MIRA INFORM REPORT

Report No. :	327365
Report Date :	18.06.2015

IDENTIFICATION DETAILS

Name :	POLYONE ESPAÑA SL
Registered Office :	Políg. Valle Del Cinca - Barbastro - 22300 – Huesca
Country :	Spain
Financials (as on) :	2013
Date of Incorporation :	07.11.1983
Legal Form :	Private Company
Line of Business :	Manufacture of plastics in primary forms.
No. of Employee :	Not Available

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Spain	A1	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:	POLYONE ESPAÑA SL
NIF / Fiscal code:	B22019723
Status:	ACTIVE
Incorporation Date:	07/11/1983
Register Data	Register Section 8 Sheet 2192
Last Publication in BORME:	25/11/2014 [Appointments]
Last Published Account Deposit:	2013
Share Capital:	4.507.590,78
Localization:	POLÍG. VALLE DEL CINCA - BARBASTRO - 22300 - HUESCA
Telephone - Fax - Email - Website:	Telephone. 974 310 314 Email. info.polibasa@polyone.com Website. www.polyone.com
Activity:
NACE:	2016 - Manufacture of plastics in primary forms
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	4 for a total cost of 451501
Quality Certificate:	No
Defaults, Legal Claims and Insolvency Proceedings :

		Number	Amount (€)	Most Recent Entry
Insolvency Proceedings, Bankruptcy and Suspension of Payments		Unpublished	---	---
Defaults on debt with Financial Institutions and Large Companies		None	---	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)		None	0	---
Proceedings heard by the Civil Court		Unpublished	0	---
Proceedings heard by the Labour Court		Unpublished	0	---

Partners:

POLYONE MANAGEMENT INTERNATIONAL HOLDING SL	100 %
Shares:	1
Other Links:	10
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 1

Ratios

2013

2012

Change

Guarantees:
Properties Registered:	Company NO, Administrator NO
Financing / Guarantee Sources :	Sources NO, Guarantees NO
INVESTIGATION SUMMARY
It is a company constitued several years ago, so it has enough experience in its sector, which hasgood reputation in general among the sources of information, while turnover fell by 9.76% in 2013, over the previous year. Normally attends payment commitments.

Enquiry Details
Business address regime:	Property

Identification
Social Denomination:	POLYONE ESPAÑA SL
NIF / Fiscal code:	B22019723
Corporate Status:	ACTIVE
Start of activity:	1983
Registered Office:	POLÍG. VALLE DEL CINCA
Locality:	BARBASTRO
Province:	HUESCA
Postal Code:	22300
Telephone:	974 310 314
Fax:	974 314 311
Website:	www.polyone.com
Email:	info.polibasa@polyone.com

Branch Offices

--

Activity
Additional Information:	It is dedicated to the manufacture and marketing of both natural and synthetic, in relation to the rubber, resins, plastics and paints chemicals and auxiliaries. Integrated in POLYONE group.
Additional Address:	POLÍG. VALLE DEL CINCA 22300 BARBASTRO ( HUESCA ), registered office, offices, factory, industrial facility, property.
Import / export:	EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Chronological Summary
	Year	Act
	1990	Accounts deposit (year 1989) Increase of Capital (1)
	1992	Accounts deposit (year 1990) Appointments/ Re-elections (1)
	1993	Accounts deposit (year 1992) Adaptation to Law (1) Appointments/ Re-elections (1)
	1995	Accounts deposit (year 1993, 1994)
	1996	Accounts deposit (year 1995) Appointments/ Re-elections (1)
	1997	Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1998	Accounts deposit (year 1996) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1)
	1999	Accounts deposit (year 1997, 1998) Closing of Page of Property Register (1) Reopening of an entry in the Register (1)
	2000	Other Concepts/ Events (1)
	2001	Accounts deposit (year 1999) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (1) Change of Social Denomination (1) Other Concepts/ Events (1)
	2002	Accounts deposit (year 2000, 2001) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Declaration of Sole Propietorship (1)
	2003	Accounts deposit (year 2002) Appointments/ Re-elections (5) Cessations/ Resignations/ Reversals (2) Change of Social Denomination (1) Company Transformation (1) Other Concepts/ Events (1) Take-over Merger (5)
	2004	Accounts deposit (year 2003) Other Concepts/ Events (1)
	2005	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)
	2006	Accounts deposit (year 2004, 2005) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)
	2007	Accounts deposit (year 2006) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1) Other Concepts/ Events (1)
	2008	Accounts deposit (year 2007)
	2009	Accounts deposit (year 2008) Appointments/ Re-elections (1) Other Concepts/ Events (1)
	2010	Accounts deposit (year 2009) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2) Other Concepts/ Events (1)
	2011	Accounts deposit (year 2010) Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (2)
	2012	Accounts deposit (year 2011) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (1)
	2013	Accounts deposit (year 2012) Appointments/ Re-elections (2)
	2014	Accounts deposit (year 2013) Appointments/ Re-elections (3)

Breakdown of Owners' Equity
Registered Capital:	4.507.590,78
Paid up capital:	4.507.590,78

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
18/12/1990	Increase of Capital	3.245.465	3.245.465	4.507.591	4.507.591

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
SINGLE PARTNER	POLYONE MANAGEMENT INTERNATIONAL HOLDING SL	04/11/2002	1
PRESIDENT	KATSERS GUY FRANCIS JOSEPH	04/07/2012	3
VICE CHAIRMAN	DURAN ACED JOSE LUIS	04/07/2012	8
MEMBER OF THE BOARD	KRONIMUS HOLGER	14/01/2011	3
	PALM CHRISTOPH	29/07/2010	2
	KATSERS GUY FRANCIS JOSEPH	16/05/2005	3
	MOHN CHRISTOPER JOHN	16/05/2005	2
	P. BAERT BERNAD	16/05/2005	4
	BLECUA QUESADA JAVIER	10/06/2003	7
JOINT CHIEF EXECUTIVE OFFICER	KRONIMUS HOLGER	09/11/2011	3
COMBINED PROXY	DURAN ACED JOSE LUIS	20/06/2006	8
	LOPEZ BLANCO BALDUQUE RAFAEL	20/06/2006	12
	P. BAERT BERNAD	16/05/2005	4
	MOHN CHRISTOPER JOHN	16/05/2005	2
	BARON ESPIER MODESTO	19/06/2003	2
	AMADOR ESQUIU GARCIA	16/04/1998	1
JOINT ATTORNEY	ALTABLE ECHARTE EDUARDO	01/12/2003	1
	LOPEZ BLANCO BALDUQUE RAFAEL	01/12/2003	12
	DE GISPERT BOIX RAFAEL	10/06/2003	1
	ONTIVEROS NIETO NATALIA	10/06/2003	1
	RENOM LLONCH ANNA	10/06/2003	1
JOINT ATTORNEY/COMBINED PROXY	KATSERS GUY FRANCIS JOSEPH	19/11/2014	3
	KRONIMUS HOLGER	19/11/2014	3
	PALM CHRISTOPH	19/11/2014	2
	PETERSON JASON	19/11/2014	1
	DERAEDT HEIN	19/11/2014	1
	O'BRYON DANIEL	19/11/2014	1
PROXY	POLYONE CORPORATION	10/11/2014	1
	TABERNA LACOMBA JAVIER	29/07/2010	1
	BARECHE VALLE JOSE MARIA	24/12/2009	5
CHIEF EXECUTIVE OFFICER	P. BAERT BERNAD	26/05/2007	4
SECRETARY	LOPEZ BLANCO BALDUQUE RAFAEL	04/07/2012	12
ACCOUNTS' AUDITOR / HOLDER	ERNST & YOUNG SL	19/11/2014	7

