MIRA INFORM REPORT

Report No. :	303071
Report Date :	20.01.2015

IDENTIFICATION DETAILS

Name :	PEPE JEANS SL
Registered Office :	Crta. Laurea Miro, 403 -405. - Sant Feliu De Llobregat - 08980 - Barcelona
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	05.05.1998
Legal Form :	Private Company
Line of Business :	Wholesale of Textiles.
No. of Employee :	787 [2013]

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	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	A2	A2

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:	PEPE JEANS SL
NIF / Fiscal code:	B61663555
Trade Name	PEPE JEANS
Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Incorporation Date:	05/05/1998
Register Data	Register Section 8 Sheet 178404
Last Publication in BORME:	13/10/2014 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	517.461,20
Localization:	Crta. Laurea Miro, 403 -405. - Sant Feliu De Llobregat - 08980 - Barcelona
Telephone - Fax - Email - Website:	Ph.:. 936 327 500 Email. store@pepejeans.es Website. www.pepejeans.com
Number of Branches	1
Activity:
NACE:	4641 - Wholesale of textiles
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	4 for a total cost of 316104
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)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners

CARLOS ORTEGA CEDRON Y ALMUDENA OLAZABAL ARACO	22.18 %
DEYA CAPITAL II SCR DE REGIMEN COMUN SA	1.86 %
DEYA CAPITAL III FCR DE REGIMEN COMUN	2.18 %
PEPE JEANS EQUIPO GESTOR GRUPO	5.92 %
EQUIPO GESTOR TORREAL SCR, S.A.	0.61 %
DEYA CAPITAL S.C.R. DE REGIMEN SIMPLIFICADO SA	12.13 %
GRUPO TORREAL	29.97 %
JAVIER RAVENTOS	3.13 %
PEPE EUROPEAN HOLDINGS BV	10.69 %
SLPP, S.A.	11.33 %
Shares:	1
Other Links:	13
No. of Active Corporate Bodies:

Ratios	2013	2012	Change
Nº of employees:	787

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES

Identification
Social Denomination:	PEPE JEANS SL
Trade Name:	PEPE JEANS
NIF / Fiscal code:	B61663555
Corporate Status:	ACTIVE WITH PARTIAL DIVISION OF CAPITAL
Start of activity:	1998
Registered Office:	CRTA. LAUREA MIRO, 403 -405.
Locality:	SANT FELIU DE LLOBREGAT
Province:	BARCELONA
Postal Code:	08980
Telephone:	936 327 500
Fax:	936 327 525
Website:	www.pepejeans.com
Email:	store@pepejeans.es
Interviewed Person:	This information was obtained through indirect sources, the refusal by the responsible members of society to provide any collaboration for the preparation of this paper.

Branch Offices

Address	Postal Code	City	Province
Alfonso XII, 30	28014	MADRID	MADRID

Activity
NACE:	4641
Additional Information:	The company is engaged in the manufacturing and sale of women and men clothing and shoes.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	787

Chronological Summary
	Year	Act
	1998	Appointments/ Re-elections (2) Company Formation (1) Errata (2) Increase of Capital (1) Statutory Modifications (1)
	1999	Accounts deposit (ejer. 1999) Appointments/ Re-elections (2) Change of Social Denomination (3) Take-over Merger (5)
	2000	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	2001	Accounts deposit (ejer. 2000) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1) Change of Social address (1) Increase of Capital (1)
	2002	Accounts deposit (ejer. 2001, 2002) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2003	Accounts deposit (ejer. 2002 consolidated) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2004	Accounts deposit (ejer. 2003 consolidated, 2004 consolidated, 2003, 2004) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (1) Statutory Modifications (1)
	2005	Accounts deposit (ejer. 2005 consolidated, 2005) Appointments/ Re-elections (3) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Increase of Capital (1) Statutory Modifications (2)
	2006	Other Concepts/ Events (1)
	2007	Accounts deposit (ejer. 2006 consolidated, 2006) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2008	Accounts deposit (ejer. 2007 consolidated, 2008 consolidated, 2007, 2008) Appointments/ Re-elections (6) Cessations/ Resignations/ Reversals (1)
	2009	Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (3) Errata (1) Partial split (2)
	2010	Accounts deposit (ejer. 2009 consolidated, 2009) Appointments/ Re-elections (4) Capital Reduction (1) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1) Partial split (1) Statutory Modifications (1)
	2011	Accounts deposit (ejer. 2010 consolidated, 2010) Statutory Modifications (1)
	2012	Accounts deposit (ejer. 2011 consolidated, 2011) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (1)
	2013	Accounts deposit (ejer. 2012 consolidated, 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
	2014	Accounts deposit (ejer. 2013 consolidated, 2013) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Increase of Capital (2) Statutory Modifications (1)
	2015	Accounts deposit (ejer. 2014 consolidated, 2014)

Breakdown of Owners' Equity
Registered Capital:	517.461,20
Paid up capital:	517.461,20

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
26/06/1998	Company Formation	480.810	480.810	480.810	480.810
26/06/1998	Increase of Capital	120.202	120.202	601.012	601.012
22/11/2001	Increase of Capital	8.990	8.990	610.000	610.000
04/02/2003	Increase of Capital	152.500	152.500	762.500	762.500
12/07/2005	Increase of Capital	1.015	1.015	763.515	763.515
12/07/2005	Capital Reduction	-256.964	-256.964	506.551	506.551
13/09/2010	Capital Reduction	-1.015	-1.015	505.536	505.536
20/11/2012	Increase of Capital	6.189	6.189	511.726	511.726
26/02/2014	Increase of Capital	513	513	512.238	512.238
09/09/2014	Increase of Capital	5.223	5.223	517.461	517.461

