MIRA INFORM REPORT

Report No. :	326029
Report Date :	03.06.2015

IDENTIFICATION DETAILS

Name :	PEPE JEANS SL
Registered Office :	Crta. Laurea Miro, 403 -405. - Sant Feliu De Llobregat - 08980 - Barcelona
Country :	Spain
Financials (as on) :	2014
Date of Incorporation :	05.05.1998
Legal Form :	Private Company
Line of Business :	Subject is engaged in wholesale of clothing and footwear.
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 – December 31, 2014

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

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

SPAIN - ECONOMIC OVERVIEW

Spain experienced a prolonged recession in the wake of the global financial crisis. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. Economic growth resumed 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:	PEPE JEANS SL
NIF / Fiscal code:	B61663555
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:	Telephone. 936 327 500 Email. store@pepejeans.es Website. www.pepejeans.com
Number of Branches	1
Activity
NACE:	4642 - Wholesale of clothing and footwear
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:	0 for a total cost of 0
Subsidies:	5 for a total cost of 384592
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)		2	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	22.16 %
DEYA CAPITAL II SCR DE REGIMEN COMUN SA	1.86 %
DEYA CAPITAL III FCR DE REGIMEN COMUN	2.18 %
PEPE JEANS EQUIPO GESTOR GRUPO	5.99 %
EQUIPO GESTOR TORREAL SCR, S.A.	0.61 %
DEYA CAPITAL S.C.R. DE REGIMEN SIMPLIFICADO SA	12.12 %
GRUPO TORREAL	29.94 %
JAVIER RAVENTOS
PEPE EUROPEAN HOLDINGS BV	10.68 %
SLPP, S.A.	11.31 %
Shares:	32
Other Links:	14
No. of Active Corporate Bodies:

Ratios	2014	2013	Change
Nº of employees:		787

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources YES, Guarantees YES
INVESTIGATION SUMMARY
Company founded in 1998 enaged in the design, manufacture and clothing articles. It has a national and international business scope. Nothing appears against it in the information sources consulted. Given the above we consider it can continue having risk opeartions according to its size.
Interviewed Person:

Enquiry Details

Identification
Social Denomination:	PEPE JEANS SL
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, due to 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:	4642
CNAE Obtaining Source:	4642
Additional Information:	Design and sale of clothing articles. The head offices are indicated in the headline of this document.
Franchise:	No
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2013	787

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

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	12/11/2010	2
	MEMBER OF THE BOARD	03/03/2009
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	06/09/2001	4
	PROXY	30/12/2002
	PROXY	16/01/2009
NIGEL PETER MIDGLEY	PROXY	16/01/2009	2
OLAZABAL ARACO ALMUDENA	REPRESENTATIVE	26/03/2004	1
ORTEGA CEDRON CARLOS VICENTE	REPRESENTATIVE	09/04/2003	8
	PROXY	30/08/2005
	REPRESENTATIVE	25/07/2008
	MEMBER OF THE BOARD	09/04/2010
	MEMBER OF THE BOARD	14/08/2012
	PROXY	10/06/2013
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	07/11/2008
	ACCOUNTS' AUDITOR / HOLDER	17/05/2004
	ACCOUNTS' AUDITOR / HOLDER	02/11/2004
	ACCOUNTS' AUDITOR / HOLDER	05/10/2005
	ACCOUNTS' AUDITOR / HOLDER	10/01/2008
	ACCOUNTS' AUDITOR / HOLDER	10/01/2008
	ACCOUNTS' AUDITOR / HOLDER	02/02/2012
	ACCOUNTS' AUDITOR / HOLDER	03/10/2014
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	06/09/2001	12
	PROXY	30/09/2002
	MEMBER OF THE BOARD	26/03/2004
	MEMBER OF THE BOARD	12/07/2005
	PROXY	30/08/2005
	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
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		2	---	24/04/2014	24/04/2014
Notices of defaults and enforcement		2	---		---
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 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. Significant operating income. The Company has the necessary return on the investments for its main activity in comparison with its assets. This return is higher than that of the financial year 2013 which means that the company's financial situation has improved. It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses.

Presents legal proceedings. Debts resulting from non-payment to Public Administrations or from lawsuits filed by individuals before the Courts of the different jurisdictions have been published in the Official Gazettes. PEPE JEANS SL it presents an excessive indebtedness that may compromise their balance sheet. The development of the debt structure during the last two years indicates an increase of the debt with credit institutions and trade creditors in respect to all liabilities. The higher the level of debt, the greater the dependence on suppliers' capital and the more compromised will be its financial situation. 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.

> Latest Scoring Changes :

The information contained in the latest annual statements has led to a Scoring review for the company.

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.

