MIRA INFORM REPORT

Report No. :	350906
Report Date :	25.11.2015

IDENTIFICATION DETAILS

Name :	PUNTO FA SL
Registered Office :	C/ Mercaders, 9-11 - Polig. Ind. Riera De Caldes
Country :	Spain
Financials (as on) :	30.12.2014
Date of Incorporation :	13.12.1989
Legal Form :	Private Company
Line of Business :	Manufacturing of clothing and dressmaking; all type of business of properties of any kind, their transformation, construction and legal-economical exploitation.
No. of Employees :	4200

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
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

After experiencing a prolonged recession in the wake of the global financial crisis that began in 2008, in 2014 Spain marked the first full year of positive economic growth in seven years, largely due to increased private consumption. At the onset of the global financial crisis Spain's GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and continued contracting through most of 2013. In 2013 the government successfully shored up struggling banks - exposed to the collapse of Spain's depressed real estate and construction sectors - and in January 2014 completed an EU-funded restructuring and recapitalization program.

Until 2014, credit contraction in the private sector, fiscal austerity, and high unemployment weighed on domestic consumption and investment. The unemployment rate rose from a low of about 8% in 2007 to more than 26% in 2013, but labor reforms prompted a modest reduction to 23.7% in 2014. High unemployment strained 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, but 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.

Exports were resilient throughout the economic downturn and helped to bring Spain's current account into surplus in 2013 for the first time since 1986, where it remained in 2014. Rising labor productivity and an internal devaluation resulting from moderating labor costs and lower inflation have helped to improve foreign investor interest in the economy and positive FDI flows have been restored.

The government's efforts to implement labor, pension, health, tax, and education reforms - aimed at supporting investor sentiment - have become overshadowed by political activity in 2015 in anticipation of the national parliamentary elections in November. Spain’s 2015 budget, published in September 2014, rolls back some recently imposed taxes in advance of the elections and leaves untouched the country’s value-added tax (VAT) regime, which continues to generate significantly lower revenue than the EU average. Spain’s borrowing costs are dramatically lower since their peak in mid-2012, and despite the recent uptic in economic activity, inflation has dropped sharply, from 1.5% in 2013 to nearly flat in 2014.

Source : CIA

EXECUTIVE SUMMARY

Name:	PUNTO FA SL
NIF / Fiscal code:	B59088948
Status:	ACTIVE
Incorporation Date:	13/12/1989
Register Data	Register Section 8 Sheet 167948
Last Publication in BORME:	25/08/2015 [Appointments]
Last Published Account Deposit:	2014
Share Capital:	12.565
Localization:	C/ MERCADERS, 9-11 - POLIG.IND.RIERA DE CALDES - PALAU-SOLITA I PLEGAMANS - 08184 - BARCELONA
Telephone - Fax - Email - Website:	Telephone. 938 602 222 Email. customer.service@mango.com Website. www.mango.es
Number of Branches	137
Activity:
NACE:	4751 - Retail sale of textiles in specialised stores
Registered Trademarks:
Audited / Opinion:	Si /
Tenders and Awards:
Subsidies:	2 for a total cost of 8000
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	1	177,19	---
Judicial Claims (Notices, Executive Proceedings, Attachments, Auctions, Bad Debt)	1	0	---
Proceedings heard by the Civil Court	Unpublished	0	---
Proceedings heard by the Labour Court	Unpublished	0	---

Partners:

MANGO MNG CAPITAL SL	11.61 %
MANGO MNG SL	88.39 %
MANGO MNG HOLDING SA
Shares:	64
Other Links:	19
No. of Active Corporate Bodies:	CHIEF EXECUTIVE OFFICER 2

Ratios

2014

2013

Change

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

INVESTIGATION SUMMARY

This company was founded several years ago, reason why it has quite experience in its sector. It enjoys a good concept among the sources consulted. Its turnover increased by 6.43% in 2014 vs the previous year. It meets payment commitments in an orderly manner.

Enquiry Details

Business address regime:

Alquiler

Identification

Social Denomination:	PUNTO FA SL
NIF / Fiscal code:	B59088948
Corporate Status:	ACTIVE
Start of activity:	1989
Registered Office:	C/ MERCADERS, 9-11 - POLIG.IND.RIERA DE CALDES
Locality:	PALAU-SOLITA I PLEGAMANS
Province:	BARCELONA
Postal Code:	08184
Telephone:	938 602 222
Fax:	938 602 207
Website:	www.mango.es
Email:	customer.service@mango.com
Interviewed Person:	Empleado administración

Branch Offices

Address	Postal Code	City	Province
CALLE DUQUE DE WELLINGTON 6 A 1	01010	VITORIA-GASTEIZ	ALAVA
CALLE GENERAL ALAVA 30 B	01005	VITORIA-GASTEIZ	ALAVA
CALLE ALCALDE CONANGLA	02008	ALBACETE	ALBACETE
CALLE TINTE 5 BJ	02001	ALBACETE	ALBACETE
AVENIDA DENIA S/N	03002	ALICANTE/ALACANT	ALICANTE
AVENIDA MAISONNAVE 33	03003	ALICANTE/ALACANT	ALICANTE
CALLE REYES CATOLICOS 31	03003	ALICANTE/ALACANT	ALICANTE
AVENIDA MEDITERRANEO 1	03503	BENIDORM	ALICANTE
CALLE ALMORIDA 1	03203	ELCHE/ELX	ALICANTE
CALLE PAIS VALENCIA 2	03509	FINESTRAT	ALICANTE
AVENIDA DEL MEDITERRANEO 73	04007	ALMERIA	ALMERIA
AVENIDA BARTOMEU RAMON I TUR 2	07800	EIVISSA	BALEARES
CALLE CREU DE SA 26 BJ	07800	EIVISSA	BALEARES
CARRETERA PALMA-INCA 12	07141	MARRATXI	BALEARES
AVENIDA GABRIEL ROCA 54	07015	PALMA DE MALLORCA	BALEARES
AVENIDA JAUME III 9	07012	PALMA DE MALLORCA	BALEARES
CALLE SANT MIQUEL 18	07002	PALMA DE MALLORCA	BALEARES
CALLE MAR 44	08911	BADALONA	BARCELONA
PLAZA CATALUNYA 66	08002	BARCELONA	BARCELONA
CALLE CIUTAT D'ASUNCION 35 BJ 34	08030	BARCELONA	BARCELONA
AVENIDA DIAGONAL 586	08021	BARCELONA	BARCELONA
CALLE GIRONA 37	08010	BARCELONA	BARCELONA
PASEO GRACIA 8 BJ	08007	BARCELONA	BARCELONA
GRAN VIA CALLE GRAN VIA CORTS CATALANES 850 33 1	08018	BARCELONA	BARCELONA
CALLE PELAI 48	08001	BARCELONA	BARCELONA
AVENIDA DE L'ANGEL 7 BJ	08002	BARCELONA	BARCELONA
CALLE TAMARIT 169	08015	BARCELONA	BARCELONA
CALLE TARRAGONA	08015	BARCELONA	BARCELONA
MUELLE D'ESPANYA 1	08039	BARCELONA	BARCELONA
PASEO ANDREU NIN S/N PB	08016	BARCELONA	BARCELONA
CARRETERA ESPLUGUES 1 C AL 34	08940	CORNELLA DE LLOBREGAT	BARCELONA
CALLE SANTA ANNA 6	08401	GRANOLLERS	BARCELONA
AVENIDA DE LA GRANVIA DE L'HOSPITALET 13 B 14 75 LOCAL B	08908	HOSPITALET DE LLOBREGAT (L')	BARCELONA
CALLE ANGEL GUIMERA 51 BX 1	08241	MANRESA	BARCELONA
CALLE DE BRUSSELLES 6	08304	MATARO	BARCELONA
CALLE MIG (DEL) 3	08110	MONTCADA I REIXAC	BARCELONA
VIA AUGUSTA 10	08184	PALAU-SOLITA I PLEGAMANS	BARCELONA
CALLE DELS BASTERS 18	08184	PALAU-SOLITA I PLEGAMANS	BARCELONA
CALLE TORRE DE CELLERS 2	08150	PARETS DEL VALLES	BARCELONA
ZONA AEROPORT	08820	PRAT DE LLOBREGAT (EL)	BARCELONA
CALLE CA LA DANIELA 7	08202	SABADELL	BARCELONA
CALLE MAJOR 40 BA	08221	TERRASSA	BARCELONA
CALLE SEGURA 26	08223	TERRASSA	BARCELONA
PLAZA VILA	08840	VILADECANS	BARCELONA
RAMBLA PRINCIPAL 29 BX	08800	VILANOVA I LA GELTRU	BARCELONA
CALLE SANTANDER 11 BJ	09004	BURGOS	BURGOS
CALLE SAN FRANCISCO 13	11004	CADIZ	CADIZ
CALLE CONDE DE GONDOMAR 6	14003	CORDOBA	CORDOBA
AVENIDA DEL GRAN CAPITAN 4	14008	CORDOBA	CORDOBA
CALLE ALCALDE MARCHESI 15	15006	CORUÑA (A)	LA CORUÑA
CALLE REAL 85	15003	CORUÑA (A)	LA CORUÑA
CALLE COPERNICO 7	15008	CORUÑA (A)	LA CORUÑA
CALLE DOLORES 49 B	15402	FERROL	LA CORUÑA
CALLE DO XENERAL PARDIÑAS 22	15701	SANTIAGO DE COMPOSTELA	LA CORUÑA
CALLE GIRONA 20 BJ	17600	FIGUERES	GIRONA
CALLE MIGDIA 4 BS 3	17002	GIRONA	GIRONA
AVENIDA GALICIA 22	17700	JONQUERA (LA)	GIRONA
CALLE RECOGIDAS 11	18005	GRANADA	GRANADA
CALLE REYES CATOLICOS 22	18009	GRANADA	GRANADA
BARRIO VENTAS	20305	IRUN	GUIPUZCOA
CALLE ARRASATE 25	20005	DONOSTIA-SAN SEBASTIAN	GUIPUZCOA
CALLE FUENTERRABIA 15	20005	DONOSTIA-SAN SEBASTIAN	GUIPUZCOA
TRAVESIA GARBERA	20017	DONOSTIA-SAN SEBASTIAN	GUIPUZCOA
CALLE CONCEPCION 17	21001	HUELVA	HUELVA
CALLE RAIÑA (DA) 3 BJ	27001	LUGO	LUGO
AVENIDA DE EUROPA 13 3	28108	ALCOBENDAS	MADRID
CALLE ISABEL ALLENDE 4	28903	GETAFE	MADRID
CALLE RIO GUADALQUIVIR 15	28906	GETAFE	MADRID
AVENIDA LENGUA ESPAOLA 25	28914	LEGANES	MADRID
CALLE ARENAL 24 BJ	28013	MADRID	MADRID
CALLE BRAVO MURILLO 114	28020	MADRID	MADRID
PASEO FLORIDA S N	28008	MADRID	MADRID
CALLE FUENCARRAL 70	28004	MADRID	MADRID
CALLE GOYA 83	28001	MADRID	MADRID
CALLE HERMOSILLA 22	28001	MADRID	MADRID
CALLE GRAN VIA 32	28013	MADRID	MADRID
AVENIDA POBLADOS 58	28044	MADRID	MADRID
CALLE PRECIADOS 10	28013	MADRID	MADRID
CALLE PRINCESA 75	28008	MADRID	MADRID
CALLE RAIMUNDO FERNANDEZ VILLAVERDE 61	28003	MADRID	MADRID
CALLE SERRANO 61	28006	MADRID	MADRID
CALLE SILVANO 77 B 27	28043	MADRID	MADRID
CALLE VELAZQUEZ 49	28001	MADRID	MADRID
AVENIDA MONFORTE DE LEMOS 36	28029	MADRID	MADRID
AVENIDA PABLO NERUDA 91 P 40	28018	MADRID	MADRID
CALLE CALDERILLA 1	28054	MADRID	MADRID
CALLE QUIMICOS	28222	MAJADAHONDA	MADRID
CALLE MORERAS 2	28222	MAJADAHONDA	MADRID
AVENIDA EUROPA 26	28224	POZUELO DE ALARCON	MADRID
CALLE MARIE CURIE 4 31 LOCAL LB	28521	RIVAS-VACIAMADRID	MADRID
PLAZA COMERCIO 11	28703	SAN SEBASTIAN DE LOS REYES	MADRID
AVENIDA CONDES DE SAN ISIDRO 11	29640	FUENGIROLA	MALAGA
CALLE ARMENGUAL DE LA MOTA 14	29007	MALAGA	MALAGA
CALLE MARQUES DE LARIOS 6	29005	MALAGA	MALAGA
AVENIDA LUIS BUUEL 14	29009	MALAGA	MALAGA
AVENIDA VELAZQUEZ 233	29004	MALAGA	MALAGA
CALLE OJEN S/N	29603	MARBELLA	MALAGA
AVENIDA RICARDO SORIANO 17	29601	MARBELLA	MALAGA
CALLE TOTALAN	29730	RINCON DE LA VICTORIA	MALAGA
CALLE DE MURCIA 19	30310	CARTAGENA	MURCIA
TRAVESIA JUAN CARLOS I 30	30800	LORCA	MURCIA
CARRETERA DE LORCA KM 1 LOC 51 PB	30810	LORCA	MURCIA
AVENIDA DON JUAN BORBON 63	30007	MURCIA	MURCIA
CALLE MANZANA 13	30830	MURCIA	MURCIA
AVENIDA CARLOS III EL NOBLE 31	31002	PAMPLONA/IRUÑA	NAVARRA
CALLE GAZTAMBIDE CARRERA 8	31500	TUDELA	NAVARRA
CALLE RIO DE ORO 3	33209	GIJON	ASTURIAS
CALLE TOMAS ZARRACINA 1	33206	GIJON	ASTURIAS
CALLE URIA 30	33003	OVIEDO	ASTURIAS
AVENIDA JOSE MESA Y LOPEZ 38	35007	PALMAS DE GRAN CANARIA (LAS)	LAS PALMAS
CALLE TRIANA 40	35002	PALMAS DE GRAN CANARIA (LAS)	LAS PALMAS
CALLE JUAN SANCHEZ SANCHEZ	35015	PALMAS DE GRAN CANARIA (LAS)	LAS PALMAS
AVENIDA PINTOR FELO MONZON 1	35019	PALMAS DE GRAN CANARIA (LAS)	LAS PALMAS
CALLE ADRAGOMA	35110	SANTA LUCIA DE TIRAJANA	LAS PALMAS
CALLE PRINCIPE 57	36202	VIGO	PONTEVEDRA
CALLE TORO 100	37002	SALAMANCA	SALAMANCA
RAMBLA BENTACAYSE 12	38111	SANTA CRUZ DE TENERIFE	SANTA CRUZ DE TENERIFE
CALLE CASTILLO 20	38002	SANTA CRUZ DE TENERIFE	SANTA CRUZ DE TENERIFE
CALLE CONSOLACION 9 1	39300	TORRELAVEGA	CANTABRIA
AVENIDA BARRERILLO (DEL) 1	41930	BORMUJOS	SEVILLA
CALLE FINCA LOS ESPARTALES 56	41309	RINCONADA (LA)	SEVILLA
CALLE ASUNCION 30	41011	SEVILLA	SEVILLA
CALLE LUIS DE MORALES	41005	SEVILLA	SEVILLA
CALLE LLOVERA 48	43201	REUS	TARRAGONA
AVENIDA CARDENAL VIDAL I BARRAQUER 15 S 70	43005	TARRAGONA	TARRAGONA
CALLE DE LA UNIO 32	43001	TARRAGONA	TARRAGONA
CALLE DE BARCELONA 8	43840	SALOU	TARRAGONA
CALLE COLON 20	46004	VALENCIA	VALENCIA
CALLE DON JUAN DE AUSTRIA 7 B	46002	VALENCIA	VALENCIA
CALLE MENORCA	46023	VALENCIA	VALENCIA
CALLE SANTA GENOVEVA TORRES 21	46019	VALENCIA	VALENCIA
CAMINO VIEJO DE SIMANCAS	47008	VALLADOLID	VALLADOLID
CALLE RETUERTO 9	48903	BARAKALDO	VIZCAYA
CALLE RIBERA LA 7	48902	BARAKALDO	VIZCAYA
GRAN VIA GRAN DIEGO LOPEZ DE HARO 13	48001	BILBAO	VIZCAYA
AVENIDA INDEPENDENCIA 19 LC	50001	ZARAGOZA	ZARAGOZA
CALLE MARIA ZAMBRANO 35	50018	ZARAGOZA	ZARAGOZA