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	DIAZ RATO REVUELTA JOSE	16/11/2007	3
PRESIDENT OF THE EXECUTIVE COMM.	ORTEGA CEDRON CARLOS VICENTE	14/08/2012	8
MEMBER OF THE BOARD	MARK LINDSAY REED	06/06/2014	1
	PHILIPPE MARIE FRANCHET	10/07/2012	1
	JOEL JAY HOROWITZ	12/11/2010	1
	ARTA CAPITAL SGECR SA	18/10/2010	1
	SLPP SA	18/10/2010	1
	DIAZ RATO REVUELTA JOSE	09/04/2010	3
	ABELLO GAMAZO JUAN CLAUDIO	25/11/2009	1
	PRA MARTOS ENRIQUE	25/11/2009	1
COMBINED PROXY	RAVENTOS NEGRA JAVIER	10/06/2013	12
JOINT ATTORNEY	CAMPS ALFARO XAVIER	27/11/2013	1
	RAVENTOS NEGRA JAVIER	10/06/2013	12
JOINT ATTORNEY/COMBINED PROXY	SOUCHEIRON MARCET ALBERTO	08/04/2014	1
PROXY	SENDINO VILLARREAL CRISTINA	12/04/2013	2
	FIGAR DE LA CALLE JAVIER	12/04/2013	1
	BART JULIEN GASPARD DENOLF	12/04/2013	1
	SOTOMAYOR FIGUERUELO JUAN JOSE	12/04/2013	1
	CARLO GALLO	03/07/2009	1
	ALEXIA MAURELLI	03/07/2009	1
	LINARES GOMEZ MARIA TERESA	12/05/2009	1
	JARABO FLORIDO MARIA ISABEL	12/05/2009	1
	FERNANDEZ PLAZA LAURA	16/01/2009	1
	NISHITH SHASHIKANT SONEJI	16/01/2009	1
	MAS RIBO RICARD	16/01/2009	1
	MARTIN ARGENTA DAVID DE LOS RIOS	16/01/2009	1
	PRIETO RUIZ MONTSE	16/01/2009	1
	NIGEL PETER MIDGLEY	16/01/2009	2
	ESTALELLA MALET SARA	16/01/2009	3
	ALVAREZ GONZALEZ JOSE	16/01/2009	1
	MARTINEZ CALATAYUD GABRIEL	16/01/2009	4
	LOPEZ LOMEÑA ANDRES	16/01/2009	3
	AMOROS VILA RAMON	16/01/2009	2
	CASTELLANO ORTEGA VICENTE	16/01/2009	4
	JIMENEZ SANCHEZ ELENA	21/05/2002	1
	ROVIRA TORRES MIGUEL	21/05/2002	1
	CARTAÑA MANTILLA JORGE	21/05/2002	1
	OÑA MORA VICTOR	21/05/2002	1
	ANGULO VALDEARENAS JUAN CARLOS	21/05/2002	1
NON CONSELLOR SECRETARY	LOPEZ LOMEÑA ANDRES	14/08/2012	3
	MARTIN GARCIA JOSE MANUEL	12/07/2005	1
NON CONSELLOR ASSISTANT SECRETARY	ESTALELLA MALET SARA	17/08/2010	3
MEMBER OF THE EXECUTIVE COMM.	ORTEGA CEDRON CARLOS VICENTE	14/08/2012	8
	CASTELLANO ORTEGA VICENTE	14/08/2012	4
REPRESENTATIVE	CARNE CASAS RAMON	18/10/2010	1
	BABECKI CAMPUZANO JULIO ANDRES	18/10/2010	1
	BILBAO SORENSE MIKEL	05/10/2000	1
ACCOUNTS' AUDITOR / HOLDER	PRICEWATERHOUSECOOPERS AUDITORES SL	03/10/2014	2
CONSOLIDATED ACCOUNTS' AUDITOR	PRICEWATERHOUSECOOPERS AUDITORES SL	03/10/2014	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
3I IBERICA DE INVERSIONES INDUSTRIALES SA	MEMBER OF THE BOARD	26/03/2004	2
	MEMBER OF THE BOARD	12/07/2005
ABELLO GAMAZO CRISTIAN PABLO	MEMBER OF THE BOARD	25/11/2009	1
ALDAVERO BERNALTE FRANCISCO RAMON	NON CONSELLOR SECRETARY	12/07/2005	1
AMOROS VILA RAMON	PROXY	16/01/2009	2
ANDREW LEWIS FINE	MEMBER OF THE BOARD	03/03/2009	2
	MEMBER OF THE BOARD	12/11/2010
AYALA MUÑOZ LOURDES	NON CONSELLOR ASSISTANT SECRETARY	12/07/2005	1
BILBAO SORENSEN MIKEL	REPRESENTATIVE	12/07/2005	1
CARNE MASLLORENS SILVIA	PROXY	30/12/2002	1
CASTELLANO ORTEGA VICENTE	MEMBER OF THE BOARD	09/04/2010	4
	MEMBER OF THE BOARD	14/08/2012
COMPAÑIA IMPORTADORA DE CALIFORNIA SA	MEMBER OF THE BOARD	26/03/2004	1
DEL CORRO GARCIA LOMAS PEDRO	MEMBER OF THE BOARD	16/11/2007	2
	PRESIDENT	16/11/2007
DEYA CAPITAL SCRRS SA	MEMBER OF THE BOARD	10/07/2012	1
DIAZ ANDREU GARCIA BERNARDINO	MEMBER OF THE BOARD	25/11/2009	1
DIAZ RATO REVUELTA JOSE	MEMBER OF THE BOARD	09/04/2010	3
ESTALELLA MALET SARA	PROXY	16/01/2009	3
LOPEZ LOMEÑA ANDRES	PROXY	16/01/2009	3
LUDOVICUS RUDOLF ONNINK	REPRESENTATIVE	27/10/2001	1
MARCH JUAN JUAN	REPRESENTATIVE	10/07/2012	1
MARTINEZ CALATAYUD GABRIEL	PROXY	16/01/2009	4
	PROXY	06/09/2001
	PROXY	30/12/2002
NIGEL PETER MIDGLEY	PROXY	16/01/2009	2
OLAZABAL ARACO ALMUDENA	REPRESENTATIVE	26/03/2004	1
ORTEGA CEDRON CARLOS VICENTE	MEMBER OF THE BOARD	09/04/2010	8
	MEMBER OF THE BOARD	14/08/2012
	PROXY	30/08/2005
	PROXY	10/06/2013
	REPRESENTATIVE	09/04/2003
	REPRESENTATIVE	25/07/2008
ORTEGA CEDRON FRANCISCO JAVIER	REPRESENTATIVE	26/03/2004	1
PARESHKUMAR SHAH	REPRESENTATIVE	26/03/2004	1
PEPE JEANS EUROPE BV	MEMBER OF THE BOARD	26/03/2004	1
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	27/10/2001	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	17/05/2004	9
	ACCOUNTS' AUDITOR / HOLDER	17/05/2004
	ACCOUNTS' AUDITOR / HOLDER	02/11/2004
	ACCOUNTS' AUDITOR / HOLDER	07/11/2008
	ACCOUNTS' AUDITOR / HOLDER	05/10/2005
	ACCOUNTS' AUDITOR / HOLDER	10/01/2008
	ACCOUNTS' AUDITOR / HOLDER	10/01/2008
	ACCOUNTS' AUDITOR / HOLDER	03/10/2014
	ACCOUNTS' AUDITOR / HOLDER	02/02/2012
PUCON S.A	MEMBER OF THE BOARD	25/07/2008	1
PUCON SA	PRESIDENT	12/07/2005	3
	MEMBER OF THE BOARD	26/03/2004
	PRESIDENT	26/03/2004
RAVENTOS NEGRA JAVIER	PROXY	30/09/2002	12
	MEMBER OF THE BOARD	26/03/2004
	PROXY	06/09/2001
	MEMBER OF THE BOARD	09/04/2010
	MEMBER OF THE BOARD	14/08/2012
	PROXY	10/06/2013
	MEMBER OF THE EXECUTIVE COMM.	06/06/2014
	MEMBER OF THE BOARD	06/06/2014
	MEMBER OF THE BOARD	12/07/2005
	PROXY	30/08/2005
SANZ PONCELAS ANGELICA	PROXY	16/01/2009	1
SAPIÑA TORRENTS BEATRIZ	PROXY	16/01/2009	1
SENDINO VILLARREAL CRISTINA	PROXY	16/01/2009	2
SILAS KEI FONG CHOU	MEMBER OF THE BOARD	12/07/2005	1
VIÑAS RODRIGUEZ DANIEL	REPRESENTATIVE	05/10/2000	1