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	2 Legal Claims for a total cost of 0,00 E
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Procedimientos ante Juzgados de lo Social	No se han publicado

Incidences Detailed

Incidences with the Local Administration

 PROCESSED BY THE LOCAL GOVERNMENT DE LAS PALMAS DE GRAN CANARIA (LAS PALMAS) - Date 24/04/2014

Last Published Stage:	EXECUTION NOTIFICATION
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. LAS PALMAS Nº58, 2014 PAGINA 7183

 PROCESSED BY THE LOCAL GOVERNMENT DE LAS PALMAS DE GRAN CANARIA (LAS PALMAS) - Date 24/04/2014

Last Published Stage:	EXECUTION NOTIFICATION
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. LAS PALMAS Nº58, 2014 PAGINA 7183

Guarantees

References

Link List

PARTICIPATES IN:	32 Entities
SHAREHOLDERS:	10 Entities
ABSORBS TO:	2 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	1 Entities
IS RELATED WITH:	10 Entities
SE ESCINDE PARCIALMENTE EN:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	CARLOS ORTEGA CEDRON Y ALMUDENA OLAZABAL ARACO		22.16
	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		5.99
	EQUIPO GESTOR TORREAL SCR, S.A.		0.61
	DEYA CAPITAL S.C.R. DE REGIMEN SIMPLIFICADO SA	MADRID	12.12
	GRUPO TORREAL		29.94
	JAVIER RAVENTOS
	PEPE EUROPEAN HOLDINGS BV		10.68
	SLPP, S.A.		11.31
	HILFIGER STORES SPAIN SL	BARCELONA	100
PARTICIPATES IN	QUICK MARKET SL	BARCELONA	50
	PEPE JEANS LONDON, SOCIEDAD ANONIMA, (GRAN BRETAÑA)		100
	HACKETT LIM SPAIN SL	MADRID
	PEPE JEANS COMERCIO TESTEIS UNIP LTDA (PORTUGAL)		100
	PEPE JEANS EUROPE BV (HOLANDA)		100
	PEPE JEANS FRANCE SARL (FRANCIA)		100
	PEPE JEANS POLSKA SP ZOO
	PEPE INTERNATIONAL BV
	PEPE JEANS (HK), S.A.
	PEPE UK, S.A.
	PEPE JEANS ITALY, SOCIEDAD LIMITADA, (ITALIA)		100
	HACKETT RETAIL DEUTSCHLAND, S.A.
	PEPE JEANS FOOTWEAR SL	BARCELONA	51
	PEPE JEANS LONDON, S.A.
	HACKETT JAPAN LIM
	PEPE JEANS HUNGARY SZOLGALTATO KFT
	GLOBAL JEANS COMERCIO DE VESTUARIO, SOCIEDAD ANONIMA, (PORTUGAL)		71.4
	HACKETT SAS (FRANCE)
	PEPE JEANS NEDERLAND BV
	HACKETT, S.A.
	HACKETT ITALY, S.L.
	VENTURE RETAIL SRO
	CK APPAREL IBERIA SL	BARCELONA	100
	HACKETT ASIA, SOCIEDAD ANONIMA, (HK)
	HACKETT SARL (LUXEMBURGO)
	PEPE JEANS INDIA PRIVATE, S.A.
	PEPE JEANS MEXICO S DE RL DE CV (MEXICO)		100
	ACCIONES PROPIAS DE PEPE JEANS, S.L.		0.02
	HACKETT NETHERLANDS BV
	HACKETT PANAMA, S.A.
	HACKETT SHANGHAI APPAREL & ACCESSORIES CO, S.A.

> 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
IS RELATED WITH	CALVIN KLEIN STORES SPAIN SL	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 2014	192.639.270

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2014	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 31/03/2014

