MIRA INFORM REPORT

Report No. :	331892
Report Date :	23.07.2015

IDENTIFICATION DETAILS

Name :	INDUSTRIAL QUIMICA DEL NALON SA

Registered Office :	Avd. De Galicia, 31 Bajo - Oviedo - 33005 – Asturias

Country :	Spain

Financials (as on) :	2013

Date of Incorporation :	21.06.1943

Legal Form :	Public Company

Line of Business :	Manufacture of other organic basic chemicals

No. of Employee :	248

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 :	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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 briefly 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 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 2010. Spain gradually reduced the deficit to just under 7% of GDP in 2013-14, slightly above the 6.5% target negotiated between Spain and the EU. Public debt has increased substantially – from 60.1% of GDP in 2010 to more than 97% in 2014. 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 January 2014. Recently increased private consumption helped bring real GDP growth back into positive territory at 1.3% in 2014, and labor reforms prompted a modest reduction in the unemployment rate, from more than 26% in 2013 to 24% in 2014. Despite the uptic in economic activity, inflation dropped sharply, from 1.5% in 2013 to flat in 2014. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of national elections in November 2015 and leaves untouched the country’s value-added tax (VAT) regime, which generates significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012.

Source : CIA

EXECUTIVE SUMMARY

Name:

INDUSTRIAL QUIMICA DEL NALON SA

NIF / Fiscal code:

A33004524

Status:

ACTIVE

Incorporation Date:

21/06/1943

Register Data

Last Publication in BORME:

17/10/2014 [Reelections]

Last Published Account Deposit:

2013

Share Capital:

6.961.252,75

Localization:

AVD. DE GALICIA, 31 BAJO - OVIEDO - 33005 - ASTURIAS

Telephone - Fax - Email - Website:

Telephone. 985 982 600 Email. iqn@nalonchem.com Website. www.nalonchem.com/es

Number of Branches

Activity:

NACE:

2014 - Manufacture of other organic basic chemicals

Registered Trademarks:

Audited / Opinion:

Si /

Tenders and Awards:

Subsidies:

47 for a total cost of 19668797

Quality Certificate:

Payment Behaviour:

According to the agreed terms

Prospects:

Consolidation

Industry situation:

Maturity

Defaults, Legal Claims and Insolvency Proceedings :

Number

Amount (€)

Most Recent Entry

Insolvency Proceedings, Bankruptcy and Suspension of Payments

Unpublished

---

Defaults on debt with Financial Institutions and Large Companies

None

---

Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)

None

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

Partners:

GARCIA ALONSO GRUPO CARTIBER

13.77 %

GRUPO GARCIA DE TUÑON

2.6 %

MARINA GRUPO RODRIGUEZ

11.92 %

OTROS ACCIONISTAS DE INDUSTRIAL QUIMICA DEL NALON, S.A.

1 %

IBERICA DE SERVICIOS E INVERSIONES SA

70 %

Enquiry Details

IDENTIFICATION

Social Denomination:

INDUSTRIAL QUIMICA DEL NALON SA

NIF / Fiscal code:

A33004524

Corporate Status:

ACTIVE

Start of activity:

1943

Registered Office:

AVD. DE GALICIA, 31 BAJO

Locality:

OVIEDO

Province:

ASTURIAS

Postal Code:

33005

Telephone:

985 982 600

Fax:

985 982 626

Website:

www.nalonchem.com/es

Email:

iqn@nalonchem.com

Interviewed Person:

This information was obtained through indirect sources, the refusal by the holder responsible for paying any collaboration for the preparation of this paper.

Branch Offices

Address

Postal Code

City

Province

Bº. Nalón, s/n

33100

Trubia

Asturias

Camellera, s/n

33900

Sama de Langreo

Asturias

Muelle de Raices

33417

San Juan de Nieva-Avilés

Asturias

ul. Gornoslaska, 4e

70-664

Scczecin

Poland

Activity

NACE:

2014

Legal Form:

Manufacture of chemical products

Additional Information:

Manufacture of chemical products

Additional Address:

The offices and the headquarter are situated in the address of the headline of the document. The company has other address which will be specified in Branch Offices.

Franchise:

Import / export:

EXPORTS

Future Perspective:

Consolidation

Industry situation:

Maturity

Number of Employees

Year

No. of employees

Established

Incidentals

2013

248

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

Chronological Summary

Year

Act

1990

Accounts deposit (year 1989) Adaptation to Law (1) Appointments/ Re-elections (1) Statutory Modifications (1)

1991

Accounts deposit (year 1990) Appointments/ Re-elections (1)

1992

Accounts deposit (year 1991) Appointments/ Re-elections (1)

1993

Accounts deposit (year 1992) Cessations/ Resignations/ Reversals (1)

1994

Accounts deposit (year 1993) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)

1995

Accounts deposit (year 1994)

1996

Accounts deposit (year 1995) Appointments/ Re-elections (1) Statutory Modifications (1)

1997

Accounts deposit (year 1996) Appointments/ Re-elections (1) Board Meeting (2) Cessations/ Resignations/ Reversals (1)

1998

Accounts deposit (year 1997) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (2) Increase of Capital (1) Statutory Modifications (1)

1999

Accounts deposit (year 1998) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2000

Accounts deposit (year 1999) Appointments/ Re-elections (2) Board Meeting (1)

2001

Accounts deposit (year 2000) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (2)

2002

Accounts deposit (year 2001) Appointments/ Re-elections (5) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2003

Accounts deposit (year 2002) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (2)

2004

Accounts deposit (year 2003) Appointments/ Re-elections (1) Board Meeting (1)

2005

Accounts deposit (year 2004) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2006

Accounts deposit (year 2005) Appointments/ Re-elections (1) Board Meeting (1)

2007

Accounts deposit (year 2006) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (5)

2008

Accounts deposit (year 2007) Appointments/ Re-elections (5) Board Meeting (1) Cessations/ Resignations/ Reversals (2)

2009

Accounts deposit (year 2008) Appointments/ Re-elections (1) Board Meeting (1) Cessations/ Resignations/ Reversals (2)

2010

Accounts deposit (year 2009) Appointments/ Re-elections (4) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2011

Accounts deposit (year 2010) Appointments/ Re-elections (3) Board Meeting (1) Cessations/ Resignations/ Reversals (1)

2012

Accounts deposit (year 2011) Appointments/ Re-elections (2) Board Meeting (1) Other Concepts/ Events (1) Statutory Modifications (1)

2013

Accounts deposit (year 2012) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)

2014

Accounts deposit (year 2013) Appointments/ Re-elections (1)

Breakdown of Owners' Equity

Registered Capital:

6.961.252,75

Paid up capital:

6.961.252,75

Updated Evolution of the Subscribed and Paid-in Capital

Publishing Date

Registration Type

Capital Subscribed

Paid up capital

Underwritten result

Disbursed Result

24/07/1998

Increase of Capital

876.005

6.961.253

Active Social Bodies

Post published

Social Body's Name

Appointment Date

Other Positions in this Company

PRESIDENT

OREJAS RODRIGUEZ ARANGO RUFINO

22/04/2005

VICE CHAIRMAN

OREJAS RODRIGUEZ ARANGO GONZALO

07/09/2007

MEMBER OF THE BOARD

GARCIA TUÑON AZA LUIS

17/07/2013

OREJAS PEREZ JOAQUIN

17/07/2013

RODRIGUEZ MARINA GONZALEZ MARIA DOLORES

17/07/2013

OREJAS RODRIGUEZ-ARANGO RUFINO

17/07/2013

INDUSTRIAL QUIMICA DEL NALON ENERGIA SA

17/07/2013

GOMEZ DIAZ JOSE MARIA

07/08/2012

MARTINEZ ARGUELLES LUIS ARCADIO

07/08/2012

SARMIENTO CASTAÑON RUFINO

07/08/2012

IBERICA DE SERVICIOS E INVERSIONES SA

25/07/2011

GARCIA ARIAS SALGADO FERNANDO

26/07/2010

OREJAS RODRIGUEZ ARANGO GONZALO

26/07/2010

PEREZ CAMPOAMOR MUÑIZ JOSE LUIS

26/07/2010

OREJAS RODRIGUEZ ARANGO RUFINO

20/08/2008

GARCIA RIESTRA MANUEL

15/09/1998

JOINT ATTORNEY

GONZALEZ HERMOSILLA IGNACIO

18/07/2002

PROXY

GONZALEZ-BAIZAN FERNANDEZ JAIME

19/08/2013

OREJAS RODRIGUEZ ARANGO GONZALO

25/01/2008

OREJAS RODRIGUEZ ARANGO RUFINO

03/11/2003

PEREZ CAMPOAMOR MUÑIZ JOSE LUIS

09/10/2002

MARTINEZ FERNANDEZ ALFONSO

09/10/2002

CHIEF EXECUTIVE OFFICER

OREJAS RODRIGUEZ-ARANGO RUFINO

17/07/2013

OREJAS RODRIGUEZ ARANGO RUFINO

20/08/2008

NON CONSELLOR SECRETARY

OREJAS GARCIA ARMANDO

13/04/2010

ACCOUNTS' AUDITOR / HOLDER

DELOITTE SL

07/10/2014

Historical Social Bodies

Social Body's Name

Post published

End Date

Other Positions in this Company

ARTHUR ANDERSEN Y CIA S COM

ACCOUNTS' AUDITOR / HOLDER

19/09/1996

ACCOUNTS' AUDITOR / HOLDER

16/10/1997

ACCOUNTS' AUDITOR / HOLDER

15/09/1998

ACCOUNTS' AUDITOR / HOLDER

13/08/1999

ACCOUNTS' AUDITOR / HOLDER

22/08/2000

ACCOUNTS' AUDITOR / HOLDER

03/08/2001

ACCOUNTS' AUDITOR / HOLDER

22/10/2002

CORBI SIRVENT JOSE MARIA

PROXY

17/01/2008

COTO MENENDEZ JOSE ANTONIO

PROXY

17/09/1993

MEMBER

08/02/1994

DELOITTE & TOUCHE ESPAÑA SL

ACCOUNTS' AUDITOR / HOLDER

22/08/2005

ACCOUNTS' AUDITOR / HOLDER

12/08/2004

DELOITTE ESPAÑA SL

ACCOUNTS' AUDITOR / HOLDER

01/10/2003

DELOITTE SL

ACCOUNTS' AUDITOR / HOLDER

20/10/2006

ACCOUNTS' AUDITOR / HOLDER

06/11/2008

ACCOUNTS' AUDITOR / HOLDER

10/10/2007

ACCOUNTS' AUDITOR / HOLDER

20/10/2009

ACCOUNTS' AUDITOR / HOLDER

09/08/2010

ACCOUNTS' AUDITOR / HOLDER

05/10/2011

ACCOUNTS' AUDITOR / HOLDER

25/09/2012

ACCOUNTS' AUDITOR / HOLDER

19/09/2013

ACCOUNTS' AUDITOR / HOLDER

07/10/2014

DOMINGO VALDES LUCAS

PROXY

21/01/2009

FERNANDEZ ARBESU JUAN RAMON

PROXY

16/12/2002

GARCIA ALONSO BERNARDO

MEMBER

08/02/1994

MEMBER OF THE BOARD

15/09/1998

MEMBER OF THE BOARD

20/08/2008

MEMBER OF THE BOARD

13/11/2009

MEMBER OF THE BOARD

18/09/2003

GARCIA RIESTRA MANUEL

MEMBER OF THE BOARD

15/09/1998

MEMBER

08/02/1994

GARCIA TUÑON AZA LUIS

MEMBER OF THE BOARD

15/09/1998

MEMBER OF THE BOARD

18/09/2003

MEMBER OF THE BOARD

20/08/2008

MEMBER

08/02/1994

SECRETARY

13/04/2010

MEMBER OF THE BOARD

17/07/2013

GOMEZ DIAZ JOSE MARIA

MEMBER OF THE BOARD

07/09/2007

MEMBER OF THE BOARD

07/08/2012

GONZALEZ BAIZAN FERNANDEZ JAIME

PROXY

19/08/2013

GONZALEZ CIMAS MANUEL JOSE

PROXY

20/03/2007

GONZALEZ GARCIA MANUEL OLIVO

MEMBER OF THE BOARD

28/03/2007

MEMBER

08/02/1994

MEMBER OF THE BOARD

15/09/1998

MEMBER OF THE BOARD

18/09/2003

PROXY

12/01/2001

IBERICA DE SERVICIOS E INVERSIONES SA

MEMBER OF THE BOARD

27/03/2001

MEMBER OF THE BOARD

15/09/1998

MEMBER

08/02/1994

MEMBER OF THE BOARD

25/07/2011

MARTINEZ ARGUELLES LUIS ARCADIO

MEMBER OF THE BOARD

07/08/2012

MORAN CALZADA RAFAEL FERNANDO

MEMBER

08/02/1994

MEMBER OF THE BOARD

10/12/1997

OREJAS CANSECO LUIS

MEMBER OF THE BOARD

08/02/1994

MEMBER OF THE BOARD

15/09/1998

MEMBER OF THE BOARD

19/01/1999

PRESIDENT

19/01/1999

OREJAS CANSECO MIGUEL

MEMBER

08/02/1994

MEMBER OF THE BOARD

17/01/2011

JOINT CHIEF EXECUTIVE OFFICER

22/04/2005

PRESIDENT

22/04/2005

VICE CHAIRMAN

07/09/2007

JOINT CHIEF EXECUTIVE OFFICER

20/08/2008

MEMBER OF THE BOARD

20/08/2008

MEMBER OF THE BOARD

15/09/1998

MEMBER OF THE BOARD

18/09/2003

JOINT CHIEF EXECUTIVE OFFICER

18/09/2003

OREJAS PEREZ JOAQUIN

MEMBER OF THE BOARD

18/09/2003

MEMBER

08/02/1994

MEMBER OF THE BOARD

15/09/1998

MEMBER OF THE BOARD

20/08/2008

MEMBER OF THE BOARD

17/07/2013

OREJAS RODRIGUEZ ARANGO GONZALO

MEMBER OF THE BOARD

26/07/2010

MEMBER OF THE BOARD

07/09/2007

MEMBER OF THE BOARD

22/08/2005

OREJAS RODRIGUEZ ARANGO LUIS

MEMBER OF THE BOARD

08/02/1994

MEMBER OF THE BOARD

10/12/1997

OREJAS RODRIGUEZ ARANGO PEDRO

MEMBER OF THE BOARD

28/03/2007

MEMBER OF THE BOARD

18/09/2003

OREJAS RODRIGUEZ ARANGO RUFINO

MEMBER OF THE BOARD

20/08/2008

JOINT CHIEF EXECUTIVE OFFICER

20/08/2008

MEMBER OF THE BOARD

03/11/2003

JOINT ATTORNEY

03/11/2003

VICE CHAIRMAN

22/04/2005

MEMBER OF THE BOARD

18/09/2003

JOINT CHIEF EXECUTIVE OFFICER

18/09/2003

OREJAS RODRIGUEZ-ARANGO RUFINO

MEMBER OF THE BOARD

17/07/2013

CHIEF EXECUTIVE OFFICER

17/07/2013

PEREZ CAMPOAMOR MUÑIZ JOSE LUIS

MEMBER OF THE BOARD

22/08/2005

MEMBER OF THE BOARD

26/07/2010

PIERA FERNANDEZ LUIS

PROXY

18/10/2007

PLANAS CHAGAS MIGUEL LUIS

PROXY

21/01/2009

RODRIGUEZ MARINA GONZALEZ MARIA DOLORES

MEMBER OF THE BOARD

20/08/2008

MEMBER OF THE BOARD

17/07/2013

SARMIENTO CASTAÑON RUFINO

MEMBER OF THE BOARD

07/08/2012

TARTIERE DIAZ CARLOS

MEMBER

08/02/1994

MEMBER OF THE BOARD

10/12/1997

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

Unpublished

---

Notices of defaults and enforcement

---

Seizures

---

Auctions

---

Declarations of insolvency and bad debt

---

Proceedings heard by the Civil Court

Unpublished

---

Proceedings heard by the Labour Court

Unpublished

---

> Basis for scoring

Positive Factors

Adverse Factors

No judicial claims have been detected in the Official Gazettes, regarding any Entity's outstanding debts with the Tax Bureau or Social Security administrations, as submitted by Courts of the various court jurisdictions.

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.

INDUSTRIAL QUIMICA DEL NALON SA 's borrowing cost is appropriate according to its volume of external financing sources.

Probability of default

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

> Latest Scoring Changes:

Sector in which comparison is carried out:

201 Manufacture of basic chemicals, fertilisers and nitrogen compounds, plastics and synthetic rubber in primary forms

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 98.00% of the companies of the sector INDUSTRIAL QUIMICA DEL NALON SA belongs to show a higher probability of non-compliance.

The probability of the company's non-compliance with its payment obligations within deadlines estimated by our qualifications models is 0.245%.

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

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

Proceedings before the Industrial Tribunal

No se han publicado

Link List

BELONGS TO THE ADMINISTRATION BOARD OF:

1 Entities

HAS IN ITS ADMINISTRATION BOARD TO:

2 Entities

IS RELATED WITH:

7 Entities

PARTICIPATES IN:

9 Entities

SHAREHOLDERS:

5 Entities

> Shareholders

Relationship

Entity

Province

Shareholding stake

SHAREHOLDERS

GARCIA ALONSO GRUPO CARTIBER

13.77

GRUPO GARCIA DE TUÑON

2.6

MARINA GRUPO RODRIGUEZ

11.92

OTROS ACCIONISTAS DE INDUSTRIAL QUIMICA DEL NALON, S.A.