Executive board

Post	NIF	Name
FINANCIAL DIRECTOR		NIGEL MIDGLEY
MANAGING DIRECTOR		JAVIER RAVENTOS

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

> Details

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions. No irregular payment performance has been detected based on information obtained from credit bureaus. It is one of the major domestic companies in terms of sales volume. PEPE JEANS SL 's borrowing cost is appropriate according to its volume of external financing sources. The development of the structure of the debt during the last two years indicates a decrease of the debt with credit institutions and trade creditors in respect to all liabilities. The lower the level of debt, the lower the dependence on suppliers capital and the more guarantee will have its financial situation.

PEPE JEANS SL it presents an excessive indebtedness that may compromise their balance sheet. Reduced level of liquidity. The company shows not enough capacity to meet its obligations with a maturity of less than one year with the available liquid assets. Solvency decrease. Its capacity to bear the cost derived form debts incurred with third parties has decreased significantly in its last fiscal year.

TREND OF SCORING

> Latest Scoring Changes :

Scoring	Evolution	Date	Event
	Neutral	26/05/14	Scoring revision based on commercial investigation.
	Neutral	16/04/14	Update of relevant information about Social Bodies
	Neutral	07/03/14	Updating of financial statements.
	Neutral	04/03/14	Updating of relevant commercial information.

According to a business research conducted by axesor, this company has been found to have regular payment performance and has paid all of its debts timely.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.640 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 464 Wholesale of household goods
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 PEPE JEANS SL 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 0.640%.

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  3.100.000 €  (Guideline value of outstanding commercial balance that r recommends be awarded to or maintained with the company queried)

Result of query submitted to the R.A.I. (Spanish Bad Debt Register) on

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	No se han publicado
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Link List

ABSORBS TO:	2 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	9 Entities
PARTICIPATES IN:	1 Entities
SE ESCINDE PARCIALMENTE EN:	1 Entities
SHAREHOLDERS:	10 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CARLOS ORTEGA CEDRON Y ALMUDENA OLAZABAL ARACO		22.18
	DEYA CAPITAL II SCR DE REGIMEN COMUN SA	MADRID	1.86
	DEYA CAPITAL III FCR DE REGIMEN COMUN		2.18
	PEPE JEANS EQUIPO GESTOR GRUPO		5.92
	EQUIPO GESTOR TORREAL SCR, S.A.		0.61
	DEYA CAPITAL S.C.R. DE REGIMEN SIMPLIFICADO SA	MADRID	12.13
	GRUPO TORREAL		29.97
	JAVIER RAVENTOS		3.13
	PEPE EUROPEAN HOLDINGS BV		10.69
	SLPP, S.A.		11.33
PARTICIPATES IN	HILFIGER STORES SPAIN SL	BARCELONA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	COACH SPAIN SL	MADRID
	COACH STORES FRANCE SAS
	COACH STORES GERMANY, S.A.
	COACH STORES IRELAND, S.A.
	COACH STORES, S.A.
	COACH STORES UNIPESSOAL, S.A.
	PEP JEANS FRANCE SARL
	PEPE JEANS INTERNATIONAL BV
	TORREAL SOCIEDAD DE CAPITAL RIESGO DE REGIMEN SIMPLIFICADO S.A.	MADRID
ABSORBS TO	PEPE JEANS RETAIL SA	BARCELONA
	PEPE JEANS SA	BARCELONA
SE ESCINDE PARCIALMENTE EN	HILFIGER STORES SPAIN SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	ARTA CAPITAL S.A.	MADRID

Turnover
Total Sales	176.787.204

Estimated Balance

CIFRAS ESTIMADAS AÑO 2.014 -NOT CURRENT ASSESTS.....................................................156.000.000 Euro/s -CURRENT ASSESTS.............................................................86.000.000 Euro/s -NET EQUITY...............................................................42.000.000 Euro/s -NOT CURRENT LIABILITIES.....................................................120.000.000 Euro/s -CURRENT LIABILITIES.............................................................80.000.000 Euro/s -TOTAL .................................................242.000.000 Euro/s -SALES (2.014).................................................................155.000.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	Consolidadas	January  2015
2014	Normales	January  2015
2013	Consolidadas	February  2014
2013	Normales	February  2014
2012	Consolidadas	January  2013
2012	Normales	January  2013
2011	Consolidadas	June  2012
2011	Normales	March  2012
2010	Consolidadas	December  2010
2010	Normales	December  2010
2009	Consolidadas	December  2009
2009	Normales	December  2009
2008	Consolidadas	November  2008
2008	Normales	November  2008
2007	Consolidadas	November  2007
2007	Normales	November  2007
2006	Consolidadas	November  2006
2006	Normales	November  2006
2005	Consolidadas	October  2005
2005	Normales	October  2005
2004	Consolidadas	October  2004
2004	Normales	October  2004
2003	Consolidadas	May  2004
2003	Normales	May  2004
2002	Consolidadas	February  2003
2002	Normales	November  2002
2001	Normales	December  2001
2000	Normales	December  2000
1999	Normales	September  1999
1998	Normales	No publicado en BORME