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER. Data corresponding to fiscal years before 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria created such criteria using its own methodology. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	107.341.304,00	178.118.939,00	159.034.780,00	140.435.816,00	144.433.861,00
I. Intangible fixed assets : 11100	1.883.991,00	1.643.905,00	1.682.106,00	1.827.077,00	743.835,00
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	618.269,00	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	0,00	110.604,00
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	1.265.722,00	1.025.636,00	1.063.837,00	1.208.808,00	0,00
II. Tangible fixed assets : 11200	11.419.679,00	9.788.107,00	9.364.183,00	9.594.233,00	11.275.462,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	11.255.384,00	9.656.440,00	9.243.467,00	9.367.555,00	10.058.910,00
3. Tangible asset in progress and advances: 11230	164.295,00	131.667,00	120.716,00	226.678,00	1.216.552,00
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	89.682.839,00	161.827.896,00	143.142.507,00	124.384.240,00	127.588.170,00
1. Equity instruments: 11410	80.892.915,00	119.609.686,00	115.745.308,00	116.771.610,00	117.695.645,00
2. Credits to businesses: 11420	8.789.924,00	42.218.210,00	27.397.199,00	7.612.630,00	9.892.525,00
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	1.357.987,00	1.348.947,00	1.334.853,00	1.376.312,00	1.235.173,00
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	1.357.987,00	1.348.947,00	1.334.853,00	1.376.312,00	1.235.173,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	2.996.808,00	3.510.084,00	3.511.131,00	3.253.954,00	3.591.221,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	98.329.615,00	98.533.183,00	120.213.217,00	120.547.509,00	89.275.137,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	30.440.308,00	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00
1. Commercial: 12210	30.440.308,00	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00
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	67.501.437,00	70.341.448,00	87.738.109,00	80.396.492,00	58.180.212,00
1. Trade debtors / accounts receivable: 12310	32.883.611,00	31.270.678,00	37.618.603,00	44.228.893,00	38.909.667,00
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	32.883.611,00	31.270.678,00	37.618.603,00	44.228.893,00	38.909.667,00
2. Customers, Group companies and associates : 12320	26.236.998,00	29.547.307,00	28.331.784,00	19.568.725,00	13.648.254,00
3. Other accounts receivable: 12330	2.729.746,00	3.605.177,00	6.887.411,00	5.962.063,00	4.002.211,00
4. Personnel: 12340	49.082,00	41.692,00	58.510,00	46.930,00	44.210,00
5. Assets for deferred tax: 12350	0,00	284.554,00	563.033,00	0,00	1.575.870,00
6. Other debtors, including tax and social security: 12360	5.602.000,00	5.592.040,00	14.278.768,00	10.589.881,00	0,00
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	0,00	10.994.224,00	8.455.638,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	0,00	0,00	0,00	10.994.224,00	8.455.638,00
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	0,00	556.189,00	0,00	215.840,00	1.065.835,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	556.189,00	0,00	215.840,00	1.065.835,00
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	387.870,00	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00
1. Treasury: 12710	387.870,00	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	205.670.919,00	276.652.122,00	279.247.997,00	260.983.325,00	233.708.998,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	44.986.731,00	46.011.711,00	34.821.961,00	23.237.026,00	5.477.902,00
A-1) Shareholders' equity: 21000	45.407.721,00	46.131.367,00	35.703.523,00	23.278.098,00	5.048.582,00
I. Capital: 21100	512.239,00	511.726,00	505.536,00	505.536,00	506.551,00
1. Registered capital : 21110	512.239,00	511.726,00	505.536,00	505.536,00	506.551,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	4.131.169,00	3.731.682,00	0,00	0,00	0,00
III. Reserves: 21300	35.242.017,00	33.644.006,00	24.432.903,00	4.489.349,00	2.803.407,00
1. Legal y estatutarias: 21310	152.500,00	152.500,00	152.500,00	152.500,00	152.500,00
2. Other reserves: 21320	35.089.517,00	33.491.506,00	24.280.403,00	4.336.849,00	2.650.907,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	-24.621,00	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	5.546.917,00	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00
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	-597.803,00	-364.957,00	-1.187.908,00	-334.590,00	83.929,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	-597.803,00	-364.957,00	-1.187.908,00	-334.590,00	83.929,00
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	176.813,00	245.301,00	306.346,00	293.518,00	345.391,00
B) NON-CURRENT LIABILITIES: 31000	67.523.452,00	138.477.517,00	126.193.212,00	139.566.862,00	154.274.925,00
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	8.526.466,00	27.608.342,00	41.255.190,00	51.415.411,00	71.995.838,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	8.230.337,00	26.645.886,00	40.664.429,00	51.415.411,00	17.500.000,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	296.129,00	962.456,00	590.761,00	0,00	433.516,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	54.062.322,00
III. Long-term debts with Group companies and associates: 31300	58.731.190,00	110.579.715,00	84.613.863,00	87.779.436,00	81.637.206,00
IV. Liabilities for deferred tax: 31400	265.796,00	289.460,00	324.159,00	372.015,00	641.881,00
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	93.160.736,00	92.162.894,00	118.232.824,00	98.179.437,00	73.956.171,00