IBERICA DE SERVICIOS E INVERSIONES SA

ASTURIAS

PARTICIPATES IN

INDUSTRIAL QUIMICA DEL NALON ENERGIA SA

ASTURIAS

POLONIA SP ZOO (POLONIA) INDUSTRIAL QUIMICA DEL NALON

ASTURIAS MARITIME, SOCIEDAD ANONIMA, (PANAMA)

CECILIA MARITIME, SOCIEDAD ANONIMA, (PANAMA)

ENTRECHEM SL

ASTURIAS

4.93

ANES INNOVACION SOCIEDAD LIMITADA

ASTURIAS

PARQUE EOLICO AMURA SL

ASTURIAS

PARQUE EOLICO DRIZA SL

ASTURIAS

REGIONAL DE PROMOCION DEL PRINCIPADO DE ASTURIAS

0.3

> Other relationships

Relationship

Entity

Province

Shareholding stake

IS RELATED WITH

| |

DELCOM OPERADOR LOGISTICO SA

ASTURIAS

MEDICINA DE DIAGNOSTICO Y CONTROL SA

MADRID

MANUEL OREJAS SA

ASTURIAS

LATMOS DISTRIBUCION SL

ASTURIAS

CLINAMAT SA

MADRID

IS RELATED WITH

CONSTRUCTORA LOS ALAMOS SA

ASTURIAS

LATMOS DISTRIBUCION SL

ASTURIAS

HAS IN ITS ADMINISTRATION BOARD TO

IBERICA DE SERVICIOS E INVERSIONES SA

ASTURIAS

INDUSTRIAL QUIMICA DEL NALON ENERGIA SA

ASTURIAS

BELONGS TO THE ADMINISTRATION BOARD OF

INDUSTRIAL QUIMICA DEL NALON ENERGIA SA

ASTURIAS

Turnover

Total Sales 2013

143.591.960

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

Estimated Balance

ESTIMATED FIGURES FINANCIAL YEAR 2.014 -NOT CURRENT ASSETS 33.500.000 Euro/s -CURRENT ASSETS 91.000.000 Euro/s -NET WORTH 78.100.000 Euro/s -NOT CURRENT LIABILITIES 13.700.000 Euro/s -CURRENT LIABILITIES 32.700.000 Euro/s -TOTAL ASSETS AND LIABILITIES 124.500.000 Euro/s -SALES 140.500.000 Euro/s

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio

Tipo de Cuentas Anuales

Fecha Presentacion

2013

Normales

July 2014

2012

Normales

August 2013

2011

Normales

August 2012

2010

Normales

July 2011

2009

Normales

July 2010

2008

Normales

August 2009

2007

Normales

August 2008

2006

Normales

September 2007

2005

Normales

August 2006

2004

Normales

August 2005

2003

Normales

August 2004

2002

Normales

September 2003

2001

Normales

July 2002

2000

Normales

July 2001

1999

Normales

July 2000

1998

Normales

July 1999

1997

Normales

July 1998

1996

Normales

July 1997

1995

Normales

September 1996

1994

Normales

July 1995

1993

Normales

June 1994

1992

Normales

July 1993

1991

Normales

July 1992

1990

Normales

July 1991

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 31/12/2013

> Normal format Balance in accordance with the New Accounting Plan 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 To view details on the methodology.