Activity

NACE:	4751
CNAE Obtaining Source:	4751
Legal Form:	MANUFACTURING OF CLOTHING AND DRESSMAKING; ALL TYPE OF BUSINESS OF PROPERTIES OF ANY KIND, THEIR TRANSFORMATION, CONSTRUCTION AND LEGAL-ECONOMICAL EXPLOITATION. ADMINISTRATION AND MANAGEMENT OF BONDS OF NON SPANISH RESIDENT COMPANIES' OWN FUNDS THROUGH THE CORRESPONDENT ORGANIZATION OF MATERIAL MEANS, ETC.
Additional Information:	It's engaged in trading, importing and exporting clothing and complements. TRADEMARK: MANGO It's part of the group MANGO It has more than 2,700 stores in more than 105 countries. It has been the catalan brand pioneering in the online sector. It created it first corporative webpage in 1995 and 5 years later, in 2000, it opened its online shopping service, through which it currently commercialise all its products in the EU countries, as well as USA, Canada, Turkey, Russia, China and Japan.
Additional Address:	Registered office and offices C/ MERCADERS, 9-11 - POLIG.IND.RIERA DE CALDES 08184 PALAU-SOLITA I PLEGAMANS ( BARCELONA )
Import / export:	IMPORTS / EXPORTS
Future Perspective:	Consolidation
Industry situation:	Maturity

Number of Employees

Year	No. of employees	Established	Incidentals
2015	4200

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

Chronological Summary

Year	Act
1991	Accounts deposit (year 1990) Appointments/ Re-elections (2)
1992	Accounts deposit (year 1991) Appointments/ Re-elections (3) Capital Reduction (1) Increase of Capital (1)
1993	Appointments/ Re-elections (1) Change of Social Purpose (1)
1994	Accounts deposit (year 1992, 1993) Appointments/ Re-elections (1)
1995	Accounts deposit (year 1994) Change of Social address (1)
1996	Accounts deposit (year 1995)
1997	Accounts deposit (year 1996 consolidated, 1996) Adaptation to Law (1) Appointments/ Re-elections (3) Change of Social Purpose (1)
1998	Accounts deposit (year 1997 consolidated, 1997) Appointments/ Re-elections (4)
1999	Accounts deposit (year 1998 consolidated, 1998) Appointments/ Re-elections (4) Statutory Modifications (1) Take-over Merger (4)
2000	Accounts deposit (year 1999 consolidated, 1999) Appointments/ Re-elections (2) Other Concepts/ Events (1) Statutory Modifications (2) Take-over Merger (1)
2001	Accounts deposit (year 2000) Appointments/ Re-elections (1)
2002	Accounts deposit (year 2001) Appointments/ Re-elections (1) Change of Social Purpose (1)
2003	Accounts deposit (year 2002) Appointments/ Re-elections (1) Cessations/ Resignations/ Reversals (2)
2004	Accounts deposit (year 2003) Appointments/ Re-elections (3)
2005	Accounts deposit (year 2004) Appointments/ Re-elections (1)
2006	Appointments/ Re-elections (4) Cessations/ Resignations/ Reversals (1)
2007	Accounts deposit (year 2005, 2006) Appointments/ Re-elections (7) Cessations/ Resignations/ Reversals (4) Increase of Capital (2) Loss of the sole propietorship condition (1) Other Concepts/ Events (1) Statutory Modifications (2)
2008	Appointments/ Re-elections (1)
2009	Accounts deposit (year 2007, 2008) Appointments/ Re-elections (2) Cessations/ Resignations/ Reversals (2)
2010	Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (1)
2011	Accounts deposit (year 2009, 2010) Appointments/ Re-elections (5) Take-over Merger (1)
2012	Accounts deposit (year 2011) Appointments/ Re-elections (2)
2013	Accounts deposit (year 2012) Appointments/ Re-elections (3) Cessations/ Resignations/ Reversals (2)
2014	Accounts deposit (year 2013) Appointments/ Re-elections (1)
2015	Accounts deposit (year 2014) Appointments/ Re-elections (4)

Main Historic Changes

Concept	Publication	Act	Date
Corporate Purpose Changes:	LAS OPERACIONES Y NEGOCIOS DE TODAS CLASES SOBRE BIENES INMUEBLES DE CUALQUIER NATURALEZA. SU TRANSFORMACION POR URBANIZACION Y CONSTRUCCION Y EXPLOTACION JURIDICA Y ECONOMICA.		05/12/1997

Breakdown of Owners' Equity
Registered Capital:	12.565
Paid up capital:	12.565

Updated Evolution of the Subscribed and Paid-in Capital
Publishing Date	Registration Type	Capital Subscribed	Paid up capital	Underwritten result	Disbursed Result
03/03/1992	Increase of Capital	1.382.328	1.382.328	1.385.333	1.385.333
03/03/1992	Capital Reduction	-1.382.328	-1.382.328	3.005	3.005
04/07/2007	Increase of Capital	9.334	9.334	12.340	12.340
18/07/2007	Increase of Capital	225	225	12.565	12.565