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	3.980.492,00	3.356.814,00	3.788.430,00	2.825.266,00	3.360.400,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	3.980.492,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	45.186.958,00	43.540.515,00	66.384.401,00	38.593.287,00	18.833.835,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	44.488.617,00	43.540.515,00	65.278.151,00	37.899.462,00	18.321.414,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	698.341,00	0,00	1.106.250,00	693.825,00	512.421,00
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	0,00	14.617.700,00
V. Trade creditors and other accounts payable: 32500	43.993.286,00	45.265.565,00	48.059.993,00	56.760.884,00	37.144.236,00
1. Suppliers: 32510	17.811.529,00	19.859.990,00	17.561.974,00	22.831.207,00	10.486.612,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	17.811.529,00	19.859.990,00	17.561.974,00	22.831.207,00	10.486.612,00
2. Suppliers, Group companies and associates: 32520	7.121.295,00	9.393.983,00	10.789.376,00	16.593.970,00	11.950.611,00
3. Other creditors: 32530	13.079.430,00	11.200.630,00	12.202.405,00	13.005.137,00	11.067.898,00
4. Personnel (remuneration due): 32540	3.924.368,00	3.627.872,00	4.988.143,00	3.386.825,00	2.497.688,00
5. Liabilities for current tax: 32550	578.055,00	0,00	0,00	541.711,00	400.877,00
6. Other accounts payable to Public Administrations.: 32560	1.077.553,00	1.026.581,00	2.309.248,00	268.536,00	737.598,00
7. Advances from clients: 32570	401.056,00	156.509,00	208.847,00	133.498,00	2.952,00
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	205.670.919,00	276.652.122,00	279.247.997,00	260.983.325,00	233.708.998,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	192.639.270,00	176.787.204,00	190.603.862,00	181.958.943,00	164.057.641,00
a) Sales: 40110	186.766.537,00	171.377.843,00	186.144.683,00	178.464.421,00	160.613.347,00
b) Rendering of services: 40120	5.872.733,00	5.409.361,00	4.459.179,00	3.494.522,00	3.444.294,00
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	-116.926.005,00	-105.615.868,00	-111.680.754,00	-100.513.136,00	-84.219.780,00
a) Stock consumption: 40410	-116.918.832,00	-105.614.900,00	-112.341.345,00	-99.719.186,00	-84.211.042,00
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	-7.173,00	-968,00	660.591,00	-793.950,00	-8.738,00
5. Other operating income: 40500	22.677.022,00	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00
a) Auxiliary income and other from current management: 40510	22.677.022,00	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-30.205.372,00	-28.052.162,00	-29.214.612,00	-27.889.445,00	-25.202.097,00
a) Wages, salaries et al.: 40610	-23.476.044,00	-21.965.696,00	-23.303.607,00	-22.477.720,00	-19.666.092,00
b) Social security costs: 40620	-6.729.328,00	-6.086.466,00	-5.911.005,00	-5.411.725,00	-5.536.005,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-56.720.901,00	-56.608.519,00	-61.832.419,00	-57.288.203,00	-52.235.557,00
a) External services: 40710	-54.824.725,00	-56.124.871,00	-60.020.999,00	-57.020.235,00	-52.498.757,00
b) Taxes: 40720	-282.585,00	-354.647,00	-305.933,00	-218.164,00	-142.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-1.613.591,00	-129.001,00	-1.505.487,00	-49.804,00	405.200,00
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	-3.923.032,00	-3.713.484,00	-3.620.873,00	-3.625.706,00	-3.604.499,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	97.852,00	111.858,00	131.676,00	78.141,00	96.414,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-151.432,00	-155.257,00	-229.960,00	-350.430,00	-88.946,00
a) Impairment and losses : 41110	-151.432,00	-155.257,00	-229.960,00	-350.430,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	0,00	0,00	-88.946,00
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	7.487.402,00	6.344.442,00	7.447.536,00	13.826.037,00	15.473.608,00
14. Financial income : 41400	12.517.369,00	11.588.035,00	17.941.024,00	15.890.694,00	614.280,00
a) Of shares in equity instruments : 41410	10.764.940,00	10.000.000,00	16.200.000,00	15.251.000,00	0,00
a 1) In Group companies and associates: 41411	10.764.940,00	10.000.000,00	16.200.000,00	15.251.000,00	0,00
a 2) In third parties: 41412	0,00	0,00	0,00	0,00	0,00
b) From negotiable securities and other financial instruments : 41420	1.752.429,00	1.588.035,00	1.741.024,00	639.694,00	614.280,00
b 1) From Group companies and associates : 41421	1.676.346,00	1.438.191,00	1.367.712,00	577.464,00	572.979,00
b 2) From third parties : 41422	76.083,00	149.844,00	373.312,00	62.230,00	41.301,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-5.032.727,00	-6.813.039,00	-8.769.904,00	-5.663.150,00	-4.319.357,00
a) Amounts owed to Group companies and associates : 41510	-2.810.114,00	-3.206.402,00	-3.952.481,00	-2.936.887,00	-1.908.448,00
b) For debts with third parties : 41520	-2.222.613,00	-3.606.637,00	-4.817.423,00	-2.726.263,00	-2.410.909,00
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	0,00	-1.617.131,00	-4.468.925,00
a) Trading book and other : 41610	0,00	0,00	0,00	-1.617.131,00	-4.468.925,00
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	-300.395,00	252.912,00	910.376,00	491.734,00	614.687,00
18. Impairment and result for transfers of financial instruments: 41800	-8.076.075,00	-3.262.763,00	-5.493.289,00	-3.859.237,00	-6.157.771,00
a) Impairment and losses : 41810	-8.076.075,00	-3.262.763,00	-5.493.289,00	-3.859.237,00	-6.157.771,00
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	-891.828,00	1.765.145,00	4.588.207,00	5.242.910,00	-13.717.086,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	6.595.574,00	8.109.587,00	12.035.743,00	19.068.947,00	1.956.522,00
20. Income taxes: 41900	-1.048.657,00	134.366,00	-1.270.659,00	-785.734,00	-217.898,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	5.546.917,00	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00
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	5.546.917,00	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00