ORIGINAL

Assets

2013

2012

2011

2010

2009

A) NON-CURRENT ASSETS: 11000

34.278.899,00

32.507.031,00

31.736.199,00

32.579.560,00

33.043.534,00

I. Intangible fixed assets : 11100

932.857,00

827.248,00

687.177,00

255.012,00

317.365,00

1. Development: 11110

0,00

2. Concessions: 11120

2.827,00

3.767,00

4.708,00

5.649,00

6.590,00

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

56.481,00

55.196,00

52.828,00

39.405,00

36.034,00

4. Goodwill: 11140

0,00

5. IT applications: 11150

562.715,00

617.360,00

512.386,00

68.753,00

117.058,00

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

310.834,00

150.925,00

117.255,00

141.205,00

157.683,00

II. Tangible fixed assets : 11200

28.388.730,00

27.062.818,00

25.528.337,00

26.814.708,00

27.288.702,00

1. Land and buildings: 11210

8.805.849,00

9.083.258,00

9.536.104,00

9.969.254,00

9.970.164,00

2. Technical installations and other tangible fixed assets: 11220

19.195.318,00

15.583.875,00

15.831.085,00

16.607.403,00

15.153.823,00

3. Tangible asset in progress and advances: 11230

387.563,00

2.395.685,00

161.148,00

238.051,00

2.164.715,00

III. Real estate investment: 11300

14.720,00

1. Land: 11310

14.720,00

2. Buildings: 11320

0,00

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

4.400.241,00

4.400.430,00

4.789.118,00

5.053.521,00

5.044.751,00

1. Equity instruments: 11410

688.241,00

688.430,00

1.077.118,00

1.341.521,00

1.332.751,00

2. Credits to businesses: 11420

3.712.000,00

3. Debt securities: 11430

0,00

4. Derivatives : 11440

0,00

5. Other financial assets : 11450

0,00

6. Other investments: 11460

0,00

V. Long-term financial investments: 11500

238.575,00

199.155,00

305.144,00

209.071,00

168.032,00

1. Equity instruments: 11510

237.950,00

198.530,00

207.893,00

205.862,00

156.263,00

2. Credits to third parties : 11520

0,00

3. Debt securities: 11530

0,00

97.251,00

0,00

4. Derivatives : 11540

0,00

1.666,00

5. Other financial assets : 11550

625,00

0,00

3.209,00

10.103,00

6. Other investments: 11560

0,00

VI. Assets for deferred tax : 11600

303.776,00

2.660,00

411.703,00

232.528,00

209.964,00

VII. Non-current trade debts : 11700

0,00

B) CURRENT ASSETS: 12000

93.158.983,00

85.495.562,00

83.775.194,00

69.011.071,00

79.289.102,00

I. Non-current assets held for sale : 12100

0,00

II. Stocks: 12200

28.005.249,00

35.157.497,00

27.589.812,00

18.233.750,00

17.789.573,00

1. Commercial: 12210

0,00

2. Primary material and other supplies: 12220

20.941.009,00

17.394.326,00

14.386.259,00

12.220.370,00

11.435.459,00

3. Work in progress: 12230

284.289,00

792.196,00

860.584,00

226.432,00

412.573,00

a) Of long-term production cycle : 12231

0,00

b) Of short-term production cycle : 12232

284.289,00

792.196,00

860.584,00

226.432,00

412.573,00

4. Finished goods: 12240

6.779.951,00

16.970.975,00

12.342.969,00

5.786.948,00

5.941.541,00

a) Of long-term production cycle : 12241

0,00

b) Of short-term production cycle : 12242

6.779.951,00

16.970.975,00

12.342.969,00

5.786.948,00

5.941.541,00

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

38.041.831,00

29.208.009,00

33.144.745,00

27.176.671,00

26.204.845,00

1. Trade debtors / accounts receivable: 12310

34.606.260,00

26.434.198,00

31.768.354,00

25.022.389,00

24.295.337,00

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

0,00

b) Customers for sales and provisions of services : 12312

34.606.260,00

26.434.198,00

31.768.354,00

25.022.389,00

24.295.337,00

2. Customers, Group companies and associates : 12320

0,00

120.843,00

0,00

3. Other accounts receivable: 12330

228.625,00

32.745,00

77.727,00

113.973,00

176.680,00

4. Personnel: 12340

0,00

5. Assets for deferred tax: 12350

882.406,00

538.682,00

0,00

176.387,00

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

2.324.540,00

2.081.541,00

1.298.664,00

2.040.309,00

1.556.441,00

7. Called up share capital: 12370

0,00

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

3.364.046,00

3.412.353,00

2.606.866,00

727.343,00

1.500.429,00

1. Equity instruments: 12410

0,00

2. Credits to businesses: 12420

2.037.608,00

2.052.102,00

2.036.696,00

32.335,00

62.912,00

3. Debt securities: 12430

0,00

4. Derivatives : 12440

0,00

5. Other financial assets : 12450

1.326.438,00

1.360.251,00

570.170,00

695.008,00

1.437.517,00

6. Other investments: 12460

0,00

V. Short-term financial investments : 12500

22.380.173,00

17.557.295,00

17.052.748,00

22.462.389,00

28.438.918,00

1. Equity instruments: 12510

22.354.446,00

17.516.090,00

17.026.605,00

19.901.769,00

28.420.030,00

2. Credits to businesses: 12520

0,00

3. Debt securities: 12530

0,00

4. Derivatives : 12540

25.638,00

41.116,00

113,00

53.871,00

9.556,00

5. Other financial assets : 12550

89,00

26.030,00

2.506.749,00

9.332,00

6. Other investments: 12560

0,00

VI. Short-term accruals: 12600

99.978,00

79.382,00

75.810,00

41.139,00

63.883,00

VII. Cash and other equivalent liquid assets : 12700

1.267.706,00

81.026,00

3.305.213,00

369.779,00

5.291.454,00

1. Treasury: 12710

1.267.706,00

81.026,00

305.213,00

369.779,00

2.291.454,00

2. Other equivalent liquid assets: 12720

0,00

3.000.000,00

0,00

3.000.000,00

TOTAL ASSETS (A + B) : 10000

127.437.882,00

118.002.593,00

115.511.393,00

101.590.631,00

112.332.636,00

ORIGINAL

Liabilities and Net Worth

2013

2012

2011

2010

2009

A) NET WORTH: 20000

79.962.499,00

76.214.516,00

73.125.069,00

64.508.290,00

64.573.791,00

A-1) Shareholders' equity: 21000

70.142.567,00

69.604.320,00

66.896.593,00

56.609.411,00

49.242.699,00

I. Capital: 21100

6.961.113,00

1. Registered capital : 21110

6.961.113,00

2. (Uncalled capital): 21120

0,00

II. Share premium: 21200

2.730.158,00

III. Reserves: 21300

56.894.939,00

53.187.214,00

43.900.031,00

37.533.320,00

36.389.270,00

1. Legal and statutory: 21310

1.392.251,00

2. Other reserves: 21320

55.502.688,00

51.794.963,00

42.507.780,00

36.141.069,00

34.997.019,00

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

0,00

VII. Result of the period: 21700

3.556.357,00

6.725.835,00

13.305.291,00

9.384.820,00

3.162.158,00

VIII. (Interim dividend): 21800

0,00

IX. Other net worth instruments: 21900

0,00

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

9.348.608,00

6.134.227,00

5.604.109,00

7.036.184,00

14.444.163,00

I. Financial assets held for sale: 22100

9.449.538,00

6.105.446,00

5.650.936,00

7.533.703,00

14.837.843,00

II. Hedge operations: 22200

-100.930,00

28.781,00

-46.827,00

-497.519,00

-393.680,00

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

471.324,00

475.969,00

624.367,00

862.695,00

886.929,00

B) NON-CURRENT LIABILITIES: 31000

14.054.757,00

11.118.458,00

10.228.891,00

13.309.575,00

20.255.023,00

I. Long-term provisions: 31100

296.046,00

789.214,00

853.290,00

1.058.763,00

1.428.308,00

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

296.046,00

789.214,00

853.290,00

1.058.763,00

1.428.308,00

II Long-term creditors: 31200

8.579.065,00

6.524.181,00

5.512.770,00

8.568.682,00

11.984.889,00

1. Liabilities and other securities: 31210

0,00

2. Amounts owed to credit institutions: 31220

6.057.484,00

4.247.062,00

3.979.673,00

7.035.585,00

10.965.795,00

3. Creditors from financial leasing: 31230

0,00

17.457,00

4. Derivatives : 31240

25.870,00

0,00

50.081,00

5. Other financial liabilities : 31250

2.495.711,00

2.277.119,00

1.533.097,00

951.556,00

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

0,00

IV. Liabilities for deferred tax: 31400

5.179.646,00

3.805.063,00

3.862.831,00

3.682.130,00

6.841.826,00

V. Long-term accruals: 31500

0,00

VI. Non-current trade creditors : 31600

0,00

VII. Special long-term debts : 31700

0,00

C) CURRENT LIABILITIES : 32000

33.420.626,00

30.669.619,00

32.157.433,00

23.772.766,00

27.503.822,00

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

0,00

II. Short-term provisions: 32200

183.092,00

36.456,00

477.252,00

131.747,00

148.892,00

1. Provisions from greenhouse gas emission allowance: 32210

183.092,00

0,00

2. Other provisions: 32220

0,00

III. Short-term creditors : 32300

19.499.945,00

17.155.101,00

15.447.086,00

9.674.812,00

13.236.634,00

1. Liabilities and other securities: 32310

0,00

2. Amounts owed to credit institutions: 32320

18.461.622,00

14.758.190,00

13.816.165,00

7.120.004,00

10.348.562,00

3. Creditors from financial leasing: 32330

0,00

5.932,00

17.459,00

10.796,00

4. Derivatives : 32340

143.953,00

0,00

67.006,00

764.610,00

523.539,00

5. Other financial liabilities : 32350

894.370,00

2.396.911,00

1.557.983,00

1.772.739,00

2.353.737,00

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

800.000,00

0,00

V. Trade creditors and other accounts payable: 32500

12.937.589,00

13.478.062,00

16.233.095,00

13.966.207,00

14.118.296,00

1. Suppliers: 32510

5.641.154,00

4.692.002,00

3.713.226,00

2.861.044,00

5.457.807,00

a) Long-term debts : 32511

0,00

b) Short-term debts : 32512

5.641.154,00

4.692.002,00

3.713.226,00

2.861.044,00

5.457.807,00

2. Suppliers, Group companies and associates: 32520

674.421,00

1.259.237,00

550.302,00

774.628,00

1.269.699,00

3. Other creditors: 32530

4.800.377,00

5.046.961,00

6.989.826,00

5.989.158,00

5.285.880,00

4. Personnel (remuneration due): 32540

1.182.499,00

1.933.299,00

1.785.070,00

1.868.376,00

1.666.015,00

5. Liabilities for current tax: 32550

145.265,00

0,00

2.701.574,00

1.962.653,00

0,00

6. Other accounts payable to Public Administrations.: 32560

493.873,00

546.563,00

493.097,00

510.348,00

438.895,00

7. Advances from clients: 32570

0,00

VI. Short-term accruals: 32600

0,00

VII. Special short-term debts : 32700

0,00

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

127.437.882,00

118.002.593,00

115.511.393,00

101.590.631,00

112.332.636,00

ORIGINAL

Profit and Loss

2013

2012

2011

2010

2009

1. Net turnover: 40100

143.591.960,00

147.481.552,00

134.403.343,00

99.657.559,00

94.898.511,00

a) Sales: 40110

143.591.960,00

147.481.552,00

134.403.343,00

99.657.559,00

94.898.511,00

b) Rendering of services: 40120

0,00

c) Income of financial nature of holding companies: 40130

0,00

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

-10.698.931,00

4.559.618,00

7.190.173,00

-340.734,00

-1.532.927,00

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

0,00

4. Supplies : 40400

-93.246.671,00

-105.815.948,00

-84.613.050,00

-53.577.185,00

-52.940.644,00

a) Stock consumption: 40410

-91.433,00

-1.284.726,00

-6.643,00

-2.443.677,00

-177.077,00

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

-91.369.545,00

-102.642.130,00

-82.557.996,00

-49.418.742,00

-51.333.568,00

c) Works carried out by other companies: 40430

-1.785.693,00

-1.889.092,00

-2.048.411,00

-1.714.766,00

-1.429.999,00

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

0,00

5. Other operating income: 40500

830.592,00

585.465,00

1.056.209,00

1.044.396,00

689.035,00

a) Auxiliary income and other from current management: 40510

523.033,00

275.339,00

415.395,00

333.897,00

344.520,00

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

307.559,00

310.126,00

640.814,00

710.499,00

344.515,00

6. Personnel costs: 40600

-14.133.511,00

-14.453.384,00

-14.330.689,00

-13.188.676,00

-13.681.074,00

a) Wages, salaries et al.: 40610

-10.898.451,00

-11.363.023,00

-11.315.034,00

-10.365.988,00

-10.882.456,00

b) Social security costs: 40620

-3.235.060,00

-3.090.361,00

-3.015.655,00

-2.822.688,00

-2.798.618,00

c) Provisions : 40630

0,00

7. Other operating costs: 40700

-20.850.153,00

-19.697.971,00

-21.307.193,00

-19.690.306,00

-20.736.556,00

a) External services: 40710

-20.364.420,00

-20.550.341,00

-21.338.900,00

-18.576.915,00

-18.950.836,00

b) Taxes: 40720

-279.676,00

-362.284,00

-326.392,00

-302.787,00

-274.417,00

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

-22.959,00

1.264.071,00

417.451,00

-678.857,00

-1.359.921,00

d) Other current management expenditure : 40740

0,00

-49.417,00

-59.352,00

-131.747,00

-151.382,00

e) Expenses due to greenhouse gas emissions: 40750

-183.098,00

0,00

8. Amortisation of fixed assets: 40800

-3.134.997,00

-4.731.617,00

-5.135.126,00

-4.915.274,00

-5.698.945,00

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

0,00

4.696,00

11.629,00

13.957,00

10. Excess provisions : 41000

493.168,00

64.076,00

205.473,00

369.545,00

0,00

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

542.119,00

0,00

91.800,00

1.261.927,00

a) Impairment and losses : 41110

542.119,00

0,00

b) Results for transfers and other : 41120

0,00

91.800,00

1.261.927,00

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

-750,00

-1.645,00

0,00

3.134.783,00

1.536.108,00

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

3.392.826,00

7.994.842,00

17.480.769,00

12.599.865,00

3.809.392,00

14. Financial income : 41400

1.697.326,00

1.034.167,00

1.209.536,00

1.177.126,00

1.255.511,00

a) Of shares in equity instruments : 41410

1.221.804,00

842.660,00

987.209,00

885.084,00

1.065.360,00

a 1) In Group companies and associates: 41411

0,00

a 2) In third parties: 41412

1.221.804,00

842.660,00

987.209,00

885.084,00

1.065.360,00

b) From negotiable securities and other financial instruments : 41420

475.522,00

191.507,00

222.327,00

292.042,00

190.151,00

b 1) From Group companies and associates : 41421

134.171,00

158.947,00

74.477,00

73.669,00

167.088,00

b 2) From third parties : 41422

341.351,00

32.560,00

147.850,00

218.373,00

23.063,00

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

0,00

15. Financial expenditure: 41500

-909.260,00

-524.461,00

-440.893,00

-356.177,00

-678.502,00

a) Amounts owed to Group companies and associates : 41510

-381,00

-445,00

-113,00

0,00

b) For debts with third parties : 41520

-908.879,00

-524.016,00

-440.780,00

-356.177,00

-678.502,00

c) Stock renewal : 41530

0,00

16. Changes in fair value of financial instruments : 41600

0,00

-19.876,00

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

-19.876,00

0,00

17. Exchange rate differences : 41700

-271.409,00

53.486,00

322.082,00

-324.210,00

-95.680,00

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

39.231,00

-448.051,00

-264.772,00

-1.671,00

-54.072,00

a) Impairment and losses : 41810

39.231,00

-448.051,00

-264.772,00

-1.671,00

-54.072,00

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

555.888,00

95.265,00

825.953,00

495.068,00

427.257,00

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

3.948.714,00

8.090.107,00

18.306.722,00

13.094.933,00

4.236.649,00

20. Income taxes: 41900

-392.357,00

-1.364.272,00

-5.001.431,00

-3.710.113,00

-1.074.491,00

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

3.556.357,00

6.725.835,00

13.305.291,00

9.384.820,00

3.162.158,00

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

0,00

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

3.556.357,00

6.725.835,00

13.305.291,00

9.384.820,00

3.162.158,00

> 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. 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:

33.975.123,00

32.504.371,00

31.324.496,00

32.347.032,00

32.831.904,00

I. Formation expenses:

0,00

II. Intangible fixed assets:

932.857,00

827.248,00

687.177,00

255.012,00

317.365,00

1. Research and development costs:

0,00

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

59.308,00

58.963,00

57.536,00

45.054,00

42.624,00

3. Goodwill:

0,00

4. Key money paid for premises:

0,00

5. Software:

562.715,00

617.360,00

512.386,00

68.753,00

117.058,00

6. Assets under capital leases:

0,00

7. Payments on account:

310.834,00

150.925,00

117.255,00

141.205,00

157.683,00

8. Provisions:

0,00

9. Accumulated depreciation:

0,00

III. Tangible fixed assets:

28.403.450,00

27.077.538,00

25.543.057,00

26.829.428,00

27.303.422,00

1. Land and construction:

8.820.569,00

9.097.978,00

9.550.824,00

9.983.974,00

9.984.884,00

2. Technical installations and machinery:

18.657.694,00

15.147.400,00

15.387.686,00

16.142.261,00

14.729.393,00

3. Other installations, tools and furniture:

315.440,00

256.093,00

260.155,00

272.913,00

249.026,00

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

387.563,00

2.395.685,00

161.148,00

238.051,00

2.164.715,00

5. Other tangible assets:

222.184,00

180.382,00

183.243,00

192.229,00

175.404,00

6. Provisions:

0,00

7. Accumulated depreciation:

0,00

IV. Financial investments:

4.638.816,00

4.599.585,00

5.094.262,00

5.262.592,00

5.211.117,00

1. Equity investments in group companies:

45.860,00

45.873,00

71.773,00

89.391,00

88.807,00

2. Receivables from group companies:

3.712.000,00

3. Equity investment in associated companies:

642.381,00

642.557,00

1.005.345,00

1.252.130,00

1.243.944,00

4. Credits to associated companies:

0,00

5. Long-term securities portfolio:

237.950,00

198.530,00

305.144,00

205.862,00

156.263,00

6. Other receivables:

0,00

7. Long term guarantees and deposits:

625,00

0,00

3.209,00

10.103,00

8. Provisions:

0,00

9. Long-term receivables from public bodies:

0,00

V. Own shares:

0,00

VI. Long-term trade receivables:

0,00

C) Deferred expenses:

0,00

D) CURRENT ASSETS:

93.437.121,00

85.457.106,00

84.186.784,00

69.189.728,00

79.489.510,00

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

0,00

II. Stocks:

28.005.249,00

35.157.497,00

27.589.812,00

18.233.750,00

17.789.573,00

1. Goods for resale:

0,00

2. Raw materials and other consumables:

20.941.009,00

17.394.326,00

14.386.259,00

12.220.370,00

11.435.459,00

3. Goods in process and semifinished ones:

284.289,00

792.196,00

860.584,00

226.432,00

412.573,00

4. Finished products:

6.779.951,00

16.970.975,00

12.342.969,00

5.786.948,00

5.941.541,00

5. Byproducts, scrap and recovered materials:

0,00

6. Payments on account:

0,00

7. Provisions:

0,00

III. Debtors:

38.345.607,00

29.210.669,00

33.556.448,00

27.409.199,00

26.414.809,00

1. Trade debtors / accounts receivable:

34.606.260,00

26.434.198,00

31.768.354,00

25.022.389,00

24.295.337,00

2. Accounts receivable, Group companies:

0,00

120.843,00

0,00

3. Accounts receivable, associated companies:

0,00

4. Other debtors:

228.625,00

32.745,00

77.727,00

113.973,00

176.680,00

5. Staff:

0,00

6. Public bodies:

3.510.722,00

2.622.883,00

1.710.367,00

2.272.837,00

1.942.792,00

7. Provisions:

0,00

IV. Short-term investments:

25.718.581,00

20.928.532,00

22.659.501,00

23.135.861,00

32.929.791,00

1. Equity investments in group companies:

0,00

2. Receivables from group companies:

2.037.608,00

2.052.102,00

2.036.696,00

32.335,00

62.912,00

3. Equity investment in associated companies:

0,00

4. Credits to associated companies:

0,00

5. Short term securities portfolio:

22.354.446,00

17.516.090,00

20.026.605,00

19.901.769,00

31.420.030,00

6. Other receivables:

1.326.438,00

1.360.251,00

570.170,00

695.008,00

1.437.517,00

7. Shor term guarantees and deposits:

89,00

26.030,00

2.506.749,00

9.332,00

8. Provisions:

0,00

V. Short-term treasury shares:

0,00

VI. Cash at bank and in hand:

1.267.706,00

81.026,00

305.213,00

369.779,00

2.291.454,00

VII. Prepayments and accrued income:

99.978,00

79.382,00

75.810,00

41.139,00

63.883,00

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

127.412.244,00

117.961.477,00

115.511.280,00

101.536.760,00

112.321.414,00

MERCANTILE REGISTRY.

EQUIVALENCIA

LIABILITIES

2013

2012

2011

2010

2009

A) EQUITY:

79.776.757,00

75.840.222,00

72.754.905,00

64.615.143,00

64.515.339,00

I. Subscribed capital:

6.961.113,00

II. Share premium:

2.730.158,00

III. Revaluation reserves:

1.975.861,00

2.065.863,00

1.929.101,00

2.003.484,00

2.786.703,00

IV. Reserves:

64.553.268,00

57.357.253,00

47.829.242,00

43.535.568,00

48.875.206,00

1. Legal reserve:

1.392.251,00

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:

63.160.915,00

55.964.895,00

46.436.891,00

42.143.213,00

47.482.811,00

Differences due to capital adjustement to euros:

102,00

107,00

100,00

103,00

144,00

V. Profit or loss brought forward:

0,00

1. Retained earnings:

0,00

2. Prior year losses:

0,00

3. Partners' contributions so as to compensate losses:

0,00

VI. Profit or loss for the financial year:

3.556.357,00

6.725.835,00

13.305.291,00

9.384.820,00

3.162.158,00

VII. Interim dividend paid:

0,00

VIII. Own shares for capital reduction:

0,00

B) Deferred income:

329.927,00

333.178,00

437.057,00

603.887,00

620.850,00

1. Capital grants:

329.927,00

333.178,00

437.057,00

603.887,00

620.850,00

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:

296.046,00

789.214,00

853.290,00

1.058.763,00

1.428.308,00

1. Provisions for pension fund and other similar obligations:

0,00

2. Provisions for taxes:

0,00

3. Other provisions:

296.046,00

789.214,00

853.290,00

1.058.763,00

1.428.308,00

4. Reversion fund:

0,00

D) LONG TERM LIABILITIES:

13.732.841,00

10.329.244,00

9.375.601,00

12.250.812,00

18.776.634,00

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:

6.057.484,00

4.247.062,00

3.979.673,00

7.035.585,00

10.983.252,00

1. Loans and other liabilities:

6.057.484,00

4.247.062,00

3.979.673,00

7.035.585,00

10.965.795,00

2. Long-term liabilities from capital leases:

0,00

17.457,00

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

0,00

1. Amounts owed to group companies:

0,00

2. Amounts owed to associated companies:

0,00

IV. Other creditors:

7.675.357,00

6.082.182,00

5.395.928,00

5.215.227,00

7.793.382,00

1. Long-term bills of exchange payable:

0,00

2. Other creditors:

1.978.198,00

1.804.933,00

1.215.193,00

754.240,00

3. Long term guarantees and deposits received:

517.513,00

472.186,00

317.904,00

197.316,00

4. Long term payables to public bodies:

5.179.646,00

3.805.063,00

3.862.831,00

3.682.130,00

6.841.826,00

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:

33.093.581,00

30.633.163,00

31.613.175,00

22.876.409,00

26.831.391,00

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:

18.461.622,00

14.758.190,00

13.822.097,00

7.137.463,00

10.359.358,00

1. Loans and other liabilities:

18.461.622,00

14.758.190,00

13.816.165,00

7.120.004,00

10.348.562,00

2. Accrued interest on liabilities with credit institutions:

0,00

3. Short-term liabilities from capital leases:

0,00

5.932,00

17.459,00

10.796,00

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

1.474.421,00

1.259.237,00

550.302,00

774.628,00

1.269.699,00

1. Amounts owed to group companies:

1.002.505,00

856.195,00

374.168,00

526.694,00

863.309,00

2. Amounts owed to associated companies:

471.916,00

403.042,00

176.134,00

247.934,00

406.390,00

IV. Trade creditors:

10.441.531,00

9.738.963,00

10.703.052,00

8.850.202,00

10.743.687,00

1. Advanced payments from customers:

0,00

2. Amounts owed for purchases of goods or services:

10.441.531,00

9.738.963,00

10.703.052,00

8.850.202,00

10.743.687,00

3. Debts represented by notes payable:

0,00

V. Other creditors:

2.716.007,00

4.876.773,00

6.537.724,00

6.114.116,00

4.458.647,00

1. Public bodies:

639.138,00

546.563,00

3.194.671,00

2.473.001,00

438.895,00

2. Bills of exchange payable:

0,00

3. Miscellaneous debts:

894.370,00

2.396.911,00

1.557.983,00

1.772.739,00

2.353.737,00

4. Wages and salaries payable:

1.182.499,00

1.933.299,00

1.785.070,00

1.868.376,00

1.666.015,00

5. Guarantees and deposits received at short term:

0,00

VI. Provisions:

0,00

VII. Prepayments and accrued income:

0,00

F) SHORT-TERM PROVISIONS FOR LIABILITIES AND CHARGES:

183.092,00

36.456,00

477.252,00

131.747,00

148.892,00

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

127.412.244,00

117.961.477,00

115.511.280,00

101.536.760,00

112.321.414,00

MERCANTILE REGISTRY.

EQUIVALENCIA

DEBIT

2013

2012

2011

2010

2009

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

142.873.591,00

147.057.225,00

131.093.154,00

96.104.346,00

96.492.891,00

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

10.698.931,00

0,00

340.734,00

1.532.927,00

A.2. Supplies:

93.246.671,00

105.815.948,00

84.613.050,00

53.577.185,00

52.940.644,00

a) Stock consumption:

91.433,00

1.284.726,00

6.643,00

2.443.677,00

177.077,00

b) Consumption of raw materials and miscellaneous consumable ones:

91.369.545,00

102.642.130,00

82.557.996,00

49.418.742,00

51.333.568,00

c) Miscellaneous external expenditure:

1.785.693,00

1.889.092,00

2.048.411,00

1.714.766,00

1.429.999,00

A.3. Staff costs:

14.133.511,00

14.453.384,00

14.330.689,00

13.188.676,00

13.681.074,00

a) Wages, salaries et al.:

10.898.451,00

11.363.023,00

11.315.034,00

10.365.988,00

10.882.456,00

b) Social security costs:

3.235.060,00

3.090.361,00

3.015.655,00

2.822.688,00

2.798.618,00

A.4. Depreciation expense:

3.134.997,00

4.731.617,00

5.135.126,00

4.915.274,00

5.698.945,00

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

22.959,00

-1.264.071,00

-417.451,00

678.857,00

1.359.921,00

a) Stock provision variation:

0,00

b) Variation in provision and bad debt losses:

22.959,00

-1.264.071,00

-417.451,00

678.857,00

1.359.921,00

c) Variation of other trade provisions:

0,00

A.6. Other operating charges:

20.644.096,00

20.962.042,00

21.724.644,00

19.011.449,00

19.376.635,00

a) External services:

20.364.420,00

20.550.341,00

21.338.900,00

18.576.915,00

18.950.836,00

b) Taxes:

279.676,00

362.284,00

326.392,00

302.787,00

274.417,00

c) Other operating expenses:

0,00

49.417,00

59.352,00

131.747,00

151.382,00

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):

3.034.555,00

7.991.791,00

17.469.140,00

9.359.325,00

997.400,00

A.7. Financial and similar charges:

909.260,00

524.461,00

440.893,00

356.177,00

678.502,00

a) Due to liabilities with companies of the group:

381,00

445,00

113,00

0,00

b) Due to liabilities with associated companies:

0,00

c) Due to other debts.:

908.879,00

524.016,00

440.780,00

356.177,00

678.502,00

d) Losses from financial investments:

0,00

A.8. Changes in financial investment provisions:

-1.666,00

19.876,00

0,00

A.9. Exchange losses:

271.409,00

0,00

324.210,00

95.680,00

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

518.323,00

543.316,00

1.090.725,00

496.739,00

481.329,00

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

3.552.878,00

8.535.107,00

18.559.865,00

9.856.064,00

1.478.729,00

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

-579.684,00

448.051,00

264.772,00

1.671,00

54.072,00

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

0,00

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

0,00

A.13. Extraordinary expenses:

750,00

1.645,00

0,00

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):

578.934,00

0,00

3.238.869,00

2.757.920,00

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

4.131.812,00

8.090.107,00

18.306.722,00

13.094.933,00

4.236.649,00

A.15. Corporation tax:

392.357,00

1.364.272,00

5.001.431,00

3.710.113,00

1.074.491,00

A.16. Miscellaneous taxes:

0,00

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

3.739.455,00

6.725.835,00

13.305.291,00

9.384.820,00

3.162.158,00

MERCANTILE REGISTRY.

EQUIVALENCIA

CREDIT

2013

2012

2011

2010

2009

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

146.613.046,00

153.783.060,00

144.398.445,00

105.489.166,00

99.655.049,00

B.1. Net total sales:

143.591.960,00

147.481.552,00

134.403.343,00

99.657.559,00

94.898.511,00

a) Sales:

143.618.303,00

147.508.609,00

134.428.001,00

99.675.842,00

94.915.921,00

b) Rendering of services:

0,00

Returns and Rappel on sales:

-26.343,00

-27.057,00

-24.658,00

-18.283,00

-17.410,00

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

0,00

4.559.618,00

7.190.173,00

0,00

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

0,00

B.4. Miscellaneous operating income:

1.323.760,00

649.541,00

1.261.682,00

1.413.941,00

689.035,00

a) Auxiliary income and other from current management:

523.033,00

275.339,00

415.395,00

333.897,00

344.520,00

b) Grants:

307.559,00

310.126,00

640.814,00

710.499,00

344.515,00

c) Liabilities and charges provisions surplus:

493.168,00

64.076,00

205.473,00

369.545,00

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

B.5. Income from equity investment:

1.221.804,00

842.660,00

987.209,00

885.084,00

1.065.360,00

a) In companies of the group:

0,00

b) In associated companies:

0,00

c) Third parties:

1.221.804,00

842.660,00

987.209,00

885.084,00

1.065.360,00

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

341.351,00

32.560,00

147.850,00

218.373,00

23.063,00

a) From companies of the group:

0,00

b) From associated companies:

0,00

c) From companies out of the group:

341.351,00

32.560,00

147.850,00

218.373,00

23.063,00

B.7. Miscellaneous interests or similar income:

134.171,00

158.947,00

74.477,00

73.669,00

167.088,00

a) From companies of the group:

134.171,00

158.947,00

74.477,00

73.669,00

167.088,00

b) From associated companies:

0,00

c) Miscellaneous interests:

0,00

d) Profit on financial investment:

0,00

B.8. Exchange positive differences:

0,00

53.486,00

322.082,00

0,00

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

91.800,00

1.261.927,00

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

0,00

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

0,00

4.696,00

11.629,00

13.957,00

B.12. Extraordinary income:

0,00

3.134.783,00

1.536.108,00

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

445.000,00

253.143,00

0,00

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

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

3.948.714,00

8.090.107,00

18.306.722,00

13.094.933,00

4.236.649,00

2. Results adjustments.: 61200

1.364.443,00

3.022.923,00

3.511.058,00

4.045.009,00

5.539.109,00

a) Fixed Assets Amortization (+).: 61201

3.134.997,00

4.731.617,00

5.135.126,00

4.915.274,00

5.698.945,00

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

-581.161,00

0,00

264.772,00

0,00

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

-470.208,00

-1.328.147,00

-204.924,00

310.983,00

1.413.993,00

d) Allocation of grants (-).: 61204

-307.559,00

-314.823,00

-652.443,00

-724.456,00

-358.472,00

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

0,00

-91.800,00

-734.028,00

f) Results on disposal of financial instruments (+/-).: 61206

0,00

448.051,00

0,00

g) Financial income (-).: 61207

-1.697.326,00

-1.034.167,00

-1.209.536,00

-1.177.126,00

-1.255.511,00

h) Financial Expenses (+). : 61208

909.260,00

524.461,00

440.893,00

356.177,00

678.502,00

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

271.409,00

-53.486,00

-322.082,00

324.210,00

95.680,00

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

105.031,00

49.417,00

59.252,00

131.747,00

0,00

3. Changes in current capital equity.: 61300

-2.035.796,00

-2.620.654,00

-13.780.290,00

-4.602.966,00

4.618.225,00

a) Stock (+/-).: 61301

7.152.248,00

-7.567.685,00

-9.356.062,00

-444.177,00

1.817.766,00

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

-8.470.907,00

5.368.216,00

-5.965.447,00

-2.070.426,00

2.168.370,00

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

-20.596,00

-3.572,00

-34.671,00

22.744,00

437.461,00

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

-685.736,00

-53.459,00

1.527.967,00

-2.114.742,00

-546.364,00

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

0,00

-418.000,00

0,00

-3.259,00

36.293,00

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

-10.805,00

53.846,00

47.923,00

6.894,00

704.699,00

4. Other cash flows for operating activities.: 61400

-397.777,00

-4.020.002,00

-2.807.298,00

-847.770,00

-3.687.167,00

a) Interest payments (-). : 61401

-727.193,00

-561.843,00

-417.581,00

-352.445,00

-678.502,00

b) Dividend payment collection (+). : 61402

1.221.804,00

842.660,00

987.209,00

885.084,00

1.065.360,00

c) Interest collection (+). : 61403

153.725,00

183.449,00

222.327,00

179.213,00

190.151,00

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

-1.046.113,00

-4.484.268,00

-3.599.253,00

-1.559.622,00

-4.264.176,00

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

2.879.584,00

4.472.374,00

5.230.192,00

11.689.206,00

10.706.816,00

6. Payments for investment (-).: 62100

-5.660.205,00

-8.255.840,00

-8.861.007,00

-9.316.111,00

-3.118.811,00

a) Companies of the group and affiliates. : 62101

-119.353,00

-2.260.874,00

-4.113.164,00

-60.040,00

-21.230,00

b) Intangible fixed assets. : 62102

-84.365,00

-246.439,00

-517.464,00

-10.298,00

-67.657,00

c) Fixed assets. : 62103

-5.410.530,00

-5.348.097,00

-4.001.424,00

-4.832.131,00

-3.029.924,00

e) Other financial assets. : 62105

-45.957,00

-400.430,00

-228.955,00

-4.413.642,00

0,00

7. Divestment payment collection (+). : 62200

78.067,00

2.109.401,00

5.032.370,00

897.221,00

1.513.175,00

a) Companies of the group and affiliates. : 62201

0,00

1.579.517,00

2.231.241,00

805.421,00

28.424,00

b) Intangible fixed assets. : 62202

78.067,00

0,00

91.800,00

156.000,00

c) Fixed assets. : 62203

0,00

1.328.751,00

e) Other financial assets. : 62205

0,00

2.801.129,00

0,00

h) Other assets. : 62208

0,00

529.884,00

0,00

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

-5.582.138,00

-6.146.439,00

-3.828.637,00

-8.418.890,00

-1.605.636,00

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

508.279,00

371.273,00

625.235,00

442.625,00

42.081,00

e) Grants, donations and bequests received (+). : 63105

508.279,00

371.273,00

625.235,00

442.625,00

42.081,00

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

6.436.267,00

2.025.119,00

3.586.562,00

-6.310.406,00

-2.731.348,00

a) Issuance : 63201

0,00

744.022,00

6.696.161,00

1.043.561,00

0,00

5. Other debts (+). : 63206

0,00

744.022,00

6.696.161,00

1.043.561,00

0,00

b) Repayment and amortization of : 63207

6.436.267,00

1.281.097,00

-3.109.599,00

-7.353.967,00

-2.731.348,00

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

5.484.027,00

1.246.796,00

-3.079.224,00

-7.173.296,00

-2.731.348,00

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

800.000,00

0,00

5. Other debts (-). : 63212

152.240,00

34.301,00

-30.375,00

-180.671,00

0,00

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

-3.000.000,00

-4.000.000,00

-3.000.000,00

-2.000.000,00

-1.600.000,00

a) Dividends (-).: 63301

-3.000.000,00

-4.000.000,00

-3.000.000,00

-2.000.000,00

-1.600.000,00

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

3.944.546,00

-1.603.608,00

1.211.797,00

-7.867.781,00

-4.289.267,00

D) EFFECT OF EXCHANGE RATE CHANGES: 64000

-55.312,00

53.486,00

322.082,00

-324.210,00

-95.554,00

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

1.186.680,00

-3.224.187,00

2.935.434,00

-4.921.675,00

4.716.359,00

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

81.026,00

3.305.213,00

369.779,00

5.291.454,00

575.095,00

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

1.267.706,00

81.026,00

3.305.213,00

369.779,00

5.291.454,00

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 %

0,01 %

137,80 %

89,88 %

EBITDA over Sales:

3,83 %

11,35 %

8,58 %

9,03 %

-55,43 %

25,78 %

Cash Flow Yield:

0,01 %

-0,03 %

0,00 %

134,08 %

Profitability

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Operating economic profitability:

3,50 %

6,90 %

8,65 %

4,95 %

-59,58 %

39,56 %

Total economic profitability:

3,81 %

7,30 %

2,31 %

-47,78 %

64,78 %

Financial profitability:

5,07 %

4,37 %

9,66 %

0,83 %

-47,53 %

428,17 %

Margin:

2,35 %

6,71 %

5,40 %

4,63 %

-56,49 %

45,05 %

Mark-up:

2,73 %

4,55 %

5,46 %

1,23 %

-49,96 %

269,85 %

Solvency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Liquidity:

0,04

0,13

0,00

0,12

14,14

Acid Test:

1,96

0,86

1,64

0,85

19,30

1,33

Working Capital / Investment:

0,47

0,05

0,46

0,03

0,89

85,24

Solvency:

2,81

1,18

2,79

1,17

0,75

0,26

Indebtedness

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Indebtedness level:

0,66

1,38

0,58

1,62

14,66

-14,98

Borrowing Composition:

0,41

1,00

0,34

1,03

22,76

-2,86

Repayment Ability:

39,60

97,91

-12,70

196,10

411,72

-50,07

Warranty:

2,71

1,73

2,88

1,62

-5,87

6,84

Generated resources / Total creditors:

0,14

0,08

0,29

0,07

-51,30

27,03

Efficiency

2013

2012

Variación 2013 - 2012

Empresa

Sector

Empresa

Sector

Empresa

Sector

Productivity:

1,39

1,85

1,88

1,70

-25,97

8,66

Turnover of Collection Rights :

3,80

5,00

5,07

4,78

-25,11

4,71

Turnover of Payment Entitlements:

7,99

3,64

9,65

3,51

-17,19

3,60

Stock rotation:

5,07

7,35

3,99

6,48

27,26

13,42

Assets turnover:

1,49

1,03

1,60

1,07

-7,11

-3,78

Borrowing Cost:

1,93

2,86

1,28

2,95

51,11

-3,27

> 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 %

-0,02 %

0,02 %

-0,05 %

4,97 %

EBITDA over Sales:

3,83 %

8,58 %

16,67 %

13,95 %

7,06 %

Cash Flow Yield:

0,01 %

-0,03 %

0,03 %

-0,05 %

4,20 %

Profitability

2013

2012

2011

2010

2009

Operating economic profitability:

3,50 %

8,65 %

19,26 %

12,94 %

2,95 %

Total economic profitability:

3,81 %

7,30 %

16,23 %

13,24 %

4,38 %

Financial profitability:

5,07 %

9,66 %

19,89 %

16,58 %

6,42 %

Margin:

2,35 %

5,40 %

12,90 %

9,40 %

2,38 %

Mark-up:

2,73 %

5,46 %

13,51 %

9,89 %

2,83 %

Solvency

2013

2012

2011

2010

2009

Liquidity:

0,04

0,00

0,10

0,02

0,19

Acid Test:

1,96

1,64

1,77

2,15

2,25

Working Capital / Investment:

0,47

0,46

0,45

0,46

Solvency:

2,81

2,79

2,66

2,93

2,91

Indebtedness

2013

2012

2011

2010

2009

Indebtedness level:

0,66

0,58

0,60

0,61

0,90

Borrowing Composition:

0,41

0,34

0,30

0,52

0,69

Repayment Ability:

39,60

-12,70

13,99

-7,29

4,72

Warranty:

2,71

2,88

2,81

2,83

2,43

Generated resources / Total creditors:

0,14

0,29

0,46

0,40

0,19

Efficiency

2013

2012

2011

2010

2009

Productivity:

1,39

1,88

2,56

2,05

1,49

Turnover of Collection Rights :

3,80

5,07

4,09

3,71

3,65

Turnover of Payment Entitlements:

7,99

9,65

6,97

5,22

5,11

Stock rotation:

5,07

3,99

4,28

5,03

5,32

Assets turnover:

1,49

1,60

1,49

1,38

1,24

Borrowing Cost:

1,93

1,28

1,07

0,99

1,47

COMPARATIVE SECTORIAL BALANCE

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

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Variación -

Empresa

Sector

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

1.043.561,00

Notes

Concepto: Plan de competitividad enfocado a la mejora de la sostenibilidad. El importe reflejado es el inicialmente concedido.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

988.614,00

Notes

Concepto: Plan de competitividad enfocado a la producción sostenible.El importe reflejado es el inicialmente concedido.

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Project

Infinitex

Amount Granted

649.938,00

Notes

El importe reflejado es el inicialmente concedido.

Entity

PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

598.900,00

Notes

Esta subvención fue concedida para la instalación de coque. El importe reflejado es el inicialmente concedido.

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

309.828,00

Notes

Concepto: Derechos de emisión de CO2. El importe reflejado es el inicialmente concedido.

Entity

UNION EUROPEA

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

296.750,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Development of carbón (precursora).