Active Social Bodies

Post published	Social Body's Name	Appointment Date	Other Positions in this Company
PRESIDENT	MANGO MNG HOLDING SL	29/01/2010	3
MEMBER OF THE BOARD	MANGO MNG SL	29/01/2010	3
	MANGO MNG HOLDING SL	29/01/2010	3
	KAPIT ADMINT SL	18/07/2007	1
JOINT ATTORNEY	LAZCANO ALBERDI SAIOA	18/08/2015	1
	ABASCAL ALONSO NATALIA	18/08/2015	1
	UNYO BOVER ANNA	18/08/2015	1
	MAGDALENA EMILIA STRASZAK	18/08/2015	1
	CALERO LLINARES ISABEL	18/08/2015	1
	PASSARELL BEYA JAIME	18/08/2015	1
	PRAT ALFONSO MONTSERRAT	18/08/2015	1
	NICOLA COCCO	18/08/2015	1
	DIANE SANTONI SAUMELL	18/08/2015	1
	GARCIA LECUMBERRI MARIA JESUS	20/07/2015	14
PROXY	ORTEGA GARCIA ISABEL	26/03/2013	3
	VILALTA BIESCAS ELISENDA	26/03/2013	5
	ESCUTIA GARCIA ALEJANDRO	26/03/2013	4
	LOPEZ GARCIA DANIEL	11/10/2011	3
	DELFA ARISTA ANA	26/05/2011	2
	CASI BRUNSO ENRIC	23/12/2009	2
	GIL BERTOMEU MIRIAM	26/01/2007	2
	MARTINEZ VICENTE ESTER	10/04/2006	2
	ANDRES GARCIA DEBORA	24/02/2004	1
	BELLO BODAS SILVIA	06/08/1998	1
	ERMAY ANDIC SOL	22/02/1994	1
	NAHMAN ANDIC	30/10/1992	1
	ISAK HALFON	09/04/1992	1
CHIEF EXECUTIVE OFFICER	MANGO MNG HOLDING SL	29/01/2010	3
	MANGO MNG SL	29/01/2010	3
SECRETARY	MANGO MNG SL	29/01/2010	3
REPRESENTATIVE	ANDIC RAIG JONATHAN	15/07/2013	1
	ISAK ANDIC ERMAY	29/01/2010	5
	CASI BRUNSO ENRIC	18/07/2007	2
ACCOUNTS' AUDITOR / HOLDER	AUREN AUDITORS BCN SLP	20/02/2015	1
	PRICEWATERHOUSECOOPERS AUDITORES SL	20/02/2015	2

Historical Social Bodies

Social Body's Name	Post published	End Date	Other Positions in this Company
AUREN AUDITORS BARCELONA SA	ACCOUNTS' AUDITOR / HOLDER	11/11/2010	4
	ACCOUNTS' AUDITOR / HOLDER	06/04/2011
	ACCOUNTS' AUDITOR / HOLDER	10/04/2012
	ACCOUNTS' AUDITOR / HOLDER	25/01/2013
AUREN AUDITORS BCN SA	ACCOUNTS' AUDITOR / HOLDER	24/07/2014	2
	ACCOUNTS' AUDITOR / HOLDER	20/02/2015
AUREN AUDITORS CONSULTORS BARCELONA SA	ACCOUNTS' AUDITOR / HOLDER	23/04/2009	6
	ACCOUNTS' AUDITOR / HOLDER	28/11/2008
	ACCOUNTS' AUDITOR / HOLDER	22/03/2004
	ACCOUNTS' AUDITOR / HOLDER	15/03/2005
	ACCOUNTS' AUDITOR / HOLDER	30/03/2006
	ACCOUNTS' AUDITOR / HOLDER	20/04/2007
AUREN FIDEM CONSULTORS AUDITORS SA	ACCOUNTS' AUDITOR / HOLDER	28/06/1999	5
	CONSOLIDATED ACCOUNTS' AUDITOR	22/04/2000
	ACCOUNTS' AUDITOR / HOLDER	12/02/2001
	ACCOUNTS' AUDITOR / HOLDER	08/03/2002
	ACCOUNTS' AUDITOR / HOLDER	28/02/2003
COOPERS AND LYBRAND AUDITORIA Y CONSULTORIA SRL	ACCOUNTS' AUDITOR / HOLDER	28/06/1999	2
	CONSOLIDATED ACCOUNTS' AUDITOR	22/04/2000
DELFA ARISTA ANA	PROXY	26/05/2011	2
ESCUTIA GARCIA ALEJANDRO	PROXY	26/05/2011	4
	PROXY	26/03/2013
	PROXY	13/12/2010
FIDEM AUDITORS SA	ACCOUNTS' AUDITOR / HOLDER	28/06/1999	1
FOLIA AND CIA AUDITORS CENSORS JURATS DE COMPTES S	ACCOUNTS' AUDITOR / HOLDER	07/07/1997	1
GARCIA LECUMBERRI MARIA JESUS	PROXY	20/02/1997	14
	PROXY	06/04/1998
	PROXY	06/08/1999
	PROXY	25/05/2004
	PROXY	07/09/2006
	PROXY	09/02/2007
	PROXY	16/05/2007
	PROXY	23/11/2007
	PROXY	17/11/2009
	PROXY	07/03/2012
	PROXY	26/03/2013
	PROXY	15/05/2015
	JOINT ATTORNEY	20/07/2015
GIL BERTOMEU MIRIAM	PROXY	26/01/2007	2
HALFON ISAK	PROXY	17/11/2009	1
ISAK ANDIC ERMAY	ADMINISTRATOR	18/07/2007	5
	MEMBER OF THE BOARD	29/01/2010
	CHIEF EXECUTIVE OFFICER	29/01/2010
	PRESIDENT	29/01/2010
ISAK ERMAY	ADMINISTRATOR	18/07/2007	1
LOPEZ GARCIA DANIEL	PROXY	24/08/2011	3
	PROXY	11/10/2011
MACARRO FERNANDEZ MONTSERRAT	PROXY	22/10/2003	1
MANGO-MNG SL	SINGLE PARTNER	18/07/2007	1
MARGARIT BONET JORDI	PROXY	22/10/2003	1
MARTINEZ VICENTE ESTER	PROXY	10/04/2006	2
NAHMAN ANDIC ERMAY	ADMINISTRATOR	18/07/2007	5
	MEMBER OF THE BOARD	29/01/2010
	REPRESENTATIVE	15/07/2013
	CHIEF EXECUTIVE OFFICER	29/01/2010
	SECRETARY	29/01/2010
ORTEGA GARCIA ISABEL	PROXY	26/05/2011	3
	PROXY	26/03/2013
PRICE WATERHOUSE COOPERS AUDITORES S L	ACCOUNTS' AUDITOR / HOLDER	20/04/2007	1
PRICE WATERHOUSE COOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	22/03/2004	12
	ACCOUNTS' AUDITOR / HOLDER	08/03/2002
	ACCOUNTS' AUDITOR / HOLDER	28/02/2003
	ACCOUNTS' AUDITOR / HOLDER	15/03/2005
	ACCOUNTS' AUDITOR / HOLDER	30/03/2006
	ACCOUNTS' AUDITOR / HOLDER	28/11/2008
	ACCOUNTS' AUDITOR / HOLDER	23/04/2009
	ACCOUNTS' AUDITOR / HOLDER	11/11/2010
	ACCOUNTS' AUDITOR / HOLDER	10/04/2012
	ACCOUNTS' AUDITOR / HOLDER	06/04/2011
	ACCOUNTS' AUDITOR / HOLDER	24/07/2014
	ACCOUNTS' AUDITOR / HOLDER	25/01/2013
PRICE WATERHOUSE COOPERS SL	ACCOUNTS' AUDITOR / HOLDER	12/02/2001	1
PRICEWATERHOUSECOOPERS AUDITORES SL	ACCOUNTS' AUDITOR / HOLDER	20/02/2015	2
SORIANO PEREZ EVARISTO	PROXY	23/11/2007	1
SORIANO PEREZ MARIA PILAR	PROXY	06/08/1999	3
	PROXY	16/05/2007
	PROXY	17/11/2009
VILALTA BIESCAS ELISENDA	PROXY	06/08/1999	5
	PROXY	16/05/2007
	PROXY	17/11/2009
	PROXY	26/03/2013

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	1	0	10/12/2013	24/11/2015
Status: Friendly		1	177.19	10/12/2013	10/03/2014
Status: Pre-Litigation		---
Status: Litigation		---
Status: Non-performing		---
Status: insolvency proceedings, bankruptcy and suspension of payments		---
Other status		---
Legal and Administrative Proceedings		1	---	23/02/2010	23/02/2010
Notices of defaults and enforcement		1	---		---
Seizures		---	---		---
Auctions		---	---		---
Declarations of insolvency and bad debt		---	---		---
Proceedings heard by the Civil Court		Unpublished	---
Proceedings heard by the Labour Court		Unpublished	---

> Details

IMPAGOS EN ENTIDADES FINANCIERAS Y GRANDES EMPRESAS  

Section comprising a list of the instances of default recorded in the ASNEF Industrial file under the name of .

List of current instances of default for each of the transactions in progress

Type of creditor	Product	Value of transactions (_)	Status	No. of defaults	Default balance (_)	Date of first default	Date of last default
OTRAS	Otros	---	Amistoso	4	177.19	10/12/13	10/03/14
				177,19

Change in values of defaults and settled debts

Legal Notice:

This data has been obtained from consultation of the ASNEF Industrial register. This data may not be reused or included in any database, and may not be ceded.

> Basis for scoring

Positive Factors

Adverse Factors

It is one of the major domestic companies in terms of sales volume. PUNTO FA 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 with respect to its assets. This return is lower than that of the financial year 2013 . It presents a efficient productivity. EBITDA shows adequate company costs management as income exceed operating expenses. Positive Working CapitalThe Company's Working Capital quality is significant, i.e. much of the Company financing comes from its equity. A structure is considered optimal if its liquidity level is slightly above its debt volume as a result of low idleness levels of its financial resources involved.

It has been found to have irregular payment performance at the credit bureaus, although it is not relevant enough to change the rating. PUNTO FA 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. PUNTO FA SL presents a low turnover of the current assets , which could indicate an inefficient use of non-current assets due to the lacking of enough operating income capacity based on the dedicated assets available for sale.

Probability of default

> Estimated Probability of Default for the next 12 months:  0.434 %

> Latest Scoring Changes:

Sector in which comparison is carried out: 475 Retail sale of other household equipment in specialised stores
Relative Position: Credit quality is superior to that of other companies in the same sector.

The company's comparative analysis with the rest of the companies that comprise the sector, shows the company holds a better position with regard to the probability of non-compliance.

The 99.00% of the companies of the sector PUNTO FA 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 0.434%.

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.