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

Information corresponding to the fiscal year 2014 2013 2012 2011 2010  has been compiled based on the equivalence criteria stipulated in Act JUS/206/2009. Where the provisions of the Act did not establish relevant equivalence criteria, created such criteria using its own methodology. To view details on the methodology 2014 2013 2012 2011 2010  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2014	2013	2012	2011	2010
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	104.369.117,00	174.608.855,00	155.523.649,00	137.181.862,00	140.842.640,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	1.883.991,00	1.643.905,00	1.682.106,00	1.827.077,00	743.835,00
1. Research and development costs:	0,00	0,00	0,00	0,00	110.604,00
2. Concessions, patents, licences, trademarks et al.:	618.269,00	618.269,00	618.269,00	618.269,00	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	0,00
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:	1.265.722,00	1.025.636,00	1.063.837,00	1.208.808,00	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:	11.419.679,00	9.788.107,00	9.364.183,00	9.594.233,00	11.275.462,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	242.301,00	207.880,00	198.990,00	201.661,00	216.544,00
3. Other installations, tools and furniture:	10.162.993,00	8.719.234,00	8.346.342,00	8.458.387,00	9.082.643,00
4. Payments on account and tangible fixed assets under construction:	164.295,00	131.667,00	120.716,00	226.678,00	1.216.552,00
5. Other tangible assets:	850.090,00	729.326,00	698.135,00	707.507,00	759.723,00
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:	91.040.826,00	163.176.843,00	144.477.360,00	125.760.552,00	128.823.343,00
1. Equity investments in group companies:	80.881.658,00	119.593.041,00	115.729.201,00	116.755.360,00	117.679.267,00
2. Receivables from group companies:	8.789.924,00	42.218.210,00	27.397.199,00	7.612.630,00	9.892.525,00
3. Equity investment in associated companies:	11.257,00	16.645,00	16.107,00	16.250,00	16.378,00
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:	1.357.987,00	1.348.947,00	1.334.853,00	1.376.312,00	1.235.173,00
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:	24.621,00	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:	101.326.423,00	101.487.078,00	123.724.348,00	123.585.623,00	91.800.523,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	30.440.308,00	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00
1. Goods for resale:	30.440.308,00	26.508.348,00	29.771.472,00	26.805.710,00	20.186.227,00
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:	70.498.245,00	73.851.532,00	91.249.240,00	83.650.446,00	61.771.433,00
1. Trade debtors / accounts receivable:	32.883.611,00	31.270.678,00	37.618.603,00	44.228.893,00	38.909.667,00
2. Accounts receivable, Group companies:	26.236.998,00	29.547.307,00	28.331.784,00	19.568.725,00	13.648.254,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	2.729.746,00	3.605.177,00	6.887.411,00	5.962.063,00	4.002.211,00
5. Staff:	49.082,00	41.692,00	58.510,00	46.930,00	44.210,00
6. Public bodies:	8.598.808,00	9.386.678,00	18.352.932,00	13.843.835,00	5.167.091,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	0,00	0,00	0,00	10.994.224,00	8.455.638,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	10.994.224,00	8.455.638,00
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:	387.870,00	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00
VII. Prepayments and accrued income:	0,00	0,00	0,00	0,00	0,00
GENERAL TOTAL (A + B + C + D):	205.695.540,00	276.095.933,00	279.247.997,00	260.767.485,00	232.643.163,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	45.882.053,00	46.246.267,00	36.304.530,00	23.509.548,00	5.116.230,00
I. Subscribed capital:	512.239,00	511.726,00	505.536,00	505.536,00	506.551,00
II. Share premium:	4.131.169,00	3.731.682,00	0,00	0,00	0,00
III. Revaluation reserves:	0,00	0,00	0,00	0,00	0,00
IV. Reserves:	35.691.728,00	33.758.906,00	25.033.910,00	4.720.799,00	2.871.055,00
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:	35.539.224,00	33.606.402,00	24.881.407,00	4.568.299,00	2.718.555,00
Differences due to capital adjustement to euros:	4,00	4,00	3,00	1,00	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:	5.546.917,00	8.243.953,00	10.765.084,00	18.283.213,00	1.738.624,00
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:	123.769,00	171.711,00	214.442,00	205.463,00	241.774,00
1. Capital grants:	123.769,00	171.711,00	214.442,00	205.463,00	241.774,00
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:	67.227.323,00	137.515.061,00	125.602.451,00	139.566.862,00	153.841.409,00
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:	8.230.337,00	26.645.886,00	40.664.429,00	51.415.411,00	17.500.000,00
1. Loans and other liabilities:	8.230.337,00	26.645.886,00	40.664.429,00	51.415.411,00	17.500.000,00
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:	58.731.190,00	110.579.715,00	84.613.863,00	87.779.436,00	81.637.206,00
1. Amounts owed to group companies:	58.731.190,00	110.579.715,00	84.613.863,00	87.779.436,00	81.637.206,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	265.796,00	289.460,00	324.159,00	372.015,00	54.704.203,00
1. Long-term bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
2. Other creditors:	0,00	0,00	0,00	0,00	0,00
3. Long term guarantees and deposits received:	0,00	0,00	0,00	0,00	54.062.322,00
4. Long term payables to public bodies:	265.796,00	289.460,00	324.159,00	372.015,00	641.881,00
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:	92.462.395,00	92.162.894,00	117.126.574,00	97.485.612,00	73.443.750,00
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:	44.488.617,00	43.540.515,00	65.278.151,00	37.899.462,00	18.321.414,00
1. Loans and other liabilities:	44.488.617,00	43.540.515,00	65.278.151,00	37.899.462,00	18.321.414,00