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
ALTABLE ECHARTE EDUARDO MARTIN	MEMBER OF THE BOARD	29/07/2010	2
	JOINT ATTORNEY	29/07/2010
BARECHE VALLE JOSE MARIA	COMBINED PROXY	19/06/2003	5
	COMBINED PROXY	20/06/2006
	COMBINED PROXY	15/10/2007
	JOINT ATTORNEY	24/12/2009
BARON ESPIER MODESTO	COMBINED PROXY	19/06/2003	2
BLECUA QUESADA FRANCISCO JAVIER	MEMBER OF THE BOARD	16/05/2005	4
	MEMBER OF THE BOARD	26/05/2007
	SECRETARY	16/05/2005
	SECRETARY	26/05/2007
BLECUA QUESADA JAVIER	MEMBER OF THE BOARD	04/11/2002	7
	MEMBER OF THE BOARD	10/06/2003
	SECRETARY	22/10/1997
	SECRETARY	04/11/2002
	SECRETARY	10/06/2003
	SECRETARY	16/05/2005
COOPERS AND LYBRAND SA	ACCOUNTS' AUDITOR / HOLDER	07/05/1996	1
DURAN ACED JOSE LUIS	PROXY	19/06/2003	8
	COMBINED PROXY	20/06/2006
	MEMBER OF THE BOARD	26/05/2007
	VICE CHAIRMAN	29/07/2010
	VICE CHAIRMAN	14/01/2011
	VICE CHAIRMAN	04/07/2012
EIERMANN KOHLER MARTIN	COMBINED PROXY	16/05/2005	1
ERNST & YOUNG SL	ACCOUNTS' AUDITOR / HOLDER	09/11/2011	7
	ACCOUNTS' AUDITOR / HOLDER	15/01/2010
	ACCOUNTS' AUDITOR / HOLDER	14/01/2011
	ACCOUNTS' AUDITOR / HOLDER	01/03/2013
	ACCOUNTS' AUDITOR / HOLDER	26/11/2013
	ACCOUNTS' AUDITOR / HOLDER	19/11/2014
ESQUIU GARCIA AMADOR	COMBINED PROXY	04/11/2002	1
IOANNIDIS NICOLAOS	COMBINED PROXY	16/05/2005	5
	MEMBER OF THE BOARD	10/06/2003
	CHIEF EXECUTIVE OFFICER	10/06/2003
	CHIEF EXECUTIVE OFFICER	16/05/2005
	MEMBER OF THE BOARD	16/05/2005
LANCETA RAPUN JOSE RAMON	VICE CHAIRMAN	20/06/2006	9
	MEMBER OF THE BOARD	04/11/2002
	MEMBER OF THE BOARD	10/06/2003
	MEMBER OF THE BOARD	16/05/2005
	MEMBER OF THE BOARD	20/06/2006
	JOINT ATTORNEY	19/06/2003
	JOINT ATTORNEY	20/06/2006
	COMBINED PROXY	16/05/2005
	COMBINED PROXY	20/06/2006
LOPEZ BLANCO BALDUQUE RAFAEL	MEMBER OF THE BOARD	20/06/2006	12
	VICE CHAIRMAN	26/05/2007
	COMBINED PROXY	16/05/2005
	JOINT ATTORNEY	19/06/2003
	JOINT ATTORNEY	01/12/2003
	COMBINED PROXY	20/06/2006
	SECRETARY	29/07/2010
	SECRETARY	14/01/2011
	SECRETARY	04/07/2012
MOHN CHRISTOPHER JOHN	MEMBER OF THE BOARD	14/01/2011	2
	COMBINED PROXY	14/01/2011
NAVARRO GARCIA MIGUEL ANGEL	MEMBER OF THE BOARD	22/10/1997	8
	MEMBER OF THE BOARD	04/11/2002
	MEMBER OF THE BOARD	10/06/2003
	MEMBER OF THE BOARD	16/05/2005
	PRESIDENT	22/10/1997
	PRESIDENT	04/11/2002
	PRESIDENT	10/06/2003
	PRESIDENT	16/05/2005
OTT HANS JURGEN	MEMBER OF THE BOARD	19/05/2003	3
	MEMBER OF THE BOARD	04/11/2002
	CHIEF EXECUTIVE OFFICER	04/11/2002
P. BAERT BERNAD	PRESIDENT	29/07/2010	4
PRICE WATERHOUSE AUDITORES SA	ACCOUNTS' AUDITOR / HOLDER	08/05/2001	1
PROSPER BAERT BERNARD	PRESIDENT	29/07/2010	4
	MEMBER OF THE BOARD	04/07/2012
	CHIEF EXECUTIVE OFFICER	04/07/2012
	PRESIDENT	04/07/2012
RUBIO LORENTE DOMINGO	MEMBER OF THE BOARD	22/10/1997	1
VIÑUALES SANCLEMENTE JOSE MARIA	JOINT ATTORNEY	19/06/2003	2
	JOINT ATTORNEY	20/06/2006
WEISE OSWIN JOSEF	PROXY	16/04/1998	1
WEISER OSWIN	MEMBER OF THE BOARD	22/10/1997	1

Executive board

Post	NIF	Name
COMMERCIAL MANAGER		MANUEL FUERTES ESTALLO
FINANCIAL DIRECTOR		RAFAEL LOPEZ BLANCO BALDUQUE
MANAGING DIRECTOR		JOSE LUIS DURAN ACED

Defaults, Legal Claims and Insolvency Proceedings

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

> Summary

Chronological summary

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

 > 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. POLYONE ESPAÑA SL 's borrowing cost is appropriate according to its volume of external financing sources.