LEGAL CLAIMS

Summary of Judicial Claims

PROCEDURES OF CONTEST, BANKRUPTCY AND BANKRUPTCY PROTECTION
	Legal Proceedings (Bankruptcy Law 22/2003)	No se han publicado
	Quiebras y Suspensiones de Pagos (anterior legislación concursal)	No se han publicado
INCIDENCES WITH THE PUBLIC ADMINISTRATIONS
	Incidences with the Tax Agency	No se han publicado
	Incidences with the Social Security	No se han publicado
	Incidences with the Autonomous Administration	No se han publicado
	Incidences with the Local Administration	1 Incidence for a total cost of 0,00 E
PROCEDURES BEFORE COURTS OF CIVIL MATTERS
	Procedures by the Civil Procedural Law 1/2000	No se han publicado
	Proceedings by the old Civil Procedural Law 1.881	No se han publicado
PROCEEDINGS BEFORE THE INDUSTRIAL TRIBUNAL
	Proceedings before the Industrial Tribunal	No se han publicado

Incidences Detailed

Incidences with the Local Administration

PROCESSED BY THE LOCAL GOVERNMENT DE SEVILLA - Date 23/02/2010

Last Published Stage:	SEIZURE
Record Number:	200900045023
Amount of the incidence:	0,00 E
Requested by:	ADMINISTRACION LOCAL
Published domicile:	(DESCONOCIDA)
Source:	B.O.P. SEVILLA Nº20, 2010 SUPLEMENTO 1 PAGINA 280

Link List

PARTICIPATES IN:	64 Entities
SHAREHOLDERS:	3 Entities
ABSORBS TO:	3 Entities
BELONGS TO THE ADMINISTRATION BOARD OF:	1 Entities
HAS IN ITS ADMINISTRATION BOARD TO:	3 Entities
IS RELATED WITH:	12 Entities

> Shareholders

Relationship	Entity	Province	Shareholding stake
SHAREHOLDERS	MANGO MNG CAPITAL SL	BARCELONA	11.61
	MANGO MNG SL	BARCELONA	88.39
	MANGO MNG HOLDING SA	BARCELONA
PARTICIPATES IN	PUNTO MI SL	BARCELONA	100
	DIKNAH SL	BARCELONA	100
	KAYSERI INVERSIONES SIMCAV SA	BARCELONA	100
	DARDANELOS INVERSIONES SICAV SA	BARCELONA	100
	FOURSOME SICAV S.A.	BARCELONA	100
	INVESTMENTS AKNAM SICAV SA	BARCELONA	100
	INVESTMENTS ANSAVE SICAV SOCIEDAD ANONIMA	BARCELONA	100
	TOPKAPI INVERSIONES SICAV SA	BARCELONA	100
	MANGO HONG KONG, SOCIEDAD ANONIMA, (CHINA)		99
	MANGO BELGIQUE SPRL (BELGICA)		99.99
	MANGO FRANCE SARL (FRANCIA)		100
	MANGO HUNGARY KFT (HUNGRIA)		100
	MANGO ITALIA, SOCIEDAD LIMITADA, (ITALIA)		100
	MANGO NEDERLAND BV (HOLANDA)		100
	MANGO NORGE AS (NORUEGA)		100
	MANGO OSTERREICH HANDELS, SOCIEDAD ANONIMA, (AUSTRIA)		100
	MANGO SUISSE, SOCIEDAD ANONIMA, (SUIZA)		100
	MANGO TR TEKSTILTIC, SOCIEDAD ANONIMA, STI (TURQUIA)		99.91
	DISTEX INC (EEUU)
	MANGO CZ SRO (REPUBLICA CHECA)		99.91
	MANGO BRASIL COMERCIAL, SOCIEDAD ANONIMA, (BRASIL)		99.99
	MANGO DANMARK APS (DINAMARCA)		100
	MANGO DEUTSCHLAND, SOCIEDAD ANONIMA, (ALEMANIA)		51
	MANGO MNG USA INC (EEUU)		100
	MANGO NY INC (EEUU)
	MANGO ON LINE INC (EEUU)
	MANGO POLSKA SP ZOO (POLONIA)		100
	MANGO SVERIGE AB (SUECIA)		100
	TEXDIS USA INC (EEUU)
	MANGO MERITXELL, SOCIEDAD ANONIMA, (ANDORRA)		100
	DEREK INVESTMENT SA	BARCELONA	100
	MNG MANGO CANADA CORPORATION (CANADA)		100
	PUNTA NA DEUTSCHLAND, S.A.		6
	MANGO GARMENTS AND ACCESSORY TRADING, S.A.		100
	AFYON INVESTMENTS SICAV SA	BARCELONA	100
	SAS MANGO HAUSSMAN (FRANCIA)		100
	MANGO GARMENTS RUMANIA, SOCIEDAD LIMITADA, (RUMANIA)		100
	MANGO SINGAPUR (SINGAPUR)		100
	MANGO SLOVENSKO SRO (ESLOVAQUIA)		99.91
	MANGO (MACAU) LIMITADA		99.98
	MANGO EGYPT LLC (EGIPTO)
	MANGO GARMENTS HELLAS, SOCIEDAD ANONIMA, (GRECIA)		100
	MANGONOR COMER DE VESTUAR, SOCIEDAD ANONIMA, (PORTUGAL)		100
	MANGO MODA DOO		100
	CONSOLIDATED ARTISTS BV (HOLANDA)
	MANGO JAPAN, SOCIEDAD ANONIMA, (JAPON)		100
	MANGO KOREA, SOCIEDAD ANONIMA, (KOREA)		100
	MANGO LUXEMBOURG SARL (LUXEMBURGO)		100
	MANGO RUSSIA (RUSIA)		100
	MANGO SRB DOO BEOGRAD		100
	MANGO SUOMI OY (FINLANDIA)		100
	MANGO UKRAINE TOV (UCRANIA)		100
	MNG MANGO IRELAND, SOCIEDAD ANONIMA, (IRLANDA)		100
	MNG MANGO UK LITD (REINO UNIDO)		100
	TEXTIL EGYPT TRADING JSC (EGIPTO)		99.98
	VLT MODA TEKSTIL IC VEDIS TIC
	MANGO OPERACIONES MEXICO S DE RL DE CV		99.9
	MEXDIC SERVICIOS DE GESTION S DE RL DE CV		99.9
	PUNTA NA FRANCE (FRANCIA)		49.99
	PUNTA NA TAKSIM GAYRIMENKUL TI (TURQUIA)		99.99
	IL CERRERO, SOCIEDAD LIMITADA, (ITALIA)
	MANGO TOULON SAS (FRANCIA)
	M GARMENTS & ACCES COLT (CHINA)
	MANGO SERIGEAB (SUECIA)		100

> Other relationships

Relationship	Entity	Province	Shareholding stake
IS RELATED WITH	| |
	SCI PUNTA NA FRANCE (FRANCIA)
	AU GRAND OARTIER SAS
	GALERIE DE GRANDE ARCADES SARL
	GRANDE MAISON DE BLANC (FRANCIA)
	SOCIEDAD ANONIMA DRALUX (FRANCIA)
	SOCIEDAD ANONIMA VOLIMOB (FRANCIA)
	SCI GALERIES GRANDES ARCADES (FRANCIA)
	IL CERRERO, SOCIEDAD LIMITADA, (ITALIA)
	M GARMENTS & ACCES (CH) CO LT
	MANGO BULGARIA EOOD
	MANGO TOULON SAS (FRANCIA)
	PUNTA NA FRANCE (FRANCIA)
ABSORBS TO	NEW CLOS, S.A.	BARCELONA
	PUNTO MI SL	BARCELONA
	PUNTO RE SL	BARCELONA
HAS IN ITS ADMINISTRATION BOARD TO	KAPIT ADMINT S.L	BARCELONA
	MANGO MNG HOLDING SL	BARCELONA
	MANGO MNG SL	BARCELONA
BELONGS TO THE ADMINISTRATION BOARD OF	MANGO MNG HOLDING SL	BARCELONA

Turnover

Total Sales 2014

1.310.010.000

The sales data is from the latest available financial statements. 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	Normales	August  2015
2013	Normales	September  2014
2012	Normales	August  2013
2011	Normales	August  2012
2010	Normales	August  2011
2009	Normales	December  2010
2008	Normales	September  2009
2007	Normales	December  2008
2006	Normales	August  2007
2005	Normales	December  2006
2004	Normales	September  2005
2003	Normales	August  2004
2002	Normales	September  2003
2001	Normales	August  2002
2000	Normales	August  2001
1999	Consolidadas	October  2000
1999	Normales	August  2000
1999	Normales	August  2000
1998	Consolidadas	August  1999
1998	Normales	August  1999
1997	Consolidadas	September  1998
1997	Normales	November  1998
1996	Consolidadas	September  1997
1996	Normales	September  1997
1995	Normales	July  1996
1994	Normales	August  1995
1993	Normales	September  1994
1992	Normales	December  1993
1991	Normales	July  1992
1990	Normales	September  1991