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:	7.121.295,00	9.393.983,00	10.789.376,00	16.593.970,00	26.568.311,00
1. Amounts owed to group companies:	7.121.295,00	9.393.983,00	10.789.376,00	16.593.970,00	26.568.311,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	31.292.015,00	31.217.129,00	29.973.226,00	35.969.842,00	21.557.462,00
1. Advanced payments from customers:	401.056,00	156.509,00	208.847,00	133.498,00	2.952,00
2. Amounts owed for purchases of goods or services:	30.890.959,00	31.060.620,00	29.764.379,00	35.836.344,00	21.554.510,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	5.579.976,00	4.654.453,00	7.297.391,00	4.197.072,00	3.636.163,00
1. Public bodies:	1.655.608,00	1.026.581,00	2.309.248,00	810.247,00	1.138.475,00
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:	3.924.368,00	3.627.872,00	4.988.143,00	3.386.825,00	2.497.688,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	3.980.492,00	3.356.814,00	3.788.430,00	2.825.266,00	3.360.400,00
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):	205.695.540,00	276.095.933,00	279.247.997,00	260.767.485,00	232.643.163,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	222.384.596,00	204.086.726,00	222.112.470,00	201.592.172,00	180.514.830,00
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:	116.918.832,00	105.614.900,00	112.341.345,00	99.719.186,00	84.211.042,00
a) Stock consumption:	116.918.832,00	105.614.900,00	112.341.345,00	99.719.186,00	84.211.042,00
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:	30.205.372,00	28.052.162,00	29.214.612,00	27.889.445,00	25.202.097,00
a) Wages, salaries et al.:	23.476.044,00	21.965.696,00	23.303.607,00	22.477.720,00	19.666.092,00
b) Social security costs:	6.729.328,00	6.086.466,00	5.911.005,00	5.411.725,00	5.536.005,00
A.4. Depreciation expense:	3.923.032,00	3.713.484,00	3.620.873,00	3.625.706,00	3.604.499,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	1.620.764,00	129.969,00	844.896,00	843.754,00	-396.462,00
a) Stock provision variation:	7.173,00	968,00	-660.591,00	793.950,00	8.738,00
b) Variation in provision and bad debt losses:	713.608,00	57.050,00	665.799,00	22.026,00	-179.199,00
c) Variation of other trade provisions:	899.983,00	71.951,00	839.688,00	27.778,00	-226.001,00
A.6. Other operating charges:	55.107.310,00	56.479.518,00	60.326.932,00	57.238.399,00	52.640.757,00
a) External services:	54.824.725,00	56.124.871,00	60.020.999,00	57.020.235,00	52.498.757,00
b) Taxes:	282.585,00	354.647,00	305.933,00	218.164,00	142.000,00
c) Other operating expenses:	0,00	0,00	0,00	0,00	0,00
d) Allocation to revision fund:	0,00	0,00	0,00	0,00	0,00
A.I. OPERATING BENEFITS (B.1+B.2+B.3+B.4-A.1-A.2-A.3-A.4-A.5-A.6):	7.540.982,00	6.387.841,00	7.545.820,00	14.098.326,00	15.466.140,00
A.7. Financial and similar charges:	5.032.727,00	6.813.039,00	8.769.904,00	5.663.150,00	4.319.357,00
a) Due to liabilities with companies of the group:	2.810.114,00	3.206.402,00	3.952.481,00	2.936.887,00	1.908.448,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	2.222.613,00	3.606.637,00	4.817.423,00	2.726.263,00	2.410.909,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	5.053.891,00	2.138.947,00	3.751.951,00	3.979.740,00	6.505.620,00
A.9. Exchange losses:	300.395,00	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):	2.130.356,00	2.888.961,00	6.329.545,00	6.739.538,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	9.671.338,00	9.276.802,00	13.875.365,00	20.837.864,00	5.870.130,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	3.173.616,00	1.279.073,00	1.971.298,00	1.847.058,00	4.121.076,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	0,00	88.946,00
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):	6.595.574,00	8.109.587,00	12.035.743,00	19.068.947,00	1.756.522,00
A.15. Corporation tax:	1.048.657,00	-134.366,00	1.270.659,00	785.734,00	217.898,00
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):	5.546.917,00	8.243.953,00	10.765.084,00	18.283.213,00	1.538.624,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	227.931.513,00	212.330.679,00	232.877.554,00	219.875.385,00	182.053.454,00
B.1. Net total sales:	192.639.270,00	176.787.204,00	190.603.862,00	181.958.943,00	164.057.641,00
a) Sales:	186.766.537,00	171.377.843,00	186.144.683,00	178.464.421,00	160.613.347,00
b) Rendering of services:	5.872.733,00	5.409.361,00	4.459.179,00	3.494.522,00	3.444.294,00
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:	22.677.022,00	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00
a) Auxiliary income and other from current management:	22.677.022,00	23.590.670,00	23.290.616,00	21.455.873,00	16.670.432,00
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:	10.764.940,00	10.000.000,00	16.200.000,00	15.251.000,00	0,00
a) In companies of the group:	10.764.940,00	10.000.000,00	16.200.000,00	15.251.000,00	0,00
b) In associated companies:	0,00	0,00	0,00	0,00	0,00
c) Third parties:	0,00	0,00	0,00	0,00	0,00
B.6. Income from other marketable securities and long-term receivables:	0,00	0,00	0,00	0,00	0,00
a) From companies of the group:	0,00	0,00	0,00	0,00	0,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) From companies out of the group:	0,00	0,00	0,00	0,00	0,00
B.7. Miscellaneous interests or similar income:	1.752.429,00	1.588.035,00	1.741.024,00	639.694,00	614.280,00
a) From companies of the group:	1.676.346,00	1.438.191,00	1.367.712,00	577.464,00	572.979,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	76.083,00	149.844,00	373.312,00	62.230,00	41.301,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	252.912,00	910.376,00	491.734,00	614.687,00
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	0,00	9.596.010,00
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	0,00
B.10. Profit on transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