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

ABSORBS TO:	1 Entities
IS RELATED WITH:	9 Entities
PARTICIPATES IN:	1 Entities
SHAREHOLDERS:	1 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	POLYONE MANAGEMENT INTERNATIONAL HOLDING SL	HUESCA	100
PARTICIPATES IN	TRANSFORMACION DE PIGMENTOS Y COLORANTES SA	NAVARRA	100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	POLYONE INDIA PVT, S.A.
	POLYONE MEXICO
	POLYONE SHENZEN CO, S.A.
	POLYONE SINGAPORE PTE, S.A.
	POLYONE USA
	JUFFALI POLYONE MASTERBATCHES COMPANY
	POLYONE CORPORATION (EEUU)
	POLYONE TERMOPLASTICOS DO BRASIL LTDA
	SPARTECH SAS
ABSORBS TO	TRANSFORMACION DE PIGMENTOS Y COLORANTES SOCIEDAD ANONIMA	NAVARRA

Turnover
Total Sales 2014	68.000.000

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

Financial Accounts and Balance Sheets

Financial Years Presented

Ejercicio	Tipo de Cuentas Anuales	Fecha Presentacion
2013	Normales	August  2014
2012	Normales	November  2013
2011	Normales	September  2012
2010	Normales	September  2011
2009	Normales	October  2010
2008	Normales	October  2009
2007	Normales	December  2008
2006	Normales	November  2007
2005	Normales	October  2006
2004	Normales	January  2006
2003	Normales	November  2004
2002	Normales	September  2003
2001	Normales	November  2002
2000	Normales	December  2001
1999	Normales	December  2000
1998	Normales	November  1999
1997	Normales	July  1999
1996	Normales	December  1997
1995	Normales	November  1996
1994	Normales	October  1995
1993	Normales	November  1994
1992	Normales	August  1993
1990	Normales	September  1992
1989	Normales	August  1990

The data in the report regarding the last Company Accounts submitted by the company is taken from the TRADE REGISTER serving the region in which the company's address is located 31/12/2013

>  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. To view details on the methodology.

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2013	2012	2011	2010	2009
A) NON-CURRENT ASSETS: 11000	18.028.485,00	19.246.578,00	21.110.317,00	20.837.418,00	20.713.438,00
I. Intangible fixed assets : 11100	10.303.885,00	10.303.885,00	10.303.885,00	10.304.264,00	10.306.909,00
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	0,00	0,00	0,00	0,00	0,00
4. Goodwill: 11140	10.303.885,00	10.303.885,00	10.303.885,00	10.303.885,00	10.303.885,00
5. IT applications: 11150	0,00	0,00	0,00	379,00	3.024,00
6. Investigation: 11160	0,00	0,00	0,00	0,00	0,00
7. Intellectual property: 11180	0,00	0,00	0,00	0,00	0,00
8. Greenhouse gas emission allowance: 11190	0,00	0,00	0,00	0,00	0,00
9. Other intangible fixed assets. : 11170	0,00	0,00	0,00	0,00	0,00
II. Tangible fixed assets : 11200	7.561.040,00	8.930.449,00	10.783.688,00	10.505.100,00	10.378.475,00
1. Land and buildings: 11210	3.705.447,00	3.915.767,00	4.094.143,00	4.157.648,00	4.353.955,00
2. Technical installations and other tangible fixed assets: 11220	3.813.158,00	4.875.339,00	6.515.299,00	4.422.718,00	6.024.520,00
3. Tangible asset in progress and advances: 11230	42.435,00	139.343,00	174.246,00	1.924.734,00	0,00
III. Real estate investment: 11300	0,00	0,00	0,00	0,00	0,00
1. Land: 11310	0,00	0,00	0,00	0,00	0,00
2. Buildings: 11320	0,00	0,00	0,00	0,00	0,00
IV. Long-term investments in Group companies and associates : 11400	0,00	0,00	0,00	0,00	0,00
1. Equity instruments: 11410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 11420	0,00	0,00	0,00	0,00	0,00
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	11.591,00	12.244,00	22.744,00	28.054,00	28.054,00
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	11.591,00	12.244,00	22.744,00	28.054,00	28.054,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	151.969,00	0,00	0,00	0,00	0,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	28.377.059,00	35.078.919,00	37.000.127,00	37.374.337,00	28.345.914,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	5.811.624,00	5.062.566,00	5.439.444,00	6.742.588,00	5.751.603,00
1. Commercial: 12210	0,00	0,00	0,00	0,00	0,00
2. Primary material and other supplies: 12220	2.456.158,00	2.432.193,00	2.799.445,00	3.236.335,00	2.637.226,00
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	3.355.466,00	2.630.373,00	2.639.999,00	3.506.253,00	3.114.377,00
a) Of long-term production cycle : 12241	0,00	0,00	0,00	0,00	0,00
b) Of short-term production cycle : 12242	3.355.466,00	2.630.373,00	2.639.999,00	3.506.253,00	3.114.377,00
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	11.627.871,00	11.489.653,00	13.994.288,00	16.660.245,00	13.808.704,00
1. Trade debtors / accounts receivable: 12310	8.073.422,00	8.179.557,00	9.513.810,00	13.439.329,00	11.447.556,00
a) Long-term receivables from sales and services supplied : 12311	0,00	0,00	0,00	13.439.329,00	0,00
b) Customers for sales and provisions of services : 12312	8.073.422,00	8.179.557,00	9.513.810,00	0,00	11.447.556,00
2. Customers, Group companies and associates : 12320	3.554.449,00	3.310.096,00	4.480.478,00	3.220.916,00	2.361.148,00
3. Other accounts receivable: 12330	0,00	0,00	0,00	0,00	0,00
4. Personnel: 12340	0,00	0,00	0,00	0,00	0,00
5. Assets for deferred tax: 12350	0,00	0,00	0,00	0,00	0,00
6. Other debtors, including tax and social security: 12360	0,00	0,00	0,00	0,00	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	10.440.109,00	17.328.108,00	15.973.939,00	12.233.040,00	7.248.193,00
1. Equity instruments: 12410	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12420	10.440.109,00	17.328.108,00	15.973.939,00	12.233.040,00	7.248.193,00
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	0,00	0,00	0,00	0,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	0,00	0,00	0,00	0,00	0,00
3. Debt securities: 12530	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 12540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 12550	0,00	0,00	0,00	0,00	0,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	72.743,00	68.761,00	61.979,00	61.566,00	15.066,00
VII. Cash and other equivalent liquid assets : 12700	424.712,00	1.129.831,00	1.530.477,00	1.676.898,00	1.522.348,00
1. Treasury: 12710	424.712,00	1.129.831,00	1.530.477,00	1.676.898,00	1.522.348,00
2. Other equivalent liquid assets: 12720	0,00	0,00	0,00	0,00	0,00
TOTAL ASSETS (A + B) : 10000	46.405.544,00	54.325.497,00	58.110.444,00	58.211.755,00	49.059.352,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2013	2012	2011	2010	2009
A) NET WORTH: 20000	31.256.665,00	40.307.270,00	43.514.908,00	38.055.692,00	33.862.041,00
A-1) Shareholders' equity: 21000	31.230.435,00	40.241.696,00	43.409.988,00	37.893.115,00	33.632.258,00
I. Capital: 21100	4.507.590,00	4.507.590,00	4.507.590,00	4.507.590,00	4.507.590,00
1. Registered capital : 21110	4.507.590,00	4.507.590,00	4.507.590,00	4.507.590,00	4.507.590,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	0,00	0,00	0,00	0,00	0,00
III. Reserves: 21300	24.172.175,00	34.041.066,00	33.385.525,00	29.124.668,00	26.417.302,00
1. Legal and statutory: 21310	901.518,00	901.518,00	901.518,00	901.518,00	901.518,00
2. Other reserves: 21320	23.270.657,00	33.139.548,00	32.484.007,00	28.223.150,00	25.515.784,00
3. Revaluation reserves: 21330	0,00	0,00	0,00	0,00	0,00
IV. (Common stock equity): 21400	0,00	0,00	0,00	0,00	0,00
V. Results from previous periods: 21500	0,00	0,00	0,00	0,00	0,00
1. Brought forward: 21510	0,00	0,00	0,00	0,00	0,00
2. (Negative results from previous periods): 21520	0,00	0,00	0,00	0,00	0,00
VI. Other shareholders' contributions: 21600	0,00	0,00	0,00	0,00	0,00
VII. Result of the period: 21700	2.550.670,00	1.693.040,00	5.516.873,00	4.260.857,00	2.707.366,00
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	0,00	0,00	0,00	0,00	0,00
I. Financial assets held for sale: 22100	0,00	0,00	0,00	0,00	0,00
II. Hedge operations: 22200	0,00	0,00	0,00	0,00	0,00
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	26.230,00	65.574,00	104.920,00	162.577,00	229.783,00
B) NON-CURRENT LIABILITIES: 31000	508.729,00	520.442,00	442.530,00	290.421,00	189.707,00
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	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 31230	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 31240	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 31250	0,00	0,00	0,00	0,00	0,00
III. Long-term debts with Group companies and associates: 31300	0,00	0,00	0,00	0,00	0,00
IV. Liabilities for deferred tax: 31400	508.729,00	520.442,00	442.530,00	290.421,00	189.707,00
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	14.640.150,00	13.497.785,00	14.153.006,00	19.865.642,00	15.007.604,00
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	0,00	0,00	0,00	0,00	0,00
1. Provisions from greenhouse gas emission allowance: 32210	0,00	0,00	0,00	0,00	0,00
2. Other provisions: 32220	0,00	0,00	0,00	0,00	0,00
III. Short-term creditors : 32300	0,00	0,00	0,00	0,00	0,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	0,00	0,00	0,00	0,00	0,00
3. Creditors from financial leasing: 32330	0,00	0,00	0,00	0,00	0,00
4. Derivatives : 32340	0,00	0,00	0,00	0,00	0,00
5. Other financial liabilities : 32350	0,00	0,00	0,00	0,00	0,00
IV. Short-term debts with Group companies and associates: 32400	0,00	0,00	0,00	0,00	0,00