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 31/03/2013

>  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, created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	178.118.939,00	159.034.780,00	140.435.816,00	144.433.861,00	132.802.941,00
I. Intangible fixed assets : 11100	1.643.905,00	1.682.106,00	1.827.077,00	743.835,00	867.317,00
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	618.269,00	618.269,00	618.269,00	633.231,00	633.231,00
4. Goodwill: 11140	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	0,00	0,00	0,00	0,00	0,00
6. Investigation: 11160	0,00	0,00	0,00	110.604,00	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	1.025.636,00	1.063.837,00	1.208.808,00	0,00	234.086,00
II. Tangible fixed assets : 11200	9.788.107,00	9.364.183,00	9.594.233,00	11.275.462,00	12.645.593,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	9.656.440,00	9.243.467,00	9.367.555,00	10.058.910,00	12.645.593,00
3. Tangible asset in progress and advances: 11230	131.667,00	120.716,00	226.678,00	1.216.552,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	161.827.896,00	143.142.507,00	124.384.240,00	127.588.170,00	114.874.402,00
1. Equity instruments: 11410	119.609.686,00	115.745.308,00	116.771.610,00	117.695.645,00	110.342.622,00
2. Credits to businesses: 11420	42.218.210,00	27.397.199,00	7.612.630,00	9.892.525,00	4.531.780,00
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	1.348.947,00	1.334.853,00	1.376.312,00	1.235.173,00	1.406.677,00
1. Equity instruments: 11510	0,00	0,00	0,00	0,00	0,00
2. Credits to third parties : 11520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 11530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	1.348.947,00	1.334.853,00	1.376.312,00	1.235.173,00	1.406.677,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	3.510.084,00	3.511.131,00	3.253.954,00	3.591.221,00	3.008.952,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	98.533.183,00	120.213.217,00	120.547.509,00	89.275.137,00	92.119.115,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00	29.004.120,00
1. Commercial: 12210	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00	29.004.120,00
2. Primary material and other supplies: 12220	0,00	0,00	0,00	0,00	0,00
3. Work in progress: 12230	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12231	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12232	0,00	0,00	0,00	0,00	0,00
4. Finished goods: 12240	0,00	0,00	0,00	0,00	0,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	0,00	0,00	0,00	0,00	0,00
5. By-products, residues and recycled materials: 12250	0,00	0,00	0,00	0,00	0,00
6. Advances to suppliers: 12260	0,00	0,00	0,00	0,00	0,00
III. Trade debtors and others receivable accounts: 12300	70.341.448,00	87.738.109,00	80.396.492,00	58.180.212,00	53.017.688,00
1. Trade debtors / accounts receivable: 12310	31.270.678,00	37.618.603,00	44.228.893,00	38.909.667,00	38.077.527,00
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	31.270.678,00	37.618.603,00	44.228.893,00	38.909.667,00	0,00
2. Customers, Group companies and associates : 12320	29.547.307,00	28.331.784,00	19.568.725,00	13.648.254,00	7.446.982,00
3. Other accounts receivable: 12330	3.605.177,00	6.887.411,00	5.962.063,00	4.002.211,00	6.000.319,00
4. Personnel: 12340	41.692,00	58.510,00	46.930,00	44.210,00	34.530,00
5. Assets for deferred tax: 12350	284.554,00	563.033,00	0,00	1.575.870,00	856.058,00
6. Other debtors, including tax and social security: 12360	5.592.040,00	14.278.768,00	10.589.881,00	0,00	602.272,00
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	0,00	0,00	10.994.224,00	8.455.638,00	8.735.387,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	10.994.224,00	8.455.638,00	8.735.387,00
3. Debt securities: 12430	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12440	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12450	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	556.189,00	0,00	215.840,00	1.065.835,00	614.774,00
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	556.189,00	0,00	215.840,00	1.065.835,00	614.774,00
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	0,00	0,00	0,00	0,00	0,00
VII. Cash and other equivalent liquid assets : 12700	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00	747.146,00
1. Treasury: 12710	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00	747.146,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	276.652.122,00	279.247.997,00	260.983.325,00	233.708.998,00	224.922.056,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	46.011.711,00	34.821.961,00	23.237.026,00	5.477.902,00	4.081.923,00
A-1) Shareholders' equity: 21000	46.131.367,00	35.703.523,00	23.278.098,00	5.048.582,00	3.309.958,00
I. Capital: 21100	511.726,00	505.536,00	505.536,00	506.551,00	506.551,00
1. Registered capital : 21110	511.726,00	505.536,00	505.536,00	506.551,00	0,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	3.731.682,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	33.644.006,00	24.432.903,00	4.489.349,00	2.803.407,00	1.432.668,00
1. Legal y estatutarias: 21310	152.500,00	152.500,00	152.500,00	152.500,00	152.500,00
2. Other reserves: 21320	33.491.506,00	24.280.403,00	4.336.849,00	2.650.907,00	1.280.168,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00	1.370.739,00
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	-364.957,00	-1.187.908,00	-334.590,00	83.929,00	430.342,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-364.957,00	-1.187.908,00	-334.590,00	83.929,00	430.342,00
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	245.301,00	306.346,00	293.518,00	345.391,00	341.623,00
B) NON-CURRENT LIABILITIES: 31000	138.477.517,00	126.193.212,00	139.566.862,00	154.274.925,00	129.193.681,00
I. Long-term provisions: 31100	0,00	0,00	0,00	0,00	0,00
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	27.608.342,00	41.255.190,00	51.415.411,00	71.995.838,00	86.221.260,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	26.645.886,00	40.664.429,00	51.415.411,00	17.500.000,00	36.000.000,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	962.456,00	590.761,00	0,00	433.516,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	54.062.322,00	50.221.260,00
III. Long-term debts with Group companies and associates: 31300	110.579.715,00	84.613.863,00	87.779.436,00	81.637.206,00	42.557.175,00
IV. Liabilities for deferred tax: 31400	289.460,00	324.159,00	372.015,00	641.881,00	415.246,00
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	92.162.894,00	118.232.824,00	98.179.437,00	73.956.171,00	91.646.452,00
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	3.356.814,00	3.788.430,00	2.825.266,00	3.360.400,00	4.103.900,00
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	43.540.515,00	66.384.401,00	38.593.287,00	18.833.835,00	44.075.044,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	43.540.515,00	65.278.151,00	37.899.462,00	18.321.414,00	44.075.044,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	1.106.250,00	693.825,00	512.421,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	14.617.700,00	5.765.309,00
V. Trade creditors and other accounts payable: 32500	45.265.565,00	48.059.993,00	56.760.884,00	37.144.236,00	37.702.199,00
1. Suppliers: 32510	19.859.990,00	17.561.974,00	22.831.207,00	10.486.612,00	8.721.732,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	19.859.990,00	17.561.974,00	22.831.207,00	10.486.612,00	0,00
2. Suppliers, Group companies and associates: 32520	9.393.983,00	10.789.376,00	16.593.970,00	11.950.611,00	16.900.877,00
3. Other creditors: 32530	11.200.630,00	12.202.405,00	13.005.137,00	11.067.898,00	9.127.648,00
4. Personnel (remuneration due): 32540	3.627.872,00	4.988.143,00	3.386.825,00	2.497.688,00	2.200.914,00
5. Liabilities for current tax: 32550	0,00	0,00	541.711,00	400.877,00	0,00
6. Other accounts payable to Public Administrations.: 32560	1.026.581,00	2.309.248,00	268.536,00	737.598,00	751.028,00
7. Advances from clients: 32570	156.509,00	208.847,00	133.498,00	2.952,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	276.652.122,00	279.247.997,00	260.983.325,00	233.708.998,00	224.922.056,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	176.787.204,00	190.603.862,00	181.958.943,00	164.057.641,00	171.288.136,00
a) Sales: 40110	171.377.843,00	186.144.683,00	178.464.421,00	160.613.347,00	167.357.952,00
b) Rendering of services: 40120	5.409.361,00	4.459.179,00	3.494.522,00	3.444.294,00	3.930.184,00
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	-105.615.868,00	-111.680.754,00	-100.513.136,00	-84.219.780,00	-82.827.785,00
a) Stock consumption: 40410	-105.614.900,00	-112.341.345,00	-99.719.186,00	-84.211.042,00	-82.614.335,00
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	-968,00	660.591,00	-793.950,00	-8.738,00	-213.450,00
5. Other operating income: 40500	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00	20.195.365,00
a) Auxiliary income and other from current management: 40510	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00	20.195.365,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-28.052.162,00	-29.214.612,00	-27.889.445,00	-25.202.097,00	-25.778.839,00
a) Wages, salaries et al.: 40610	-21.965.696,00	-23.303.607,00	-22.477.720,00	-19.666.092,00	-19.864.167,00
b) Social security costs: 40620	-6.086.466,00	-5.911.005,00	-5.411.725,00	-5.536.005,00	-5.914.672,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-56.608.519,00	-61.832.419,00	-57.288.203,00	-52.235.557,00	-61.044.679,00
a) External services: 40710	-56.124.871,00	-60.020.999,00	-57.020.235,00	-52.498.757,00	-59.611.888,00
b) Taxes: 40720	-354.647,00	-305.933,00	-218.164,00	-142.000,00	-174.297,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-129.001,00	-1.505.487,00	-49.804,00	405.200,00	-1.258.494,00
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	-3.713.484,00	-3.620.873,00	-3.625.706,00	-3.604.499,00	-3.817.336,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	111.858,00	131.676,00	78.141,00	96.414,00	69.754,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-155.257,00	-229.960,00	-350.430,00	-88.946,00	33.803,00
a) Impairment and losses : 41110	-155.257,00	-229.960,00	-350.430,00	0,00	-41.259,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	-88.946,00	75.062,00
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	6.344.442,00	7.447.536,00	13.826.037,00	15.473.608,00	18.118.419,00
14. Financial income : 41400	11.588.035,00	17.941.024,00	15.890.694,00	614.280,00	1.132.388,00
a) Of shares in equity instruments : 41410	10.000.000,00	16.200.000,00	15.251.000,00	0,00	1.132.388,00
a 1) In Group companies and associates: 41411	10.000.000,00	16.200.000,00	15.251.000,00	0,00	756.029,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	376.359,00
b) From negotiable securities and other financial instruments : 41420	1.588.035,00	1.741.024,00	639.694,00	614.280,00	0,00
b 1) From Group companies and associates : 41421	1.438.191,00	1.367.712,00	577.464,00	572.979,00	0,00
b 2) From third parties : 41422	149.844,00	373.312,00	62.230,00	41.301,00	0,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-6.813.039,00	-8.769.904,00	-5.663.150,00	-4.319.357,00	-6.793.979,00
a) Amounts owed to Group companies and associates : 41510	-3.206.402,00	-3.952.481,00	-2.936.887,00	-1.908.448,00	-3.000.348,00
b) For debts with third parties : 41520	-3.606.637,00	-4.817.423,00	-2.726.263,00	-2.410.909,00	-3.793.631,00
c) Stock renewal : 41530	0,00	0,00	0,00	0,00	0,00
16. Changes in fair value of financial instruments : 41600	0,00	0,00	-1.617.131,00	-4.468.925,00	-4.114.075,00
a) Trading book and other : 41610	0,00	0,00	-1.617.131,00	-4.468.925,00	-4.114.075,00
b) Allocation of financial assets held for sale to the result for the period: 41620	0,00	0,00	0,00	0,00	0,00
17. Exchange rate differences : 41700	252.912,00	910.376,00	491.734,00	614.687,00	1.122.383,00
18. Impairment and result for transfers of financial instruments: 41800	-3.262.763,00	-5.493.289,00	-3.859.237,00	-6.157.771,00	-8.283.216,00
a) Impairment and losses : 41810	-3.262.763,00	-5.493.289,00	-3.859.237,00	-6.157.771,00	-8.283.216,00
b) Results for transfers and other : 41820	0,00	0,00	0,00	0,00	0,00
19. Other financial income and expenditure: 42100	0,00	0,00	0,00	0,00	0,00
a) Incorporation of financial expenditure to assets: 42110	0,00	0,00	0,00	0,00	0,00
b) Financial income from arrangement with creditors: 42120	0,00	0,00	0,00	0,00	0,00
c) Other income and expenditure: 42130	0,00	0,00	0,00	0,00	0,00
A.2) FINANCIAL REVENUE (14+15+16+17+18+19) : 49200	1.765.145,00	4.588.207,00	5.242.910,00	-13.717.086,00	-16.936.499,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	8.109.587,00	12.035.743,00	19.068.947,00	1.956.522,00	1.181.920,00
20. Income taxes: 41900	134.366,00	-1.270.659,00	-785.734,00	-217.898,00	188.819,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00	1.370.739,00
21. Result of the year coming from interrupted operations : 42000	0,00	0,00	0,00	0,00	0,00
A.5) RESULT OF THE PERIOD (A.4+21) : 49500	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00	1.370.739,00