B.11. Capital grants transferred to profit and loss:	97.852,00	111.858,00	131.676,00	78.141,00	96.414,00
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):	3.075.764,00	1.167.215,00	1.839.622,00	1.768.917,00	4.113.608,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2014	2013	2012	2011	2010
1. Fiscal year result before taxes.: 61100	6.595.574,00	8.109.587,00	12.035.743,00	19.068.947,00	1.956.522,00
2. Results adjustments.: 61200	6.585.610,00	3.063.361,00	2.546.563,00	549.848,00	17.532.342,00
a) Fixed Assets Amortization (+).: 61201	3.923.032,00	3.713.484,00	3.620.873,00	3.625.706,00	3.604.499,00
b) Obsolescence Allowances (+/-). : 61202	9.073.161,00	3.824.348,00	844.896,00	4.702.991,00	5.761.309,00
c) Variation in Provision (+/-). : 61203	623.678,00	-431.616,00	1.660.341,00	559.275,00	0,00
d) Allocation of grants (-).: 61204	-97.852,00	-111.858,00	-131.676,00	-78.141,00	-96.414,00
e) Results on disposal of fixed assets (+/-). : 61205	151.432,00	155.257,00	229.960,00	350.430,00	88.946,00
g) Financial income (-).: 61207	-12.517.369,00	-11.588.035,00	-17.941.024,00	-15.890.694,00	-614.280,00
h) Financial Expenses (+). : 61208	5.032.727,00	6.813.039,00	8.769.904,00	5.663.150,00	8.788.282,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	0,00	5.493.289,00	1.617.131,00	0,00
k) Other income and expense (-/+). : 61211	396.801,00	688.742,00	0,00	0,00	0,00
3. Changes in current capital equity.: 61300	-1.690.393,00	17.511.496,00	-19.077.981,00	-13.284.971,00	-3.111.052,00
a) Stock (+/-).: 61301	-3.939.133,00	3.262.156,00	-2.305.171,00	-7.413.433,00	3.422.958,00
d) Debtors and other accounts receivable (+/-). : 61302	3.835.808,00	16.836.044,00	-7.883.940,00	-22.801.218,00	-6.356.882,00
c) Other current assets (+/-). : 61303	0,00	0,00	215.840,00	-2.538.586,00	279.708,00
d) Creditors and other accounts payable (+/-). : 61304	-1.587.068,00	-2.966.867,00	-9.374.659,00	19.695.035,00	-456.836,00
e) Other current liabilities (+/-).: 61305	0,00	380.163,00	20.931,00	-226.769,00	0,00
f) Other non-current assets and liabilities (+/-).: 61306	0,00	0,00	249.018,00	0,00	0,00
4. Other cash flows for operating activities.: 61400	6.336.444,00	4.491.418,00	8.794.382,00	9.636.458,00	-3.381.290,00
a) Interest payments (-). : 61401	-4.960.155,00	-6.813.039,00	-8.604.931,00	-5.663.150,00	-4.319.357,00
b) Dividend payment collection (+). : 61402	10.764.940,00	10.000.000,00	16.200.000,00	15.251.000,00	0,00
c) Interest collection (+). : 61403	2.517.369,00	1.588.035,00	1.741.024,00	639.694,00	614.280,00
d) Income tax payment collection (payments) (+/-).: 61404	-1.985.710,00	-283.578,00	-541.711,00	-591.086,00	323.787,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	17.827.235,00	33.175.862,00	4.298.707,00	15.970.282,00	12.996.522,00
6. Payments for investment (-).: 62100	-23.870.079,00	-39.367.303,00	-20.027.214,00	-6.879.290,00	-11.309.107,00
a) Companies of the group and affiliates. : 62101	-17.844.704,00	-34.772.642,00	-16.330.387,00	-2.935.202,00	-7.965.861,00
b) Intangible fixed assets. : 62102	-870.687,00	-631.573,00	-513.872,00	-921.779,00	-7.509,00
c) Fixed assets. : 62103	-5.145.648,00	-3.948.994,00	-3.094.862,00	-2.787.709,00	-3.210.984,00
e) Other financial assets. : 62105	-9.040,00	-14.094,00	-88.093,00	-234.600,00	-124.753,00
7. Divestment payment collection (+). : 62200	31.218.959,00	13.150.593,00	3.335.529,00	2.704.695,00	327.909,00
a) Companies of the group and affiliates. : 62201	31.148.746,00	12.824.490,00	3.073.055,00	2.279.895,00	0,00
b) Intangible fixed assets. : 62202	13.836,00	1.198,00	1.935,00	156.125,00	0,00
c) Fixed assets. : 62203	56.377,00	324.905,00	130.988,00	175.214,00	227.091,00
e) Other financial assets. : 62205	0,00	0,00	129.552,00	93.461,00	100.818,00
h) Other assets. : 62208	0,00	0,00	-1,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	7.348.880,00	-26.216.710,00	-16.691.685,00	-4.174.595,00	-10.981.198,00
9. Payment collection and payments for equity instruments. : 63100	375.379,00	1.519.799,00	150.000,00	-612.972,00	120.963,00
a) Issuance of equity instruments (+). : 63101	400.000,00	1.495.149,00	0,00	0,00	0,00
b) Amortization of assets instruments (-). : 63102	0,00	0,00	0,00	-612.972,00	0,00
c) Acquisition of own equity instruments (-). : 63103	-24.621,00	0,00	0,00	0,00	0,00
e) Grants, donations and bequests received (+). : 63105	0,00	24.650,00	150.000,00	0,00	120.963,00
10. Payment collection and payments for financial liabilities instruments.: 63200	-18.819.630,00	-10.055.389,00	12.811.371,00	-10.434.697,00	-1.496.208,00
a) Issuance : 63201	4.802.994,00	28.431.053,00	34.363.709,00	77.947.045,00	42.757.422,00
2. Debts incurred with credit institutions (+). : 63203	1.015.995,00	1.000.000,00	31.815.816,00	71.804.815,00	0,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	3.786.999,00	27.431.053,00	2.547.893,00	6.142.230,00	42.757.422,00
b) Repayment and amortization of : 63207	-23.622.624,00	-38.486.442,00	-21.552.338,00	-88.381.742,00	-44.253.630,00
2. Debts incurred with credit institutions (-).: 63209	-18.415.549,00	-37.021.241,00	-15.838.872,00	-18.711.174,00	-44.253.630,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-5.207.075,00	-1.465.201,00	-5.713.466,00	-14.617.700,00	0,00
4. Special characteristic debts (-). : 63211	0,00	0,00	0,00	-55.052.868,00	0,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-7.471.192,00	0,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-7.471.192,00	0,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-25.915.443,00	-8.535.590,00	12.961.371,00	-11.047.669,00	-1.375.245,00
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	-739.328,00	-1.576.438,00	568.393,00	748.018,00	640.079,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00	747.146,00
Cash or equivalent assets as of end of the fiscal year.: 65200	387.870,00	1.127.198,00	2.703.636,00	2.135.243,00	1.387.225,00