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 30/12/2014

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

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Assets	2014	2013	2012	2011	2010
A) NON-CURRENT ASSETS: 11000	1.428.314.000,00	1.384.046.000,00	1.463.739.000,00	1.299.854.000,00	1.280.447.000,00
I. Intangible fixed assets : 11100	29.040.000,00	16.907.000,00	16.010.000,00	15.162.000,00	14.426.000,00
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	0,00	0,00	0,00	0,00	0,00
5. IT applications: 11150	3.509.000,00	2.325.000,00	2.641.000,00	2.718.000,00	2.143.000,00
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	25.531.000,00	14.582.000,00	13.369.000,00	12.444.000,00	12.283.000,00
II. Tangible fixed assets : 11200	154.558.000,00	110.292.000,00	104.577.000,00	111.965.000,00	124.773.000,00
1. Land and buildings: 11210	0,00	0,00	0,00	0,00	0,00
2. Technical installations and other tangible fixed assets: 11220	80.092.000,00	88.505.000,00	99.150.000,00	110.345.000,00	122.647.000,00
3. Tangible asset in progress and advances: 11230	74.466.000,00	21.787.000,00	5.427.000,00	1.620.000,00	2.126.000,00
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	1.020.296.000,00	1.029.335.000,00	1.135.082.000,00	983.802.000,00	965.991.000,00
1. Equity instruments: 11410	882.573.000,00	970.443.000,00	1.098.746.000,00	930.961.000,00	923.717.000,00
2. Credits to businesses: 11420	0,00	0,00	36.336.000,00	52.841.000,00	42.274.000,00
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	137.723.000,00	58.892.000,00	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	12.251.000,00	8.115.000,00	6.618.000,00	5.970.000,00	4.363.000,00
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	25.000,00	100.000,00
3. Debt securities: 11530	3.585.000,00	2.550.000,00	1.750.000,00	1.400.000,00	0,00
4. Derivatives : 11540	0,00	0,00	0,00	0,00	0,00
5. Other financial assets : 11550	8.666.000,00	5.565.000,00	4.868.000,00	4.545.000,00	4.263.000,00
6. Other investments: 11560	0,00	0,00	0,00	0,00	0,00
VI. Assets for deferred tax : 11600	212.169.000,00	219.397.000,00	201.452.000,00	182.955.000,00	170.894.000,00
VII. Non-current trade debts : 11700	0,00	0,00	0,00	0,00	0,00
B) CURRENT ASSETS: 12000	1.472.559.000,00	1.245.786.000,00	1.138.476.000,00	1.334.100.000,00	873.889.000,00
I. Non-current assets held for sale : 12100	0,00	0,00	0,00	0,00	0,00
II. Stocks: 12200	474.746.000,00	367.693.000,00	343.592.000,00	348.742.000,00	302.685.000,00
1. Commercial: 12210	416.810.000,00	306.003.000,00	299.257.000,00	309.410.000,00	270.755.000,00
2. Primary material and other supplies: 12220	57.936.000,00	61.690.000,00	19.652.000,00	26.639.000,00	16.516.000,00
3. Work in progress: 12230	0,00	0,00	24.679.000,00	12.693.000,00	15.403.000,00
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	24.679.000,00	12.693.000,00	15.403.000,00
4. Finished goods: 12240	0,00	0,00	4.000,00	0,00	11.000,00
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	4.000,00	0,00	11.000,00
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	247.676.000,00	318.463.000,00	284.385.000,00	293.443.000,00	267.130.000,00
1. Trade debtors / accounts receivable: 12310	81.064.000,00	138.804.000,00	177.150.000,00	173.349.000,00	182.752.000,00
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	81.064.000,00	138.804.000,00	177.150.000,00	173.349.000,00	182.752.000,00
2. Customers, Group companies and associates : 12320	115.255.000,00	148.327.000,00	76.477.000,00	102.792.000,00	68.298.000,00
3. Other accounts receivable: 12330	11.593.000,00	10.468.000,00	10.865.000,00	7.505.000,00	5.258.000,00
4. Personnel: 12340	563.000,00	0,00	18.000,00	232.000,00	148.000,00
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	39.201.000,00	20.864.000,00	19.875.000,00	9.565.000,00	10.674.000,00
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	1.000,00	0,00	141.000,00	83.000,00	0,00
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	0,00	0,00
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	1.000,00	0,00	141.000,00	83.000,00	0,00
6. Other investments: 12460	0,00	0,00	0,00	0,00	0,00
V. Short-term financial investments : 12500	281.886.000,00	255.907.000,00	207.595.000,00	136.753.000,00	164.398.000,00
1. Equity instruments: 12510	0,00	0,00	0,00	0,00	0,00
2. Credits to businesses: 12520	129.482.000,00	176.882.000,00	144.126.000,00	130.703.000,00	152.404.000,00
3. Debt securities: 12530	150.000.000,00	75.500.000,00	62.500.000,00	2.319.000,00	10.225.000,00
4. Derivatives : 12540	0,00	0,00	616.000,00	3.147.000,00	812.000,00
5. Other financial assets : 12550	2.404.000,00	3.525.000,00	353.000,00	584.000,00	957.000,00
6. Other investments: 12560	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 12600	29.647.000,00	23.341.000,00	14.118.000,00	7.052.000,00	6.670.000,00
VII. Cash and other equivalent liquid assets : 12700	438.603.000,00	280.382.000,00	288.645.000,00	548.027.000,00	133.006.000,00
1. Treasury: 12710	438.603.000,00	178.382.000,00	96.923.000,00	227.084.000,00	57.810.000,00
2. Other equivalent liquid assets: 12720	0,00	102.000.000,00	191.722.000,00	320.943.000,00	75.196.000,00
TOTAL ASSETS (A + B) : 10000	2.900.873.000,00	2.629.832.000,00	2.602.215.000,00	2.633.954.000,00	2.154.336.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Liabilities and Net Worth	2014	2013	2012	2011	2010
A) NET WORTH: 20000	582.529.000,00	515.452.000,00	405.329.000,00	428.229.000,00	498.045.000,00
A-1) Shareholders' equity: 21000	582.529.000,00	515.452.000,00	405.329.000,00	428.229.000,00	498.045.000,00
I. Capital: 21100	13.000,00	13.000,00	13.000,00	13.000,00	13.000,00
1. Registered capital : 21110	13.000,00	13.000,00	13.000,00	13.000,00	13.000,00
2. (Uncalled capital): 21120	0,00	0,00	0,00	0,00	0,00
II. Share premium: 21200	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00
III. Reserves: 21300	485.092.000,00	377.991.000,00	303.605.000,00	372.951.000,00	338.559.000,00
1. Legal and statutory: 21310	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
2. Other reserves: 21320	481.230.000,00	374.129.000,00	303.602.000,00	372.948.000,00	338.556.000,00
3. Revaluation reserves: 21330	3.859.000,00	3.859.000,00	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	66.240.000,00	106.264.000,00	70.527.000,00	24.081.000,00	128.289.000,00
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	0,00	0,00	0,00	0,00	0,00
B) NON-CURRENT LIABILITIES: 31000	1.538.214.000,00	1.489.711.000,00	1.612.146.000,00	1.525.168.000,00	892.160.000,00
I. Long-term provisions: 31100	6.341.000,00	7.261.000,00	2.440.000,00	2.298.000,00	2.142.000,00
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	6.341.000,00	7.261.000,00	2.440.000,00	2.298.000,00	0,00
II Long-term creditors: 31200	773.693.000,00	697.582.000,00	753.206.000,00	706.029.000,00	649.440.000,00
1. Liabilities and other securities: 31210	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 31220	741.293.000,00	672.796.000,00	731.430.000,00	678.681.000,00	609.181.000,00
3. Creditors from financial leasing: 31230	24.111.000,00	16.662.000,00	14.200.000,00	22.797.000,00	31.637.000,00
4. Derivatives : 31240	0,00	0,00	0,00	804.000,00	737.000,00
5. Other financial liabilities : 31250	8.289.000,00	8.124.000,00	7.576.000,00	3.747.000,00	7.885.000,00
III. Long-term debts with Group companies and associates: 31300	736.432.000,00	760.845.000,00	834.315.000,00	795.452.000,00	224.955.000,00
IV. Liabilities for deferred tax: 31400	21.748.000,00	24.023.000,00	22.185.000,00	21.389.000,00	15.623.000,00
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	780.130.000,00	624.669.000,00	584.740.000,00	680.557.000,00	764.131.000,00
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	350.813.000,00	270.569.000,00	294.041.000,00	412.765.000,00	545.793.000,00
1. Liabilities and other securities: 32310	0,00	0,00	0,00	0,00	0,00
2. Amounts owed to credit institutions: 32320	342.337.000,00	264.545.000,00	284.927.000,00	394.699.000,00	526.989.000,00
3. Creditors from financial leasing: 32330	8.476.000,00	6.024.000,00	9.112.000,00	14.272.000,00	16.175.000,00
4. Derivatives : 32340	0,00	0,00	0,00	3.794.000,00	2.629.000,00
5. Other financial liabilities : 32350	0,00	0,00	2.000,00	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	377.496.000,00	317.807.000,00	269.084.000,00	260.103.000,00	208.911.000,00
1. Suppliers: 32510	185.478.000,00	186.525.000,00	156.588.000,00	177.415.000,00	159.107.000,00
a) Long-term debts : 32511	0,00	0,00	0,00	0,00	0,00
b) Short-term debts : 32512	185.478.000,00	186.525.000,00	156.588.000,00	177.415.000,00	159.107.000,00
2. Suppliers, Group companies and associates: 32520	111.114.000,00	74.513.000,00	65.416.000,00	58.644.000,00	26.600.000,00
3. Other creditors: 32530	39.151.000,00	23.957.000,00	19.565.000,00	4.832.000,00	3.346.000,00
4. Personnel (remuneration due): 32540	6.407.000,00	8.218.000,00	5.849.000,00	5.106.000,00	5.056.000,00
5. Liabilities for current tax: 32550	0,00	0,00	0,00	0,00	0,00
6. Other accounts payable to Public Administrations.: 32560	35.346.000,00	24.594.000,00	21.666.000,00	14.106.000,00	14.802.000,00
7. Advances from clients: 32570	0,00	0,00	0,00	0,00	0,00
VI. Short-term accruals: 32600	51.821.000,00	36.293.000,00	21.615.000,00	7.689.000,00	9.427.000,00
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	2.900.873.000,00	2.629.832.000,00	2.602.215.000,00	2.633.954.000,00	2.154.336.000,00