> 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, 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	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	174.608.855,00	155.523.649,00	137.181.862,00	140.842.640,00	129.793.989,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.643.905,00	1.682.106,00	1.827.077,00	743.835,00	867.317,00
1. Research and development costs:	0,00	0,00	0,00	110.604,00	0,00
2. Concessions, patents, licences, trademarks et al.:	618.269,00	618.269,00	618.269,00	633.231,00	633.231,00
3. Goodwill:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	234.086,00
5. Software:	0,00	0,00	0,00	0,00	0,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	1.025.636,00	1.063.837,00	1.208.808,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	9.788.107,00	9.364.183,00	9.594.233,00	11.275.462,00	12.645.593,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	207.880,00	198.990,00	201.661,00	216.544,00	272.229,00
3. Other installations, tools and furniture:	8.719.234,00	8.346.342,00	8.458.387,00	9.082.643,00	11.418.275,00
4. Payments on account and tangible fixed assets under construction:	131.667,00	120.716,00	226.678,00	1.216.552,00	0,00
5. Other tangible assets:	729.326,00	698.135,00	707.507,00	759.723,00	955.089,00
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:	163.176.843,00	144.477.360,00	125.760.552,00	128.823.343,00	116.281.079,00
1. Equity investments in group companies:	119.593.041,00	115.729.201,00	116.755.360,00	117.679.267,00	110.327.267,00
2. Receivables from group companies:	42.218.210,00	27.397.199,00	7.612.630,00	9.892.525,00	4.531.780,00
3. Equity investment in associated companies:	16.645,00	16.107,00	16.250,00	16.378,00	15.355,00
4. Credits to associated companies:	0,00	0,00	0,00	0,00	0,00
5. Long-term securities portfolio:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	0,00
7. Long term guarantees and deposits:	1.348.947,00	1.334.853,00	1.376.312,00	1.235.173,00	1.406.677,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	101.487.078,00	123.724.348,00	123.585.623,00	91.800.523,00	94.513.293,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00	29.004.120,00
1. Goods for resale:	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00	29.004.120,00
2. Raw materials and other consumables:	0,00	0,00	0,00	0,00	0,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	0,00	0,00	0,00	0,00	0,00
5. Byproducts, scrap and recovered materials:	0,00	0,00	0,00	0,00	0,00
6. Payments on account:	0,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
III. Debtors:	73.851.532,00	91.249.240,00	83.650.446,00	61.771.433,00	56.026.640,00
1. Trade debtors / accounts receivable:	31.270.678,00	37.618.603,00	44.228.893,00	38.909.667,00	38.077.527,00
2. Accounts receivable, Group companies:	29.547.307,00	28.331.784,00	19.568.725,00	13.648.254,00	7.446.982,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	3.605.177,00	6.887.411,00	5.962.063,00	4.002.211,00	6.000.319,00
5. Staff:	41.692,00	58.510,00	46.930,00	44.210,00	34.530,00
6. Public bodies:	9.386.678,00	18.352.932,00	13.843.835,00	5.167.091,00	4.467.282,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	10.994.224,00	8.455.638,00	8.735.387,00
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	10.994.224,00	8.455.638,00	8.735.387,00
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:	0,00	0,00	0,00	0,00	0,00
6. Other receivables:	0,00	0,00	0,00	0,00	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:	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00	747.146,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	276.095.933,00	279.247.997,00	260.767.485,00	232.643.163,00	224.307.282,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	46.246.267,00	36.304.530,00	23.509.548,00	5.116.230,00	2.721.462,00
I. Subscribed capital:	511.726,00	505.536,00	505.536,00	506.551,00	0,00
II. Share premium:	3.731.682,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	33.758.906,00	25.033.910,00	4.720.799,00	2.871.055,00	1.350.723,00
1. Legal reserve:	152.500,00	152.500,00	152.500,00	152.500,00	152.500,00
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:	33.606.402,00	24.881.407,00	4.568.299,00	2.718.555,00	1.198.223,00
Differences due to capital adjustement to euros:	4,00	3,00	1,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00	1.370.739,00
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:	171.711,00	214.442,00	205.463,00	241.774,00	239.136,00
1. Capital grants:	171.711,00	214.442,00	205.463,00	241.774,00	239.136,00
2. Unrealised exchange gains:	0,00	0,00	0,00	0,00	0,00
3. Other deferred income:	0,00	0,00	0,00	0,00	0,00
4. Public revenues to distribute in several financial years:	0,00	0,00	0,00	0,00	0,00
C) PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
1. Provisions for pension fund and other similar obligations:	0,00	0,00	0,00	0,00	0,00
2. Provisions for taxes:	0,00	0,00	0,00	0,00	0,00
3. Other provisions:	0,00	0,00	0,00	0,00	0,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	137.515.061,00	125.602.451,00	139.566.862,00	153.841.409,00	129.193.681,00
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:	26.645.886,00	40.664.429,00	51.415.411,00	17.500.000,00	36.000.000,00
1. Loans and other liabilities:	26.645.886,00	40.664.429,00	51.415.411,00	17.500.000,00	36.000.000,00
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:	110.579.715,00	84.613.863,00	87.779.436,00	81.637.206,00	42.557.175,00
1. Amounts owed to group companies:	110.579.715,00	84.613.863,00	87.779.436,00	81.637.206,00	42.557.175,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	289.460,00	324.159,00	372.015,00	54.704.203,00	50.636.506,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	54.062.322,00	50.221.260,00
4. Long term payables to public bodies:	289.460,00	324.159,00	372.015,00	641.881,00	415.246,00
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:	92.162.894,00	117.126.574,00	97.485.612,00	73.443.750,00	91.646.452,00
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:	43.540.515,00	65.278.151,00	37.899.462,00	18.321.414,00	44.075.044,00
1. Loans and other liabilities:	43.540.515,00	65.278.151,00	37.899.462,00	18.321.414,00	44.075.044,00
2. Accrued interest on liabilities with credit institutions:	0,00	0,00	0,00	0,00	0,00
3. Short-term liabilities from capital leases:	0,00	0,00	0,00	0,00	0,00
III. Short-term amounts owed to group and associated companies:	9.393.983,00	10.789.376,00	16.593.970,00	26.568.311,00	22.666.186,00
1. Amounts owed to group companies:	9.393.983,00	10.789.376,00	16.593.970,00	26.568.311,00	22.666.186,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	31.217.129,00	29.973.226,00	35.969.842,00	21.557.462,00	17.849.380,00
1. Advanced payments from customers:	156.509,00	208.847,00	133.498,00	2.952,00	0,00
2. Amounts owed for purchases of goods or services:	31.060.620,00	29.764.379,00	35.836.344,00	21.554.510,00	17.849.380,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	4.654.453,00	7.297.391,00	4.197.072,00	3.636.163,00	2.951.942,00
1. Public bodies:	1.026.581,00	2.309.248,00	810.247,00	1.138.475,00	751.028,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	0,00	0,00	0,00
4. Wages and salaries payable:	3.627.872,00	4.988.143,00	3.386.825,00	2.497.688,00	2.200.914,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	3.356.814,00	3.788.430,00	2.825.266,00	3.360.400,00	4.103.900,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D + E + F):	276.095.933,00	279.247.997,00	260.767.485,00	232.643.163,00	223.800.731,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	204.086.726,00	222.112.470,00	201.592.172,00	180.514.830,00	192.889.987,00
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:	105.614.900,00	112.341.345,00	99.719.186,00	84.211.042,00	82.614.335,00
a) Stock consumption:	105.614.900,00	112.341.345,00	99.719.186,00	84.211.042,00	82.614.335,00
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:	28.052.162,00	29.214.612,00	27.889.445,00	25.202.097,00	25.778.839,00
a) Wages, salaries et al.:	21.965.696,00	23.303.607,00	22.477.720,00	19.666.092,00	19.864.167,00
b) Social security costs:	6.086.466,00	5.911.005,00	5.411.725,00	5.536.005,00	5.914.672,00
A.4. Depreciation expense:	3.713.484,00	3.620.873,00	3.625.706,00	3.604.499,00	3.817.336,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	129.969,00	844.896,00	843.754,00	-396.462,00	1.471.944,00
a) Stock provision variation:	968,00	-660.591,00	793.950,00	8.738,00	213.450,00
b) Variation in provision and bad debt losses:	57.050,00	665.799,00	22.026,00	-179.199,00	556.567,00
c) Variation of other trade provisions:	71.951,00	839.688,00	27.778,00	-226.001,00	701.927,00
A.6. Other operating charges:	56.479.518,00	60.326.932,00	57.238.399,00	52.640.757,00	59.786.185,00
