,72

Working Capital / Investment:

-0,13

-0,07

0,01

0,09

Solvency:

0,67

0,72

0,87

0,85

1,00

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

1,35

1,12

0,90

0,89

1,05

Borrowing Composition:

0,06

0,05

0,03

0,02

Repayment Ability:

329,41

-184,38

-160,31

329,63

106,73

Warranty:

1,73

1,90

2,10

2,13

1,97

Generated resources / Total creditors:

0,33

0,40

0,49

0,60

0,51

Efficiency

2013

2012

2011

2010

2009

Productivity:

2,37

2,69

2,97

3,21

3,03

Turnover of Collection Rights :

11,94

9,76

12,61

15,07

15,35

Turnover of Payment Entitlements:

3,67

4,53

3,90

4,25

3,28

Stock rotation:

10,15

12,95

12,45

15,96

9,25

Assets turnover:

3,63

3,76

3,97

4,26

3,39

Borrowing Cost:

0,01

0,56

0,01

0,02

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

News

elEconomista.es

07/10/2014

Inditex potencia su presencia en México: abre las tiendas 'online' de Zara Home y Berskha

Companies related

INDUSTRIA DE DISEÑO TEXTIL SA

ZARA HOME ESPAÑA SA

MurciaEconomía.com

25/04/2014

Inditex se estrena en Albania con cinco tiendas

Companies related

PULL & BEAR ESPAÑA SA

INDUSTRIA DE DISEÑO TEXTIL SA

GRUPO MASSIMO DUTTI SA

ZARA ESPAÑA SA

STRADIVARIUS ESPAÑA SA

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Research Summary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.00

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	DPT

RATING EXPLANATIONS

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

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

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

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

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

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

MIRA INFORM REPORT

EXECUTIVE SUMMARY

Identification

Activity

Chronological Summary

Breakdown of Owners' Equity

Updated Evolution of the Subscribed and Paid-in Capital

Active Social Bodies

Historical Social Bodies

Defaults, Legal Claims and Insolvency Proceedings

Probability of default

Recommended commercial credit

LEGAL CLAIMS

Link List

Turnover

Financial Accounts and Balance Sheets

Assets

Liabilities and Net Worth

Profit and Loss

CASHFLOW STATEMENT

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

News

Public Tenders and Works Won

Research Summary

Unit