FINANCIAL DIAGNOSIS

 > Economic-Financial Comparative Analysis

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

> Comparison within the Sector

Cash Flow	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Cash Flow over Sales:	0,00 %	0,10 %	-0,01 %	0,01 %	56,96 %	630,60 %
EBITDA over Sales:	5,95 %	18,70 %	5,71 %	11,40 %	4,15 %	64,00 %
Cash Flow Yield:	0,00 %	0,05 %	-0,01 %	0,01 %	36,91 %	584,75 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	6,53 %	16,94 %	5,62 %	6,97 %	16,25 %	142,91 %
Total economic profitability:	5,65 %	4,70 %	5,39 %	3,84 %	4,82 %	22,53 %
Financial profitability:	12,22 %	8,45 %	17,87 %	4,44 %	-31,64 %	90,26 %
Margin:	3,48 %	13,06 %	3,17 %	6,76 %	9,83 %	93,13 %
Mark-up:	3,06 %	9,41 %	4,05 %	4,63 %	-24,31 %	103,31 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,00	0,23	0,01	0,13	-65,74	73,38
Acid Test:	0,76	0,95	0,81	0,86	-6,14	10,40
Working Capital / Investment:	0,03	0,03	0,02	0,05	9,15	-44,47
Solvency:	1,14	1,30	1,15	1,18	-1,12	10,05

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	3,44	1,50	4,90	1,36	-29,86	10,54
Borrowing Composition:	0,76	1,62	1,56	0,98	-51,44	64,27
Repayment Ability:	-211,95	12,89	-144,18	84,13	-47,01	-84,68
Warranty:	1,31	1,67	1,22	1,75	7,83	-4,67
Generated resources / Total creditors:	0,11	0,09	0,07	0,08	67,26	4,84

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,38	2,45	1,36	1,87	1,43	31,10
Turnover of Collection Rights :	3,19	6,10	2,85	5,08	11,98	20,12
Turnover of Payment Entitlements:	3,95	3,43	3,58	3,67	10,14	-6,52
Stock rotation:	6,83	11,06	7,32	7,28	-6,73	51,93
Assets turnover:	1,88	1,30	1,77	1,03	5,85	25,77
Borrowing Cost:	3,21	3,16	3,00	2,83	7,14	11,54

> Trend of indicators under the General Accounting Plan of 2007 (2014, 2013, 2012, 2011, 2010)

Cash Flow	2014	2013	2012	2011	2010
Cash Flow over Sales:	0,00 %	-0,01 %	0,00 %	0,00 %	0,00 %
EBITDA over Sales:	5,95 %	5,71 %	5,86 %	9,74 %	11,62 %
Cash Flow Yield:	0,00 %	-0,01 %	0,00 %	0,00 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	6,53 %	5,62 %	5,53 %	11,15 %	16,23 %
Total economic profitability:	5,65 %	5,39 %	7,45 %	9,48 %	2,69 %
Financial profitability:	12,22 %	17,87 %	30,15 %	78,54 %	34,44 %
Margin:	3,48 %	3,17 %	3,48 %	6,80 %	8,56 %
Mark-up:	3,06 %	4,05 %	5,63 %	9,37 %	0,97 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,00	0,01	0,02	0,02	0,02
Acid Test:	0,76	0,81	0,79	0,98	0,98
Working Capital / Investment:	0,03	0,02	0,01	0,09	0,07
Solvency:	1,14	1,15	1,08	1,30	1,32

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	3,44	4,90	6,68	9,97	41,69
Borrowing Composition:	0,76	1,56	1,10	1,46	2,19
Repayment Ability:	-211,95	-144,18	423,36	314,06	351,32
Warranty:	1,31	1,22	1,16	1,11	1,04
Generated resources / Total creditors:	0,11	0,07	0,08	0,11	0,05

Efficiency	2014	2013	2012	2011	2010
Productivity:	1,38	1,36	1,38	1,64	1,76
Turnover of Collection Rights :	3,19	2,85	2,44	2,53	3,11
Turnover of Payment Entitlements:	3,95	3,58	3,61	2,78	3,67
Stock rotation:	6,83	7,32	6,93	7,06	8,19
Assets turnover:	1,88	1,77	1,59	1,64	1,90
Borrowing Cost:	3,21	3,00	3,64	2,41	1,92

COMPARATIVE SECTORIAL BALANCE

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

Variación -
Empresa	Sector

Variación -
Empresa	Sector

Variación -
Empresa	Sector

News

elEconomista.es	06/02/2015
Economía/Empresas.- Corporación Financiera Alba vende su 12,3% de Pepe Jeans
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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	68.488,00
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	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

Company founded in 1998 enaged in the design, manufacture and clothing articles. It has a national and international business scope. Nothing appears against it in the information sources consulted. Given the above we consider it can continue having risk opeartions according to its size.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.83
UK Pound	1	Rs.97.10
Euro	1	Rs.69.74

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	ASH

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.