a) External services:	56.124.871,00	60.020.999,00	57.020.235,00	52.498.757,00	59.611.888,00
b) Taxes:	354.647,00	305.933,00	218.164,00	142.000,00	174.297,00
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):	6.387.841,00	7.545.820,00	14.098.326,00	15.466.140,00	18.014.862,00
A.7. Financial and similar charges:	6.813.039,00	8.769.904,00	5.663.150,00	4.319.357,00	6.793.979,00
a) Due to liabilities with companies of the group:	3.206.402,00	3.952.481,00	2.936.887,00	1.908.448,00	3.000.348,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	3.606.637,00	4.817.423,00	2.726.263,00	2.410.909,00	3.793.631,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	2.138.947,00	3.751.951,00	3.979.740,00	6.505.620,00	4.114.075,00
A.9. Exchange losses:	0,00	0,00	0,00	0,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	2.888.961,00	6.329.545,00	6.739.538,00	0,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	9.276.802,00	13.875.365,00	20.837.864,00	5.870.130,00	9.361.579,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	1.279.073,00	1.971.298,00	1.847.058,00	4.121.076,00	8.324.475,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	88.946,00	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	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	0,00	0,00	0,00	0,00	0,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	8.109.587,00	12.035.743,00	19.068.947,00	1.756.522,00	1.181.920,00
A.15. Corporation tax:	-134.366,00	1.270.659,00	785.734,00	217.898,00	188.819,00
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):	8.243.953,00	10.765.084,00	18.283.213,00	1.538.624,00	993.101,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	212.330.679,00	232.877.554,00	219.875.385,00	182.053.454,00	193.883.088,00
B.1. Net total sales:	176.787.204,00	190.603.862,00	181.958.943,00	164.057.641,00	171.288.136,00
a) Sales:	171.377.843,00	186.144.683,00	178.464.421,00	160.613.347,00	167.357.952,00
b) Rendering of services:	5.409.361,00	4.459.179,00	3.494.522,00	3.444.294,00	3.930.184,00
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:	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00	20.195.365,00
a) Auxiliary income and other from current management:	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00	20.195.365,00
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):	0,00	0,00	0,00	0,00	0,00
B.5. Income from equity investment:	10.000.000,00	16.200.000,00	15.251.000,00	0,00	1.132.388,00
a) In companies of the group:	10.000.000,00	16.200.000,00	15.251.000,00	0,00	756.029,00
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	376.359,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	1.588.035,00	1.741.024,00	639.694,00	614.280,00	0,00
a) From companies of the group:	1.438.191,00	1.367.712,00	577.464,00	572.979,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	149.844,00	373.312,00	62.230,00	41.301,00	0,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	252.912,00	910.376,00	491.734,00	614.687,00	1.122.383,00
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	9.596.010,00	8.653.283,00
B.III. LOSSES ON ORDINARY ACTIVITIES ( B.I + B.II - A.I - A.II ):	0,00	0,00	0,00	0,00	0,00
B.9.Profit on disposal of both tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	75.062,00
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:	111.858,00	131.676,00	78.141,00	96.414,00	69.754,00
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):	1.167.215,00	1.839.622,00	1.768.917,00	4.113.608,00	8.179.659,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	8.109.587,00	12.035.743,00	19.068.947,00	1.956.522,00	1.181.920,00
2. Results adjustments.: 61200	3.063.361,00	2.546.563,00	549.848,00	17.532.342,00	23.244.605,00
a) Fixed Assets Amortization (+).: 61201	3.713.484,00	3.620.873,00	3.625.706,00	3.604.499,00	3.817.336,00
b) Obsolescence Allowances (+/-). : 61202	3.824.348,00	844.896,00	4.702.991,00	5.761.309,00	1.396.882,00
c) Variation in Provision (+/-). : 61203	-431.616,00	1.660.341,00	559.275,00	0,00	0,00
d) Allocation of grants (-).: 61204	-111.858,00	-131.676,00	-78.141,00	-96.414,00	-69.754,00
e) Results on disposal of fixed assets (+/-). : 61205	155.257,00	229.960,00	350.430,00	88.946,00	41.259,00
g) Financial income (-).: 61207	-11.588.035,00	-17.941.024,00	-15.890.694,00	-614.280,00	-1.132.388,00
h) Financial Expenses (+). : 61208	6.813.039,00	8.769.904,00	5.663.150,00	8.788.282,00	19.191.270,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	5.493.289,00	1.617.131,00	0,00	0,00
k) Other income and expense (-/+). : 61211	688.742,00	0,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	17.511.496,00	-19.077.981,00	-13.284.971,00	-3.111.052,00	1.063.173,00
a) Stock (+/-).: 61301	3.262.156,00	-2.305.171,00	-7.413.433,00	3.422.958,00	-3.981.387,00
d) Debtors and other accounts receivable (+/-). : 61302	16.836.044,00	-7.883.940,00	-22.801.218,00	-6.356.882,00	3.741.243,00
c) Other current assets (+/-). : 61303	0,00	215.840,00	-2.538.586,00	279.708,00	-1.399.825,00
d) Creditors and other accounts payable (+/-). : 61304	-2.966.867,00	-9.374.659,00	19.695.035,00	-456.836,00	1.633.003,00
e) Other current liabilities (+/-).: 61305	380.163,00	20.931,00	-226.769,00	0,00	1.070.139,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	249.018,00	0,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	4.491.418,00	8.794.382,00	9.636.458,00	-3.381.290,00	-5.976.418,00
a) Interest payments (-). : 61401	-6.813.039,00	-8.604.931,00	-5.663.150,00	-4.319.357,00	-3.364.373,00
b) Dividend payment collection (+). : 61402	10.000.000,00	16.200.000,00	15.251.000,00	0,00	0,00
c) Interest collection (+). : 61403	1.588.035,00	1.741.024,00	639.694,00	614.280,00	0,00
d) Income tax payment collection (payments) (+/-).: 61404	-283.578,00	-541.711,00	-591.086,00	323.787,00	-2.612.045,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	33.175.862,00	4.298.707,00	15.970.282,00	12.996.522,00	19.513.280,00
6. Payments for investment (-).: 62100	-39.367.303,00	-20.027.214,00	-6.879.290,00	-11.309.107,00	-26.117.661,00
a) Companies of the group and affiliates. : 62101	-34.772.642,00	-16.330.387,00	-2.935.202,00	-7.965.861,00	-26.103.189,00
b) Intangible fixed assets. : 62102	-631.573,00	-513.872,00	-921.779,00	-7.509,00	0,00
c) Fixed assets. : 62103	-3.948.994,00	-3.094.862,00	-2.787.709,00	-3.210.984,00	-3.446.097,00
e) Other financial assets. : 62105	-14.094,00	-88.093,00	-234.600,00	-124.753,00	-153.830,00
h) Other assets. : 62108	0,00	0,00	0,00	0,00	3.585.455,00
7. Divestment payment collection (+). : 62200	13.150.593,00	3.335.529,00	2.704.695,00	327.909,00	95.600,00
a) Companies of the group and affiliates. : 62201	12.824.490,00	3.073.055,00	2.279.895,00	0,00	0,00
b) Intangible fixed assets. : 62202	1.198,00	1.935,00	156.125,00	0,00	0,00
c) Fixed assets. : 62203	324.905,00	130.988,00	175.214,00	227.091,00	33.833,00
e) Other financial assets. : 62205	0,00	129.552,00	93.461,00	100.818,00	61.767,00
h) Other assets. : 62208	0,00	-1,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-26.216.710,00	-16.691.685,00	-4.174.595,00	-10.981.198,00	-26.022.061,00
9. Payment collection and payments for equity instruments. : 63100	1.519.799,00	150.000,00	-612.972,00	120.963,00	277.785,00
a) Issuance of equity instruments (+). : 63101	1.495.149,00	0,00	0,00	0,00	0,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	-612.972,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	24.650,00	150.000,00	0,00	120.963,00	277.785,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-10.055.389,00	12.811.371,00	-10.434.697,00	-1.496.208,00	4.173.255,00
a) Issuance : 63201	28.431.053,00	34.363.709,00	77.947.045,00	42.757.422,00	14.673.255,00
2. Debts incurred with credit institutions (+). : 63203	1.000.000,00	31.815.816,00	71.804.815,00	0,00	14.673.255,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	27.431.053,00	2.547.893,00	6.142.230,00	42.757.422,00	0,00
b) Repayment and amortization of : 63207	-38.486.442,00	-21.552.338,00	-88.381.742,00	-44.253.630,00	-10.500.000,00
2. Debts incurred with credit institutions (-).: 63209	-37.021.241,00	-15.838.872,00	-18.711.174,00	-44.253.630,00	-10.500.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-1.465.201,00	-5.713.466,00	-14.617.700,00	0,00	0,00
4. Special characteristic debts (-). : 63211	0,00	0,00	-55.052.868,00	0,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-8.535.590,00	12.961.371,00	-11.047.669,00	-1.375.245,00	4.451.040,00
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	-1.576.438,00	568.393,00	748.018,00	640.079,00	-2.057.741,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	2.703.636,00	2.135.243,00	1.387.225,00	747.146,00	2.804.887,00
Cash or equivalent assets as of end of the fiscal year.: 65200	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00	747.146,00