	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL	ORIGINAL
Profit and Loss	2014	2013	2012	2011	2010
1. Net turnover: 40100	1.310.010.000,00	1.230.913.000,00	1.118.748.000,00	1.006.299.000,00	895.269.000,00
a) Sales: 40110	1.299.423.000,00	1.219.791.000,00	1.107.093.000,00	995.497.000,00	886.020.000,00
b) Rendering of services: 40120	10.587.000,00	11.122.000,00	11.655.000,00	10.802.000,00	9.249.000,00
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	105.927.000,00	24.039.000,00	-8.000.000,00	-2.721.000,00	8.758.000,00
3. Works carried out by the company for its assets: 40300	0,00	0,00	0,00	0,00	0,00
4. Supplies : 40400	-870.271.000,00	-683.862.000,00	-640.909.000,00	-602.240.000,00	-520.216.000,00
a) Stock consumption: 40410	-561.857.000,00	-449.796.000,00	-458.545.000,00	-455.458.000,00	-360.191.000,00
b) Consumption of raw materials and miscellaneous consumable ones: 40420	-217.359.000,00	-149.065.000,00	-121.951.000,00	-90.675.000,00	-107.576.000,00
c) Works carried out by other companies: 40430	-91.055.000,00	-85.001.000,00	-60.413.000,00	-56.107.000,00	-52.449.000,00
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	252.701.000,00	139.367.000,00	126.847.000,00	131.400.000,00	94.890.000,00
a) Auxiliary income and other from current management: 40510	252.701.000,00	139.367.000,00	126.847.000,00	131.400.000,00	94.669.000,00
b) Operation subsidies included in the Period's result: 40520	0,00	0,00	0,00	0,00	221.000,00
6. Personnel costs: 40600	-159.243.000,00	-151.838.000,00	-136.861.000,00	-131.970.000,00	-120.262.000,00
a) Wages, salaries et al.: 40610	-123.223.000,00	-111.879.000,00	-106.134.000,00	-102.677.000,00	-92.850.000,00
b) Social security costs: 40620	-36.020.000,00	-39.959.000,00	-30.727.000,00	-29.293.000,00	-27.412.000,00
c) Provisions : 40630	0,00	0,00	0,00	0,00	0,00
7. Other operating costs: 40700	-466.938.000,00	-369.910.000,00	-333.461.000,00	-288.312.000,00	-200.272.000,00
a) External services: 40710	-464.149.000,00	-366.368.000,00	-330.496.000,00	-285.817.000,00	-190.050.000,00
b) Taxes: 40720	-2.772.000,00	-2.826.000,00	-1.915.000,00	-1.934.000,00	-1.681.000,00
c) Losses, impairments and variation in provisions from trade operations : 40730	0,00	0,00	0,00	0,00	0,00
d) Other current management expenditure : 40740	-17.000,00	-19.000,00	-1.050.000,00	-561.000,00	-8.541.000,00
e) Expenses due to greenhouse gas emissions: 40750	0,00	-697.000,00	0,00	0,00	0,00
8. Amortisation of fixed assets: 40800	-34.443.000,00	-31.639.000,00	-31.119.000,00	-29.898.000,00	-29.809.000,00
9. Allocation of subsidies of non-financial fixed assets and other: 40900	0,00	0,00	0,00	0,00	0,00
10. Excess provisions : 41000	0,00	0,00	0,00	0,00	0,00
11. Impairment and result of transfers of fixed assets: 41100	-3.254.000,00	-2.143.000,00	-460.000,00	-876.000,00	-11.378.000,00
a) Impairment and losses : 41110	0,00	0,00	0,00	0,00	-10.513.000,00
b) Results for transfers and other : 41120	-3.254.000,00	-2.143.000,00	-460.000,00	-876.000,00	-865.000,00
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	134.489.000,00	154.927.000,00	94.785.000,00	81.682.000,00	116.980.000,00
14. Financial income : 41400	13.783.000,00	14.251.000,00	11.542.000,00	20.035.000,00	17.281.000,00
a) Of shares in equity instruments : 41410	2.264.000,00	484.000,00	110.000,00	162.000,00	11.121.000,00
a 1) In Group companies and associates: 41411	2.264.000,00	484.000,00	110.000,00	162.000,00	11.121.000,00
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	11.519.000,00	13.767.000,00	11.432.000,00	19.873.000,00	6.160.000,00
b 1) From Group companies and associates : 41421	384.000,00	164.000,00	238.000,00	886.000,00	725.000,00
b 2) From third parties : 41422	11.135.000,00	13.603.000,00	11.194.000,00	18.987.000,00	5.435.000,00
c) Allocation of financial subsidies, donations and legacies : 41430	0,00	0,00	0,00	0,00	0,00
15. Financial expenditure: 41500	-37.161.000,00	-34.824.000,00	-47.094.000,00	-40.819.000,00	-37.723.000,00
a) Amounts owed to Group companies and associates : 41510	-12.808.000,00	-13.381.000,00	-12.813.000,00	-8.548.000,00	-5.414.000,00
b) For debts with third parties : 41520	-24.353.000,00	-21.443.000,00	-34.281.000,00	-32.271.000,00	-32.309.000,00
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	-616.000,00	2.549.000,00	1.131.000,00	-708.000,00
a) Trading book and other : 41610	0,00	-616.000,00	2.549.000,00	1.131.000,00	-708.000,00
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	-42.788.000,00	-11.022.000,00	1.826.000,00	-1.461.000,00	24.667.000,00
18. Impairment and result for transfers of financial instruments: 41800	11.616.000,00	4.942.000,00	-7.207.000,00	-45.201.000,00	10.115.000,00
a) Impairment and losses : 41810	-9.799.000,00	-18.769.000,00	-7.206.000,00	-45.201.000,00	0,00
b) Results for transfers and other : 41820	21.415.000,00	23.711.000,00	-1.000,00	0,00	10.115.000,00
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	-54.550.000,00	-27.269.000,00	-38.384.000,00	-66.315.000,00	13.632.000,00
A.3) NET RESULT BEFORE TAXES (A.1+A.2) : 49300	79.939.000,00	127.658.000,00	56.401.000,00	15.367.000,00	130.612.000,00
20. Income taxes: 41900	-13.699.000,00	-21.394.000,00	14.126.000,00	8.714.000,00	-2.323.000,00
A.4) PROFIT AFTER TAXES (A.3+20) : 49400	66.240.000,00	106.264.000,00	70.527.000,00	24.081.000,00	128.289.000,00
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	66.240.000,00	106.264.000,00	70.527.000,00	24.081.000,00	128.289.000,00

> 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. 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:	1.216.145.000,00	1.164.649.000,00	1.262.287.000,00	1.116.899.000,00	1.109.553.000,00
I. Formation expenses:	0,00	0,00	0,00	0,00	0,00
II. Intangible fixed assets:	29.040.000,00	16.907.000,00	16.010.000,00	15.162.000,00	14.426.000,00
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:	0,00	0,00	0,00	0,00	0,00
4. Key money paid for premises:	25.531.000,00	14.582.000,00	13.369.000,00	12.444.000,00	12.283.000,00
5. Software:	3.509.000,00	2.325.000,00	2.641.000,00	2.718.000,00	2.143.000,00
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:	154.558.000,00	110.292.000,00	104.577.000,00	111.965.000,00	124.773.000,00
1. Land and construction:	0,00	0,00	0,00	0,00	0,00
2. Technical installations and machinery:	4.831.410,00	5.338.910,00	5.981.051,00	6.656.370,00	7.398.467,00
3. Other installations, tools and furniture:	44.600.013,00	49.284.874,00	55.212.646,00	61.446.692,00	68.297.180,00
4. Payments on account and tangible fixed assets under construction:	74.466.000,00	21.787.000,00	5.427.000,00	1.620.000,00	2.126.000,00
5. Other tangible assets:	30.660.577,00	33.881.216,00	37.956.303,00	42.241.938,00	46.951.353,00
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:	1.032.547.000,00	1.037.450.000,00	1.141.700.000,00	989.772.000,00	970.354.000,00
1. Equity investments in group companies:	882.573.000,00	970.443.000,00	1.098.746.000,00	930.961.000,00	923.717.000,00
2. Receivables from group companies:	0,00	0,00	36.336.000,00	52.841.000,00	42.274.000,00
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:	3.585.000,00	2.550.000,00	1.750.000,00	1.400.000,00	0,00
6. Other receivables:	0,00	0,00	0,00	25.000,00	100.000,00
7. Long term guarantees and deposits:	146.389.000,00	64.457.000,00	4.868.000,00	4.545.000,00	4.263.000,00
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:	1.684.728.000,00	1.465.183.000,00	1.339.312.000,00	1.513.908.000,00	1.043.971.000,00
I. Called-up share capital (not paid):	0,00	0,00	0,00	0,00	0,00
II. Stocks:	474.746.000,00	367.693.000,00	343.592.000,00	348.742.000,00	302.685.000,00
1. Goods for resale:	416.810.000,00	306.003.000,00	299.257.000,00	309.410.000,00	270.755.000,00
2. Raw materials and other consumables:	57.936.000,00	61.690.000,00	19.652.000,00	26.639.000,00	16.516.000,00
3. Goods in process and semifinished ones:	0,00	0,00	24.679.000,00	12.693.000,00	15.403.000,00
4. Finished products:	0,00	0,00	4.000,00	0,00	11.000,00
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:	459.845.000,00	537.860.000,00	485.837.000,00	476.398.000,00	438.024.000,00
1. Trade debtors / accounts receivable:	81.064.000,00	138.804.000,00	177.150.000,00	173.349.000,00	182.752.000,00
2. Accounts receivable, Group companies:	115.255.000,00	148.327.000,00	76.477.000,00	102.792.000,00	68.298.000,00
3. Accounts receivable, associated companies:	0,00	0,00	0,00	0,00	0,00
4. Other debtors:	11.593.000,00	10.468.000,00	10.865.000,00	7.505.000,00	5.258.000,00