V. Trade creditors and other accounts payable: 32500	14.640.150,00	13.497.785,00	14.153.006,00	19.865.642,00	15.007.604,00
1. Suppliers: 32510	7.478.333,00	7.550.767,00	7.817.447,00	12.344.615,00	11.345.847,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	7.478.333,00	7.550.767,00	7.817.447,00	12.344.615,00	11.345.847,00
2. Suppliers, Group companies and associates: 32520	5.567.510,00	4.989.026,00	5.151.618,00	5.953.813,00	2.294.049,00
3. Other creditors: 32530	0,00	0,00	0,00	0,00	0,00
4. Personnel (remuneration due): 32540	1.120.483,00	625.887,00	887.358,00	1.350.763,00	1.084.137,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	473.824,00	332.105,00	296.583,00	216.451,00	283.571,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	0,00	0,00	0,00	0,00	0,00
VII. Special short-term debts : 32700	0,00	0,00	0,00	0,00	0,00
TOTAL NET WORTH AND LIABILITIES (A + B + C) : 30000	46.405.544,00	54.325.497,00	58.110.444,00	58.211.755,00	49.059.352,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2013	2012	2011	2010	2009
1. Net turnover: 40100	69.243.595,00	76.731.622,00	98.373.666,00	100.696.289,00	77.796.176,00
a) Sales: 40110	69.243.595,00	76.731.622,00	98.373.666,00	100.696.289,00	77.796.176,00
b) Rendering of services: 40120	0,00	0,00	0,00	0,00	0,00
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	747.365,00	-119.635,00	-818.722,00	593.969,00	3.174.524,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-47.691.771,00	-53.323.819,00	-68.183.941,00	-72.467.652,00	-59.263.946,00
a) Stock consumption: 40410	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-47.691.771,00	-53.323.819,00	-68.183.941,00	-72.467.652,00	-59.263.946,00
c) Works carried out by other companies: 40430	0,00	0,00	0,00	0,00	0,00
d) Impairment of stock, primary material and other supplies: 40440	0,00	0,00	0,00	0,00	0,00
5. Other operating income: 40500	0,00	0,00	0,00	0,00	0,00
a) Auxiliary income and other from current management: 40510	0,00	0,00	0,00	0,00	0,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	0,00
6. Personnel costs: 40600	-7.849.222,00	-8.130.006,00	-7.636.472,00	-7.812.982,00	-8.465.665,00
a) Wages, salaries et al.: 40610	-6.451.909,00	-6.581.362,00	-6.040.182,00	-6.319.669,00	-7.049.571,00
b) Social security costs: 40620	-1.397.313,00	-1.548.644,00	-1.596.290,00	-1.493.313,00	-1.416.094,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-9.373.065,00	-11.130.160,00	-12.368.037,00	-12.920.790,00	-6.891.881,00
a) External services: 40710	-9.270.637,00	-11.058.343,00	-12.373.853,00	-12.905.120,00	-6.725.884,00
b) Taxes: 40720	-98.336,00	-60.444,00	-62.607,00	-40.818,00	-50.438,00
c) Losses, impairments and variation in provisions from trade operations : 40730	-4.092,00	-11.373,00	68.423,00	25.148,00	-115.559,00
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	-1.688.548,00	-2.079.409,00	-1.858.992,00	-2.259.617,00	-2.456.559,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	56.208,00	56.208,00	82.367,00	96.008,00	102.196,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	12.234,00	249.158,00	2.199,00	-3.041,00	0,00
a) Impairment and losses : 41110	12.234,00	249.158,00	0,00	0,00	0,00
b) Results for transfers and other : 41120	0,00	0,00	2.199,00	-3.041,00	0,00
c) Impairment and profit due to disposals of assets of holding companies: 41130	0,00	0,00	0,00	0,00	0,00
12. Negative difference in combined businesses: 41200	0,00	0,00	0,00	0,00	0,00
13. Other results : 41300	0,00	0,00	0,00	0,00	0,00
A.1) OPERATING INCOME (1 + 2 + 3 + 4 + 5 + 6 + 7 + 8 + 9 + 10 + 11 + 12 + 13) : 49100	3.456.796,00	2.253.959,00	7.592.068,00	5.922.184,00	3.994.845,00
14. Financial income : 41400	200.031,00	274.574,00	325.240,00	182.621,00	42.236,00
a) Of shares in equity instruments : 41410	0,00	0,00	0,00	0,00	0,00
a 1) In Group companies and associates: 41411	0,00	0,00	0,00	0,00	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	200.031,00	274.574,00	325.240,00	182.621,00	42.236,00
b 1) From Group companies and associates : 41421	198.930,00	268.946,00	313.392,00	179.412,00	26.528,00
b 2) From third parties : 41422	1.101,00	5.628,00	11.848,00	3.209,00	15.708,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-1.920,00	-10.500,00	-3.767,00	-14.483,00	-141.911,00
a) Amounts owed to Group companies and associates : 41510	0,00	0,00	0,00	-14.483,00	0,00
b) For debts with third parties : 41520	-1.920,00	-10.500,00	-3.767,00	0,00	-141.911,00
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	0,00	0,00
a) Trading book and other : 41610	0,00	0,00	0,00	0,00	0,00
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	-1.353,00	-43.580,00	-22.238,00	4.997,00	-16.428,00
18. Impairment and result for transfers of financial instruments: 41800	0,00	0,00	0,00	0,00	0,00
a) Impairment and losses : 41810	0,00	0,00	0,00	0,00	0,00
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	196.758,00	220.494,00	299.235,00	173.135,00	-116.103,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	3.653.554,00	2.474.453,00	7.891.303,00	6.095.319,00	3.878.742,00
20. Income taxes: 41900	-1.102.884,00	-781.413,00	-2.374.430,00	-1.834.462,00	-1.171.376,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	2.550.670,00	1.693.040,00	5.516.873,00	4.260.857,00	2.707.366,00
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	2.550.670,00	1.693.040,00	5.516.873,00	4.260.857,00	2.707.366,00