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:	-0,01 %	0,02 %	0,00 %	0,01 %		156,17 %
EBITDA over Sales:	5,71 %	10,04 %	5,86 %	9,23 %	-2,47 %	8,80 %
Cash Flow Yield:	-0,01 %	0,01 %	0,00 %	0,00 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	5,62 %	6,28 %	5,53 %	5,22 %	1,67 %	20,18 %
Total economic profitability:	5,39 %	3,48 %	7,45 %	2,49 %	-27,60 %	39,67 %
Financial profitability:	17,87 %	3,99 %	30,15 %	1,32 %	-40,73 %	202,43 %
Margin:	3,17 %	5,79 %	3,48 %	4,85 %	-9,07 %	19,44 %
Mark-up:	4,05 %	3,74 %	5,63 %	1,59 %	-28,08 %	135,82 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,01	0,14	0,02	0,12	-46,27	18,77
Acid Test:	0,81	0,85	0,79	0,85	2,63	-0,19
Working Capital / Investment:	0,02	0,02	0,01	0,03	224,68	-13,54
Solvency:	1,15	1,17	1,08	1,17	6,29	-0,21

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	4,90	1,45	6,68	1,63	-26,66	-11,34
Borrowing Composition:	1,56	1,00	1,10	1,02	41,41	-1,98
Repayment Ability:	-144,18	66,29	423,36	184,45	-134,05	-64,06
Warranty:	1,22	1,70	1,16	1,62	4,89	5,03
Generated resources / Total creditors:	0,07	0,08	0,08	0,07	-16,15	19,65