5. Staff:	563.000,00	0,00	18.000,00	232.000,00	148.000,00
6. Public bodies:	251.370.000,00	240.261.000,00	221.327.000,00	192.520.000,00	181.568.000,00
7. Provisions:	0,00	0,00	0,00	0,00	0,00
IV. Short-term investments:	281.887.000,00	357.907.000,00	398.842.000,00	454.632.000,00	238.782.000,00
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. Short term securities portfolio:	150.000.000,00	177.500.000,00	254.222.000,00	323.262.000,00	85.421.000,00
6. Other receivables:	129.483.000,00	176.882.000,00	144.267.000,00	130.786.000,00	152.404.000,00
7. Shor term guarantees and deposits:	2.404.000,00	3.525.000,00	353.000,00	584.000,00	957.000,00
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:	438.603.000,00	178.382.000,00	96.923.000,00	227.084.000,00	57.810.000,00
VII. Prepayments and accrued income:	29.647.000,00	23.341.000,00	14.118.000,00	7.052.000,00	6.670.000,00
GENERAL TOTAL (A + B + C + D):	2.900.873.000,00	2.629.832.000,00	2.601.599.000,00	2.630.807.000,00	2.153.524.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
LIABILITIES	2014	2013	2012	2011	2010
A) EQUITY:	578.670.000,00	511.593.000,00	404.713.000,00	429.680.000,00	500.599.000,00
I. Subscribed capital:	13.000,00	13.000,00	13.000,00	13.000,00	13.000,00
II. Share premium:	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00	31.184.000,00
III. Revaluation reserves:	547.167,00	425.391,00	344.500,00	424.834,00	388.567,00
IV. Reserves:	480.685.833,00	373.706.609,00	302.644.500,00	373.977.166,00	340.724.433,00
1. Legal reserve:	3.000,00	3.000,00	3.000,00	3.000,00	3.000,00
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:	480.682.833,00	373.703.609,00	302.641.500,00	373.974.166,00	340.721.433,00
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:	66.240.000,00	106.264.000,00	70.527.000,00	24.081.000,00	128.289.000,00
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:	0,00	0,00	0,00	0,00	0,00
1. Capital grants:	0,00	0,00	0,00	0,00	0,00
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:	6.341.000,00	7.261.000,00	2.440.000,00	2.298.000,00	2.142.000,00
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:	6.341.000,00	7.261.000,00	2.440.000,00	2.298.000,00	2.142.000,00
4. Reversion fund:	0,00	0,00	0,00	0,00	0,00
D) LONG TERM LIABILITIES:	1.531.873.000,00	1.482.450.000,00	1.609.706.000,00	1.522.066.000,00	889.281.000,00
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:	765.404.000,00	689.458.000,00	745.630.000,00	701.478.000,00	640.818.000,00
1. Loans and other liabilities:	741.293.000,00	672.796.000,00	731.430.000,00	678.681.000,00	609.181.000,00
2. Long-term liabilities from capital leases:	24.111.000,00	16.662.000,00	14.200.000,00	22.797.000,00	31.637.000,00
III. Debts with companies of the group and affiliated ones:	736.432.000,00	760.845.000,00	834.315.000,00	795.452.000,00	224.955.000,00
1. Amounts owed to group companies:	736.432.000,00	760.845.000,00	834.315.000,00	795.452.000,00	224.955.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Other creditors:	30.037.000,00	32.147.000,00	29.761.000,00	25.136.000,00	23.508.000,00
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:	8.289.000,00	8.124.000,00	7.576.000,00	3.747.000,00	7.885.000,00
4. Long term payables to public bodies:	21.748.000,00	24.023.000,00	22.185.000,00	21.389.000,00	15.623.000,00
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:	780.130.000,00	624.669.000,00	584.740.000,00	676.763.000,00	761.502.000,00
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:	350.813.000,00	270.569.000,00	294.039.000,00	408.971.000,00	543.164.000,00
1. Loans and other liabilities:	342.337.000,00	264.545.000,00	284.927.000,00	394.699.000,00	526.989.000,00
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:	8.476.000,00	6.024.000,00	9.112.000,00	14.272.000,00	16.175.000,00
III. Short-term amounts owed to group and associated companies:	111.114.000,00	74.513.000,00	65.416.000,00	58.644.000,00	26.600.000,00
1. Amounts owed to group companies:	111.114.000,00	74.513.000,00	65.416.000,00	58.644.000,00	26.600.000,00
2. Amounts owed to associated companies:	0,00	0,00	0,00	0,00	0,00
IV. Trade creditors:	224.629.000,00	210.482.000,00	176.153.000,00	182.247.000,00	162.453.000,00
1. Advanced payments from customers:	0,00	0,00	0,00	0,00	0,00
2. Amounts owed for purchases of goods or services:	224.629.000,00	210.482.000,00	176.153.000,00	182.247.000,00	162.453.000,00
3. Debts represented by notes payable:	0,00	0,00	0,00	0,00	0,00
V. Other creditors:	41.753.000,00	32.812.000,00	27.517.000,00	19.212.000,00	19.858.000,00
1. Public bodies:	35.346.000,00	24.594.000,00	21.666.000,00	14.106.000,00	14.802.000,00
2. Bills of exchange payable:	0,00	0,00	0,00	0,00	0,00
3. Miscellaneous debts:	0,00	0,00	2.000,00	0,00	0,00
4. Wages and salaries payable:	6.407.000,00	8.218.000,00	5.849.000,00	5.106.000,00	5.056.000,00
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:	51.821.000,00	36.293.000,00	21.615.000,00	7.689.000,00	9.427.000,00
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):	2.897.014.000,00	2.625.973.000,00	2.601.599.000,00	2.630.807.000,00	2.153.524.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
DEBIT	2014	2013	2012	2011	2010
A) CHARGES (A.1 to A.15):	1.637.596.000,00	1.325.320.000,00	1.190.985.000,00	1.134.784.000,00	922.691.000,00
A.1. Stock reduction of both manufactured goods and the ones in process:	0,00	0,00	8.000.000,00	2.721.000,00	0,00
A.2. Supplies:	870.271.000,00	683.862.000,00	640.909.000,00	602.240.000,00	520.216.000,00
a) Stock consumption:	561.857.000,00	449.796.000,00	458.545.000,00	455.458.000,00	360.191.000,00
b) Consumption of raw materials and miscellaneous consumable ones:	217.359.000,00	149.065.000,00	121.951.000,00	90.675.000,00	107.576.000,00
c) Miscellaneous external expenditure:	91.055.000,00	85.001.000,00	60.413.000,00	56.107.000,00	52.449.000,00
A.3. Staff costs:	159.243.000,00	151.838.000,00	136.861.000,00	131.970.000,00	120.262.000,00
a) Wages, salaries et al.:	123.223.000,00	111.879.000,00	106.134.000,00	102.677.000,00	92.850.000,00
b) Social security costs:	36.020.000,00	39.959.000,00	30.727.000,00	29.293.000,00	27.412.000,00
A.4. Depreciation expense:	34.443.000,00	31.639.000,00	31.119.000,00	29.898.000,00	29.809.000,00
A.5. Variation of trade provisions and losses of unrecovered receivables:	0,00	0,00	0,00	0,00	0,00
a) Stock provision variation:	0,00	0,00	0,00	0,00	0,00
b) Variation in provision and bad debt losses:	0,00	0,00	0,00	0,00	0,00
c) Variation of other trade provisions:	0,00	0,00	0,00	0,00	0,00
A.6. Other operating charges:	466.938.000,00	369.213.000,00	333.461.000,00	288.312.000,00	200.272.000,00
a) External services:	464.149.000,00	366.368.000,00	330.496.000,00	285.817.000,00	190.050.000,00
b) Taxes:	2.772.000,00	2.826.000,00	1.915.000,00	1.934.000,00	1.681.000,00
c) Other operating expenses:	17.000,00	19.000,00	1.050.000,00	561.000,00	8.541.000,00
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):	137.743.000,00	157.767.000,00	95.245.000,00	82.558.000,00	128.358.000,00
A.7. Financial and similar charges:	37.162.316,00	34.826.604,00	47.095.000,00	40.819.000,00	37.723.000,00
a) Due to liabilities with companies of the group:	12.808.000,00	13.381.000,00	12.813.000,00	8.548.000,00	5.414.000,00
b) Due to liabilities with associated companies:	0,00	0,00	0,00	0,00	0,00
c) Due to other debts.:	24.353.000,00	21.443.000,00	34.281.000,00	32.271.000,00	32.309.000,00
d) Losses from financial investments:	1.316,00	2.604,00	1.000,00	0,00	0,00
A.8. Changes in financial investment provisions:	909.932,00	1.800.084,00	454.670,00	2.852.001,00	708.000,00
A.9. Exchange losses:	42.788.000,00	11.022.000,00	0,00	1.461.000,00	0,00
A.II. NET FINANCIAL INCOME (B.5+B.6+B.7+B.8-A.7-A.8-A.9):	0,00	0,00	0,00	0,00	13.632.000,00
A.III. PROFIT FROM ORDINARY ACTIVITIES (A.I+A.II-B.I-B.II):	92.080.752,00	148.080.312,00	63.612.330,00	58.591.999,00	141.990.000,00
A.10. Changes in provisions for intangible, tangible and securities portfolio:	8.887.752,00	17.582.312,00	6.751.330,00	42.348.999,00	10.513.000,00
A.11. Losses from tangible and intangible fixed assets and securities portfolio:	3.254.000,00	2.143.000,00	460.000,00	876.000,00	865.000,00
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):	79.939.000,00	128.355.000,00	56.401.000,00	15.367.000,00	130.612.000,00
A.15. Corporation tax:	13.699.000,00	21.394.000,00	-14.126.000,00	-8.714.000,00	2.323.000,00
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):	66.240.000,00	106.961.000,00	70.527.000,00	24.081.000,00	128.289.000,00