> 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. To view details on the methodology 2013 2012 2011 2010 2009  is taken from information submitted to the TRADE REGISTER.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
ASSETS	2013	2012	2011	2010	2009
A) SHAREHOLDERS (PARTNERS) BY UNCALLED SUSCRIBED CAPITAL:	0,00	0,00	0,00	0,00	0,00
B) FIXED ASSETS:	17.876.516,00	19.246.578,00	21.110.317,00	20.837.418,00	20.713.438,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	10.303.885,00	10.303.885,00	10.303.885,00	10.304.264,00	10.306.909,00
1. Research and development costs:	0,00	0,00	0,00	0,00	0,00
2. Concessions, patents, licences, trademarks et al.:	0,00	0,00	0,00	0,00	0,00
3. Goodwill:	10.303.885,00	10.303.885,00	10.303.885,00	10.303.885,00	10.303.885,00
4. Key money paid for premises:	0,00	0,00	0,00	0,00	0,00
5. Software:	0,00	0,00	0,00	379,00	3.024,00
6. Assets under capital leases:	0,00	0,00	0,00	0,00	0,00
7. Payments on account:	0,00	0,00	0,00	0,00	0,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Accumulated depreciation:	0,00	0,00	0,00	0,00	0,00
III. Tangible fixed assets:	7.561.040,00	8.930.449,00	10.783.688,00	10.505.100,00	10.378.475,00
1. Land and construction:	3.705.447,00	3.915.767,00	4.094.143,00	4.157.648,00	4.353.955,00
2. Technical installations and machinery:	3.638.441,00	4.651.954,00	6.216.772,00	4.220.072,00	5.748.480,00
3. Other installations, tools and furniture:	67.231,00	85.959,00	114.873,00	77.978,00	106.220,00
4. Payments on account and tangible fixed assets under construction:	42.435,00	139.343,00	174.246,00	1.924.734,00	0,00
5. Other tangible assets:	107.485,00	137.426,00	183.653,00	124.668,00	169.819,00
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:	11.591,00	12.244,00	22.744,00	28.054,00	28.054,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	0,00	0,00	0,00	0,00	0,00
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. 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:	11.591,00	12.244,00	22.744,00	28.054,00	28.054,00
8. Provisions:	0,00	0,00	0,00	0,00	0,00
9. Long-term receivables from public bodies:	0,00	0,00	0,00	0,00	0,00
V. Own shares:	0,00	0,00	0,00	0,00	0,00
VI. Long-term trade receivables:	0,00	0,00	0,00	0,00	0,00
C) Deferred expenses:	0,00	0,00	0,00	0,00	0,00
D) CURRENT ASSETS:	28.529.028,00	35.078.919,00	37.000.127,00	37.374.337,00	28.345.914,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	5.811.624,00	5.062.566,00	5.439.444,00	6.742.588,00	5.751.603,00
1. Goods for resale:	0,00	0,00	0,00	0,00	0,00
2. Raw materials and other consumables:	2.456.158,00	2.432.193,00	2.799.445,00	3.236.335,00	2.637.226,00
3. Goods in process and semifinished ones:	0,00	0,00	0,00	0,00	0,00
4. Finished products:	3.355.466,00	2.630.373,00	2.639.999,00	3.506.253,00	3.114.377,00
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:	11.779.840,00	11.489.653,00	13.994.288,00	16.660.245,00	13.808.704,00
1. Trade debtors / accounts receivable:	8.073.422,00	8.179.557,00	9.513.810,00	13.439.329,00	11.447.556,00
2. Accounts receivable, Group companies:	3.554.449,00	3.310.096,00	4.480.478,00	3.220.916,00	2.361.148,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	0,00	0,00	0,00	0,00	0,00
5. Staff:	0,00	0,00	0,00	0,00	0,00
6. Public bodies:	151.969,00	0,00	0,00	0,00	0,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	10.440.109,00	17.328.108,00	15.973.939,00	12.233.040,00	7.248.193,00
1. Equity investments in group companies:	0,00	0,00	0,00	0,00	0,00
2. Receivables from group companies:	10.440.109,00	17.328.108,00	15.973.939,00	12.233.040,00	7.248.193,00
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:	424.712,00	1.129.831,00	1.530.477,00	1.676.898,00	1.522.348,00
VII. Prepayments and accrued income:	72.743,00	68.761,00	61.979,00	61.566,00	15.066,00
GENERAL TOTAL (A + B + C + D):	46.405.544,00	54.325.497,00	58.110.444,00	58.211.755,00	49.059.352,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2013	2012	2011	2010	2009
A) EQUITY:	31.238.304,00	40.261.368,00	43.441.464,00	37.941.888,00	33.701.193,00
I. Subscribed capital:	4.507.590,00	4.507.590,00	4.507.590,00	4.507.590,00	4.507.590,00
II. Share premium:	0,00	0,00	0,00	0,00	0,00
III. Revaluation reserves:	994.675,00	1.417.350,00	1.390.659,00	1.210.337,00	1.097.189,00
IV. Reserves:	23.185.369,00	32.643.389,00	32.026.342,00	27.963.104,00	25.389.048,00
1. Legal reserve:	901.518,00	901.518,00	901.518,00	901.518,00	901.518,00
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:	22.283.851,00	31.741.871,00	31.124.824,00	27.061.586,00	24.487.530,00
Differences due to capital adjustement to euros:	0,00	0,00	0,00	0,00	0,00
V. Profit or loss brought forward:	0,00	0,00	0,00	0,00	0,00
1. Retained earnings:	0,00	0,00	0,00	0,00	0,00
2. Prior year losses:	0,00	0,00	0,00	0,00	0,00
3. Partners' contributions so as to compensate losses:	0,00	0,00	0,00	0,00	0,00
VI. Profit or loss for the financial year:	2.550.670,00	1.693.040,00	5.516.873,00	4.260.857,00	2.707.366,00
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:	18.361,00	45.902,00	73.444,00	113.804,00	160.848,00
1. Capital grants:	18.361,00	45.902,00	73.444,00	113.804,00	160.848,00
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:	508.729,00	520.442,00	442.530,00	290.421,00	189.707,00
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:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
1. Amounts owed to group companies:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	508.729,00	520.442,00	442.530,00	290.421,00	189.707,00
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	0,00
4. Long term payables to public bodies:	508.729,00	520.442,00	442.530,00	290.421,00	189.707,00
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:	14.640.150,00	13.497.785,00	14.153.006,00	19.865.642,00	15.007.604,00
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:	0,00	0,00	0,00	0,00	0,00
1. Loans and other liabilities:	0,00	0,00	0,00	0,00	0,00