Entity

CENTRO PARA EL DESARROLLO TECNOLOGICO INDUSTRIAL

Status

CONCEDIDA

Amount Granted

136.211,00

Notes

Finalidad: Proyecto nanolarge.

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

subvención de explotación

Status

CONCEDIDA

Amount Granted

43.933,00

Notes

proyecto acrico

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

subvención de explotación

Status

CONCEDIDA

Amount Granted

30.546,00

Notes

proyecto nanobar

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

23.237,00

Notes

Proyecto benox

Entity

PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

125.263,00

Notes

Esta subvención fue concedida para la instalación de coque. El importe reflejado es el inicialmente concedido.

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

103.257,00

Notes

Concepto: Derechos de emisión de CO2. El importe reflejado es el inicialmente concedido.

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

79.014,00

Notes

Proyecto briquetas.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

156.263,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Proyecto de transformación de aguas residuales en subproductos de interés industrial y aguas sulfuradas.

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

113.320,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Estudio de interacciones entre brea y productos linocelulosicos

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

85.949,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Seguimiento y mejora de indicadores de productividad industrial.

Entity

MINISTERIO DE INDUSTRIA, COMERCIO Y TURISMO.

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

61.554,00

Notes

Proyecto de transformación de aguas residuales en subproductos de interés industrial y aguas sulfuradas. El importe reflejado es el inicialmente concedido.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

988.614,00

Notes

Concepto: Plan de competitividad enfocado a la produccion sostenible. El importe reflejado es el inicialmente concedido.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

812.760,00

Notes

Concepto: obtención de breas a partir de aceite de antraceno. El importe reflejado es el inicialmente concedido.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

297.724,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Development of carbón (precursora).

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

212.351,00

Notes

Concepto: Derechos de emisión de CO2. El importe reflejado es el inicialmente concedido.

Entity

UNION EUROPEA

Status

CONCEDIDA

Amount Granted

178.725,00

Notes

Finalidad: Proyecto encaminado a la preparacion de fibras de carbon.

Entity

INSTITUTO DE DESARROLLO ECONOMICO DEL PRINCIPADO DE ASTUTIAS

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

161.873,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Desarrollo nuevo sistema control y supervicion PDN

Entity

CONSEJERIA DE EDUCACION Y CIENCIA DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

113.320,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Estudio de interacciones entre brea y productos linocelulosicos.

Entity

CONSEJERIA DE EDUCACION Y CIENCIA DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

49.650,00

Notes

El importe reflejado es el inicialmente concedido. Concepto: Proyecto dopaje de breas.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

812.760,00

Notes

La sociedad ha registrado como Subvención de Capital, el efecto financiero de los préstamos sin interés concedidos por el Ministerio de Ciencia y Tecnología y el Centro de Desarrollo Tecnológico Industrial para financiar diversos proyectos de investigación. El importe reflejado corresponde al principal del préstamo, se ha traspasado a resultados del ejercicio 10.183,00 euros, quedando a fecha de cierre pendiente de imputar 4.364,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

812.760,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación

Status

CONCEDIDA

Amount Granted

413.394,00

Notes

Dicho importe corresponde a varias subvenciones, se ha traspasado a resultados del ejercicio 87.698,00 euros, quedando a fecha de cierre pendiente de imputar 52.040,00 euros.

Entity

ADMINISTRACION ESTATAL

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

366.508,00

Notes

Concedida en el ejercicio actual, se ha traspasado a resultados del ejercicio 159.914,00 euros, quedando a fecha de cierre pendiente de imputar 96.642,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de explotación.

Status

CONCEDIDA

Amount Granted

156.263,00

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

61.554,00

Notes

Se han imputado a resultados 7695 euros y quedan pendientes 2.309 euros

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

1.980.402,00

Notes

Esta subvención fue concedida para la instalación de la planta de refino de naftalina. El importe traspasado a resultados asciende a 16.506,00 euros. Al cierre, esta subvención se encuentra totalmente imputada a resultaods.

Entity

FUNDACION DE INVESTIGACION PARA EL CARBON Y EL ACERO

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

137.013,00

Notes

Esta subvención fue concedida por la Unión Europea a un conjunto de instituciones y empresas (entre las que se encuentra la Sociedad) en junio de 2005, para financiar los costes de un proyecto de investigación que se desarrollará de manera conjunta durante los meses de julio de 2005 a junio de 2008. Durante el ejercicio 2007, la Sociedad cobró 54.000,00 euros, el cual fue imputado a resultados. Al cierre, el importe pendiente de cobro asciende a 29.013,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

125.263,00

Notes

Esta subvención fue concedida para la instalación de coque. El importe traspasado a resultados asciende a 6.264,00 euros y el pendiente de imputación al cierre a 29.750,00 euros.

Entity

CONSEJERIA DE EDUCACION Y CIENCIA DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

76.656,00

Notes

Esta subvención fue concedida el 22/12/2005, destinada a la ejecución de proyectos de investigación durante el período 2006-2007. Al 31/12/2007, se ha imputado a resultados 20.028,00 euros, que corresponde al importe cobrado durante el ejercicio 2007. El importe pendiente de cobro al cierre asciende a 56.628,00 euros.

Entity

CONSEJERIA DE EDUCACION Y CIENCIA DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención a la explotación

Status

CONCEDIDA

Amount Granted

56.320,00

Notes

Esta subvención fue concedida por el 12/07/2006, destinada a la ejecución de proyectos de investigación durante el período 2005-2007. Al cierre, se ha imputado a resultados 40.970,00 euros, que corresponde al importe cobrado durante el ejercicio 2007. El importe pendiente de cobro al 31/12/2007 asciende a 15.350,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Project

Proyecto de transformación de aguas residuales en subproductos de interés industrial

Amount Granted

32.856,00

Notes

Esta subvención fue concedida para la financiación del proyecto. El importe traspasado a resultados asciende a 3.283,00 euros y el pendiente de imputación al cierre a 16.425,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Amount Granted

28.698,00

Notes

Esta subvención fue concedida para la financiación de proyectos de aguas sulfuradas. El importe traspasado a resultados asciende a 2.870,00 euros y el pendiente de imputación al cierre a 12.020,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Instalación de la planta de destilación en continuo de alquitrán.

Status

CONCEDIDA

Amount Granted

2.226.880,00

Notes

Importe traspasado a resultados del ejercicio: 217.878,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Instalación de la planta de refino de naftalina.

Status

CONCEDIDA

Amount Granted

1.980.402,00

Notes

Importe traspasado a resultados del ejercicio: 198.040,00 euros.

Entity

UNION EUROPEA - FUNDACION DE INVESTIGACION PARA EL CARBON Y EL ACERO

Subsidy Concept

Ayuda para subvencionar los costes de un proyecto de investigación que se desarrollará de manera conjunta durante los meses de julio de 2005 a junio de 2008.

Status

CONCEDIDA

Amount Granted

137.013,00

Notes

Concedida en junio de 2005. Durante el año 2005, la sociedad ha cobrado 54.000,00 euros, que han sido imputados a resultados.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Instalación de coque.

Status

CONCEDIDA

Amount Granted

125.263,00

Notes

Importe traspasado a resultados del ejercicio: 6.263,00 euros.

Entity

FUNDACION PARA EL FOMENTO EN ASTURIAS DE LA INVESTIGACION CIENTIFICA APLICADA Y LA TECNOLOGIA (FYCIT)

Subsidy Concept

Subvención de capital:Financiación de proyecto (Nota 5).

Status

CONCEDIDA

Project

Proyecto de obtención de breas a partir de aceite de antraceno

Amount Granted

112.545,00

Notes

Importe traspasado a resultados del ejercicio: 22.509,00 euros.

Entity

CONSEJERIA DE EDUCACION Y CIENCIA DEL PRINCIPADO DE ASTURIAS

Subsidy Concept

Subvención a la explotación: Ejecución de proyectos de investigación durante el período 2006-2007.

Status

CONCEDIDA

Amount Granted

76.658,00

Notes

Concedida el 22/12/2005. Al cierre, la sociedad no había imputado a resultados importe alguno por esta subvención, si bien había registrado a cuenta a cobrar por el importe concedido.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Financiación de proyecto

Status

CONCEDIDA

Project

Proyecto de transformación de aguas residuales en subproductos de interés industrial

Amount Granted

32.856,00

Notes

Importe traspasado a resultados del ejercicio: 3.287,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital: Proyectos de aguas sulfuradas

Status

CONCEDIDA

Amount Granted

28.698,00

Notes

Importe traspasado a resultados del ejercicio: 2.870,00 euros.

Entity

ORGANISMO NO ESPECIFICADO

Subsidy Concept

Subvención de capital

Status

CONCEDIDA

Project

Instalación planta de destilación en continuo de alquitrán.

Amount Granted

2.226.880,00

Research Summary

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.63.53
UK Pound	1	Rs.99.19
Euro	1	Rs.69.60

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	SDA

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

Enquiry Details

Branch Offices

Activity

Number of Employees

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

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

Link List

Turnover

Estimated Balance

Financial Accounts and Balance Sheets

FINANCIAL DIAGNOSIS

COMPARATIVE SECTORIAL BALANCE

Public Tenders and Works Won

Detail of Subsidies appearing in Balances Memories

Research Summary

Sources

Unit