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,36	1,80	1,38	1,73	-1,60	4,53
Turnover of Collection Rights :	2,85	5,06	2,44	4,79	16,85	5,53
Turnover of Payment Entitlements:	3,58	3,68	3,61	3,52	-0,73	4,63
Stock rotation:	7,32	7,42	6,93	6,52	5,58	13,80
Assets turnover:	1,77	1,08	1,59	1,08	11,81	0,62
Borrowing Cost:	3,00	2,85	3,64	2,95	-17,75	-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:	-0,01 %	0,00 %	0,00 %	0,00 %	-1,20 %
EBITDA over Sales:	5,71 %	5,86 %	9,74 %	11,62 %	12,75 %
Cash Flow Yield:	-0,01 %	0,00 %	0,00 %	0,00 %	-0,91 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	5,62 %	5,53 %	11,15 %	16,23 %	18,25 %
Total economic profitability:	5,39 %	7,45 %	9,48 %	2,69 %	3,55 %
Financial profitability:	17,87 %	30,15 %	78,54 %	34,44 %	41,41 %
Margin:	3,17 %	3,48 %	6,80 %	8,56 %	9,46 %
Mark-up:	4,05 %	5,63 %	9,37 %	0,97 %	-8,84 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,01	0,02	0,02	0,02	0,01
Acid Test:	0,81	0,79	0,98	0,98	0,72
Working Capital / Investment:	0,02	0,01	0,09	0,07	0,03
Solvency:	1,15	1,08	1,30	1,32	1,09

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	4,90	6,68	9,97	41,69	59,35
Borrowing Composition:	1,56	1,10	1,46	2,19	1,48
Repayment Ability:	-144,18	423,36	314,06	351,32	-30,79
Warranty:	1,22	1,16	1,11	1,04	1,04
Generated resources / Total creditors:	0,07	0,08	0,11	0,05	0,06

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,36	1,38	1,64	1,76	1,85
Turnover of Collection Rights :	2,85	2,44	2,53	3,11	3,61
Turnover of Payment Entitlements:	3,58	3,61	2,78	3,67	3,82
Stock rotation:	7,32	6,93	7,06	8,19	5,98
Assets turnover:	1,77	1,59	1,64	1,90	1,93
Borrowing Cost:	3,00	3,64	2,41	1,92	3,13

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

La información.com	06/11/2014
María León y Jesús Castro padrinos en la nueva colección de relojes de Pepe Jeans
Companies related
CincoDías.com	17/02/2014
Pepe Jeans abre dos nuevas tiendas en Italia
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	78.301,00
Notes	El importe reflejado corresponde al imputado a resultados del ejercicio, quedando a fecha de cierre del mismo un saldo pendiente de traspasar de 245.301 euros.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	92.172,00
Notes	El importe reflejado corresponde al imputado a la cuenta de pérdidas y ganancias, quedando un saldo pendiente de imputar de 306.346 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	78.141,00
Notes	El importe reflejado corresponde al Imputados a resultados.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	67.490,00
Notes	Dicho importe corresponde al traspasado a resultados del ejercicio, quedando a fecha de cierre pendiente imputar 345.391 euros.

Research Summary

We have a firm founded in 1998, dedicated to the manufacture and sale of clothing and accessories for men and women. It operates both nationally and internationally. At present and according to published news is near to close a sale, but the sources have been unable to determine whether this circumstance has already been accomplished. In light of the above we believe that is possible to continue normal operations relating to risk, although advised to follow their evolution to determine who ends up in the hands of the society in question.

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.61.70
UK Pound	1	Rs.93.41
Euro	1	Rs.71.33

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	TPT

RATING EXPLANATIONS

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

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

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

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

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