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:	5.567.510,00	4.989.026,00	5.151.618,00	5.953.813,00	2.294.049,00
1. Amounts owed to group companies:	5.567.510,00	4.989.026,00	5.151.618,00	5.953.813,00	2.294.049,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	7.478.333,00	7.550.767,00	7.817.447,00	12.344.615,00	11.345.847,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	7.478.333,00	7.550.767,00	7.817.447,00	12.344.615,00	11.345.847,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	1.594.307,00	957.992,00	1.183.941,00	1.567.214,00	1.367.708,00
1. Public bodies:	473.824,00	332.105,00	296.583,00	216.451,00	283.571,00
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:	1.120.483,00	625.887,00	887.358,00	1.350.763,00	1.084.137,00
5. Guarantees and deposits received at short term:	0,00	0,00	0,00	0,00	0,00
VI. Provisions:	0,00	0,00	0,00	0,00	0,00
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):	46.405.544,00	54.325.497,00	58.110.444,00	58.211.755,00	49.059.352,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2013	2012	2011	2010	2009
A) CHARGES (A.1 to A.15):	67.696.529,00	75.369.364,00	93.266.599,00	97.313.027,00	78.407.766,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	119.635,00	818.722,00	0,00	0,00
A.2. Supplies:	47.691.771,00	53.323.819,00	68.183.941,00	72.467.652,00	59.263.946,00
a) Stock consumption:	0,00	0,00	0,00	0,00	0,00
b) Consumption of raw materials and miscellaneous consumable ones:	47.691.771,00	53.323.819,00	68.183.941,00	72.467.652,00	59.263.946,00
c) Miscellaneous external expenditure:	0,00	0,00	0,00	0,00	0,00
A.3. Staff costs:	7.849.222,00	8.130.006,00	7.636.472,00	7.812.982,00	8.465.665,00
a) Wages, salaries et al.:	6.451.909,00	6.581.362,00	6.040.182,00	6.319.669,00	7.049.571,00
b) Social security costs:	1.397.313,00	1.548.644,00	1.596.290,00	1.493.313,00	1.416.094,00
A.4. Depreciation expense:	1.688.548,00	2.079.409,00	1.858.992,00	2.259.617,00	2.456.559,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	4.092,00	11.373,00	-68.423,00	-25.148,00	115.559,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	4.092,00	11.373,00	-68.423,00	-25.148,00	115.559,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	9.368.973,00	11.118.787,00	12.436.460,00	12.945.938,00	6.776.322,00
a) External services:	9.270.637,00	11.058.343,00	12.373.853,00	12.905.120,00	6.725.884,00
b) Taxes:	98.336,00	60.444,00	62.607,00	40.818,00	50.438,00
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):	3.388.354,00	1.948.593,00	7.507.502,00	5.829.217,00	3.892.649,00
A.7. Financial and similar charges:	1.920,00	10.500,00	3.767,00	14.483,00	141.911,00
a) Due to liabilities with companies of the group:	0,00	0,00	0,00	14.483,00	0,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	1.920,00	10.500,00	3.767,00	0,00	141.911,00
d) Losses from financial investments:	0,00	0,00	0,00	0,00	0,00
A.8. Changes in financial investment provisions:	0,00	0,00	0,00	0,00	0,00
A.9. Exchange losses:	1.353,00	43.580,00	22.238,00	0,00	16.428,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	196.758,00	220.494,00	299.235,00	173.135,00	0,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	3.585.112,00	2.169.087,00	7.806.737,00	6.002.352,00	3.776.546,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	-12.234,00	-249.158,00	0,00	0,00	0,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	0,00	0,00	0,00	3.041,00	0,00
A.12. Losses from transactions with own shares and debentures:	0,00	0,00	0,00	0,00	0,00
A.13. Extraordinary expenses:	0,00	0,00	0,00	0,00	0,00
A.14. Expenses and losses of former financial years:	0,00	0,00	0,00	0,00	0,00
A.IV. EXTRAORDINARY PROFIT (B.9+B.10+B.11+B.12+B.13-A.10-A.11-A.12-A.13-A.14):	68.442,00	305.366,00	84.566,00	92.967,00	102.196,00
A.V. PROFIT BEFORE TAXES (A.III+A.IV-B.III-B.IV):	3.653.554,00	2.474.453,00	7.891.303,00	6.095.319,00	3.878.742,00
A.15. Corporation tax:	1.102.884,00	781.413,00	2.374.430,00	1.834.462,00	1.171.376,00
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):	2.550.670,00	1.693.040,00	5.516.873,00	4.260.857,00	2.707.366,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2013	2012	2011	2010	2009
B) INCOME ( B.1 to B.13):	70.247.199,00	77.062.404,00	98.783.472,00	101.573.884,00	81.115.132,00
B.1. Net total sales:	69.243.595,00	76.731.622,00	98.373.666,00	100.696.289,00	77.796.176,00
a) Sales:	69.243.595,00	76.731.622,00	98.373.666,00	100.696.289,00	77.796.176,00
b) Rendering of services:	0,00	0,00	0,00	0,00	0,00
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:	747.365,00	0,00	0,00	593.969,00	3.174.524,00
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:	0,00	0,00	0,00	0,00	0,00
a) Auxiliary income and other from current management:	0,00	0,00	0,00	0,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
a) In companies of the group:	0,00	0,00	0,00	0,00	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:	200.031,00	274.574,00	325.240,00	182.621,00	42.236,00
a) From companies of the group:	198.930,00	268.946,00	313.392,00	179.412,00	26.528,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	1.101,00	5.628,00	11.848,00	3.209,00	15.708,00
d) Profit on financial investment:	0,00	0,00	0,00	0,00	0,00
B.8. Exchange positive differences:	0,00	0,00	0,00	4.997,00	0,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	0,00	0,00	0,00	0,00	116.103,00
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	2.199,00	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:	56.208,00	56.208,00	82.367,00	96.008,00	102.196,00
B.12. Extraordinary income:	0,00	0,00	0,00	0,00	0,00
B.13. Income and profit of former financial years:	0,00	0,00	0,00	0,00	0,00
B.IV. NEGATIVE EXTRAORDINARY RESULTS (A.10+A.11+A.12+A.13+A.14-B.9-B.10-B.11-B.12-B.13):	0,00	0,00	0,00	0,00	0,00
B.V. LOSSES BEFORE TAXES (B.III+B.IV-A.III-A.IV):	0,00	0,00	0,00	0,00	0,00
B.VI. RESULT OF THE PERIOD (LOSSES) (B.V+A.15+A.16):	0,00	0,00	0,00	0,00	0,00