MERCANTILE REGISTRY.

	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA	EQUIVALENCIA
CREDIT	2014	2013	2012	2011	2010
B) INCOME ( B.1 to B.13):	1.703.836.000,00	1.432.281.000,00	1.261.512.000,00	1.158.865.000,00	1.050.980.000,00
B.1. Net total sales:	1.310.010.000,00	1.230.913.000,00	1.118.748.000,00	1.006.299.000,00	895.269.000,00
a) Sales:	1.299.424.579,00	1.219.792.483,00	1.107.094.346,00	995.498.210,00	886.021.077,00
b) Rendering of services:	10.587.000,00	11.122.000,00	11.655.000,00	10.802.000,00	9.249.000,00
Returns and Rappel on sales:	-1.579,00	-1.483,00	-1.346,00	-1.210,00	-1.077,00
B.2. Stock increase of manufactured goods and products in process:	105.927.000,00	24.039.000,00	0,00	0,00	8.758.000,00
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:	252.701.000,00	139.367.000,00	126.847.000,00	131.400.000,00	94.890.000,00
a) Auxiliary income and other from current management:	252.701.000,00	139.367.000,00	126.847.000,00	131.400.000,00	94.669.000,00
b) Grants:	0,00	0,00	0,00	0,00	221.000,00
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:	2.264.000,00	484.000,00	110.000,00	162.000,00	11.121.000,00
a) In companies of the group:	2.264.000,00	484.000,00	110.000,00	162.000,00	11.121.000,00
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:	111.374,00	47.566,00	69.029,00	256.973,00	210.277,00
a) From companies of the group:	111.374,00	47.566,00	69.029,00	256.973,00	210.277,00
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:	32.822.626,00	37.430.434,00	13.911.971,00	20.747.027,00	16.064.723,00
a) From companies of the group:	272.626,00	116.434,00	168.971,00	629.027,00	514.723,00
b) From associated companies:	0,00	0,00	0,00	0,00	0,00
c) Miscellaneous interests:	11.135.000,00	13.603.000,00	11.194.000,00	18.987.000,00	5.435.000,00
d) Profit on financial investment:	21.415.000,00	23.711.000,00	2.549.000,00	1.131.000,00	10.115.000,00
B.8. Exchange positive differences:	0,00	0,00	1.826.000,00	0,00	24.667.000,00
B.II. NEGATIVE FINANCIAL RESULTS (A.7+A.8+A.9-B.5-B.6-B.7-B.8):	45.662.248,00	9.686.688,00	31.632.670,00	23.966.001,00	0,00
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:	0,00	0,00	0,00	0,00	0,00
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):	12.141.752,00	19.725.312,00	7.211.330,00	43.224.999,00	11.378.000,00
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	79.939.000,00	127.658.000,00	56.401.000,00	15.367.000,00	130.612.000,00
2. Results adjustments.: 61200	92.247.000,00	61.051.000,00	69.963.000,00	97.245.000,00	27.754.000,00
a) Fixed Assets Amortization (+).: 61201	34.443.000,00	31.639.000,00	31.119.000,00	29.898.000,00	29.809.000,00
b) Obsolescence Allowances (+/-). : 61202	9.799.000,00	18.769.000,00	7.206.000,00	45.201.000,00	10.513.000,00
c) Variation in Provision (+/-). : 61203	0,00	0,00	0,00	156.000,00	199.000,00
e) Results on disposal of fixed assets (+/-). : 61205	3.254.000,00	2.143.000,00	460.000,00	876.000,00	865.000,00
f) Results on disposal of financial instruments (+/-).: 61206	-21.415.000,00	-23.711.000,00	1.000,00	0,00	-10.115.000,00
g) Financial income (-).: 61207	-13.783.000,00	-14.251.000,00	-11.542.000,00	-20.035.000,00	-17.281.000,00
h) Financial Expenses (+). : 61208	37.161.000,00	34.824.000,00	47.094.000,00	40.819.000,00	37.723.000,00
i) Exchange differences (+/-). : 61209	42.788.000,00	11.022.000,00	-1.826.000,00	1.461.000,00	-24.667.000,00
j) Reasonable Value Variation in Financial Instruments (+/-).: 61210	0,00	616.000,00	-2.549.000,00	-1.131.000,00	708.000,00
3. Changes in current capital equity.: 61300	28.561.000,00	-1.600.000,00	34.575.000,00	-29.593.000,00	-6.289.000,00
a) Stock (+/-).: 61301	-107.053.000,00	-24.101.000,00	5.150.000,00	-46.057.000,00	-66.220.000,00
d) Debtors and other accounts receivable (+/-). : 61302	68.809.000,00	-33.788.000,00	9.552.000,00	-26.313.000,00	-50.861.000,00
c) Other current assets (+/-). : 61303	-6.307.000,00	-9.082.000,00	-7.124.000,00	-382.000,00	11.349.000,00
d) Creditors and other accounts payable (+/-). : 61304	58.504.000,00	45.872.000,00	16.646.000,00	51.192.000,00	98.261.000,00
e) Other current liabilities (+/-).: 61305	15.528.000,00	14.678.000,00	13.926.000,00	-1.738.000,00	1.182.000,00
f) Other non-current assets and liabilities (+/-).: 61306	-920.000,00	4.821.000,00	-3.575.000,00	-6.295.000,00	0,00
4. Other cash flows for operating activities.: 61400	-44.772.000,00	-26.561.000,00	-41.540.000,00	-21.307.000,00	-33.959.000,00
a) Interest payments (-). : 61401	-37.161.000,00	-34.824.000,00	-47.094.000,00	-40.819.000,00	-37.723.000,00
b) Dividend payment collection (+). : 61402	384.000,00	0,00	0,00	0,00	0,00
c) Interest collection (+). : 61403	13.399.000,00	14.251.000,00	11.542.000,00	20.035.000,00	17.281.000,00
d) Income tax payment collection (payments) (+/-).: 61404	-21.394.000,00	-5.988.000,00	-5.988.000,00	-523.000,00	-13.517.000,00
5. Operating activity cash flows (1 + 2 + 3 + 4) : 61500	155.975.000,00	160.548.000,00	119.399.000,00	61.712.000,00	118.118.000,00
6. Payments for investment (-).: 62100	-251.742.000,00	-132.432.000,00	-279.258.000,00	-47.452.000,00	-68.790.000,00
a) Companies of the group and affiliates. : 62101	-109.924.000,00	-29.636.000,00	-175.337.000,00	-17.894.000,00	-45.561.000,00
b) Intangible fixed assets. : 62102	-6.329.000,00	-1.880.000,00	-3.255.000,00	-3.288.000,00	-1.724.000,00
c) Fixed assets. : 62103	-105.374.000,00	-35.085.000,00	-26.414.000,00	-24.663.000,00	-21.505.000,00
e) Other financial assets. : 62105	-4.136.000,00	-1.497.000,00	-648.000,00	-1.607.000,00	0,00
h) Other assets. : 62108	-25.979.000,00	-64.334.000,00	-73.604.000,00	0,00	0,00
7. Divestment payment collection (+). : 62200	117.093.000,00	136.016.000,00	23.897.000,00	600.000,00	12.072.000,00
a) Companies of the group and affiliates. : 62201	87.870.000,00	135.383.000,00	16.505.000,00	0,00	0,00
b) Intangible fixed assets. : 62202	0,00	0,00	1.000,00	0,00	12.000,00
c) Fixed assets. : 62203	29.223.000,00	633.000,00	4.629.000,00	600.000,00	10.177.000,00
e) Other financial assets. : 62205	0,00	0,00	0,00	0,00	1.883.000,00
h) Other assets. : 62208	0,00	0,00	2.762.000,00	0,00	0,00
8. Investment activity cash flows (6 + 7) minus Amortization: 62300	-134.649.000,00	3.584.000,00	-255.361.000,00	-46.852.000,00	-56.718.000,00
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	136.895.000,00	-172.395.000,00	-29.993.000,00	494.058.000,00	21.786.000,00
a) Issuance : 63201	163.583.000,00	3.010.000,00	98.134.000,00	570.497.000,00	120.250.000,00
2. Debts incurred with credit institutions (+). : 63203	156.355.000,00	2.462.000,00	52.749.000,00	0,00	113.839.000,00
3. Debts incurred with companies of the group and affiliates (+).: 63204	0,00	0,00	38.863.000,00	570.497.000,00	0,00
4. Special characteristic debts (+). : 63205	0,00	0,00	6.522.000,00	0,00	0,00
5. Other debts (+). : 63206	7.228.000,00	548.000,00	0,00	0,00	6.411.000,00
b) Repayment and amortization of : 63207	-26.688.000,00	-175.405.000,00	-128.127.000,00	-76.439.000,00	-98.464.000,00
2. Debts incurred with credit institutions (-).: 63209	0,00	-82.104.000,00	-123.529.000,00	-73.533.000,00	-53.412.000,00
3. Debts incurred with companies of the group and affiliates (-). : 63210	-24.413.000,00	-76.989.000,00	0,00	0,00	-28.171.000,00
5. Other debts (-). : 63212	-2.275.000,00	-16.312.000,00	-4.598.000,00	-2.906.000,00	-16.881.000,00
11. Payments from dividends and remunerations from other assets instruments. : 63300	0,00	0,00	-93.427.000,00	-93.897.000,00	-92.621.000,00
a) Dividends (-).: 63301	0,00	0,00	-93.427.000,00	-93.897.000,00	-92.621.000,00
12. Cash flows for financing activities (9+10+11).: 63400	136.895.000,00	-172.395.000,00	-123.420.000,00	400.161.000,00	-70.835.000,00
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	158.221.000,00	-8.263.000,00	-259.382.000,00	415.021.000,00	-9.435.000,00
Cash or equivalent assets as of beginning of the fiscal year.: 65100	280.382.000,00	288.645.000,00	548.027.000,00	133.006.000,00	142.441.000,00
Cash or equivalent assets as of end of the fiscal year.: 65200	438.603.000,00	280.382.000,00	288.645.000,00	548.027.000,00	133.006.000,00

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:	0,12 %	0,04 %	-0,01 %	0,01 %	1.899,17 %	225,33 %
EBITDA over Sales:	13,14 %	12,01 %	15,33 %	11,53 %	-14,27 %	4,21 %
Cash Flow Yield:	0,05 %	0,02 %	0,00 %	0,01 %		267,16 %

Profitability	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Operating economic profitability:	8,48 %	8,75 %	11,59 %	7,04 %	-26,87 %	24,32 %
Total economic profitability:	4,04 %	5,16 %	6,18 %	3,71 %	-34,66 %	39,14 %
Financial profitability:	11,37 %	7,96 %	20,62 %	4,06 %	-44,84 %	95,93 %
Margin:	8,61 %	7,51 %	11,31 %	6,88 %	-23,88 %	9,14 %
Mark-up:	5,12 %	7,03 %	9,32 %	4,52 %	-45,09 %	55,78 %

Solvency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Liquidity:	0,56	0,14	0,45	0,13	25,26	7,76
Acid Test:	1,24	0,89	1,37	0,87	-9,30	2,76
Working Capital / Investment:	0,24	0,03	0,24	0,05	1,07	-36,34
Solvency:	2,16	1,22	2,35	1,18	-7,93	3,73

Indebtedness	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Indebtedness level:	3,93	1,31	4,03	1,38	-2,60	-5,35
Borrowing Composition:	1,96	1,12	2,37	1,00	-17,26	11,78
Repayment Ability:	14,61	25,73	-255,01	96,63	105,73	-73,38
Warranty:	1,25	1,77	1,25	1,73	0,53	2,29
Generated resources / Total creditors:	0,04	0,09	0,06	0,08	-38,95	8,28

Efficiency	2014		2013		Variación 2014 - 2013
	Empresa	Sector	Empresa	Sector	Empresa	Sector
Productivity:	2,08	2,01	2,24	1,86	-7,20	7,74
Turnover of Collection Rights :	6,31	5,42	4,30	4,99	46,64	8,63
Turnover of Payment Entitlements:	3,82	3,83	3,39	3,62	12,72	5,70
Stock rotation:	3,00	8,43	3,30	7,32	-9,03	15,21
Assets turnover:	0,99	1,17	1,03	1,02	-3,93	13,91
Borrowing Cost:	1,61	2,89	1,65	2,88	-2,75	0,46

> 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:	0,12 %	-0,01 %	-0,23 %	0,41 %	-0,01 %
EBITDA over Sales:	13,14 %	15,33 %	11,30 %	11,18 %	17,67 %
Cash Flow Yield:	0,05 %	0,00 %	-0,10 %	0,16 %	0,00 %

Profitability	2014	2013	2012	2011	2010
Operating economic profitability:	8,48 %	11,59 %	7,57 %	5,42 %	11,47 %
Total economic profitability:	4,04 %	6,18 %	3,98 %	2,13 %	7,81 %
Financial profitability:	11,37 %	20,62 %	17,40 %	5,62 %	25,76 %
Margin:	8,61 %	11,31 %	7,61 %	7,18 %	11,81 %
Mark-up:	5,12 %	9,32 %	4,53 %	1,35 %	13,19 %

Solvency	2014	2013	2012	2011	2010
Liquidity:	0,56	0,45	0,49	0,81	0,17
Acid Test:	1,24	1,37	1,34	1,44	0,74
Working Capital / Investment:	0,24	0,24	0,21	0,25	0,05
Solvency:	2,16	2,35	2,29	2,23	1,37

Indebtedness	2014	2013	2012	2011	2010
Indebtedness level:	3,93	4,03	5,38	5,12	3,31
Borrowing Composition:	1,96	2,37	2,75	2,24	1,16
Repayment Ability:	14,61	-255,01	-8,46	5,31	-175,32
Warranty:	1,25	1,25	1,19	1,20	1,30
Generated resources / Total creditors:	0,04	0,06	0,05	0,05	0,09

Efficiency	2014	2013	2012	2011	2010
Productivity:	2,08	2,24	1,92	1,85	2,32
Turnover of Collection Rights :	6,31	4,30	4,38	3,88	3,71
Turnover of Payment Entitlements:	3,82	3,39	3,59	3,41	3,49
Stock rotation:	3,00	3,30	3,35	3,03	2,85
Assets turnover:	0,99	1,03	0,99	0,75	0,97
Borrowing Cost:	1,61	1,65	2,15	1,85	2,28

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

Diario de Burgos	03/03/2015
Patrimonio permite la obra de Mango, que arranca en junio
Companies related

Public Tenders and Works Won

No Public Tenders assigned to the name of the company.

Detail of Subsidies appearing in Balances Memories

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	3.000,00
Notes	El importe reflejado corresponde al traspasado a resultados del ejercicio, quedando pendiente de imputación al cierre 1.000,00 euros.

Entity	ORGANISMO NO ESPECIFICADO
Subsidy Concept	Subvención de capital.
Status	CONCEDIDA
Amount Granted	5.000,00
Notes	El importe reflejado es el imputado a resultados.

Research Summary

This company was founded several years ago, reason why it has quite experience in its sector. It enjoys a good concept among the sources consulted. Its turnover increased by 6.43% in 2014 vs the previous year. It meets payment commitments in an orderly manner.

Sources

Registry of Commerce's Official Gazette. Own and external data bases Company References

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Analysis Done by :	HEE
Report Prepared by :	NIT

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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