MERCANTILE REGISTRY.

CASHFLOW STATEMENT

Model: Normal

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

	2013	2012	2011	2010	2009
1. Fiscal year result before taxes.: 61100	3.653.554,00	2.474.453,00	7.891.303,00	6.095.319,00	3.878.742,00
2. Results adjustments.: 61200	1.427.440,00	1.564.922,00	1.475.191,00	1.993.515,00	2.496.994,00
a) Fixed Assets Amortization (+).: 61201	1.688.548,00	2.079.409,00	1.858.992,00	2.259.617,00	2.456.559,00
b) Obsolescence Allowances (+/-). : 61202	4.092,00	11.373,00	0,00	0,00	0,00
d) Allocation of grants (-).: 61204	-56.208,00	-56.208,00	-82.367,00	-96.008,00	-102.196,00
e) Results on disposal of fixed assets (+/-). : 61205	-12.234,00	-249.158,00	-2.199,00	3.041,00	0,00
g) Financial income (-).: 61207	-200.031,00	-274.574,00	-325.240,00	-182.621,00	-15.708,00
h) Financial Expenses (+). : 61208	1.920,00	10.500,00	3.767,00	14.483,00	141.911,00
i) Exchange differences (+/-). : 61209	1.353,00	43.580,00	22.238,00	-4.997,00	16.428,00
3. Changes in current capital equity.: 61300	-146.722,00	2.095.790,00	-1.330.924,00	1.070.868,00	5.717.848,00
a) Stock (+/-).: 61301	-749.058,00	376.878,00	1.303.144,00	-990.985,00	2.055.984,00
d) Debtors and other accounts receivable (+/-). : 61302	-142.310,00	2.460.546,00	2.665.957,00	-2.851.541,00	850.231,00
c) Other current assets (+/-). : 61303	-3.982,00	-6.781,00	-413,00	-46.500,00	390,00
d) Creditors and other accounts payable (+/-). : 61304	748.628,00	-734.853,00	-5.299.612,00	4.959.894,00	2.811.243,00
4. Other cash flows for operating activities.: 61400	-657.855,00	-310.217,00	-2.289.162,00	-1.638.665,00	-634.354,00
a) Interest payments (-). : 61401	-1.920,00	-10.500,00	-3.767,00	-14.483,00	-141.911,00
c) Interest collection (+). : 61403	200.031,00	274.574,00	325.240,00	182.621,00	15.708,00
d) Income tax payment collection (payments) (+/-).: 61404	-855.966,00	-574.291,00	-2.610.635,00	-1.806.803,00	-508.151,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	4.276.417,00	5.824.948,00	5.746.408,00	7.521.037,00	11.459.230,00
6. Payments for investment (-).: 62100	-381.518,00	-1.691.180,00	-5.872.790,00	-7.371.598,00	-2.393.265,00
c) Fixed assets. : 62103	-381.518,00	-337.011,00	-2.137.201,00	-2.386.751,00	-142.941,00
d) Real estate investment. : 62104	0,00	-1.354.169,00	0,00	0,00	0,00
e) Other financial assets. : 62105	0,00	0,00	-3.735.589,00	-4.984.847,00	-2.250.324,00
7. Divestment payment collection (+). : 62200	6.963.266,00	370.499,00	2.199,00	114,00	0,00
c) Fixed assets. : 62203	74.613,00	359.999,00	2.199,00	114,00	0,00
d) Real estate investment. : 62204	0,00	10.500,00	0,00	0,00	0,00
e) Other financial assets. : 62205	6.888.653,00	0,00	0,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	6.581.748,00	-1.320.681,00	-5.870.591,00	-7.371.484,00	-2.393.265,00
9. Payment collection and payments for equity instruments. : 63100	0,00	0,00	0,00	0,00	0,00
10. Payment collection and payments for financial liabilities instruments.: 63200	0,00	0,00	0,00	0,00	-8.500.000,00
b) Repayment and amortization of : 63207	0,00	0,00	0,00	0,00	-8.500.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	0,00	0,00	0,00	0,00	-4.500.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	-11.561.931,00	-4.861.332,00	0,00	0,00	0,00
a) Dividends (-).: 63301	-11.561.931,00	-4.861.332,00	0,00	0,00	0,00
12. Cash flows for financing activities (9+10+11).: 63400	-11.561.931,00	-4.861.332,00	0,00	0,00	-8.500.000,00
D) EFFECT OF EXCHANGE RATE CHANGES: 64000	-1.353,00	-43.580,00	-22.238,00	4.997,00	-16.428,00
E) NET INCREASE/DECREASE OF CASH OR EQUIVALENT ASSETS (+/-5+/-8+/12+/-D) : 65000	-705.119,00	-400.645,00	-146.421,00	154.550,00	549.537,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	1.129.831,00	1.530.477,00	1.676.898,00	1.522.348,00	972.811,00
Cash or equivalent assets as of end of the fiscal year.: 65200	424.712,00	1.129.832,00	1.530.477,00	1.676.898,00	1.522.348,00

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 %	0,01 %	-0,01 %	0,01 %	-95,04 %	102,69 %
EBITDA over Sales:	7,33 %	11,39 %	5,25 %	9,03 %	39,67 %	26,08 %
Cash Flow Yield:	-0,02 %	0,01 %	-0,01 %	0,00 %	-106,03 %

Profitability	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	9,61 %	6,95 %	6,09 %	4,97 %	57,76 %	39,77 %
Total economic profitability:	7,88 %	3,82 %	4,57 %	2,32 %	72,21 %	64,60 %
Financial profitability:	8,17 %	4,40 %	4,21 %	0,85 %	94,13 %	417,12 %
Margin:	4,99 %	6,75 %	2,94 %	4,64 %	69,95 %	45,29 %
Mark-up:	5,28 %	4,58 %	3,22 %	1,25 %	63,62 %	267,72 %

Solvency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,03	0,13	0,08	0,12	-65,34	13,57
Acid Test:	1,54	0,86	2,22	0,85	-30,75	0,99
Working Capital / Investment:	0,30	0,05	0,40	0,03	-25,48	82,77
Solvency:	1,95	1,18	2,60	1,18	-25,02	0,03

Indebtedness	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	0,48	1,38	0,35	1,63	39,36	-15,06
Borrowing Composition:	0,03	1,00	0,04	1,03	-9,88	-2,52
Repayment Ability:	-21,48	92,61	-34,99	197,52	38,60	-53,11
Warranty:	3,06	1,73	3,88	1,62	-20,95	6,87
Generated resources / Total creditors:	0,28	0,08	0,27	0,07	3,99	27,21

Efficiency	2013		2012		Variación 2013 - 2012
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	1,65	1,87	1,50	1,71	10,12	9,51
Turnover of Collection Rights :	5,95	5,05	6,68	4,78	-10,83	5,69
Turnover of Payment Entitlements:	3,95	3,67	4,77	3,51	-17,15	4,34
Stock rotation:	11,33	7,33	14,77	6,48	-23,29	13,09
Assets turnover:	1,93	1,03	2,07	1,07	-7,17	-3,80
Borrowing Cost:	0,01	2,86	0,07	2,95	-83,08	-3,26

> 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 %	-0,01 %	0,00 %	0,00 %	0,01 %
EBITDA over Sales:	7,33 %	5,25 %	9,52 %	8,03 %	8,16 %
Cash Flow Yield:	-0,02 %	-0,01 %	0,00 %	0,00 %	0,01 %

Profitability	2013	2012	2011	2010	2009
Operating economic profitability:	9,61 %	6,09 %	18,03 %	12,89 %	9,56 %
Total economic profitability:	7,88 %	4,57 %	13,59 %	10,50 %	8,20 %
Financial profitability:	8,17 %	4,21 %	12,71 %	11,24 %	8,05 %
Margin:	4,99 %	2,94 %	7,72 %	5,88 %	5,14 %
Mark-up:	5,28 %	3,22 %	8,02 %	6,05 %	4,99 %

Solvency	2013	2012	2011	2010	2009
Liquidity:	0,03	0,08	0,11	0,08	0,10
Acid Test:	1,54	2,22	2,23	1,54	1,50
Working Capital / Investment:	0,30	0,40	0,39	0,30	0,27
Solvency:	1,95	2,60	2,61	1,88	1,89

Indebtedness	2013	2012	2011	2010	2009
Indebtedness level:	0,48	0,35	0,34	0,53	0,45
Borrowing Composition:	0,03	0,04	0,03	0,01	0,01
Repayment Ability:	-21,48	-34,99	-99,68	130,42	27,65
Warranty:	3,06	3,88	3,98	2,89	3,23
Generated resources / Total creditors:	0,28	0,27	0,51	0,32	0,34

Efficiency	2013	2012	2011	2010	2009
Productivity:	1,65	1,50	2,23	2,04	1,75
Turnover of Collection Rights :	5,95	6,68	7,03	6,04	5,63
Turnover of Payment Entitlements:	3,95	4,77	5,63	4,33	4,62
Stock rotation:	11,33	14,77	16,71	14,07	12,85
Assets turnover:	1,93	2,07	2,34	2,19	1,86
Borrowing Cost:	0,01	0,07	0,03	0,07	0,93

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

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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	GOBIERNO DE NAVARRA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	56.208,00
Notes	El importe reflejado es el traspasado a la cuenta de pérdidas y ganancias

Entity	GOBIERNO DE NAVARRA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	82.367,00
Notes	El importe reflejado es el traspasado a resultados.

Entity	GOBIERNO DE NAVARRA
Subsidy Concept	Subvención de capital
Status	CONCEDIDA
Amount Granted	96.008,00
Notes	El importe reflejado es el traspasado a resultados.

Entity	ORGANISMO NO ESPECIFICADO
Status	CONCEDIDA
Amount Granted	216.918,00
Notes	ES EL IMPORTE QUE TENIA EL 01/01/2004, DEL CUAL SE HA TRASPASADO A RESULTADOS LA CANTIDAD DE 110236 EUROS, Y SE HA RECIBIDO 45000 EUROS, QUEDANDO UN SALDO A 31/12/2004 DE 151682 EUROS.

Research Summary

It is a company constitued several years ago, so it has enough experience in its sector, which hasgood reputation in general among the sources of information, while turnover fell by 9.76% in 2013, over the previous year. Normally attends payment commitments.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.64.11
UK Pound	1	Rs.100.32
Euro	1	Rs.72.17

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	ANK

RATING EXPLANATIONS

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

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

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

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

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